# EDGAR Filing Document

**Accession Number:** 0001929017
**File Stem:** 0001929017-26-000011
**Filing Date:** 2026-5
**Character Count:** 124706
**Document Hash:** 69a2cf681ebb6c57df553d740e972dfd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001929017-26-000011.hdr.sgml**: 20260506

**ACCESSION NUMBER**: 0001929017-26-000011

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 64

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260506

**DATE AS OF CHANGE**: 20260506

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Sealy Industrial Partners IV, LP
- **CENTRAL INDEX KEY:** 0001929017
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE [6500]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 881030040
- **STATE OF INCORPORATION:** GA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56738
- **FILM NUMBER:** 26949725

**BUSINESS ADDRESS:**
- **STREET 1:** 333 TEXAS STREET
- **STREET 2:** SUITE 1050
- **CITY:** SHREVEPORT
- **STATE:** LA
- **ZIP:** 71101
- **BUSINESS PHONE:** 318-222-8700

**MAIL ADDRESS:**
- **STREET 1:** 333 TEXAS STREET
- **STREET 2:** SUITE 1050
- **CITY:** SHREVEPORT
- **STATE:** LA
- **ZIP:** 71101

?xml version='1.0' encoding='ASCII'? 10-Q

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

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**FORM** 10-Q

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**(Mark One)**

☒ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the quarterly period ended** **March 31,** 2026

**OR**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from ___________ to _____________**

**Commission File Number:** 000-56738

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Sealy Industrial Partners IV, LP

**(Exact Name of Registrant as Specified in its Charter)**

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---

| | |
|:---|:---|
| Georgia | 88-1030040 |
| **(State or other jurisdiction of**<br>**incorporation or organization)** | **(I.R.S. Employer<br>Identification No.)** |
| 333 Texas Street**,** Suite 1050**,** Shreveport**,** LA | 71101 |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

**(**318**)** 222-8700

**(Registrant's telephone number, including area code)**

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Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading**<br>**Symbol(s)** | **Name of each exchange on which registered** |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer | ☒ | Smaller reporting company | ☒ |
| Emerging growth company | ☒ |  |  |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of April 30, 2026, the registrant had 4,088,710 units of limited partnership interest outstanding.

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**Table of Contents**

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| | | |
|:---|:---|:---|
|  |  | **Page** |
| **PART I.** | [<u>FINANCIAL INFORMATION</u>](#part1_fin_info) | [<u>1</u>](#part1_fin_info) |
| Item 1. | [<u>Financial Statements (Unaudited)</u>](#balance_sheets) |  |
|  | [<u>Consolidated Balance Sheets</u>](#balance_sheets) | [<u>2</u>](#balance_sheets) |
|  | <u>Consolidated Statements of Operations</u> | [<u>3</u>](#income_statements) |
|  | <u>Consolidated Statements of Changes in Partners' Capital</u> | [<u>4</u>](#sopc) |
|  | <u>Consolidated Statements of Cash Flows</u> | [<u>5</u>](#socf) |
|  | [<u>Notes to Unaudited Consolidated Financial Statements</u>](#footnotes) | [<u>6</u>](#footnotes) |
| Item 2. | <u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u> | [<u>20</u>](#mda) |
| Item 3. | <u>Quantitative and Qualitative Disclosures About Market Risk</u> | [<u>28</u>](#quantitative) |
| Item 4. | <u>Controls and Procedures</u> | [<u>28</u>](#controls_procedures) |
| **PART II.** | <u>OTHER INFORMATION</u> | [<u>29</u>](#partii_other_info) |
| Item 1. | <u>Legal Proceedings</u> | [<u>29</u>](#legal) |
| Item 1A. | <u>Risk Factors</u> | [<u>29</u>](#risk_factors) |
| Item 2. | <u>Unregistered Sales of Equity Securities and Use of Proceeds</u> | [<u>29</u>](#unreg_sales_of_eq_sec) |
| Item 3. | <u>Defaults Upon Senior Securities</u> | [<u>30</u>](#defaults) |
| Item 4. | <u>Mine Safety Disclosures</u> | [<u>30</u>](#mine_safety) |
| Item 5. | <u>Other Information</u> | [<u>30</u>](#other_info) |
| Item 6. | <u>Exhibits</u> | [<u>30</u>](#exhibits) |
|  | [<u>Signatures</u>](#signatures) | [<u>32</u>](#signatures) |

---

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# GLOSSARY

---

| | |
|:---|:---|
| Annualized Base Rental Revenue | Contractual monthly base rent as of March 31, 2026 (which differs from rent calculated in accordance with GAAP) multiplied by 12. If a tenant is in a free rent period as of March 31, 2026, the total annualized base rental revenue is calculated based on the first contractual monthly base rent amount multiplied by 12. |
| Capitalization Rate | Commonly referred to as Cap Rate, determined by dividing the property's net operating income by its purchase price. |
| Cash Rent Rate Change | The percentage change comparing the cash base rent of the new or renewal lease commenced during the period to the cash base rent of the last expiring comparable lease for in-service properties. The calculation compares the first cash base rent payment due after the lease commencement date to the cash base rent of the last monthly payment due prior to the termination of the lease, excluding holdover rent. All leases that are short-term, which is defined as less than 24 months, are excluded from the calculation. |
| Code | Internal Revenue Code of 1986, as amended.  |
| Comparable Lease | A lease in the same space with a similar lease structure as the previous in-place lease. |
| DRIP | Distribution reinvestment plan.  |
| DST | Delaware statutory trust. |
| Exchange Act | The Securities Exchange Act of 1934, as amended. |
| GAAP | Generally accepted accounting principles in the United States. |
| GLA | Gross leasable area.  |
| In-service Property | A property is deemed as in service unless it is considered a value-add or redevelopment property. Properties are placed back in service upon the earlier of attaining 90% occupancy or 12 months after the move-out or completion of redevelopment. |
| NAV | Net asset value, which means the market value of all of a company's assets, including but not limited to its real estate assets, after subtracting the market value of all of its liabilities.  |
| New Lease | A lease that is signed for an initial term equal to or greater than 12 months for any vacant space, including a lease signed by a new tenant or an existing tenant that is expanding into new (additional) space. |
| Occupancy Rate | Leased and commenced square footage divided by gross leasable square footage. |
| REIT | Real estate investment trust. |
| Renewal Lease | A lease signed by an existing tenant to extend the term for 12 months or more, including (i) a renewal of the same space as the current lease at lease expiration, (ii) a renewal of only a portion of the current space at lease expiration, or (iii) an early renewal or workout, which ultimately does extend the original term for 12 months or more. |
| Retention Rate | The percentage of tenants that renewed during a fiscal year, based on the month when the activity physically impacts the occupancy. A space is considered retained (i) if a space is backfilled within one month of move-out with a positive rent rate change on either cash or GAAP basis; or (ii) if a sub-lessee signs a lease for longer than 24 months upon expiration of the original lease. Space is excluded from retention in the following situations: (i) renewal or new leases for less than 24 months; (ii) early terminations and bankruptcies; or (iii) if a move-out is expected within the first 12 months of acquisition.  |
| Same Store Properties/Acquired Properties | Same Store Properties are properties acquired before January 1, 2025 and held as in-service properties at March 31, 2026. Acquired Properties are properties acquired on or after January 1, 2025 and held as in-service properties at March 31, 2026. |
| SEC | The Securities and Exchange Commission.  |
| Securities Act | The Securities Act of 1933, as amended. |
| Value-Add/Redevelopment Properties | Properties that meet any of the following criteria: (i) less than 75% occupied as of the acquisition date or will be less than 75% occupied due to known move-outs within two years of the acquisition date; or (ii) 20% or greater of the acquisition cost will be spent to redevelop the property within 24 months of the acquisition date. |
| Weighted-Average Lease Term | The contractual lease term in years, assuming that tenants exercise no renewal options, purchase options, or early termination rights, weighted by annualized base rent revenue. |

---

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**PART I—FINANCIAL INFORMATION**

**Item 1. Financial Statements**

The information furnished in the accompanying consolidated balance sheets and related consolidated statements of operations, changes in partners' capital, and cash flows reflects all adjustments, consisting solely of normal and recurring adjustments, that are, in management's opinion, necessary for a fair and consistent presentation of the aforementioned financial statements.

The accompanying consolidated financial statements should be read in conjunction with the notes to our consolidated financial statements and Management's Discussion and Analysis of Financial Condition and Results of Operations included in this Quarterly Report on Form 10-Q and with our Annual Report on Form 10-K filed with the SEC on March 12, 2026 (the "Annual Report on Form 10-K"). Our results of operations for the three months ended March 31, 2026 are not necessarily indicative of the operating results expected for the full year.

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**Sealy Industrial Partners IV, LP and Subsidiaries**

**Consolidated Balance Sheets**

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| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| *(in thousands, except Units data)* | **(unaudited)** |  |
| **ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate assets, at cost: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buildings and improvements | $323324 | $347880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Land | 54549 | 57225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Land improvements | 39277 | 42358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Work in progress | 3632 | 951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tenant improvements | 500 | 500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total real estate assets, at cost | 421282 | 448914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: accumulated depreciation | (20483) | (17773) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total real estate assets, net | 400799 | 431141 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 16368 | 12199 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 10702 | 11001 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment in DST (Note 5) | 25967 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred financing costs, net of accumulated amortization of $85 and $4 as of March 31, 2026 and December 31, 2025, respectively | 1594 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquired value of in-place leases, net of accumulated amortization of $18,439 and $15,691 as of March 31, 2026 and December 31, 2025, respectively | 29320 | 35969 |
| &nbsp;&nbsp;&nbsp;&nbsp;Above market intangible lease asset, net of accumulated amortization of $97 and $81 as of March 31, 2026 and December 31, 2025, respectively | 211 | 227 |
| **Total Assets** | $**484961** | $**490605** |
| **LIABILITIES AND PARTNERS' CAPITAL** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Secured revolving credit facility (Note 6) | $69000 | $79500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Term loan (Note 6) | 103660 | 103585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 14807 | 15197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenues | 1788 | 1463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Below market intangible lease liability, net of accumulated amortization of $1,684 and $1,380 as of March 31, 2026 and December 31, 2025, respectively | 3410 | 4521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 192665 | 204266 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commitments and contingencies (Note 8) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Partners' Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A preferred equity | 125 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Partner's capital, 111 Units outstanding as of March 31, 2026 and December 31, 2025, respectively | 8 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limited Partners' capital, 4,036,671 Units and 3,887,128 Units outstanding as of March 31, 2026 and December 31, 2025, respectively | 289900 | 284000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interests | 2263 | 2206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total partners' capital | 292296 | 286339 |
| **Total Liabilities and Partners' Capital** | $**484961** | $**490605** |

---

*The accompanying notes are an integral part of these consolidated financial statements.*

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**Sealy Industrial Partners IV, LP and Subsidiaries**

**Consolidated Statements of Operations (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** |
| *(in thousands, except Units and per-Unit data)* | **March 31, 2026** | **March 31, 2025** |
| **Revenues** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rental revenue | $10197 | $7659 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other revenues | 44 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 10241 | 7681 |
| **Operating expenses** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 5631 | 3628 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property taxes and insurance | 2172 | 1371 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset management fee | 1168 | 806 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property operating expenses | 1074 | 749 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 603 | 502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 10648 | 7056 |
| **Operating income (loss)** | **(407)** | **625** |
| **Other income (expense)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from DST investment | 619 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | 27 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (2582) | (792) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income (expense) | (1936) | (766) |
| **Net loss** | $**(2343)** | $**(141)** |
| Dividends to preferred shareholders | 4 | 4 |
| Net loss attributable to non-controlling interests | (16) | (1) |
| **Net loss attributable to partners** | $**(2331)** | $**(144)** |
| Net loss attributable to General Partner | $— | $— |
| Net loss attributable to Limited Partners | $(2331) | $(144) |
| Weighted average number of Units outstanding, basic and diluted | 3970662 | 3660029 |
| Earnings per Unit, basic and diluted | $(0.59) | $(0.04) |

---

*The accompanying notes are an integral part of these consolidated financial statements.*

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**Sealy Industrial Partners IV, LP and Subsidiaries**

**Consolidated Statements of Changes in Partners' Capital (unaudited)**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(in thousands)* | **Series A Preferred** | **General Partner** | **Limited Partners** | **Non-Controlling Interests** | **Total Partners' Capital** |
| **Balance, December 31, 2025** | $**125** | $**8** | $**284000** | $**2206** | $**286339** |
| &nbsp;&nbsp;&nbsp;&nbsp;Contributions, net of issuance costs of $1,299 |  |  | 13430 | 100 | 13530 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions | (4) |  | (3965) | (27) | (3996) |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions |  |  | (1234) |  | (1234) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss | 4 |  | (2331) | (16) | (2343) |
| **Balance, March 31, 2026** | $**125** | $**8** | $**289900** | $**2263** | $**292296** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(in thousands)* | **Series A Preferred** | **General Partner** | **Limited Partners** | **Non-Controlling Interests** | **Total Partners' Capital** |
| **Balance, December 31, 2024** | $**125** | $**8** | $**276252** | $**2075** | $**278460** |
| &nbsp;&nbsp;&nbsp;&nbsp;Contributions, net of issuance costs of $2,099 |  |  | 19667 |  | 19667 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions | (4) |  | (3655) | (27) | (3686) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss | 4 |  | (144) | (1) | (141) |
| **Balance, March 31, 2025** | $**125** | $**8** | $**292120** | $**2047** | $**294300** |

---

*The accompanying notes are an integral part of these consolidated financial statements.*

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**Sealy Industrial Partners IV, LP and Subsidiaries**

**Consolidated Statements of Cash Flows (unaudited)**

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| | | |
|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** |
| *(in thousands)* | **March 31, 2026** | **March 31, 2025** |
| **Cash flows from operating activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss | $(2343) | $(141) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net loss to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 5631 | 3628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Above/below market rent intangibles amortization | (289) | (146) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Straight-line rent adjustment | (112) | (292) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noncash interest expense | 164 | 288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 721 | (361) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | (2741) | (1374) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenues | 325 | (63) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 1356 | 1539 |
| **Cash flows from investing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of real estate assets |  | (59092) |
| &nbsp;&nbsp;&nbsp;&nbsp;Earnest money deposit |  | (300) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures | (600) | (84) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred leasing costs | (177) | (49) |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of investment from DST | 6076 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) investing activities | 5299 | (59525) |
| **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from revolving credit facility | 7100 | 58000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments of revolving credit facility | (17600) | (17700) |
| &nbsp;&nbsp;&nbsp;&nbsp;Financing costs paid | (1615) | (903) |
| &nbsp;&nbsp;&nbsp;&nbsp;Contributions | 14329 | 20506 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments for issuance costs | (1254) | (1780) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions | (2214) | (2145) |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (1234) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Recovery of distribution fees | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities | (2486) | 55978 |
| Net change in cash and cash equivalents | 4169 | (2008) |
| Cash and cash equivalents, beginning of period | 12199 | 11389 |
| Cash and cash equivalents, end of period | $16368 | $9381 |

---

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| | | |
|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** |
| *($s in thousands)* | **March 31, 2026** | **March 31, 2025** |
| **Supplemental Disclosure of Cash Flow Information** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for interest | $(2380) | $(404) |
| **Supplemental Disclosure of Noncash Investing and Financing Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in accrued issuance costs | $45 | $324 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in accrued cash distributions | $9 | $104 |
| &nbsp;&nbsp;&nbsp;&nbsp;DRIP contributions | $1637 | $1260 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in accrued DRIP distributions | $57 | $73 |
| &nbsp;&nbsp;&nbsp;&nbsp;DRIP distributions | $(1694) | $(1333) |
| &nbsp;&nbsp;&nbsp;&nbsp;Contribution of property to DST | $(33358) | $— |

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*The accompanying notes are an integral part of these consolidated financial statements.*

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**Sealy Industrial Partners IV, LP and Subsidiaries**

**Notes to Consolidated Financial Statements**

**(UNaudited)**

**Note 1. Organization and Description of Business**

Sealy Industrial Partners IV, LP (the "Partnership") was formed as a Georgia limited partnership on February 25, 2022. Sealy Industrial Partners IV REIT, LLC (the "SIP IV REIT") is a controlled subsidiary of the Partnership and Sealy Industrial Partners IV OP, LP (the "OP") is a controlled subsidiary of the SIP IV REIT. In December 2025, the Partnership formed Sealy SIP IV Aldine Westfield TRS, LLC ("TRS JV"), and Sealy TRS I, LLC ("TRS I"), two taxable REIT subsidiaries ("TRSs"), as wholly owned subsidiaries of the OP. Unless stated otherwise or the context otherwise requires, the terms the "Company," "we," "our," and "us" refer to the Partnership and its subsidiaries, including the SIP IV REIT, the OP, and all of its consolidated subsidiaries. Sealy Industrial Partners IV GP, LLC (the "GP") is the general partner of the Partnership. Sealy & Company, LLC ("Sealy") is the sole member of the GP.

The GP contributed $5,000 to the Partnership in exchange for 55.4 Class I units of limited partnership interest in the Partnership and $5,000 to the OP in exchange for 55.4 units of limited partnership interest in the OP (the "OP Units"). Sealy SIP IV Investor, LLC ("SIP IV Investor") owns subordinated participation interests (see "*Note 9. Equity"* for details) in the Partnership and the OP. Sealy Capital Investor II, LLC ("SCI-II"), through the transactions contemplated in a Distribution and Contribution Agreement with SIP IV Investor, among other parties, effective as of December 31, 2022, acquired SIP IV Investor's Class I units and OP Units and is deemed to have contributed $5,000 to the Partnership for 55.4 Class I units and $2,445,000 to the OP in exchange for 27,091.4 OP Units. The ownership interests of SIP IV Investor and SCI-II in the OP are recognized and measured as noncontrolling interests in the consolidated financial statements. As of March 31, 2026, noncontrolling interests represented 0.7% of the partnership interests in the OP.

In April 2022, the Partnership commenced an offering of Class A units of limited partnership interest (the "Class A Units"), Class I units of limited partnership interest (the "Class I Units"), and Class R units of limited partnership interest (the "Class R Units", and collectively with the Class A Units and the Class I Units, the "Units") for up to $750 million, expandable to $1 billion at the discretion of the GP (the "Private Offering"). Sealy is the sponsor of the Private Offering. For each Class I Unit and Class R Unit, the Partnership receives a capital contribution of $90.25; for each Class A Unit, the Partnership receives the net amount after deducting selling commission of up to $6.00, managing broker-dealer fee of up to $2.75, and broker-dealer due diligence fee of up to $1.00 from the investor contribution of $100.00. As of March 31, 2026, there were 4,036,671 Units issued and outstanding (see "*Note 9. Equity"* for details) under the Private Offering. All Units have the same voting rights and holders of such Units are together referred to as "Limited Partners". The Limited Partners, together with the GP, SIP IV Investor, and SCI-II, are referred to herein as the "Partners".

On December 2, 2022, the SIP IV REIT admitted preferred shareholders through an offering of $125,000 in preferred shares at $1,000 per share.

The Company commenced operations on July 15, 2022 and primarily focuses on acquiring, owning, financing, developing, redeveloping, maintaining, operating, managing, leasing, and selling income-producing industrial and other commercial real estate properties throughout the United States. Substantially all of our business is conducted through the OP. As of March 31, 2026, we owned real estate located primarily in the Southern and Midwestern United States.

**Note 2. Summary of Significant Accounting Policies and Recent Accounting Pronouncement**

*Basis of presentation* 

The accompanying unaudited consolidated financial statements have been prepared in accordance with GAAP. The presentation includes the accounts of the Company and those entities in which the Company has a controlling financial interest. The outside equity interest in the entities controlled by the Company are reflected in the consolidated financial statements as a noncontrolling interest. All intercompany transactions have been eliminated.

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We have prepared the accompanying unaudited financial information pursuant to the rules and regulations of the SEC. Management believes that the disclosures presented in these financial statements are adequate to make the information presented not misleading. In our opinion, all adjustments and eliminations, consisting only of normal recurring adjustments, necessary to present fairly the financial position and results of operations for the reported periods have been included.

The results of operations for such interim periods are not necessarily indicative of the results for the full year and should be read in conjunction with the consolidated financial statements for the years ended December 31, 2025 and 2024 included in our Annual Report on Form 10-K.

*Use of estimates*

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses for the reported periods. These estimates and assumptions are based on management's experiences and judgments and believed to be reasonable at the time. Management evaluates its estimates and assumptions on an ongoing basis and makes adjustments when facts and circumstances warrant. Actual results could differ from those estimates.

*Real estate assets*

The Company evaluates whether a real estate acquisition is a business acquisition or an asset purchase in accordance with GAAP. GAAP defines a business as an integrated set of activities and assets that can be managed to produce economic benefits. To date, all of our acquisitions have consisted of properties whereby substantially all the fair value of the gross assets acquired is concentrated in a single asset and, therefore, the acquisitions are accounted for as asset purchases.

Assets acquired are recorded at cost based on the contract purchase price plus transaction costs (the "Purchase Price"). The Purchase Price is then allocated based on the fair value of assets acquired and liabilities assumed, which generally consists of land, land improvements, buildings, tenant improvements, deferred leasing commissions, and intangible lease assets and liabilities. The fair value of the tangible assets is determined as if they were vacant. The determination of fair value includes the use of significant assumptions such as land comparables, discount rates, terminal capitalization rates and market rent assumptions. The value of acquired in-place leases is based on the difference on the date of the acquisition between (i) the property valued with existing in-place leases adjusted to market rental rates and (ii) the property valued "as-if" vacant. In allocating the fair value to identified intangibles for above-market or below-market leases, an amount is recorded based on the present value of the difference between prevailing market rental rates and the in-place lease rental rates measured over a period equal to the remaining term of the leases.

Expenditures for tenant improvements, leasehold improvements, and leasing commissions (inclusive of incentive compensation costs of personnel directly attributable to executed leases) are capitalized and amortized over the terms of the respective lease. Repairs and maintenance are charged to expense as incurred.

Real estate assets are depreciated using the straight-line method over the remaining estimated useful lives of the assets. Estimated useful lives range from 5 to 39 years for buildings and improvements, and 15 years for land improvements. Depreciation of tenant improvements is computed using the straight-line method over the shorter of the useful life of the improvement or the term of the respective lease.

The value of the acquired in-place lease intangible is amortized over the remaining lease term as depreciation and amortization expense. The amount of above-market and below-market lease intangibles are amortized as a decrease or increase of rental revenue, respectively, over the remaining lease term.

The Company classifies properties and related assets and liabilities as held for sale when the sale of an asset has been approved by management, a legally enforceable contract has been executed and the buyer's due diligence period, if any, has expired. Once classified as held for sale, the respective assets and liabilities are presented separately on the consolidated balance sheets, depreciation ceases and the properties are valued at the lower of depreciated cost or fair value, less costs to sell.

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*Impairment of Real Estate Assets*

The Company reviews real estate assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The judgments regarding the existence of indicators of impairment are based on operating performance, market conditions, as well as our intent and ability to hold each property. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future net cash flows expected to be generated by the operation and disposal of the asset. If such assets are considered to be permanently impaired, an impairment loss is recognized to reduce the carrying value of the property to its estimated fair value. The impairment loss is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. The impairment assessment and fair value measurement requires the use of estimates and assumptions related to the timing and amounts of cash flow projections, discount rates, and terminal capitalization rates.

No impairment charge was recorded for the three months ended March 31, 2026 and 2025.

*Fair value measurements*

The Company utilizes a valuation technique to measure the fair value of assets and liabilities by using a fair value hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 1 – unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 2 – quoted prices in markets that are not considered to be active or financial instruments for which all significant inputs are observable, either directly or indirectly;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 3 – prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

The Company applies the provisions of this valuation technique in recording the assets acquired and liabilities assumed upon real estate acquisitions based on information obtained from independent appraisals, market data, information obtained during due diligence, and information related to the marketing and leasing at the specific property, which is a Level 3 measurement valuation technique. Accordingly, the assessed fair values are not necessarily indicative of the amounts the Company could realize on disposition of such assets. The use of different assumptions and/or estimation methodologies may have a material effect on the assessed fair value amounts.

The estimated fair value of the Company's fixed-rate term loan as of March 31, 2026 was approximately $104.3 million, calculated by discounting future cash payments through the term of the loan at a risk-adjusted rate. The discount rate used included a risk-free rate derived from the U.S. Treasury note interest rate as of March 31, 2026 and a risk premium provided by our lenders for companies with similar profiles as ours, which was a Level 3 input. The carrying amounts for the Company's variable-rate debt approximate fair value given that the interest rates are variable and adjust with current market rates for instruments with similar risks and maturities.

*Cash and cash equivalents*

Cash and cash equivalents include cash on hand and short-term highly liquid instruments with original maturities of three months or less. We ensure that there is enough cash on hand to cover estimated amounts for upcoming property taxes, insurance, tenant improvements and commissions, and repairs and improvements expected for up to twelve months. Cash equivalents also include funds received for equity contributions pending approval and admittance to the Partnership. Such funds are recorded as liabilities pending approval of the contribution.

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*Prepaid expenses and other assets*

Prepaid expenses and other assets include straight-line rent receivables, right-of-use assets, prepaid distribution fees (see "*Note 9. Equity"* for details), prepaid property insurance premiums, earnest money deposits for future acquisitions of real estate in contract, rent and other tenant receivables, deferred leasing costs, and other refundable deposits and prepaid expenses. Prepaid insurance is amortized over the respective insurance policy period. Management evaluates collectability of tenant receivables based on historical loss, current economic conditions, and tenant profile as of each reporting date.

The following table sets forth the balances of our prepaid expenses and other assets as of March 31, 2026 and December 31, 2025, respectively.

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| | | |
|:---|:---|:---|
| *($s in thousands)* | **March 31, 2026** | **December 31, 2025** |
| Straight-line rents | $2885 | $2773 |
| Right-of-use asset | 2328 | 2335 |
| Prepaid distribution fees | 2201 | 2204 |
| Contributions in transit |  | 1131 |
| Lease commissions | 925 | 787 |
| Tenant receivables | 241 | 621 |
| Prepaid insurance | 166 | 439 |
| Receivable from DST | 1378 |  |
| Other | 578 | 711 |
| Total Prepaid expenses and other assets | $10702 | $11001 |

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*Deferred financing costs*

Financing costs are direct costs incurred in obtaining debt instruments and are deferred and amortized over the term of the related debt. Deferred financing costs attributable to revolving debt are presented in the consolidated balance sheets as an asset. Deferred financing costs attributable to term loans are presented in the consolidated balance sheets as a direct reduction from the carrying amount of the associated debt. See "*Note 6. Credit Facilities*" for details.

*Revenue recognition*

All current leases where the Company is the lessor are classified as operating leases and rental income is recognized on a straight-line basis over the term of the lease agreements regardless of when payments are due. Differences between rents billed in accordance with the lease terms and the minimum rent income recognized on a straight-line basis are reported as rent receivable in prepaid expenses and other assets in the accompanying consolidated balance sheets. Rents received in advance are recognized as deferred revenues.

All of our leases are triple-net or double-net leases, where the majority of property operating expenses are recovered from the tenants. Tenant recoveries are recognized as revenue in the same period the related expenses are incurred. As the timing and pattern of transfer for the rental income and the associated tenant recoveries are the same, we account for rental income and tenant recoveries as a single combined component as rental revenue on the accompanying consolidated statement of operations in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") *Topic 842 – Leases*.

*Income Taxes*

Under the present law, partnerships are pass-through entities and are not subject to U.S. federal income taxes. The SIP IV REIT has elected to be taxed as a REIT under the Code; as a REIT, the SIP IV REIT generally is not subject to federal income tax provided it continues to satisfy certain distribution, income, asset, and ownership tests under the Code. Taxable income from non-REIT activities managed through the Company's TRSs is subject to federal, state, and local taxes, which are presently not material. Therefore, no provision has been made for federal income taxes in the accompanying financial statements.

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*Earnings per Unit*

Earnings per Unit is calculated by dividing net income (loss) attributable to Limited Partners, who held partnership interests in Units, by the weighted average number of Units outstanding during the period. The Company had not issued any dilutive Units as of March 31, 2026.

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| | | |
|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** |
|  | **March 31, 2026** | **March 31, 2025** |
| Numerator: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss attributable to Limited Partners ('000s) | $(2331) | $(144) |
| Denominator: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average number of Units outstanding, basic and diluted | 3970662 | 3660029 |
| Earnings per Unit, basic and diluted | $(0.59) | $(0.04) |

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*Segment Reporting*

The Company operates within one single business segment. We manage our operations on a consolidated basis to assess performance and make strategic operating decisions. Our GP and the officers of Sealy serve as the chief operating decision maker ("CODM") for the Company. The CODM primarily uses consolidated net income to measure overall Company performance and allocate resources.

*Recent Accounting Pronouncements*

In November 2024, the FASB issued Accounting Standards Update ("ASU") 2024-03, "*Disaggregation of Income Statement Expenses*" ("ASU 2024-03"). ASU 2024-03 requires enhanced disclosures that disaggregate significant income statement expense captions such as depreciation and amortization of real estate assets, property operating expenses, and employee compensation. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026. We are currently evaluating ASU 2024-03 to determine its impact on our financial statement disclosures.

On December 8, 2025, the FASB issued ASU 2025-11, *Interim Reporting (Topic 270): Narrow Scope Improvements* ("ASU 2025-11"). ASU 2025-11 applies to all entities that prepare interim financial statements and notes under U.S. GAAP. This ASU specifies the form and content choices for interim financial statements and accompanying notes; adds a comprehensive list of required interim disclosures from numerous other ASC topics to Topic 270; and introduces a disclosure principle that requires disclosure of events since the end of the previous annual reporting period that materially affect the reporting entity. ASU 2025-11 is effective for interim periods within annual reporting periods beginning after December 15, 2027 for public business entities, and one-year deferral for all other entities. Early adoption is permitted for all entities. The Company is currently evaluating ASU 2025-11 to determine its impact on our financial statements and disclosures.

On December 8, 2025, the FASB issued ASU 2025-12, *Codification Improvements* ("ASU 2025-12") to correct, clarify, and otherwise improve U.S. GAAP. ASU 2025-12 provides 33 improvements that span a wide range of topics with six focus areas. The amendments are part of an ongoing FASB project to make non-substantive technical corrections, clarifications, and improvements that are not expected to have a significant effect on accounting practice or create a significant administrative cost to most entities. ASU 2025-12 is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. The Company is currently reviewing ASU 2025-12 to identify any implications for its accounting policies, processes, or disclosures.

**Note 3. Investments in Real Estate**

*Portfolio* 

As of March 31, 2026, we wholly owned 21 industrial real estate properties totaling approximately 5.1 million square feet of GLA located in eight states, including Indiana, Iowa, Kansas, Mississippi, Missouri, Ohio, Oklahoma, and Texas. Below

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is a summary of our investments in wholly-owned real estate, before depreciation and amortization, as of March 31, 2026 and December 31, 2025:

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| | | |
|:---|:---|:---|
| *($s in thousands)* | **March 31, 2026** | **December 31, 2025** |
| Buildings and improvements | $323324 | $347880 |
| Land | 50349 | 53025 |
| Land improvements | 39277 | 42358 |
| Work in progress | 86 | 86 |
| Tenant improvements | 500 | 500 |
| Acquired value of in-place leases | 47759 | 51660 |
| Above market rent lease intangibles | 308 | 308 |
| Below market rent lease intangibles | (5094) | (5901) |
| Total investments in real estate | $456509 | $489916 |

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During the three months ended March 31, 2026 and 2025, the Company recognized approximately $2.8 million and $2.0 million, respectively, of depreciation expense associated with its tangible real estate assets.

*Acquisitions*

During the three months ended March 31, 2026, we did not acquire any additional properties. During the three months ended March 31, 2025, we acquired two industrial real estate assets, totaling approximately 760,000 square feet, for a total Purchase Price (including contract purchase price and transaction costs, as defined previously) of approximately $59.1 million.

*Investment in DST*

In January 2026, the Company formed a DST and contributed a property acquired in December 2025 to the DST. See "*Note 5. Investment in DST*" for more information.

*Lease intangibles*

During the three months ended March 31, 2026 and 2025, the Company recognized the following lease intangibles amortization:

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| | | |
|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** |
| *($s in thousands)* | **March 31, 2026** | **March 31, 2025** |
| Acquired value of in-place leases | $2781 | $1591 |
| Above market intangible lease asset | $16 | $1 |
| Below market intangible lease liability | $(305) | $(147) |

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The following table summarizes future amortization of acquired lease intangibles as of March 31, 2026:

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| | | | |
|:---|:---|:---|:---|
| *($s in thousands)* | **Acquired<br>Value of<br>In-Place<br>Leases** | **Above<br>Market<br>Intangible<br>Lease Asset** | **Below Market<br>Intangible<br>Lease<br>Liability** |
| &nbsp;&nbsp;&nbsp;&nbsp;2026 | $8095 | $49 | $(922) |
| &nbsp;&nbsp;&nbsp;&nbsp;2027 | 8925 | 65 | (1052) |
| &nbsp;&nbsp;&nbsp;&nbsp;2028 | 5352 | 27 | (594) |
| &nbsp;&nbsp;&nbsp;&nbsp;2029 | 3349 | 2 | (393) |
| &nbsp;&nbsp;&nbsp;&nbsp;2030 | 1088 | 2 | (130) |
| &nbsp;&nbsp;&nbsp;&nbsp;Thereafter | 2511 | 66 | (319) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $29320 | $211 | $(3410) |
| Weighted average amortization period (years) | 3.5 | 14.1 | 3.8 |

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**Note 4. Investment In Joint Venture**

On December 4, 2025, the Company, through its wholly owned taxable REIT subsidiary, TRS JV, entered into a joint venture agreement with IDV Aldine Westfield, LLC ("IDV") to acquire and develop land in Houston, Texas (the "IDV JV"). The Company maintains a 95% interest and IDV holds the remaining 5% interest in the IDV JV. In accordance with the consolidation principles in ASC *Topic 810, Consolidation-Overall* ("ASC 810"), the Company consolidated the IDV JV's financial statements and has included IDV's equity interest in the IDV JV as a non-controlling interest in the consolidated balance sheets. As of March 31, 2026 and December 31, 2025, the Company has contributed approximately $5.6 million and $4.8 million to the IDV JV.

The following table summarizes the joint venture amounts included in our consolidated balance sheets (in thousands):

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| | | |
|:---|:---|:---|
| **Financial Statement Line** | **March 31, 2026** | **December 31, 2025** |
| Land | $4200 | $4200 |
| Work in Progress | $3547 | $865 |
| Cash and cash equivalents | $327 | $28 |
| Prepaid expenses and other assets | $67 | $8 |
| Deferred financing costs | $65 | $65 |
| Accounts payable and accrued expenses | $1066 | $177 |
| Non-controlling interests | $292 | $192 |

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**Note 5. Investment in DST**

On December 10, 2025, the Company acquired a property of approximately 303,000 square feet in Anderson, Indiana (the "DST Property") for approximately $33.4 million, plus transaction costs, through a wholly owned subsidiary of the OP (the "Owner LLC"). On January 12, 2026, the OP assigned all of its rights, title and interest in the Owner LLC to TRS I (the "Depositor"), who converted the Owner LLC into a DST, which was renamed as Sealy Industrial I, DST ("DST-I", or the "Trust") on January 13, 2026. The Depositor owned 100% of the beneficial interests in DST-I as of January 13, 2026. Under the trust agreement of DST-I (the "Trust Agreement"), Sealy Master DST Trustee, LLC (the "Administrative Trustee"), a Georgia limited liability company and a wholly-owned subsidiary of Sealy, is the trust manager and is responsible for the operation of DST-I. DST-I has entered into an asset management agreement with Sealy for the management of the day-to-day affairs of the Trust; and a property management agreement with Sealy for the management and operation of the DST Property. The Administrative Trustee is prohibited from taking actions that would constitute a power to vary the investment, including reinvestment beyond constrained cash management, mortgage financing/refinancing, entering new leases except in tenant bankruptcy/insolvency, and more than minor non-structural modifications except as required by law.

On January 13, 2026, DST-I commenced a private placement offering of up to 100% of its beneficial interests to certain qualified accredited investors (the "DST I Offering"). The maximum offering amount is approximately $40.5 million. As the beneficial interests in DST-I are sold and investor contributions are received, DST-I will pay the Depositor for the purchase price plus transaction costs of the DST Property, as well as a bridge carry fee of up to $1.6 million, or 4% of the maximum offering amount.

As of March 31, 2026, approximately 22.06% of the beneficial interests in DST-I had been sold and TRS I held approximately 77.94% of the beneficial interests in DST-I, or approximately $26.0 million.

Management performed a consolidation assessment pursuant to the consolidation guidance under ASC 810. We concluded that, while DST-I is a variable interest entity ("VIE"), the Company is not required to consolidate as the Company is not the primary beneficiary of the VIE. Under the Trust Agreement, the investors (including the Company) generally have no right to manage or operate the Trust and their rights are primarily limited to receiving pro rata distributions. As the Company has no significant influence over the Trust and the DST investment, the Company uses the cost method of accounting to account for its investment in DST-I under ASC 321, *Investments – Equity Securities.* The Company's investment in DST is measured at cost, with remeasurements to fair value upon impairment or upon a price change observed in an orderly transaction of the same or similar investment of the same issuer. The Company's maximum exposure to loss as a result of its involvement with the VIE is its investment balance, which was $26.0 million as of March 31, 2026.

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During the three months ended March 31, 2026, the Company earned approximately $357,000 of bridge carry fee (4% of the DST-I Offering proceeds through March 31, 2026) and $262,000 of distributions (determined monthly by DST-I based on excess cash available). Of these earned amounts, $64,000 was received in April 2026.

**Note 6. Credit Facilities** 

The following table summarizes the Company's credit facilities as of March 31, 2026 and December 31, 2025, respectively:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Outstanding Principal as of** | **Outstanding Principal as of** |  |  |
| *($s in thousands)* | **Type** | **March 31, 2026** | **December 31, 2025** | **Interest Rate as of March 31, 2026** | **Maturity** |
| KeyBank credit facility | Floating | $69000 | $79500 | 5.40% | 3/30/2029 |
| Thrivent term loan | Fixed | 105220 | 105220 | 5.39% | 10/1/2030 |
| Unamortized deferred financing costs |  | (1560) | (1635) |  |  |
| **Term loan, net** |  | $103660 | $103585 |  |  |

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*KeyBank Credit Facilities*

The Company is a party to a credit agreement with KeyBank National Association ("KeyBank") as agent and lender. Prior to January 15, 2026, the KeyBank credit agreement provided a revolving credit facility with an aggregate commitment amount of $100 million, maturing on January 16, 2026. On January 15, 2026, the Company entered into an amended and restated credit agreement with KeyBank (the "A&R Credit Agreement"), which amended and restated the previous agreement with KeyBank. The A&R Credit Agreement provides for borrowings in the initial amount of $150 million of senior secured facilities (the "2026 KeyBank Credit Facility"), consisting of (i) a $150 million revolving line of credit (the "Revolver"), (ii) a term loan with no initial amount outstanding or committed ("KeyBank Term Loan A"), and subsequently in the amount designated upon the exercise of the accordion provision described below, and (iii) a term loan with no initial amount outstanding or committed ("KeyBank Term Loan B" and together with KeyBank Term Loan A, the "KeyBank Term Loans"), and subsequently in the amount designated upon the exercise of the accordion. So long as no default or event of default has occurred, the Company may increase the aggregate amount of the 2026 KeyBank Credit Facility to a maximum aggregate size of $500 million. Such increase may be allocated to (i) the then-existing revolving line of credit commitment, (ii) the initial KeyBank Term Loan A commitment (or, once the initial KeyBank Term Loan A commitment is provided, to the then-existing KeyBank Term Loan A commitment), (iii) the initial KeyBank Term Loan B commitment (or, once the initial KeyBank Term Loan B commitment is provided, to the then-existing KeyBank Term Loan B commitment), or (iv) any combination thereof satisfactory to KeyBank and applicable lenders. The Revolver matures on March 30, 2029, with the option for a 12-month extension upon satisfaction of certain conditions. The KeyBank Term Loans mature on the date selected by the Company and agreed to by KeyBank and applicable lenders, provided that in no event shall such maturity date occur earlier than the maturity date of the Revolver or the maturity date of any then-established KeyBank Term Loans.

Borrowings under the Revolver bear interest at floating rates based on the daily Secured Overnight Financing Rate ("SOFR") plus an applicable margin depending on the then-current leverage ratio as defined in the A&R Credit Agreement, which is 1.75% if the Company's leverage ratio is less than 50% and 1.85% if the Company's leverage ratio is equal to or greater than 50% (in each case a decrease from the applicable margin of 2.00% in the prior KeyBank credit agreement). Monthly interest payments are required on the outstanding balance. During the three months ended March 31, 2026 and 2025, the weighted average interest rate on the borrowings under the Revolver was 5.43% and 6.42%, respectively.

The Company pays an unused facility fee of either 0.20% or 0.25% per annum (depending on the amount of the unused borrowing capacity), payable quarterly. During the three months ended March 31, 2026 and 2025, we paid approximately $42,000 and $27,000 of unused commitment fees, respectively.

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Borrowings under the KeyBank credit agreements are secured by the ownership interest in certain real estate assets owned by the Company. The KeyBank credit agreements imposed certain customary financial and other covenants, including limitations on permitted investments and distributions. We were in compliance with all debt covenants under the KeyBank credit agreements as of March 31, 2026 and December 31, 2025.

*Thrivent Term Loan*

On September 11, 2025, Sealy Gardner Avenue, L.L.C., Sealy South Green Road, L.L.C., Sealy Commercial Drive II, L.L.C., Sealy Pederson Road, L.L.C., Sealy Crossroads L, L.L.C, Sealy Stateline K, L.L.C., and Sealy Northpoint One, L.L.C. (collectively, the "Borrowers"), each a Georgia limited liability company and a wholly owned subsidiary of the Company, entered into a loan agreement (the "Thrivent Loan Agreement") and a promissory note (the "Thrivent Promissory Note") with Thrivent Financial for Lutherans ("Thrivent") for a 5-year term loan in the amount of $105.2 million (the "Thrivent Term Loan"). The proceeds from the Thrivent Term Loan, net of lenders fees and expenses, were used to pay off the then-outstanding $76.5 million balance under the KeyBank credit facility and for general corporate purposes.

The outstanding principal balance of the Thrivent Term Loan bears a fixed interest rate at 5.39% per annum. Interest for the period from September 11, 2025 to September 30, 2025 in the amount of $315,000 was prepaid on September 11, 2025. Subsequently, an interest-only payment of $473,000 is due on the first day of each month starting November 1, 2025. The Thrivent Term Loan matures on October 1, 2030. Prepayment in full is allowed upon payment of a Reinvestment Charge (as defined in the Thrivent Promissory Note) if prepaid on or before April 1, 2030 and without payment of a Reinvestment Charge if prepaid after April 1, 2030.

The Thrivent Term Loan is secured by, among other things, first-lien deeds of trust and mortgages encumbering seven properties owned by the Borrowers and is guaranteed by the OP.

*Deferred Financing Costs*

Deferred financing costs related to the A&R Credit Agreement were approximately $1.6 million and are amortized using the straight-line method over 3.2 years. Deferred financing costs related to the previous KeyBank credit agreement had been fully amortized when we entered into the A&R Credit Agreement and written off. During the three months ended March 31, 2026 and 2025, we recognized approximately $89,000 and $288,000 of amortization expense related to deferred financing costs, respectively. Deferred financing costs for the KeyBank credit agreements are presented as a deferred asset on our consolidated balance sheets, net of accumulated amortization.

Deferred financing costs related to the Thrivent Term Loan were approximately $1.7 million, and are amortized using the effective interest method over the term of the loan. During the three months ended March 31, 2026, we recognized approximately $75,000 in amortization expense related to Thrivent Term Loan deferred financing costs.

**Note 7. Operating Leases**

*Lessor Disclosures*

The Company leases industrial real estate to tenants under operating leases with a weighted-average remaining lease term of 3.8 years as of March 31, 2026. The leases typically provide for base rent and other charges to cover certain operating expenses. Some of our operating leases include options to extend the lease term. For purposes of determining the lease term and lease classification, we exclude these extension periods unless it is reasonably certain at lease commencement that the option will be exercised.

As of March 31, 2026, future base rent under non-cancelable leases were as follows, assuming no exercise of lease renewal options, if any:

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| | |
|:---|:---|
| *($s in thousands)* |  |
| 2026 <sup>(1)</sup> | $20920 |
| 2027 <sup>(1)</sup> | 25930 |
| 2028 <sup>(1)</sup> | 20522 |
| 2029 | 17694 |
| 2030 | 9074 |
| Thereafter | 20189 |
| Total | $114329 |

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<sup>(1)</sup> Excludes base rent of $1,315, $1,804, and $332, respectively, for 2026, 2027, and 2028, from a tenant that is not probable to collect.

As of March 31, 2026 and December 31, 2025, security deposit liabilities of $895,000 for both periods were included in accounts payable and accrued expenses on our consolidated balance sheets.

*Lessee Disclosures*

We are a lessee to a ground lease associated with an industrial property acquired in 2025. The lease terminates on March 31, 2059 with one ten-year renewal option. As of March 31, 2026, the ground lease had a remaining lease term of 33.0 years. The ROU asset and lease liability associated with the ground lease was calculated by discounting future ground lease payments at the Company's incremental borrowing rate at 6.74% as of the acquisition date.

The following table details the future lease payments due under the ground lease as of March 31, 2026:

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| | |
|:---|:---|
| *($s in thousands)* |  |
| 2026 | $125 |
| 2027 | 166 |
| 2028 | 166 |
| 2029 | 170 |
| 2030 | 172 |
| Thereafter | 5322 |
| Total lease payment | 6121 |
| Difference between undiscounted cash flows and discounted cash flow | (3775) |
| Total lease liability | $2346 |

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**Note 8. Commitments and Contingencies**

From time to time in the normal course of our business, we may be party to legal proceedings arising from the ownership and operation of our industrial properties. We believe that the liabilities, if any, that may ultimately result from such legal proceedings will not have a materially adverse effect on our consolidated financial position, operations, or liquidity.

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**Note 9. Equity**

As of March 31, 2026, the Partners' respective ownership interests, life-to-date contributions and redemptions or repurchases were as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *($s in thousands)* | **% <br>Owned** | **# of Units<br>Owned** <sup>(1)</sup> | **# of OP Units Owned** | **Contributions** <sup>(2)</sup> | **Redemptions/Repurchases** <sup>(3)</sup> |
| ***Formation Contribution*** |  |  |  |  |  |
| General Partner <sup>(4)</sup> | 0.0% | 56 | 55 | $10 | $— |
| SCI-II <sup>(4)</sup> | 0.7% | 55 | 27092 | 2450 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Formation Contribution | 0.7% | 111 | 27147 | 2460 |  |
| ***Private Offering*** |  |  |  |  |  |
| Class A Limited Partners | 64.0% | 2600427 |  | 236412 | (1721) |
| Class I Limited Partners | 3.1% | 125154 |  | 51295 | (40000) |
| Class R Limited Partners | 32.2% | 1311090 |  | 121063 | (2737) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Limited Partners | 99.3% | 4036671 |  | 408770 | (44458) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 100.0% | 4036782 | 27147 | $411230 | $(44458) |

---

<sup>(1)</sup> Includes 4,392,507 Units issued under the Private Offering and 136,777 Units issued pursuant to the Partnership's DRIP, and net of 492,613 Units redeemed or repurchased.

<sup>(2)</sup> Includes approximately $396.4 million of initial contributions and approximately $12.3 million of DRIP contributions.

<sup>(3)</sup> Redemptions/repurchases amounts reflect 19,072 Class A Units, 443,213 Class I units, and 30,328 Class R Units redeemed or repurchased.

<sup>(4)</sup> Numbers of Units and OP Units rounded in order to show the correct totals owned by the GP and SCI-II.

*Private Offering*

In April 2022, we commenced the Private Offering of Units for up to $750 million, expandable to $1 billion at the sole discretion of the GP. All classes of Units differ only with respect to the fees paid to broker-dealers in connection with their sale and are viewed as the same ownership interest.

The following tables set forth the net proceeds raised from the Private Offering and the number of Units issued for the three months ended March 31, 2026 and 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2025** | **March 31, 2025** |
| *($s in thousands)* | **# of Units Issued** | **Proceeds** | **# of Units Issued** | **Proceeds** |
| Class A | 111458 | $10059 | 124572 | $11243 |
| Class I |  |  |  |  |
| Class R | 33618 | 3034 | 102637 | 9263 |
| Total | 145076 | $13093 | 227209 | $20506 |

---

The Partnership's DRIP allows the Limited Partners to elect to have their cash distributions attributable to the class of Units owned automatically reinvested in additional Units of the same class. The following tables set forth the DRIP contributions received, and the number of Units issued pursuant to the DRIP, during the three months ended March 31, 2026 and 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2025** | **March 31, 2025** |
| *($s in thousands)* | **# of Units Issued** | **DRIP Proceeds** | **# of Units Issued** | **DRIP Proceeds** |
| Class A | 11658 | $1052 | 9072 | $819 |
| Class I | 514 | 46 | 625 | 56 |
| Class R | 5970 | 539 | 4268 | 385 |
| Total | 18142 | $1637 | 13965 | $1260 |

---

------

*Distributions*

The Company's distributable cash, as defined in the partnership agreement of the Partnership (as amended from time to time, the "Partnership Agreement"), is apportioned among the Limited Partners pro rata in accordance with their respective Units and pursuant to the distribution waterfall, which may include distributions to SIP IV Investor in respect of its subordinated participation interest. Distributions to each Limited Partner other than the GP will be distributed in the following order of priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.first, to the Limited Partner until such Limited Partner's preferred return account balance is reduced to zero. Preferred return means 6% cumulative, non-compounding annual return on the Limited Partners' unreturned capital account balances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.second, to the Limited Partner until such Limited Partner's unreturned capital account balance is reduced to zero; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.20% of the remaining distributable cash to SIP IV Investor as its subordinated participation interest and 80% to Limited Partners.

In each of the three months ended March 31, 2026 and 2025, the Company made distributions at an annualized rate of $4.05 per unit to holders of Units of record as of the last day of each quarter, payable the following month. Distributions payable as of both March 31, 2026 and December 31, 2025 were approximately $3.9 million.

*Redemptions* 

In accordance with the Partnership Agreement, Limited Partners who have held their Units for at least one year may request to have the Company redeem, in part or in whole, Units held by such Limited Partners. The redemption price for Limited Partners who have held their Units for at least one year but less than two years will equal ninety-five percent of the then current gross offering price. As the distributable cash of the Company permits, a redemption request shall be accommodated as determined by the GP in its sole discretion. To the extent the redemption amount, as defined in the Partnership Agreement, exceeds the Limited Partner's preferred return account and unreturned capital, 80% of such excess will be paid to the Limited Partner, and 20% to SIP IV Investor as part of its subordinated participation interest.

Any redemption request that would result in the Limited Partner owning less than $50,000 in Units (based upon the per Unit net asset value then in effect) shall be deemed to be a request for redemption of all such Limited Partner's Units.

During the three months ended March 31, 2026, the Partnership redeemed 13,676 Units for approximately $1.2 million. No Units were redeemed during the prior year quarter.

*Preferred Equity*

In December 2022, the SIP IV REIT issued 125 non-voting Series A preferred shares at $1,000 per share for aggregate consideration before expenses of $125,000. The SIP IV REIT pays preferred dividends at an annual rate of 12% per share, payable in two installments each year.

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**Note 10. Related-Party Transactions**

The following is a summary of amounts incurred with the GP, Sealy, and their affiliates during the three months ended March 31, 2026 and 2025:

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| | | | |
|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** |  |
| *($s in thousands)* | **March 31, 2026** | **March 31, 2025** | **Financial Statement Line** |
| Acquisition fees | $— | $580 | Real estate assets |
| Asset management fee | $1168 | $806 | Asset management fee |
| Distribution fees | $75 | $113 | Prepaid expenses and other assets |
| Financing fees | $750 | $350 | Deferred financing costs; Term loan |
| Issuance costs | $722 | $1468 | Issuance costs |
| Leasing commissions | $44 | $4 | Prepaid expenses and other assets |
| Property management fees | $291 | $191 | Property operating expenses |
| Other | $262 | $127 | Various |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Acquisition fees – the Company pays Sealy an acquisition fee of up to 1.0% of the total contract purchase price for real estate assets acquired. The Company also reimburses Sealy for acquisition-related expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Asset management fee – the Company pays the GP an asset management fee of up to 1.0% of the book value of assets under management (the "AUM") per annum payable monthly. The AUM is not adjusted for accumulated depreciation. As of March 31, 2026 and December 31, 2025, the asset management fee payable to the GP was $584,000 and $570,000, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Distribution fees – the Class R Unit is subject to a distribution fee of 0.25% of the Class R Unit price per annum, payable to Sealy Investment Securities, LLC ("SIS"), a Sealy affiliate and the managing broker-dealer for the Private Offering, from quarterly and liquidating distributions. The Company may prepay SIS, and has prepaid, the distribution fee in the amount of 2.5% of the Class R Unitholders' gross contributions. As of both March 31, 2026 and December 31, 2025, prepaid distribution fees were $2.2 million. The Company is withholding from the investors' quarterly distributions at an annual rate of 0.25% of gross contributions currently and will withhold from liquidating distributions, not to exceed 2.5% in total.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Financing fees – the GP may earn a financing coordination fee of up to 0.5% of the principal amount of new or refinanced loans for services related to loan negotiations. During the three months ended March 31, 2026 and 2025, the Company paid financing fees of $750,000 and $350,000, respectively, to the GP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Issuance costs – the Company reimburses Sealy and SIS for offering-related costs and costs in connection with the administration of the DRIP. Issuance costs reimbursement to Sealy ceased as of May 2025. The following table sets forth issuance costs we incurred with related parties for the respective periods:

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| | | |
|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** |
| *(in thousands)* | **March 31, 2026** | **March 31, 2025** |
| Issuance costs - Sealy | $102 | $835 |
| Issuance costs - SIS | $620 | $633 |

---

As of March 31, 2026 and December 31, 2025, issuance costs payable to SIS were approximately $107,000 and $399,000, respectively; no issuance costs remained payable to Sealy.

Additionally, the Company may pay SIS an alternative selling commission on Class I Units not to exceed 4.25% of gross offering proceeds. The Company did not incur any alternative selling commissions in the three months ended March 31, 2026 and 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Property management fees and leasing commissions – the Company has property management agreements with Sealy, under which it pays a monthly property management fee of 2.00% to 4.00% of monthly gross receipts from the properties, less any management fee paid to a third party. Additionally, Sealy receives 50% of all late payments

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and returned checks collected. The property management agreements also state that Sealy may receive market-based leasing commissions based on the location of each property, less any commission paid to a third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Other costs – the Company has no employees and, in accordance with the Partnership Agreement and the confidential private placement memorandum of the Private Offering, periodically reimburses Sealy and its affiliates for costs incurred on its behalf. These costs include compensation for management and administrative personnel providing services such as accounting and property management, as well as compliance costs, consulting services related to insurance, property tax, design services, and other expenses such as postage and pursuit costs on dead deals. As of March 31, 2026 and December 31, 2025, approximately $64,000 and $21,000 of other costs remained payable, respectively.

**Note 11. Concentration Risks**

The Company currently owns real estate located primarily in the Southern and Midwestern United States. This geographic concentration creates a concentration of credit risk with respect to revenue generation. The Company has not experienced losses with respect to its geographic concentration.

As of March 31, 2026, one of the Company's 33 tenants had an annualized base rent representing 11.6% of total annualized base rent. No outstanding rent receivables were due from this tenant as of March 31, 2026.

**Note 12. Subsequent Event**

The Company has evaluated all subsequent events through the filing date of this Quarterly Report on Form 10-Q and there was no subsequent event that required recognition or disclosure.

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**Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations**

The following discussion and analysis should be read in conjunction with the accompanying consolidated financial statements and notes thereto appearing elsewhere in this Quarterly Report on Form 10-Q and with our Annual Report on Form 10-K. We make statements in this section that are forward-looking statements within the meaning of the federal securities laws. Certain risks may cause our actual results, performance or achievements to differ materially from those expressed or implied by the following discussion. For a complete discussion of such risk factors, see "*Item 1A. Risk Factors*" in our Annual Report on Form 10-K.

Capitalized terms used herein, but not otherwise defined, shall have the meanings ascribed to such terms in the Glossary immediately following the **Table of Contents** to this Quarterly Report on Form 10-Q or, if not defined therein, "*Part I. Financial Information*", "*Item 1. Financials Statements*" of this Quarterly Report on Form 10-Q, including the notes to the consolidated financial statements contained therein.

**Forward-Looking Statements**

This Quarterly Report on Form 10-Q contains forward-looking statements that involve known and unknown risks, uncertainties and other factors. Undue reliance should not be placed upon such statements. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about the Company, our current and prospective portfolio investments, our industry, our beliefs and opinions, and our assumptions. Words such as "anticipates," "expects," "intends," "plans," "will," "may," "continues," "believes," "seeks," "estimates," "would," "could," "should," "targets," "projects," "outlook," "potential," "predicts" and variations of these words and similar expressions are intended to identify forward-looking statements. All forward-looking statements, by their nature, are subject to risks and uncertainties. Therefore, such statements are not intended to be a guarantee of the Company's performance in future periods. The Company's actual future results may differ materially from those set forth in the Company's forward-looking statements. For information concerning these factors and related matters, see "*Item 1A. Risk* 

*Factors*" of our Annual Report on Form 10-K. However, other factors besides those referenced could adversely affect the Company's results, and you should not consider any such list of factors to be a complete set of all potential risks or uncertainties. Any forward-looking statements made by the Company herein speak as of the date of this Quarterly Report on Form 10-Q. The Company does not undertake to update any forward-looking statement, except as required by law. As a result, you should not place undue reliance on these forward-looking statements.

**Overview** 

We have invested, and intend to continue to invest, in well-located industrial real estate assets throughout the United States with an emphasis on purchasing properties at a discount to replacement cost that produce consistent, growing cash flow, and equity appreciation. The GP manages our day-to-day business and other affairs.

During three months ended March 31, 2026, we accomplished the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Generated $10.2 million of total revenue, a 33% increase from the quarter ended March 31, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Entered into the A&R Credit Agreement with KeyBank, increasing current borrowing capacity to $150 million with a maturity date of March 30, 2029;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Raised $13.1 million of offering proceeds from the Private Offering by issuing an aggregate of 145,076 Units; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Paid $2.2 million of cash distributions in addition to reinvesting $1.6 million of distributions in accordance with the DRIP.

As of March 31, 2026:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our portfolio consisted of 21 industrial properties in eight states with approximately 5.1 million square feet of GLA leased to 33 tenants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The occupancy rate was 92.0% with an average remaining lease term of approximately 3.8 years; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•$81.0 million remaining available for borrowing under our 2026 KeyBank Credit Facility.

The following tables set forth a summary of our historical consolidated financial data for the periods and dates indicated.

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| | | |
|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** |
| *($s and units in thousands, except per-unit data)* | **March 31, 2026** | **March 31, 2025** |
| Total revenues | $10241 | $7681 |
| Total operating expenses | $10648 | $7056 |
| Net loss | $(2343) | $(141) |
| Net loss attributable to Limited Partners | $(2331) | $(144) |
| Weighted average number of Units outstanding, basic and diluted | 3971 | 3660 |
| Earnings per Unit, basic and diluted | $(0.59) | $(0.04) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **As of** | **As of** | **Change** |
| *($s in thousands)* | **March 31, 2026** | **December 31, 2025** | **%** |
| Real estate assets, at cost | $421282 | $448914 | (6%) |
| Cash and cash equivalents | $16368 | $12199 | 34% |
| Investment in DST | $25967 | $— | 100% |
| Total assets | $484961 | $490605 | (1%) |
| Secured revolving credit facility | $69000 | $79500 | (13%) |
| Term loan | $103660 | $103585 |  |
| Total liabilities | $192665 | $204266 | (6%) |
| Total partners' capital | $292296 | $286339 | 2% |

---

We continue to position ourselves for future acquisitions by continuing our capital raising efforts and by acquiring income-producing industrial and other commercial real estate properties located throughout the United States. We expect growing revenue and expenses with an expanding portfolio. Our future financial condition and results of operations, including rental revenues, will be impacted by future acquisitions (including the frequency, timing, size, and capitalization rates thereof), redevelopment and sale of properties, rental rate, occupancy rate, interest rate environment and level of debt.

**Factors Which May Influence Our Results of Operations** 

Our revenues and results of operations are affected by a variety of factors, including the conditions of national, local, and global economic and political environments, such as inflationary pressures, interest rates, supply chain configurations and disruptions, geopolitical risks (including the ongoing tension in the Middle East), the imposition of tariffs and other changes to trade policy in the U.S. and other jurisdictions, government shutdowns, and increased volatility in the financial markets.

In addition, inflation, which has been pronounced over the last several years, may result in higher general and administrative expenses for our Company and for our tenants. Insurance costs in certain markets have increased and may increase more than inflation due to property locations in high-risk markets and higher property replacement costs. Further, state and local governments may also look to increase real estate taxes and other related fees in order to offset higher operating expenses and lower revenues from other sources. While our properties typically are subject to triple-net or double-net leases, which means the tenant is obligated to pay for most of the expenses of operating and maintaining the property and property taxes, high insurance costs and real estate taxes may result in higher overall occupancy costs for tenants, which may result in a failure to make rental payments when due.

Investing in commercial real estate assets also involves certain risks, including but not limited to, tenants' inability to pay rent (whether due to property-specific factors, company-specific factors, sector-level issues, or broader macroeconomic conditions), increases in interest rates and lack of availability of financing, tenant turnover and vacancies and changes in supply of or demand for similar properties in a given market. Any adverse changes in these factors could affect our performance and our ability to meet our obligations and make distributions to Limited Partners.

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**Results of Operations**

For purposes of the discussions below, same-store properties are properties acquired before January 1, 2025 and held as in-service properties through March 31, 2026. Acquired properties are properties that were acquired on or after January 1, 2025 and held as in-service properties through March 31, 2026.

*Comparison of three months ended March 31, 2026 to three months ended March 31, 2025*

*Revenues* increased to $10.2 million in the three months ended March 31, 2026 from $7.7 million in the three months ended March 31, 2025, primarily due to higher rental revenue. The increase in rental revenue was primarily due to acquired properties. The decrease of $723,000 in revenues from the same-store properties was primarily due to a 265,700-square-foot vacancy in the current quarter that contributed $589,000 to the first quarter 2025 revenues, and a 140,400-square-foot vacancy in the current quarter that contributed $168,000 to the first quarter 2025 revenues. In December 2025, the latter tenant early terminated its lease that was expiring in August 2026 and the Company recognized a termination fee revenue of $717,000, which approximated total rental revenue through the end of the lease.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** |  |  |
| *($s in thousands)* | **March 31, 2026** | **March 31, 2025** | **$ Change** | **% Change** |
| ***Revenues*** |  |  |  |  |
| Same-store properties | $6623 | $7346 | $(723) | (10%) |
| Acquired properties | 3538 | 158 | 3380 | 2139% |
| Disposed properties | 80 | 177 | (97) | (55%) |
|  | $10241 | $7681 | $2560 | 33% |

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*Depreciation and amortization* increased to $5.6 million in the three months ended March 31, 2026 from $3.6 million in the three months ended March 31, 2025, a $2.0 million increase driven by acquired properties.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** |  |  |
| *($s in thousands)* | **March 31, 2026** | **March 31, 2025** | **$ Change** | **% Change** |
| ***Depreciation and Amortization*** |  |  |  |  |
| Same-store properties | $3511 | $3490 | $21 | 1% |
| Acquired properties | 2056 | 71 | 1985 | 2796% |
| Disposed properties | 64 | 67 | (3) | (4%) |
|  | $5631 | $3628 | $2003 | 55% |

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*Property taxes and insurance* increased to $2.2 million in the three months ended March 31, 2026 from $1.4 million in the three months ended March 31, 2025, a $0.8 million increase driven by acquired properties. Same-store properties property taxes increased by $120,000 primarily due to higher assessed values, offset by a decrease of $57,100 in insurance premiums.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** |  |  |
| *($s in thousands)* | **March 31, 2026** | **March 31, 2025** | **$ Change** | **% Change** |
| ***Property Taxes and Insurance*** |  |  |  |  |
| Same-store properties | $1367 | $1304 | $63 | 5% |
| Acquired properties | 792 | 45 | 747 | 1660% |
| Disposed properties | 13 | 22 | (9) | (41%) |
|  | $2172 | $1371 | $801 | 58% |

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*Asset management fees* increased to $1.2 million in the three months ended March 31, 2026 from $0.8 million in the three months ended March 31, 2025 as a direct result of an increase in the value of assets under management due to acquired properties.

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*Property operating expenses* increased to $1.1 million in the three months ended March 31, 2026 from $0.7 million in the three months ended March 31, 2025, a $0.3 million increase driven by acquired properties. The $63,000 increase of property operating expenses for same-store properties is largely driven by a French drain installation project at a property in Mississippi and increased utility costs for vacant units.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** |  |  |
| *($s in thousands)* | **March 31, 2026** | **March 31, 2025** | **$ Change** | **% Change** |
| ***Property Operating Expenses*** |  |  |  |  |
| Same-store properties | $788 | $725 | $63 | 9% |
| Acquired properties | 275 | 1 | 274 | 27400% |
| Disposed properties | 5 | 18 | (13) | (72%) |
| Corporate | 6 | 5 | 1 | 20% |
|  | $1074 | $749 | $325 | 43% |

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*General and administrative expense* increased to $0.6 million for the three months ended March 31, 2026 from $0.5 million for the three months ended March 31, 2025, a $0.1 million increase, primarily due to higher accounting, legal, other professional fees, corporate expenses, and related-party reimbursements associated with public reporting and filings under the Exchange Act.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** |  |  |
| *($s in thousands)* | **March 31, 2026** | **March 31, 2025** | **$ Change** | **% Change** |
| ***General and Administrative*** |  |  |  |  |
| Same-store properties | $34 | $21 | $13 | 62% |
| Acquired properties | 5 | 10 | (5) | (50%) |
| Disposed properties | (5) |  | (5) | 0% |
| Corporate | 569 | 471 | 98 | 21% |
|  | $603 | $502 | $101 | 20% |

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Interest expense increased by approximately $1.8 million to just under $2.6 million for the three months ended March 31, 2026, primarily as a result of higher outstanding debt balance under the 2026 KeyBank Credit Facility and Thrivent Term Loan during the current year period. The weighted average balance outstanding during the three months ended March 31, 2026 was $170.1 million, as compared to $25.9 million during the three months ended March 31, 2025.

Our net loss for the three months ended March 31, 2026 was $2.3 million, as compared to $0.1 million for the three months ended March 31, 2025. The change was due to a $1.8 million increase in interest expense and a $1.0 million decrease in operating income, partially offset by an increase in interest income of $0.6 million.

**Liquidity and Capital Resources**

*Cash Flow Activity*

The following table summarizes our cash flow activities for the three months ended March 31, 2026 and 2025, respectively:

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| | | | |
|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Change** |
| *($s in thousands)* | **March 31, 2026** | **March 31, 2025** | **%** |
| Net cash provided by operating activities | $1356 | $1539 | (12%) |
| Net cash provided by (used in) investing activities | $5299 | $(59525) | 109% |
| Net cash provided by (used in) financing activities | $(2486) | $55978 | (104%) |

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Changes in cash flow for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025 are described as follows:

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*Operating Activities:* Cash provided by operating activities decreased by $0.2 million for the three months ended March 31, 2026 from approximately $1.5 million for the three months ended March 31, 2025, primarily due to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•$2.6 million increase in total revenues and $0.6 million of bridge carry fees and distribution received from DST-I, offset by $2.0 million more cash paid for interest and $1.6 million of increases in property taxes and insurance, asset management fees, property operating expenses, and general and administrative expenses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•$0.1 million increase in working capital, which is a result of timing of payments and receipts of prepaid expenses and other assets, accounts payable and accrued expenses, and deferred revenues.

*Investing Activities:* Cash provided by investing activities was $5.3 million in the three months ended March 31, 2026, an increase of $64.8 million from using $59.5 million for investing activities in the three months ended March 31, 2025, primarily due to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•No cash deployment for purchase of real estate assets in the three months ended March 31, 2026, as compared to approximately $59.1 million used to acquire real estate assets in the three months ended March 31, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•IDV JV paid $0.5 million for its in-progress capital project; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Received $6.1 million return of investment from DST-I.

*Financing Activities:* $2.5 million was used in financing activities in the three months ended March 31, 2026 as compared to $56.0 provided by financing activities in the three months ended March 31, 2025, a $58.5 million decrease in cash, primarily due to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Net revolving credit facility repayment of $10.5 million in the three months ended March 31, 2026, as compared to net drawdown of $40.3 million in the three months ended March 31, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Used $1.2 million to redeem 13,676 Units in the three months ended March 31, 2026. No Units were redeemed during the three months ended March 31, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Proceeds from the Private Offering were $6.2 million lower in the three months ended March 31, 2026 as compared to the three months ended March 31, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Paid $0.7 million more in financing costs in the three months ended March 31, 2026 as compared to the three months ended March 31, 2025; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Payments for issuance costs decreased $0.5 million in the three months ended March 31, 2026 as compared to the three months ended March 31, 2025.

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The following table outlines gross distributions paid out (exclusive of impact of accruals) and sources used to fund the distributions for the periods as indicated:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** |
| *($s in thousands)* | **Amount** | **Percentage** | **Amount** | **Percentage** |
| **Net cash provided by operating activities** | $1356 |  | $1539 |  |
| **Distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid in cash | $2214 | 57% | $2145 | 62% |
| &nbsp;&nbsp;&nbsp;&nbsp;DRIP | 1694 | 43% | 1333 | 38% |
| Total | $3908 | 100% | $3478 | 100% |
| **Sources of Distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash flows from operating activities | $1356 | 35% | $1539 | 44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash flows from operating activities from prior period | 2552<br><sup>(1)</sup> | 65% | 1939<br><sup>(1)</sup> | 56% |
| Total | $3908 | 100% | $3478 | 100% |

---

<sup>(1)</sup> Cash flows from operating activities include working capital changes, which fluctuate throughout the year. Cash flows from operating activities for the year ended December 31, 2025 of $15.9 million exceeded distributions (including DRIP) for the year ended December 31, 2025 of $15.3 million by $0.5 million. Cash flows from operating activities for the year ended December 31, 2024 of $14.4 million exceeded distributions (including DRIP) for the year ended December 31, 2024 of $11.6 million by $2.8 million.

*Material Cash Requirements*

We have considered our short-term liquidity needs over the next 12 months and the adequacy of our estimated cash flow from operations and other expected liquidity sources to meet these needs. We believe that our principal short-term liquidity needs are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•to fund normal recurring expenses, property acquisitions, renovations, expansions and other nonrecurring capital improvements, debt service requirements, the minimum distributions required to maintain the SIP IV REIT's qualification as a REIT under the Code and distributions approved by the GP. We anticipate that these needs will be met with cash flows provided by operating activities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•to fund property acquisitions.

These needs will be met by proceeds from the Private Offering as well as borrowings under our credit facilities. The A&R Credit Agreement we entered into on January 15, 2026 increased the borrowing capacity under the KeyBank credit facility from $100.0 million to $150.0 million and extended the maturity date to March 30, 2029, with the option for a 12-month extension upon satisfaction of certain conditions. As of March 31, 2026, $69.0 million is outstanding under the 2026 KeyBank Credit Facility and $81.0 million remained available for borrowing.

We expect to meet long-term liquidity requirements such as property acquisitions, developments, scheduled debt maturities, distributions, major renovations, expansions, and other nonrecurring capital improvements through cash flow from operations, long-term unsecured and secured indebtedness, the disposition of select assets, and the issuance of additional equity or debt securities, subject to market conditions.

We were in compliance with our financial covenants as of March 31, 2026, and we anticipate that we will be able to operate in compliance with our financial covenants throughout 2026. However, these financial covenants are complex and there can be no assurance that these provisions would not be interpreted by our lender in a manner that could impose and cause us to incur material costs and our access to borrowings on our 2026 KeyBank Credit Facility may be limited if we fail to meet any of these covenants.

------

*Off-Balance Sheet Arrangements*

At March 31, 2026, we had one letter of credit in lieu of cash security deposit totaling $0.5 million, which was not reflected as a liability on our balance sheets, nor was any cash reflected as an asset on our balance sheets. We had no other off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, results of operation or liquidity and capital resources.

*Inflation*

Many of our leases contain provisions designed to mitigate the adverse impact of inflation, including contractual rent escalations and requirements for tenants to pay their proportionate share of property operating expenses, including common area expenses, utilities, insurance, and real estate taxes, and certain capital expenditures related to the maintenance of our properties, thereby reducing our exposure to increases in property operating expenses resulting from inflation. However, under our leases we typically have exposure to increases in non-reimbursable property operating expenses, including expenses incurred related to vacant premises. In addition, we believe that some of the existing rental rates under our leases subject to renewal are below current market rates for comparable space and that upon renewal or re-leasing, such rates may be increased to be consistent with, or closer to, current market rates, which may also offset our exposure to inflationary expense pressures related to our leased properties. We also have exposure to inflation with respect to potential significant capital improvements. With respect to our outstanding indebtedness, we periodically evaluate our exposure to interest rate fluctuations, and may enter into derivatives or caps that mitigate, but do not eliminate, the impact of changes in interest rates on our 2026 KeyBank Credit Facility.

**Non-GAAP Measure**

We use net operating income ("NOI") as a supplemental operating performance measure. Historical cost accounting for real estate assets in accordance with GAAP implicitly assumes that the value of real estate assets diminishes predictably over time through depreciation. Since real estate values have historically risen or fallen with market conditions, investors and many industry analysts find it useful to supplement operating results that use historical cost accounting with measures such as NOI, among others. We provide information related to NOI because such industry analysts are interested in such information, and because our management believes NOI is an important performance measure.

NOI should not be considered as a substitute for net income or any other measures derived in accordance with GAAP. NOI does not represent cash generated from operating activities in accordance with GAAP and should not be considered as an alternative to cash flow from operating activities as a measure of our liquidity, nor is it indicative of funds available for our cash needs, including our ability to make cash distributions.

*Net Operating Income*

NOI is a non-GAAP supplemental measure of operating performance. We use NOI to evaluate and compare the performance of our properties to other comparable properties, to determine trends in earnings, and to compute the fair value of our properties. We define NOI as revenues minus property operating expenses such as real estate taxes, repairs and maintenance, property management, utilities, insurance and other expenses, which is calculated by excluding the following items from net income computed in accordance with GAAP:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•depreciation and amortization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•general and administrative expense;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•asset management fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•impact of straight-line rent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•amortization of above/below market leases;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•interest income and expense;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•gains and losses on the sale of real estate; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•equity in income and loss from joint ventures.

The table below is a reconciliation from our GAAP net loss to NOI, without adjusting for the effects of noncontrolling interests, for the three months ended March 31, 2026 and 2025:

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** |
| *($s in thousands)* | **March 31, 2026** | **March 31, 2025** |
| Net loss | $(2343) | $(141) |
| Adjustments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 5631 | 3628 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset management fee | 1168 | 806 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 603 | 502 |
| &nbsp;&nbsp;&nbsp;&nbsp;Straight-line rent | (112) | (292) |
| &nbsp;&nbsp;&nbsp;&nbsp;Above/below market rent intangibles amortization | (289) | (146) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 2582 | 792 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | (27) | (26) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from DST Investment | (619) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total adjustments | 8937 | 5264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NOI | $6594 | $5123 |

---

Our NOI may not be comparable to same-store NOI or similar measures reported by other real estate companies who define NOI differently. The major factors influencing NOI are occupancy levels, rental rate increases or decreases, and tenant recoveries increases or decreases. Our success depends largely on our ability to lease space and to recover the operating costs associated with those leases from our tenants.

The following table breaks down our NOI by same store properties, acquired properties and other for the three months ended March 31, 2026 and 2025:

------

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** |
| *($s in thousands)* | **March 31, 2026** | **March 31, 2025** |
| Same-store properties |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenues | $6623 | $7346 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses | (2155) | (2029) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Same-store NOI before adjustments | 4468 | 5317 |
| Adjustments: |  |  |
| Straight-line rent | (54) | (288) |
| Above/below market rent intangibles amortization | (130) | (142) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Same Store NOI | $4284<br><sup>(1)</sup> | $4887 |
| Acquired properties |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenues | $3538 | $158 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses | (1067) | (46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquired properties NOI before adjustments | 2471 | 112 |
| Adjustments: |  |  |
| Straight-line rent | (58) |  |
| Above/below market rent intangibles amortization | (159) | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquired properties NOI | $2254 | $108 |
| Disposed properties and other <sup>(2)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenues | $80 | $177 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses | (24) | (45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disposed properties and other NOI before adjustments | 56 | 132 |
| Adjustments: |  |  |
| Straight-line rent |  | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disposed properties and other NOI | $56 | $128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total NOI | $6594 | $5123 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Same-store NOI decreased in the three months ended March 31, 2026 by approximately $0.6 million as compared to the three months ended March 31, 2025. This is due to vacancies in two units where tenants contributed approximately $0.8 million in rental revenue in the three months ended March 31, 2025. This is partially offset due to a decrease in straight-line rent adjustment associated with these terminations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Disposed properties includes an industrial property of 56,000 square feet sold on June 20, 2025 and the DST Property acquired on December 10, 2025 and deposited with DST-I on January 13, 2026.

**Item 3. Quantitative and Qualitative Disclosures About Market Risk**

Not applicable for smaller reporting companies.

**Item 4. Controls and Procedures**

*Evaluation of Disclosure Controls and Procedures*

Our management is responsible for establishing and maintaining a system of disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act) that is designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer's management, including its principal executive officer or officers and principal financial officer or officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

------

An evaluation was conducted under the supervision and with the participation of our management of the effectiveness of the design and operation of our disclosure controls and procedures as of March 31, 2026. Based on that evaluation, our management concluded that our disclosure controls and procedures were effective as of such date to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act, is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms.

**PART II—OTHER INFORMATION**

**Item 1. Legal Proceedings**

We may from time to time be a party to legal proceedings which arise in the ordinary course of our business. Management is not aware of any current or pending legal proceedings to which we or any of our subsidiaries are a party or to which our investments are subject, the outcome of which would, in management's judgment based on information currently available, have a material adverse effect on our results of operations or financial condition, nor is management aware of any such legal proceedings contemplated by governmental authorities.

**Item 1A. Risk Factors**

Not Applicable.

**Item 2. Unregistered Sales of Equity Securities and Use of Proceeds**

During the three months ended March 31, 2026, the Company issued an aggregate of 145,076 Units in the Private Offering for net proceeds of approximately $13.1 million. The Units were issued in the Private Offering pursuant to Rule 506(b) of Regulation D promulgated under the Securities Act, to persons who qualify as "accredited investors," as defined in Regulation D promulgated under the Securities Act and non-U.S. persons pursuant to Regulation S promulgated under the Securities Act.

Under our general redemption policy, Limited Partners who have held their Units for at least one year may request annually to have us redeem all or a portion of the respective Limited Partner's Units (each such request a "Redemption Request"). As our distributable cash permits, Redemption Requests will be accommodated quarterly on such date(s) as determined by the GP in its sole discretion. Notwithstanding the foregoing, we shall not in any event be required to redeem (and the GP shall have no obligation to attempt to obtain funds on our behalf to redeem) in any calendar year (A) more than five percent (5%) of the aggregate Units and OP Units outstanding as of the beginning of such calendar year or (B) more than twenty-five percent (25%) of the Units held by any Limited Partner submitting a Redemption Request at the time of submission. In order to comply with the 5% cap described in the previous sentence, the GP, in its discretion, may limit redemptions in any particular calendar quarter to 1.25% of the aggregate Units and OP Units outstanding as of the beginning of such calendar year. The foregoing limitations on our redemption obligations shall be applied in a manner so as to treat us and the OP as one collective entity and shall also apply to any redemptions of OP Units.

Pursuant to this general redemption policy, during the Private Offering, the redemption price we will pay to redeem Units will equal the then-current gross offering price per Unit less any selling commissions, managing broker-dealer fees, and broker-dealer due-diligence fees (the "Direct Selling Costs") applicable to the respective class of Units; provided, however, that the redemption price we will pay to redeem Units held for at least one year but less than two years will equal 95% of the then-current gross offering price per Unit less any Direct Selling Costs applicable to the respective class of Units.

------

During the three months ended March 31, 2026, we redeemed or repurchased Units as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Period** | **Total Number of Units Redeemed or Repurchased** | **Average Price Paid per Unit** | **Total Number of Units Redeemed as Part of Publicly Announced Plans or Programs** |
| January 1, 2026 - January 31, 2026 |  | N/A | —<br><sup>(1)</sup> |
| February 1, 2026 - February 28, 2026 |  | N/A | —<br><sup>(1)</sup> |
| March 1, 2026 - March 31, 2026 | 13676 | $90.25 | 13676<br><sup>(1)</sup> |

---

<sup>(1)</sup> A description of the maximum number of Units that may be redeemed under our redemption policy is included in the narrative preceding this table.

**Item 3. Defaults Upon Senior Securities**

None.

**Item 4. Mine Safety Disclosures**

Not applicable.

**Item 5. Other Information**

During the three months ended March 31, 2026, none of the persons who perform policy-making functions for us and are designated as reporting persons for purposes of Section 16 of the Exchange Act, adopted or terminated a "Rule 10b5-1 trading arrangement" or a "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408 of Regulation S-K of the Exchange Act.

**Item 6. Exhibits**

The following exhibits are filed as part of, or incorporated by reference into, this Report.

------

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 3.1 | [Certificate of Limited Partnership (incorporated by reference to Exhibit 3.1 to the registrant's Registration Statement on Form 10 (Commission File No. 000-56738) filed on April 21, 2025)](https://www.sec.gov/Archives/edgar/data/1929017/000095017025056212/ck0001929017-ex3_1.htm) |
| 3.2 | [First Amended and Restated Agreement of Limited Partnership of Sealy Industrial Partners IV, LP, dated as of April 22, 2022 (incorporated by reference to Exhibit 3.2 to the registrant's Registration Statement on Form 10 (Commission File No. 000-56738) filed on April 21, 2025)](https://www.sec.gov/Archives/edgar/data/1929017/000095017025056212/ck0001929017-ex3_2.htm) |
| 3.3 | [Sealy Industrial Partners IV REIT, LLC Limited Liability Company Agreement, dated as of February 25, 2022 (incorporated by reference to Exhibit 3.3 to the registrant's Registration Statement on Form 10 (Commission File No. 000-56738) filed on April 21, 2025)](https://www.sec.gov/Archives/edgar/data/1929017/000095017025056212/ck0001929017-ex3_3.htm) |
| 3.4 | [First Amended and Restated Agreement of Limited Partnership of Sealy Industrial Partners IV OP, LP, dated as of April 22, 2022 (incorporated by reference to Exhibit 3.4 to the registrant's Registration Statement on Form 10 (Commission File No. 000-56738) filed on April 21, 2025)](https://www.sec.gov/Archives/edgar/data/1929017/000095017025056212/ck0001929017-ex3_4.htm) |
| 4.1 | [Form of Subscription Agreement (incorporated by reference to Exhibit 3.2 to the registrant's Registration Statement on Form 10 (Commission File No. 000-56738) filed on April 21, 2025)](https://www.sec.gov/Archives/edgar/data/1929017/000095017025056212/ck0001929017-ex4_1.htm) |
| 4.2 | [Distribution Reinvestment Plan (incorporated by reference to Exhibit 3.2 to the registrant's Registration Statement on Form 10 (Commission File No. 000-56738) filed on April 21, 2025)](https://www.sec.gov/Archives/edgar/data/1929017/000095017025056212/ck0001929017-ex4_2.htm) |
| 10.1 | [First Amended and Restated Credit Agreement, dated as of January 15, 2026, by and among Sealy Industrial Partners IV OP, LP, KeyBank National Association, the other lenders which are parties thereto and other lenders that may become parties thereto, KeyBank National Association, as Agent, and KeyBanc Capital Markets, Inc., as Lead Arranger and Book Manager (incorporated by reference to Exhibit 10.1 to the registrant's Current Report on Form 8-K (Commission File No. 000-56738) filed on January 22, 2026)](https://www.sec.gov/Archives/edgar/data/1929017/000192901725000024/ck0001929017-ex10_1.htm) |
| 31.1 \* | [Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](ck0001929017-ex31_1.htm) |
| 31.2 \* | [Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](ck0001929017-ex31_2.htm) |
| 32.1 \*\* | [Certification of Principal Executive Officer and Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](ck0001929017-ex32_1.htm) |
| 101.INS \*<br>| Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document |
| 101.SCH \* | Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents |
| 104 \* | Cover Page Interactive Date File (formatted as Inline XBRL and contained in Exhibit 101) |
| \* | Filed herewith |
| \*\* | In accordance with Item 601(b)(32) of Regulation S-K, this Exhibit is not deemed "filed" for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section. Such certifications will not be deemed incorporated by reference into any filing under the Securities Act or the Exchange Act except to the extent that the registrant specifically incorporates it by reference.  |

---

------

**SIGNATURES**

Pursuant to the requirements of Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
|  |  | **SEALY INDUSTRIAL PARTNERS IV, LP** | **SEALY INDUSTRIAL PARTNERS IV, LP** |
| Date:  | May 6, 2026 |  |  |
|  |  | By: Sealy Industrial Partners IV GP, LLC, its general partner | By: Sealy Industrial Partners IV GP, LLC, its general partner |
|  |  | By: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Mark P. Sealy |
|  |  | Name: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mark P. Sealy |
|  |  | Title: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Manager |
|  |  | By: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ James Gilligan |
|  |  | Name: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;James Gilligan |
|  |  | Title: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Financial Officer |

---

------

## Exhibit 31.1

Exhibit 31.1

**CERTIFICATIONS OF PRINCIPAL EXECUTIVE OFFICER**

**PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Scott P. Sealy, Sr., certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this quarterly report on Form 10-Q of Sealy Industrial Partners IV, LP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)[Reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: May 6, 2026 | By:  | /s/ Scott P. Sealy, Sr.  |
|  | Name: | Scott P. Sealy, Sr.  |
|  | Title:  | Chief Executive Officer of Sealy & Company, LLC, <br>the sole member of the registrant's general partner |

---

------

## Exhibit 31.2

Exhibit 31.2

**CERTIFICATIONS OF PRINCIPAL FINANCIAL OFFICER** 

**PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, James Gilligan, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this quarterly report on Form 10-Q of Sealy Industrial Partners IV, LP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)[Reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: May 6, 2026 | By:  | /s/ James Gilligan  |
|  | Name:  | James Gilligan |
|  | Title:  | Chief Financial Officer of Sealy & Company, LLC, <br>the sole member of the registrant's general partner |

---

------

## Exhibit 32.1

Exhibit 32.1

**CERTIFICATIONS OF PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Sealy Industrial Partners IV, LP (the "Company") Quarterly Report on Form 10-Q for the period ended March 31, 2026, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), each of the undersigned officers of the Company hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

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| Date: May 6, 2026 | By: | /s/ Scott P. Sealy, Sr.  |
|  | Name: | Scott P. Sealy, Sr. |
|  | Title: | Chief Executive Officer of Sealy & Company, LLC, <br>the sole member of the Company's general partner  |

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|:---|:---|
| By: | /s/ James Gilligan |
| Name: | James Gilligan  |
| Title: | Chief Financial Officer of Sealy & Company, LLC, <br>the sole member of the Company's general partner |

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The foregoing certification is being furnished with the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 pursuant to 18 U.S.C. § 1350. It is not being filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and it is not to be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing, except to the extent the Company specifically incorporates this certification by reference.

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