STRW on NYSE

Strawberry Fields REIT, Inc.

Strawberry Fields REIT, Inc. is an American real estate investment trust, incorporated in Maryland.1 It is headquartered in South Bend, Indiana.1 Its shares trade on NYSE under the symbol STRW.1

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Last updated Oct 20, 2026.

Overview

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  • TickerSTRW on NYSE1
  • IndustryReal Estate Investment Trusts1
  • HeadquartersSouth Bend, Indiana1
  • Incorporated inMD2
  • Business address6101 Nimtz Parkway, South Bend, In 466282
  • Filer category, Emerging growth company2

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13.5% and 13.3% CAGR, respectively. During that period, we expanded our geographic footprint from nine states to ten states.3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

54.4%Operating margin4
4.9%Net margin4
32.4%Revenue growth, 20254
62.6%Return on equity4
65.64×Debt to equity4

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs62¢$96.5M
  • Interest33¢$51.0M
  • Profit5¢$7.6M

Out of $155.0M in revenue.4

Where each dollar of operating cash went, fiscal 2025

  • Share buybacks1¢$652.0K
  • Kept or used elsewhere99¢$89.4M

Out of $90.0M of cash from operations.4

Financial statements

Revenue5674$155.0M in 2025+78% since 2021
0$50.0M$100.0M$150.0M$200.0M2021: $87.0M$87.0M20212022: $92.5M$92.5M2022+6%2023: $99.8M$99.8M2023+8%2024: $117.1M$117.1M2024+17%2025: $155.0M$155.0M2025+32%
Operating income5674$84.3M in 2025+129% since 2021
0$25.0M$50.0M$75.0M$100.0M2021: $36.8M$36.8M20212022: $49.9M$49.9M2022+36%2023: $47.4M$47.4M2023−5%2024: $61.3M$61.3M2024+29%2025: $84.3M$84.3M2025+37%
Net income5674$7.6M in 2025+1827% since 2021
0$2.0M$4.0M$6.0M$8.0M2021: $393.0K$393.0K20212022: $1.9M$1.9M2022+371%2023: $2.5M$2.5M2023+35%2024: $4.1M$4.1M2024+64%2025: $7.6M$7.6M2025+85%

Every line of the income statement as filed: the last 2 fiscal years, latest first.4

Period ending2025-12-312024-12-31
Rental revenues$155.0M$117.1M
Depreciation$35.8M$29.0M
Amortization$10.5M$4.7M
General and administrative expenses$8.6M$6.9M
Property taxes$15.2M$14.5M
Facility rent expenses$609.0K$727.0K
Total expenses$70.7M$55.8M
Income from operations$84.3M$61.3M
Interest expense, net-$48.6M-$32.6M
Amortization of deferred financing costs-$804.0K-$657.0K
Mortgage insurance premium-$1.5M-$1.5M
Total interest expense-$51.0M-$34.8M
Other (loss) income-$28.0K$10.0K
Total other (loss) income-$28.0K$10.0K
Net income$33.3M$26.5M
Net income attributable to non-controlling interest-$25.7M-$22.4M
(Loss) gain due to foreign currency translation-$34.8M$431.0K
Comprehensive income attributable to non-controlling interest$26.8M-$620.0K
Comprehensive (loss) income-$447.0K$3.9M
Net income attributable to common stockholders$7.6M$4.1M
Basic income per common share$0.60$0.57
Diluted income per common share$0.60$0.57
Weighted average number of common shares outstanding, Basic12.7M shares7.1M shares
Weighted average number of common shares outstanding, Diluted12.7M shares7.1M shares

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Corporate structure

Strawberry Fields REIT, Inc. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Strawberry Fields REIT, Inc.

  • Alyeska Investment Group, L.P. Filed SCHEDULE 13G/A on Strawberry Fields REIT, Inc., latest May 15, 2025 (2 filings since Feb 14, 2025)
  • Strawberry Fields REIT, Inc. South Bend, Indiana

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Strawberry Fields REIT, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Operating-lease assets (leased space)$851.0K4 Dec 31, 2025$1.2M4 Dec 31, 2024−29.3%

Real estate and locations

ItemLatestA year beforeChange
Real estate investments, net$687.2M4 Dec 31, 2025$609.1M4 Dec 31, 2024+12.8%
Real estate investments, at cost$969.2M4 Dec 31, 2025$857.5M4 Dec 31, 2024+13.0%
Real estate accumulated depreciation$282.1M4 Dec 31, 2025$248.4M4 Dec 31, 2024+13.5%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$31.8M4 Dec 31, 2025$48.4M4 Dec 31, 2024−34.2%

Intangibles and goodwill

ItemLatestA year beforeChange
Accumulated amortization-$62.4M4 Dec 31, 2025-$52.0M4 Dec 31, 2024−20.2%
Finite-lived intangibles, net$68.4M4 Dec 31, 2025$27.9M4 Dec 31, 2024+144.6%

Properties, in its own words

As of the date of this Report, we hold fee title to 132 of these properties and hold one property under a long-term lease. These properties are located across Arkansas, Illinois, Indiana, Kansas, Kentucky, Missouri, Ohio, Oklahoma, Tennessee and Texas. Our 133 properties comprise 143 healthcare facilities, consisting of the following:

● 131 stand-alone skilled nursing facilities;

The rest of Item 2

● two dual-purpose facilities used as both skilled nursing facilities and long-term acute care hospitals; and

● 10 assisted living facilities.

Information regarding our properties as of December 31, 2025, are included in Item 15. “Exhibits and Financial Statement Schedules—Schedule III. Real Estate and Accumulated Depreciation” of this Annual Report on Form 10-K.

As of December 31, 2025, almost all of our properties are leased under long-term, triple-net leases. The following table displays the expiration of the annualized contractual cash rental income under our lease agreements as of December 31, 2025:

Lease Expirations

Year of Lease Expiration (1) · Number of Leases Facilities · GLA of Leases Expiring · Percent of Portfolio GLA · Annualized Base Rent · Percentage of Total Annualized Base Rent · Annualized Base Rent Per Sq. Ft.

2026 · 1 · 37,139 · 0.7 · 1,038,000 · 0.7 · 27.94

2027 · 2 · 102,964 · 1.9 · 2,078,281 · 1.5 · 20.18

2028 · 9 · 414,706 · 7.8 · 7,053,312 · 4.9 · 17.01

2029 · 6 · 200,860 · 3.8 · 3,990,387 · 2.8 · 19.87

2030 · 9 · 440,891 · 8.3 · 9,440,457 · 6.6 · 21.41

Thereafter · 116 · 4,131,147 · 77.5 · 119,075,022 · 83.5 · 28.82

Total · 143 · 5,327,707 · 100.0 · 142,675,459 · 100.0 · 26.80

(1) The year of each lease expiration is based on current contract terms.

Item 2 of the 10-K filed Mar 19, 2026.3

Leadership

Who has led Strawberry Fields REIT, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Moishe Gubin2022–now

Chief financial officer

  1. Eingal Nahman2022
  2. Greg Curtis Flamion2024–now
2025
Board members and other officers (7)

Timeline

  1. Sep 18, 20268-K Entered a material agreement; Unregistered sale of shares20
  2. Aug 6, 20268-K Other events21
  3. Aug 6, 20268-K Regulation FD disclosure22
  4. Jun 25, 20268-K Entered a material agreement23
  5. Jun 22, 20268-K Entered a material agreement24
  6. May 20, 20268-K Unregistered sale of shares25
  7. May 8, 20268-K Other events26
  8. May 8, 20268-K Regulation FD disclosure27
  9. May 7, 20268-K Shareholder vote28
  10. Apr 15, 20268-K Entered a material agreement; Other events29
  11. Feb 26, 20268-K Other events30
  12. Feb 19, 20268-K Results of operations; Regulation FD disclosure31
  13. Dec 30, 2022New chief executive Moishe Gubin becomes CEO10

Calendar

Coming up

  1. Nov 5, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported $0.33 a share, on Nov 6, 2025.32

When it reported results

  1. Feb 19, 2026Reported quarterly or annual results31
  2. Feb 27, 2025Reported quarterly or annual results33
  3. Nov 8, 2024Reported quarterly or annual results34
  4. Aug 12, 2024Reported quarterly or annual results35
  5. May 14, 2024Reported quarterly or annual results36
  6. Nov 14, 2023Reported quarterly or annual results37
  7. Aug 15, 2023Reported quarterly or annual results38
  8. May 15, 2023Reported quarterly or annual results39

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

174 filings to the SEC since October 2021: 5 annual reports, 13 quarterly reports, 64 major events, 52 insider forms, 2 large holders, 38 other. The latest 20:

  1. Oct 13, 20264 EDGAR
  2. Oct 9, 20264 EDGAR
  3. Sep 18, 2026424B5 EDGAR
  4. Sep 18, 20268-K EDGAR
  5. Aug 6, 20268-K EDGAR
  6. Aug 6, 202610-Q EDGAR
  7. Aug 6, 20268-K EDGAR
  8. Jul 24, 20264 EDGAR
  9. Jul 21, 20264 EDGAR
  10. Jul 2, 20264 EDGAR
  11. Jul 2, 20264 EDGAR
  12. Jun 25, 20268-K/A EDGAR
  13. Jun 22, 20268-K EDGAR
  14. Jun 5, 20264 EDGAR
  15. May 20, 2026424B5 EDGAR
  16. May 20, 20268-K EDGAR
  17. May 8, 202610-Q EDGAR
  18. May 8, 20268-K EDGAR
  19. May 8, 20268-K EDGAR
  20. May 7, 20268-K EDGAR

The 174 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

40 open-market trades by officers, directors and large owners since October 2021: 39 buys and 1 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Mar 18, 2026Gertz StanfordDirectorBuy1,395$12.52$17.5KForm 4
Mar 13, 2026Gertz StanfordDirectorBuy392$12.89$5.1KForm 4
Jan 16, 2026Bajtner JeffreyChief Investment OfficerBuy1,431$13.10$18.7KForm 4
Jan 16, 2026Flamion Greg CurtisChief Financial OfficerBuy1,431$13.10$18.7KForm 4
Aug 25, 2025Gubin MoisheCEOBuy200$11.77$2.4KForm 4
Jul 21, 2025Gubin MoisheCEOBuy1,000$10.48$10.5KForm 4
Jul 8, 2025LEVINE JACKDirectorBuy10,000$9.92$99.2KForm 4
Jun 12, 2025Gubin MoisheCEOBuy172$10.88$1.9KForm 4
Jun 11, 2025Gubin MoisheCEOBuy200$10.79$2.2KForm 4
Jun 10, 2025Gubin MoisheCEOBuy228$10.73$2.4KForm 4
Jun 9, 2025Gubin MoisheCEOBuy1,304$10.28$13.4KForm 4
May 27, 2025Blisko MichaelDirectorBuy20,100$9.57$192.4KForm 4
May 19, 2025LEVINE JACKDirectorBuy10,000$10.07$100.7KForm 4
Apr 8, 2025Blisko MichaelDirectorBuy10,000$9.25$92.5KForm 4
Dec 19, 2024Blisko MichaelDirectorBuy9,800$10.25$100.5KForm 4
Dec 18, 2024Flamion Greg CurtisChief Financial OfficerBuy200$9.86$2.0KForm 4
Dec 12, 2024Blisko MichaelDirectorBuy9,600$10.35$99.4KForm 4
Dec 6, 2024LEVINE JACKDirectorBuy1,073$9.50$10.2KForm 4
Dec 5, 2024LEVINE JACKDirectorBuy5,000$10.00$50.0KForm 4
Dec 5, 2024Gubin MoisheCEOBuy112,347$10.00$1.1MForm 4

All 40 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 77. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
First Eagle Investment Management, LLC809,780$11.1M0.0%+480,191
BlackRock, Inc.650,466$8.9M0.0%+94,185
Diamond Hill Capital Management, LLC (Investment Advisor)348,631$4.8M0.0%+18,268
Vanguard Capital Management LLC309,734$4.3M0.0%+7,295
State of New Jersey Common Pension Fund D208,000$2.9M0.0%+10,000
Geode Capital Management, LLC195,025$2.7M0.0%+19,972
State Street Corp168,729$2.3M0.0%+1,813
Gabelli Funds LLC143,711$2.0M0.0%No change
White Pine Capital LLC128,829$1.8M0.4%−115,393
Uniplan Investment Counsel, Inc.127,766$1.8M0.2%+2,908
Two Sigma Investments, LP115,945$1.6M0.0%−15,245
Alyeska Investment Group, L.P.100,000$1.4M0.0%No change
Ameriprise Financial Inc78,010$1.1M0.0%+443
Lazard Asset Management LLC66,158$909.7K0.0%+10,740
Northern Trust Corp59,079$812.3K0.0%+2,657
Vanguard Portfolio Management LLC56,222$773.1K0.0%+10,895
Vanguard Fiduciary Trust Co53,163$731.0K0.0%+1,249
Dimensional Fund Advisors LP49,737$683.7K0.0%+11,598
Marshall Wace, Llp48,655$669.0K0.0%−12,856
UBS Group AG41,448$569.9K0.0%+15,910
Gamco Investors, Inc. Et Al32,288$444.0K0.0%+1,000
Vident Advisory, LLC27,133$373.1K0.0%No change
Hillsdale Investment Management Inc.22,000$302.5K0.0%No change
Morgan Stanley20,727$285.0K0.0%−1,829
Worth Venture Partners, LLC20,061$275.8K1.4%+1,000

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Strawberry Fields REIT, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARStrawberry Fields REIT, Inc.1
  • CIK0001782430
  • Employer ID (EIN)84-23360543
  • Filer statusNon-accelerated filer an emerging growth company; a smaller reporting company; a shell company3
  • Incorporated inMaryland3
  • Fiscal year endsDecember 311
  • Industry code (SIC)6798 Real Estate Investment Trusts1
  • SEC reviewing officeOffice of Real Estate & Construction, Division of Corporation Finance1
  • Business address6101 Nimtz Parkway, South Bend, IN 466281
  • Mailing address5683 North Lincoln Ave., Chicago, IL 606591
  • Phone(574) 807-08001
  • Shares outstanding14,157,336 as of Aug 6, 20269
  • Public float$139.7M as of Dec 31, 20253
  • AuditorHACKER, JOHNSON & SMITH PA, Fort Lauderdale, Florida PCAOB ID 400; no auditor attestation of internal control over financial reporting3
  • On EDGAR sinceJul 17, 20191
  • Filings180 in all: 8-K (58), 4 (44), 10-Q (13), 3 (7), DRS/A (7), 424B5 (6), 8-K/A (6), UPLOAD (6)1
    All 26 form types

    CORRESP (5), 10-K (4), DEF 14A (4), RW (3), EFFECT (2), S-11 (2), S-3 (2), 10-12G (1), 10-12G/A (1), 10-K/A (1), 3/A (1), 8-A12B (1), CERT (1), DRS (1), S-3/A (1), S-8 (1), SCHEDULE 13G (1), SCHEDULE 13G/A (1)

  • Latest filingsAnnual report (10-K) Mar 19, 2026
    Quarterly report (10-Q) Aug 6, 2026
    Proxy statement (DEF 14A) Apr 1, 2026
    Latest 8-K (8-K) Sep 18, 2026

Securities registered for trading

ClassSymbolExchange
Common stock Par value $0.0001 per shareSTRWNYSE American LLC

From the cover page of the 10-K filed Mar 19, 2026 (Section 12(b) of the Exchange Act).3

Risk factors and legal proceedings

Legal proceedings

We are not currently a party to any material legal proceedings, that are not covered by insurance and expected to be resolved within policy limits, other than the following:

In March 2020, Joseph Schwartz, Rosie Schwartz and certain companies owned by them filed a complaint in the U.S. District Court for the Northern District of Illinois against Moishe Gubin, Michael Blisko, the Predecessor Company and 21 of its subsidiaries, as well as the operators of 17 of the facilities operated at our properties. The complaint was related to the Predecessor Company’s acquisition of 16 properties located in Arkansas and Kentucky that were completed between May 2018 and April 2019 and the attempt to purchase an additional five properties located in Massachusetts. The complaint was dismissed by the Court in 2020 on jurisdictional grounds. The plaintiffs did not file an appeal with respect to this action, and the time for an appeal has expired.

In August 2020, Joseph Schwartz, Rosie Schwartz and several companies controlled by them filed a second complaint in the Circuit Court in Pulaski County, Arkansas. The second complaint had nearly identical claims as the federal case, but was limited to matters related to the Predecessor Company’s acquisition of properties located in Arkansas. The sellers, which were affiliates of Skyline Health Care, had encountered financial difficulties and requested the Predecessor Company to acquire these properties. The defendants have filed an answer denying the plaintiffs’ claims and asserting counterclaims based on breach of contract. This case has been dismissed without prejudice. In April 2024, they filed yet another complaint in Arkansas, and this time dealing with the properties located in Arkansas, Kentucky and Massachusetts. There has been some motion practice where the Court dismissed some of the Plaintiff’s remedies and claims.

The opening of Item 3, Legal Proceedings.3

Sources

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