We also continue to realize the benefits of our streamlined operating platform, with recurring capital expenditures declining significantly to $3.4 million in the first half of 2026, from $19.6 million in the first half of 2025. This meaningful reduction in capital requirements further strengthens our cash flow profile and financial flexibility. As of June 30, 2026, we have liquidity of approximately $919 million and $1.3 billion capacity on a revolving credit facility, compared to $790 million and $1.2 billion, respectively, as of the end of the second quarter of 2025. We had approximately 211 million shares of common stock outstanding and approximately 211 million shares outstanding on a weighted average basis for the second quarter of 2026. Since launching our share repurchase program in 2025 and through July 31st, 2026, we have repurchased 20.9 million shares for a total of 169.7 million. This includes approximately 1.2 million shares repurchased in the second quarter of 2026 for 11.1 million at a weighted average price of $9.10. Since inception, total repurchases under this program have been executed at a weighted average price of $8.11, a meaningful discount to the current share price. We believe this program has been a highly accretive use of capital and has generated tangible value for our shareholders. Turning to our outlook, 2026, we are raising our full-year AFFO per share guidance from $0.80 to $0.84, to a new range of $0.82 to $0.85, and increasing our gross transaction volume guidance from $250 million to $350 million, to a new range of $700 million to $800 million. We also reaffirm our stated net debt to adjusted EBITDA range of 6.5 times to 6.9 times. Our updated guidance reflects the anticipated acquisition of motive based on our high degree of confidence that the transaction will close in mid-August, 2026. It is important to note that this revised guidance includes only approximately one-and-a-half quarters of expected contribution from the accretive motive acquisition during 2026. Our reaffirmed leverage guidance reflects the transaction's expected leverage-neutral structure, which remains fully consistent with our discipline's balance sheet strategy. I'll now turn the call back to Mike for some closing remarks.

Thanks, Chris. As we approach the third anniversary of our internalization, it's clear how much G&L has evolved. Our objective has been to build a stronger, more resilient company capable of delivering reliable, durable returns for shareholders. And I believe the progress we've made speaks for itself. Over that time, we've simplified our portfolio, materially reduced leverage, strengthened liquidity, improved our credit profile, and established an investment-grade balance sheet. The expected acquisition of Motive is a natural extension of that strategy, further strengthening our portfolio and enhancing the durability of our earnings. Today, we're proud to offer shareholders an attractive dividend supported by high-quality earnings from a predominantly investment-grade tenant roster. We believe the repositioning of our portfolio over the past two years has created a meaningfully stronger G&L. As we enter this next chapter, we remain committed to building on that foundation and delivering long-term value for our shareholders.

We're available to answer any questions you may have after the call. operator please open the line for questions thank you we will now be conducting a question and answer session if you would like to ask a question please press star 1 on your telephone keypad a confirmation tone will indicate your line is in the question queue you may press star 2 if you would like to remove your question from the queue for participants using speaker equipment it may be necessary to pick up your handset before pressing star keys one moment please while we poll for questions. Thank you. Our first question comes from the line of Mitch Germain with Citizens Bank. Please proceed with your question.

Good morning, Mitch. Good morning, and congrats on the quarter. I really like the progress you're making in reducing office. I think you said it'll be around 20% by year end. I'm curious, can you continue to sell assets there, or are future sales really going to be more aligned with some of the these expirations?

It's going to continue to be both, Mitch. We see some great opportunities. A lot of the assets that we have on the longer-term sale structure, where we're going to receive 100% of the rent that is due to us, those assets are typically going to be acquired by developers for redevelopment opportunity. So it makes sense for them, and it makes great sense for us. It maximizes our revenue, as you clearly understand. So we have a group like that that we'll continue to focus on in that same structure. And then we also have some office. Look, we've been hearing for the last couple of years from people like you and others that it would be beneficial to GNL to continue to reduce office exposure so I don't want to look for the we'll call it the perfect exit we want to look for the most efficient and beneficial exit and I think moving down to 20% this quickly is a clear proof of concept that we're committed to it that we're going to do it so you'll see both structures come into play.

Great. Last one for me. What's the long-term plan for some of the non-industrial assets that you're acquiring from Motive? Could there be some potential sale candidates? And is there any restrictions in your ability to sell those properties?

There are no restrictions in our ability to sell assets. The industrial portfolio that we're acquiring from Motiv is the majority of their asset pool, so we're very excited to bring that into G&L on a long-term basis. There are a few assets that we feel are opportunistic sale candidates that I don't want to get into too much detail on right now, but like we've done in the past, we are going to continue to sharpen this portfolio so that it is predominantly Secondly, industrial assets, net lease, single tenant. And the pieces that don't fit the puzzle, although they may be great assets, to us that's just an opportunity like we did with McLaren to achieve a tremendous disposition price and then have the opportunity to evaluate whether we want to pay down debt, whether we want to redeploy into industrial assets, but it is an opportunity that we will continue to work forward on.

Our next question comes from the line of Upul Rana with KeyBank Capital Markets. Please proceed with your question.

Good morning, Upul.

Good morning. Congrats on the quarter, guys. Thank you. Michael, you completed one acquisition, subsequent quarter end. Could you comment on what you're seeing out there in the transaction market, you know including you know pricing size quality industries maybe how many deals you've gone through or underwritten um you know any color would be helpful and you know i guess i'm trying to understand if the company is interested in doing you know smaller acquisitions or would you be more focused on being patient for larger type deals like a motive yeah so i've always believed that one-off acquisitions are an important aspect of building a great portfolio they are in the market you have to evaluate them um there are a number of deals that we see that

you know any number of reasons we we are not interested in it we may not like the guarantee structure we may not like the asking cap rate we may not like the geographic market or we may not like the industry. But there are a lot of deals that we see that we do like. We were very active in the second quarter bidding, but we're bidding where we want to own, not necessarily where the seller or the broker wants to see the property transact. And that's okay. We felt that we had a great portfolio of motive assets coming into the company. in the next, I would say, estimate about a week or so. So we didn't have to chase. We're buying those motive assets at about an eight cap. We bought the FedEx in that same kind of range. So no benefit in chasing price. And what makes a great portfolio, besides the fact that we're 64% investment grade, We really focus on a lot of things other than just starting cap rate. We want to know that we've got a high-quality portfolio with the quality of earnings being top of mind for us. If it's a 15-year lease, we want that tenant in there for 15 years. We want them doing well and being happy to renew. It's one of the things that we're excited about. If you look back over the last couple of years, our renewal spreads have been consistently in the 5% and higher range. Because we've got great tenants, they value the properties, it's where they run their business from, and they don't want to have to relocate, and we certainly don't want them to relocate. So it all goes into how we look at the day one acquisition. And the most important thing I can tell you is there are a lot of properties out there that are available. We run what we think of as a funnel. If we put 100 properties through the funnel, we may come out after underwriting and due diligence with three to 10 that we want to move forward on. And if we do that on a consistent basis, this portfolio is just going to continue to get stronger and bigger. And you're going to see the weighted average lease term extend. And that's the kind of company that everyone here at G&L is proud to be building.

Great. That was helpful. This kind of goes hand in hand, but just on your transaction guidance, you increase it to $700 to $800 million. When you combine the close plus dispositions and your acquisitions, That kind of gets you to the midpoint. I think you've identified $64 million is going to be closing in 27. So just maybe you can comment on the transaction guidance and how we should be thinking about that.

Uple, I really think that Motiv was an unexpected opportunity for us in 2026 that we're really excited about. So I think the revised range is really how you should be thinking about it. We're going to continue to grind through some upcoming opportunities. But again, we want to be really selective. We want to be buying at the right price. We're starting to see our cost of capital coming in to a much better place. But we don't want to get ahead of that. And, you know, I think one of our themes over the last three years has been discipline of execution. And we're going to continue with that.

Okay, great. Thank you.

As a reminder, if you would like to ask a question, press star 1 on your telephone keypad. Our next question comes from the line of Jay Kornreich with Cantor Fitzgerald. Please proceed with your question.

Good morning, Jay. Good morning. I wanted to follow up about the asset recycling, you know, with dispositions year-to-date coming in at that 7.6% cap rate number. while the acquisition has been at 8.2. So I guess, do you anticipate that accretive asset recycling to continue? And then just as you think about how to recycle capital from dispositions, what is your preference in terms of new acquisitions versus reducing leverage or share repurchases at this point?

First part of your question, yes, I think we can continue to operate in that range. we fight very hard for achieving greatest possible sale price and we fight very hard to show that we're a qualified buyer and we negotiate the best possible price. So no sense in buying a lot of things that don't move the needle. So we'll continue with that as an underlying principle moving forward. The second part of your question is one of my favorite questions because it really comes back to strategy of how are we going to operate this company. Obviously, we continue to believe that one of the most important things we can do is execute on the continued deleveraging of the company, so that will be top of mind as we move forward. We also want to be in a position to grow earnings, and to grow earnings and extend Walt, we need that disciplined underwriting on the acquisition front, and Motive really kind of filled that gap for 2026. So the stock buyback program, I'm very proud of our team as we've executed our stock buyback through 2026. I think that we have really been on point in how we've approached the strategy of the buyback. It's a great tool. We still have capacity under the buyback. we will where we see necessary continue to execute on on on the buyback but i will tell you that i'd be even happier if the stock continues to move up on its own as new investors find this an interesting opportunity and move into the stock we may not have to be active in the buyback which is great but it is a very valuable tool it's one of the three levers as you pointed out we will continue to to reduce leverage we will be very focused in how we look at potential

acquisitions and when we need to we have the ability to be active in a stock buyback appreciate all that's helpful and then just one follow-up for me just going back to the office exposure you know reducing it to i think you said 21 percent in the near term Is it too early to put goalposts around a timeline as to what you'd like to get that exposure down to, or just how you're thinking about reducing that going forward?

I hate to put those types of dates on things because it just sends the wrong message to the market as far as the real estate market. By no means do I want to fire sale the office assets, but we are very active in taking properties to market, working with very qualified brokers in regional markets, and we will continue to do that. You know, I don't see this as an initiative that necessarily is over in calendar year 26, but by no means do we want it to drag on for extended periods of time.

Okay. All right. I'll hold it there. Thank you. Thanks, Jay.

We have reached the end of the question and answer session.

Mr. Wiley, I'd like to turn the floor back over to you for closing comments. great thank you yeah I just would like to close with a thank you to everybody that's on the call we appreciate the time that you dedicate to G&L and you know we've had a lot of shareholders that have been with us since the internalization we've had new shareholders join and that really excites us and and thank you for that we continue to be available and look forward to to answering any questions you may have please you know reach out to our IR team and we'll get time scheduled to talk but also want to thank the analysts that that cover us and spend time and really dig in it's very helpful and it's it's really brought us to the point where we are I think that this is an exciting point for us we're looking forward we said the motive shareholder vote is next Monday and we believe that we'll be in a position to close shortly after and we'll just keep doing the things that you've identified and pointed out to us that are part of our go forward strategy so thank you all for the time the commitment and we look forward to talking to you soon ladies and gentlemen this does conclude today's teleconference you may disconnect your lines at this time thank you for your participation and have a wonderful day