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Presidio is a $3.71M market-cap REIT that has stopped functioning like one. It pays no common dividend (dividends paid FY2024: $0.00, down 100%), carries a $170M accumulated deficit, and has lost money in four of the last five years — FY2025 net loss of -$8.28M on $14.0M of revenue (net margin -59.0%, ROE -49.1%). Revenue is shrinking (-10.9% YoY) and the 82.1% blended office/industrial occupancy masks weak assets like Dakota Center (46.1%) and Shea Center II (71.5%). The 89.8% collapse in share count signals a reverse split done to hold an exchange listing, not a healthy buyback.

The filing narrative turns a poor set of numbers into an uninvestable one. On January 21, 2026 Wells Fargo issued a default notice on the Shea Center II note (original principal $17.7M), and by February 13, 2026 a receiver (Trigild) was appointed with the Borrower Parties — including the Company — enjoined from collecting any rents from the property. Shea Center II is a Colorado asset carrying a ~$16.4M mortgage and a large share of the portfolio's base rent; losing its cash flow to a receiver directly threatens the $10.7M operating income line and the $16.8M of remaining equity (already down 36.5%). Management also flags ~$30.0M of mortgage principal due in 2026 against only $7.42M of cash and restricted cash and a razor-thin $418K of operating cash flow — liquidity depends on selling model homes, refinancing, or issuing equity/debt into a distressed situation.