Invincible Investment Corporation in accordance with the Investment Trust and Investment Corporation Act (Act No. 198 of 1951, as amended). In May 2004, INV was listed on the Osaka Securities Exchange (application for delisting was made in August 2007), and in August 2006 was listed on the Real Estate Investment and Trust Securities Section of the Tokyo Stock Exchange. After the absorption-type merger with LCP Investment Corporation (LCP) was implemented on February 1, 2010, INV issued new investment units through a third-party allotment on July 29, 2011, and refinanced its debt. Calliope Godo Kaisha (Calliope), an affiliate of the Fortress Investment Group LLC (FIG and together with Calliope and other affiliates of FIG, collectively the Fortress Group) was the main allottee, and the sponsor changed to the Fortress Group. Ever since the commencement of sponsorship from the Fortress Group (Note 1), INV has been focusing its efforts on improving the profitability of its portfolio and establishing a revenue base to secure stable distributions and has strengthened the lender formation through new borrowings and the refinancing of existing bank borrowings, thereby creating a financial base for external growth. With this platform as a base, in June 2014, Consonant Investment Management Co., Ltd., the asset manager to which INV entrusts the management of its assets (CIM) revised the Investment Guidelines for INV, positioned hotels as a core asset class alongside residential properties with a view towards expanding investments in the hotel sector in which demand is forecasted to rise going forward, and has expanded its portfolio. In the Fiscal Period ended June 30, 2025 (Reporting Period), INV's portfolio at the end of the Reporting Period comprised of 146 properties (104 hotels (Note 2) (Note 3), 41 residential properties and one retail facility) with a total acquisition price of JPY 653,066 million (Note 4) as there was no acquisition nor disposition of assets during the Reporting Period. INV's hotel portfolio has the
