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Company Executives

$ Management Team

Directors
9
serving now
Independent
6 of 9
stated in the proxy
Average tenure
12.1 years
from year joined
CEO also chairs the board
No
Lance R. Wolf
Director Age On board Independent Committees Other public boards Pay Source
Gregory P. Hammes
61 2023
3 years
Independent
Audit and Disclosure Committee
None stated Not stated
Timothy L. Haugen
70 2013
13 years
Independent
Executive Committee
None stated Not stated
Timothy A. Hunt
75 2003
23 years
Independent
Audit and Disclosure Committee · Chair
None stated Not stated
Michelle L. Korsmo
54 2017
9 years
Independent
Nomination and Governance Committee · Chair
None stated Not stated
Mark T. Polovitz
43 2020
6 years
Independent
Nomination and Governance Committee
None stated Not stated
Kenneth P. Regan
69 2007
19 years
Not independent None stated None stated Paid as CEO
James S. Wieland
74 2007
19 years
Not independent
Nomination and Governance Committee
None stated Not stated
Lance R. Wolf
78 2010
16 years
Independent
Executive Committee · Chair
None stated Not stated
Joel S. Thomsen
58 2025
1 year
Not independent
Executive Committee
None stated Not stated

Each director opens the passage of the proxy that names them. "Not stated" means the proxy does not say; it never means "no". Pay is the proxy's Director Compensation table; the CEO is paid as an executive.

Sterling Management, LLC (the Advisor)
Advisor; Mr. Regan serves as Chief Executive Officer of the Advisor
Amount not stated
2025

Advisor fees earned in 2025: advisory management, disposition, financing, acquisition and project management fees

With Trust Open in proxy
Sterling Management, LLC (the Advisor)
Advisor; Mr. Regan serves as Chief Executive Officer of the Advisor
$5,000
2025

Reimbursement of Advisor operating costs such as travel, legal and office supplies

With Trust Open in proxy
Sterling Management, LLC (the Advisor)
Advisor; Mr. Regan serves as Chief Executive Officer of the Advisor
Amount not stated
2024

Advisor fees earned in 2024, including advisory management fee

With Trust Open in proxy
Sterling Management, LLC (the Advisor)
Advisor; Mr. Regan serves as Chief Executive Officer of the Advisor
$3,000
2024

Reimbursement of Advisor operating costs such as travel, legal and office supplies in 2024

With Trust Open in proxy
GOLDMARK Property Management, Inc.
$18,898,000
2025

Property management fees paid to GOLDMARK Property Management as primary property manager

With Trust Open in proxy
GOLDMARK Property Management, Inc.
$17,690,000
2024

Property management fees paid to GOLDMARK Property Management as primary property manager

With Trust Open in proxy
GOLDMARK Property Management, Inc.
$10,041,000
2025

Repair and maintenance related payroll and payroll expenses paid to GOLDMARK Property Management

With Trust Open in proxy
GOLDMARK Property Management, Inc.
$9,040,000
2024

Repair and maintenance related payroll and payroll expenses paid to GOLDMARK Property Management

With Trust Open in proxy
$9,466,000
2025

Issuance of 394,422 operating partnership units in connection with acquisition of various properties

With Trust Open in proxy
Kenneth P. Regan and James S. Wieland
Trustees
$6,339,000
2024

Issuance of 276,000 operating partnership units in connection with acquisition of various properties

With Trust Open in proxy
GOLDMARK Commercial Real Estate, Inc.
Controlling interest jointly owned by Messrs. Regan and Wieland
$308,000
2025

Real estate commissions incurred by the Trust

With Trust Open in proxy
GOLDMARK Commercial Real Estate, Inc.
Controlling interest jointly owned by Messrs. Regan and Wieland
$655,000
2024

Real estate commissions incurred by the Trust

With Trust Open in proxy
GOLDMARK Property Management, Inc.
$37,000
2025

Real estate commissions incurred by the Trust

GOLDMARK Property Management, Inc.
$39,000
2024

Real estate commissions incurred by the Trust

GOLDMARK Property Management, Inc.
Affiliate of Trustmark Enterprises
$ 284
2025

Office space leased by the Trust to GOLDMARK Property Management under operating lease (rental income to Trust)

With Trust Open in proxy
Sterling Management, LLC (the Advisor)
Advisor
$ 138
2025

Operating lease agreement for office space leased to the Advisor (rental income to Trust)

With Trust Open in proxy
Bell Bank
$ 1,282
2025

Rental income earned by the Trust from Bell Bank

With Trust Open in proxy
Bell Bank
$53,797,000
2025

Outstanding principal on loans entered into with Bell Bank

With Trust Open in proxy
Bell Bank
$2,340,000
2025

Interest expense incurred on debt held with Bell Bank

With Trust Open in proxy
SE Brooklyn Park, LLC
not stated; investee in which the Trust holds second mortgage financing as an unconsolidated affiliate
$2,294,000
2025

Second mortgage financing to an unconsolidated affiliate at 7.25%, with note receivable balance

With Sterling Open in proxy
SE Brooklyn Park, LLC
not stated; investee in which the Trust holds second mortgage financing as an unconsolidated affiliate
$518,000
2025

Interest income earned by the Trust on second mortgage financing

With Sterling Open in proxy
Bell Insurance
$65,000
2025

Insurance services and premiums for Director and Officer and commercial coverage

With Trust Open in proxy
Trumont Construction
Mr. Regan, Chief Executive Officer and Trustee, is a partner in Trumont Construction
$0
2025

Construction fees incurred and paid to Trumont Construction for Fort Worth development

With ST Fossil Creek Fort Worth, LLC Open in proxy
Trumont Construction
Mr. Regan, Chief Executive Officer and Trustee, is a partner in Trumont Construction
$91,000
2024

Construction fees incurred and paid to Trumont Construction for Fort Worth development

With ST Fossil Creek Fort Worth, LLC Open in proxy
Trumont Construction
Mr. Regan, Chief Executive Officer and Trustee, is a partner in Trumont Construction
$0
2025

General construction costs incurred and paid to Trumont Construction

Trumont Construction
Mr. Regan, Chief Executive Officer and Trustee, is a partner in Trumont Construction
$378,000
2024

General construction costs incurred and paid to Trumont Construction

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