Topgolf

1. 20-Year Corporate Absolute Net Lease Guaranteed by Topgolf International, Inc.
   
   • Scheduled 10% Rental Escalations During Primary Term & Options
   • Six, 5-Year Renewal Options & Zero Landlord Obligations
2. Brand New 2025 Construction with State-of-the-Art Features
   
   • Two Floors, 60+ All-Weather Bays, 22-Foot Video Wall & 100+ HDTVs with a Bar & Restaurant and Private Event Space
3. Topgolf Callaway Brands Corporation, Now Callaway Golf Company Completed the Sale of a Majority Stake in Its Topgolf Business to Leonard Green Partners Effective January 1, 2026
4. Transaction Valued Topgolf at Approximately $1.1 Billion, Reinforcing Strong Institutional Confidence in the Brand
   
   • Leonard Green Partners is a Leading Global Private Equity Firm With Extensive Experience Scaling High-Growth Consumer and Experiential Brands
   • Partnership Provides Topgolf with Access to Expansion Capital, Operational Resources, Institutional Discipline, and is Expected to Accelerate New Venue Development, Drive Continued Technology Innovation, and Further Strengthen Unit-Level Economics Across the Portfolio
5. Callaway Golf Company (NYSE: CALY) Market Cap of $2.87B (Jan ‘26) - Rated B by S&P
6. High Traffic Retail Hub at the Intersection of I-90 & SR-83, Combined 106,392 ADT
   
   • Adjacent to Walmart Supercenter, Menards, Lowe’s, ALDI, JCPenney, Hobby Lobby, & More
7. Both Daytime and Residential Demand Supported by Robust Retail and Employment Centers
   
   • Avon Commons, a Regional Power Center Anchored by Costco, Target, Kohl’s, & The Home Depot
   • Neighboring Cleveland Clinic Avon Hospital (126 Beds) & Bendix Commercial Vehicle Systems HQ
   • 5 Miles from Ford’s 3.7M SF Ohio Assembly Plant, with More than 1,800 Employees
   • 4 Miles from Crocker Park, Northeast Ohio’s Premier Lifestyle Center with 150+ Shops & Restaurants, Offices, Apartments, & Events
   • 6.5 Miles from Lorain County Community College, ~10,000 Enrolled
8. Large Depreciation Benefits Due to Nature of the Improvements
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