Cantor Fitzgerald Narrows Losses Amidst Revenue Growth, Increased Leverage

TL;DR

**Cantor Fitzgerald is leveraging up to grow its real estate portfolio, but the narrowing losses are a positive sign for a turnaround.**

AI Summary

Cantor Fitzgerald Income Trust, Inc. reported a net loss of $2,147,327 for the three months ended September 30, 2025, an improvement from a net loss of $2,866,298 in the same period of 2024. For the nine months ended September 30, 2025, the net loss was $5,580,252, also an improvement from a net loss of $6,490,532 in the prior year. Total revenues increased to $24,412,911 for the three months ended September 30, 2025, up from $23,442,592 in 2024, primarily driven by a rise in rental revenues to $19,882,921 from $18,285,026. Operating expenses also increased, with general and administrative expenses rising significantly to $328,274 from $67,836 for the three-month period. The company's investment in real estate, net, grew to $982,166,464 as of September 30, 2025, from $955,084,021 at December 31, 2024. Loans payable, net, increased to $606,241,526 from $549,780,728, indicating increased leverage. A new investment in an infrastructure fund, valued at $8,523,080, was reported, generating a gain of $433,755 for the quarter. Cash and cash equivalents decreased to $29,678,611 from $36,133,516. The company also saw a loss on extinguishment of debt of $333,574 for the nine months ended September 30, 2025.

Why It Matters

For investors, Cantor Fitzgerald Income Trust's narrowing net losses and increased rental revenues suggest a potential stabilization in its core real estate operations, which could signal a path towards profitability. However, the significant increase in loans payable to $606.2 million from $549.8 million indicates higher financial risk, potentially impacting future returns and dividend sustainability. The new investment in an infrastructure fund diversifies its asset base, but its long-term impact on overall performance and competitive positioning against other REITs remains to be seen. Employees and customers might see continued stability in property operations, but the broader market will watch how the company manages its debt in a potentially rising interest rate environment, influencing its ability to acquire new assets and maintain competitive yields.

Risk Assessment

Risk Level: medium — The company's loans payable increased significantly to $606,241,526 as of September 30, 2025, from $549,780,728 at December 31, 2024, indicating higher leverage. This is coupled with a decrease in cash and cash equivalents to $29,678,611 from $36,133,516, reducing liquidity. The loss on extinguishment of debt of $333,574 for the nine months ended September 30, 2025, also points to potential financial restructuring costs.

Analyst Insight

Investors should monitor Cantor Fitzgerald's debt management strategies and interest rate sensitivity closely. While revenue growth is positive, the increased leverage and declining cash reserves warrant caution. Consider the impact of rising interest rates on their substantial loans payable before making further investment decisions.

Financial Highlights

debt To Equity

N/A

revenue

$24,412,911

operating Margin

N/A

total Assets

$982,166,464

total Debt

$606,241,526

net Income

-$2,147,327

eps

-$0.10

gross Margin

N/A

cash Position

$29,678,611

revenue Growth

+4.1%

Revenue Breakdown

Key Numbers

• $24.4M — Total revenues (Increased from $23.4M in Q3 2024, driven by rental revenue growth.)
• $19.9M — Rental revenues (Increased from $18.3M in Q3 2024, showing core business strength.)
• ($2.1M) — Net loss (Q3 2025) (Improved from ($2.9M) in Q3 2024, indicating progress towards profitability.)
• $606.2M — Loans payable, net (Increased from $549.8M at year-end 2024, reflecting higher leverage.)
• $982.2M — Investment in real estate, net (Increased from $955.1M at year-end 2024, showing portfolio expansion.)
• $8.5M — Investment in infrastructure fund (New investment in 2025, diversifying asset base.)
• $29.7M — Cash and cash equivalents (Decreased from $36.1M at year-end 2024, indicating reduced liquidity.)
• $328K — General and administrative expenses (Q3 2025) (Significantly increased from $67.8K in Q3 2024.)
• ($0.10) — Net loss per common share (Q3 2025) (Improved from ($0.17) in Q3 2024.)
• $333.6K — Loss on extinguishment of debt (Incurred for the nine months ended September 30, 2025.)

Key Players & Entities

• Cantor Fitzgerald Income Trust, Inc. (company) — Registrant in 10-Q filing
• SEC (regulator) — Securities and Exchange Commission
• $2,147,327 (dollar_amount) — Net loss for three months ended September 30, 2025
• $2,866,298 (dollar_amount) — Net loss for three months ended September 30, 2024
• $5,580,252 (dollar_amount) — Net loss for nine months ended September 30, 2025
• $6,490,532 (dollar_amount) — Net loss for nine months ended September 30, 2024
• $606,241,526 (dollar_amount) — Loans payable, net, as of September 30, 2025
• $549,780,728 (dollar_amount) — Loans payable, net, as of December 31, 2024
• $8,523,080 (dollar_amount) — Investment in infrastructure fund, at fair value, as of September 30, 2025
• $333,574 (dollar_amount) — Loss on extinguishment of debt for nine months ended September 30, 2025

FAQ

Risk Factors

• Increased Leverage [high — financial]: Loans payable, net, increased to $606,241,526 as of September 30, 2025, from $549,780,728 at December 31, 2024. This indicates a higher reliance on debt financing, which can amplify financial risk.
• Rising G&A Expenses [medium — operational]: General and administrative expenses saw a significant increase to $328,274 for the three months ended September 30, 2025, from $67,836 in the same period of 2024. This rise could impact profitability if not managed effectively.
• Decreased Liquidity [medium — financial]: Cash and cash equivalents decreased to $29,678,611 as of September 30, 2025, from $36,133,516 at December 31, 2024. This reduction in readily available funds could limit the company's ability to meet short-term obligations or pursue new opportunities.
• Net Loss [medium — financial]: The company reported a net loss of $2,147,327 for Q3 2025, an improvement from $2,866,298 in Q3 2024. However, continued net losses indicate ongoing challenges in achieving profitability.
• Loss on Extinguishment of Debt [low — financial]: A loss of $333,574 was incurred on the extinguishment of debt for the nine months ended September 30, 2025. This represents a non-recurring charge that negatively impacted earnings.
• Real Estate Market Fluctuations [high — market]: As a REIT focused on income-producing commercial and multifamily properties, the company is exposed to the inherent risks of the real estate market, including changes in property values, rental rates, and occupancy levels.
• New Investment Risk [medium — financial]: The company made a new investment in an infrastructure fund valued at $8,523,080. While it generated a gain of $433,755, new investments carry inherent risks related to performance and valuation.

Industry Context

Cantor Fitzgerald Income Trust, Inc. operates within the real estate investment trust (REIT) sector, specifically focusing on income-producing commercial and multifamily properties. The industry is characterized by its sensitivity to interest rates, property market cycles, and tenant demand. REITs generally aim to provide stable income streams through rental income and property appreciation.

Regulatory Implications

As a REIT, the company must adhere to specific IRS regulations regarding income distribution and asset ownership to maintain its tax-advantaged status. Changes in real estate or tax laws could impact its operations and profitability. The company is also subject to SEC regulations for publicly traded entities.

What Investors Should Do

1. Monitor G&A Expense Trend
2. Analyze Leverage Strategy
3. Evaluate Diversification Impact
4. Assess Liquidity Position

Key Dates

• 2025-09-30: Consolidated Balance Sheets as of September 30, 2025 — Provides a snapshot of the company's assets, liabilities, and equity at the end of the third quarter.
• 2025-09-30: Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2025 — Details the company's revenues, expenses, and net loss for the reporting periods.
• 2024-12-31: Consolidated Balance Sheets as of December 31, 2024 — Provides the comparative balance sheet data for the end of the previous fiscal year.
• 2024-09-30: Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2024 — Provides the comparative income statement data for the prior year's third quarter and year-to-date periods.
• 2017-02-02: Company elected REIT status — Marks the point from which the company qualifies for REIT tax treatment, impacting its financial structure and reporting.

Glossary

REIT

Real Estate Investment Trust. A company that owns, operates, or finances income-producing real estate. (Cantor Fitzgerald Income Trust, Inc. has elected to be taxed as a REIT, which has specific tax implications and operational requirements.)

Operating Partnership

The primary entity through which the REIT conducts its business operations and holds its assets. (The company's business is substantially conducted through Cantor Fitzgerald Income Trust Operating Partnership, L.P.)

Special Units

A special class of limited partnership units issued to a specific holder, often the sponsor. (These units are held by a subsidiary of Cantor Fitzgerald Investors, LLC and are recorded as a non-controlling interest.)

Primary Offering

The main offering of shares by a company to the public. (The company has previously conducted and continues to offer shares under its primary offering.)

Distribution Reinvestment Plan (DRP)

A plan that allows shareholders to reinvest their cash dividends into additional shares of the company's stock. (The company offers shares under its DRP as part of its ongoing capital raising efforts.)

Non-controlling interest

The portion of equity in a subsidiary that is not attributable to the parent company. (Represents the Special Units held by the subsidiary of CFI in the Operating Partnership.)

Year-Over-Year Comparison

Cantor Fitzgerald Income Trust, Inc. has shown a positive trend in revenue, with total revenues increasing by 4.1% to $24.4M in Q3 2025 compared to $23.4M in Q3 2024, primarily driven by a 8.2% rise in rental revenues. While the net loss has narrowed from $2.9M to $2.1M, the company's leverage has increased significantly, with loans payable rising to $606.2M from $549.8M. A notable concern is the substantial increase in general and administrative expenses, which more than quadrupled year-over-year, alongside a decrease in cash reserves.

Key Financial Figures

• $0.01 — ss D Shares and 5,429 Class S Shares of $0.01 par value common stock outstanding .

Filing Documents

• cfit-20250930.htm (10-Q) — 5163KB
• cfit-ex31_1.htm (EX-31.1) — 20KB
• cfit-ex31_2.htm (EX-31.2) — 17KB
• cfit-ex32.htm (EX-32) — 27KB
• 0001193125-25-280764.txt ( ) — 18746KB
• cfit-20250930.xsd (EX-101.SCH) — 2001KB
• cfit-20250930_htm.xml (XML) — 3691KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION 3

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) 3 Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024 3 Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2025 and September 30, 2024 4 Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2025 and September 30, 2024 5 Consolidated Statements of Changes in Equity for the Three and Nine Months Ended September 30, 2025 and September 30, 2024 6 Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2025 and September 30, 2024 9

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 10

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. 44

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk. 65

Controls and Procedures

Item 4. Controls and Procedures. 67

- OTHER INFORMATION

PART II - OTHER INFORMATION 68

Legal Proceedings

Item 1. Legal Proceedings. 68

Risk Factors

Item 1A. Risk Factors. 68

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 70

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities. 71

Mine Safety Disclosures

Item 4. Mine Safety Disclosures. 71

Other Information

Item 5. Other Information. 71

Exhibits

Item 6. Exhibits. 71

— FINANCI AL INFORMATION

PART I — FINANCI AL INFORMATION

Financi al Statements

Item 1. Financi al Statements. CANTOR FITZGERALD INCOME TRUST, INC. CONSOLIDATED B ALANCE SHEETS (Unaudited) September 30, 2025 December 31, 2024 Assets Investment in real estate, net of accumulated depreciation of $ 107,998,013 and $ 88,012,426 , respectively $ 982,166,464 $ 955,084,021 Cash and cash equivalents 29,678,611 36,133,516 Restricted cash 6,243,961 8,531,907 Investments in real estate-related assets 5,361,049 5,614,394 Investment in infrastructure fund, at fair value 8,523,080 — Intangible assets, net of accumulated amortization of $ 51,240,358 and $ 44,199,666 respectively 69,484,052 71,715,051 Operating lease right-of-use asset 16,139,097 16,207,976 Derivative assets, at fair value 5,901,528 8,472,572 Prepaid expenses and other assets 12,748,555 10,895,573 Deferred rent receivable 14,583,281 13,393,162 Total assets $ 1,150,829,678 $ 1,126,048,172 Liabilities and Equity Liabilities Loans payable, net of deferred financing costs of $ 5,432,209 and $ 5,001,576 , respectively $ 606,241,526 $ 549,780,728 Intangible liabilities, net of accumulated amortization of $ 9,367,129 and $ 7,880,021 , respectively 15,819,184 17,306,291 Operating lease liability 16,139,097 16,207,976 Distributions payable 1,869,843 1,935,518 Restricted reserves 10,788,844 11,808,310 Due to related parties 16,904,456 12,864,461 Deferred revenue 1,792,360 2,007,940 Accrued interest payable 1,862,935 1,868,146 Accounts payable and accrued expenses 2,972,012 2,474,903 Total liabilities $ 674,390,257 $ 616,254,273 Commitments and contingencies (Note 13 ) Stockholders' equity Controlling interest Preferred stock, $ 0.01 par value per share, 50,000,000 shares authorized, and 0 issued and outstanding at each September 30, 2025 and December 31, 2024 — — Class AX common stock, $ 0.01 par value per share, 10,000,000 shares aut

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) Note 1 – Organization and Business Purpose Cantor Fitzgerald Income Trust, Inc., formerly known as Rodin Global Property Trust, Inc. (the "Company") was formed on February 2, 2016 as a Maryland corporation that has elected and qualified to be taxed as a real estate investment trust ("REIT") for United States ("U.S.") federal income tax purposes beginning with the taxable year ending December 31, 2017. The Company's unaudited consolidated financial statements include Cantor Fitzgerald Income Trust Operating Partnership, L.P., (the "Operating Partnership") and its operating subsidiaries. Substantially all of the Company's business is conducted through the Operating Partnership, a Delaware limited partnership formed on February 11, 2016. The Company is the sole general and a limited partner of the Operating Partnership. Unless the context otherwise requires, the "Company" refers to the Company and the Operating Partnership. The Company currently operates its business in one reportable segment, which focuses on investing in and managing income-producing commercial properties and multifamily properties, as well as other real estate-related assets. On February 2, 2016, the Company was capitalized with a $ 200,001 investment by the Company's sponsor, Cantor Fitzgerald Investors, LLC ("CFI") through the purchase of 8,180 Class A shares. In addition, a wholly owned subsidiary of CFI, Cantor Fitzgerald Income Trust OP Holdings, LLC, (the "Special Unit Holder"), has invested $ 1,000 in the Operating Partnership and has been issued a special class of limited partnership units ("Special Units"), which is recorded as a non-controlling interest on the consolidated balance sheet as of September 30, 2025 . The Company registered with the Securities and Exchange Commission ("SEC") an offering of up to $ 1.25 billion in shares of common stock, consisting of up to $ 1.0 billion in shares in the Company's primary offering (t

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