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Here are 1-3 brief analogies for Mobile Infrastructure (BEEP):

• Like American Tower (AMT), but for parking lots and garages instead of cell towers.
• Like Prologis (PLD), but for parking facilities instead of warehouses.

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• Parking Facility Leasing: Leasing of owned parking lots, parking garages, and other parking structures to generate rental income.
• Retail/Commercial Space Leasing: Leasing of retail and commercial spaces that are adjacent to their parking facilities.

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• Commuters and Business Visitors: Individuals who park their vehicles for work, business meetings, or shopping in central business districts and areas with high commercial activity.
• Event Goers and Tourists: Individuals attending events, concerts, sports games, or visiting entertainment venues, as well as tourists utilizing parking for hospitality and leisure activities.
• Institutional and Residential Parkers: Individuals associated with government buildings, educational institutions, healthcare facilities, or residents of adjacent multifamily properties who require daily or long-term parking.

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• SP Plus Corporation
• The Parking Spot, LLC
• Platinum Parking Management, LLC
• Parking Management Company, LLC
• Metropolis Technologies, Inc.

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Stephanie Hogue, Chief Executive Officer

Stephanie Hogue has served as the CEO of Mobile Infrastructure Corporation since August 1, 2025, President and a member of its Board of Directors since 2021, and also held the role of CFO from 2021 until 2024. She is a globally focused executive with over 20 years of leadership experience spanning capital markets, real assets, and strategic advisory. Before joining Mobile Infrastructure, Ms. Hogue was a Managing Director of PwC Corporate Finance LLC, where she managed the New York Branch and oversaw the firm's Inbound Cross-Border M&A and Debt Private Placements practices. Her career also includes capital markets roles at various investment banks, focusing on debt capital markets across the Americas, and she began at Deloitte in Financial Advisory and Strategic Initiatives teams.

Paul Gohr, Chief Financial Officer

Paul Gohr was appointed Chief Financial Officer of Mobile Infrastructure Corporation effective May 16, 2024. Prior to this role, he served as Chief Accounting Officer and Vice President of Corporate Finance at CECO Environmental Corp. (NASDAQ: CECO), where he was responsible for finance, accounting, treasury, and tax functions. Mr. Gohr also held various roles of increasing responsibility at Grant Thornton LLP, a global public accounting firm. He is a Certified Public Accountant.

Manuel Chavez III, Executive Chairman

Manuel Chavez III is a Founder and the Executive Chairman of Mobile Infrastructure Corporation. He previously served as the company's Chief Executive Officer from 2021 to 2025. Mr. Chavez is also the Managing Partner of Bombe Asset Management, an alternative asset management firm he formed in 2017, which focuses on niche opportunities and strategies in transportation infrastructure. He brings 25 years of principal investing experience, involving nearly $2 billion in enterprise value. Additionally, Mr. Chavez chairs The Greater Cincinnati Port Authority and is a member of the Board of Trustees of Cincinnati State Technical and Community College.

Jeffrey B. Osher, Co-Chairman and Director

Jeffrey B. Osher serves as Co-Chairman and a Director of Mobile Infrastructure Corporation, and is noted as the company's largest shareholder. He founded No Street Capital LLC, an investment management firm, in 2018. Before establishing No Street Capital, Mr. Osher was a portfolio manager at Harvest Capital Strategies, LLC from 2005 to 2018, having previously served as an analyst there from 2002 to 2005. His earlier experience includes working as an analyst at The Dowd Company, an investment management firm specializing in technology and emerging growth companies.

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Here are the key risks to Mobile Infrastructure (symbol: BEEP):

1. High Leverage and Refinancing Needs: Mobile Infrastructure Corporation carries substantial debt, totaling approximately $224.2 million as of December 31, 2025, including a $25.9 million revolving credit facility maturing on March 31, 2026. The company faces significant risks if it cannot secure favorable terms for asset sales or refinancing, which could severely impact its liquidity and hinder growth. Additionally, the company's debt agreements contain restrictive covenants, and non-compliance could lead to a default and acceleration of debt repayment.
2. Continued Net Losses and Limited Operating History: Mobile Infrastructure Corporation has a history of ongoing net losses and has yet to achieve profitability, reporting net losses of $22.4 million in 2025 and $7.5 million in 2024. The company anticipates further losses due to start-up costs, depreciation, amortization, and acquisition expenses. This limited operating history and sustained lack of profitability make it a riskier investment.
3. Evolving Parking Demand and Technological Disruptions: The company's revenues are highly sensitive to fluctuations in parking demand, which can be significantly impacted by evolving consumer preferences, changes in urban policy, and technological advancements. While management acknowledges the broader uncertainty related to artificial intelligence's impact on office usage and urban activity, the potential for disruptive technologies, such as autonomous vehicles, poses a long-term threat to the demand for parking facilities, directly impacting the company's future income.

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For Mobile Infrastructure Corporation (symbol: BEEP), the addressable markets for their main products and services in the U.S. can be identified as follows:

The market size for Parking Lots & Garages in the U.S. was $13.5 billion in 2024 and is projected to be $13.8 billion in 2025.

The broader U.S. Parking Services Market is expected to reach USD 30 billion in 2026 and is projected to expand to USD 42 billion by 2033.

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Mobile Infrastructure Corporation (BEEP) anticipates several key drivers for revenue growth over the next 2-3 years, as outlined in recent company guidance and analyst observations:

• Growth in Contract Parking Volumes: The company expects an ongoing increase in contract volumes, including a notable rise in residential monthly contracts. This expansion of recurring parking agreements provides a stable revenue base and enhances pricing power.
• Renovation and Re-opening of Venues: Revenue growth is expected to be fueled by the renovation and re-opening of various venues. These enhancements and renewed operations are projected to increase parking activity and demand at these locations.
• Technological Optimization and Pricing Enhancements: Mobile Infrastructure plans to leverage technological advancements to improve pricing strategies and overall utilization across its parking portfolio. These operational efficiencies are intended to boost revenue generation per parking space.
• Improving Return-to-Office Trends: The company's management anticipates that a sustained improvement in return-to-office trends within its operating markets will contribute significantly to increased parking demand, particularly in central business districts.
• Conversion to Management Contracts: Mobile Infrastructure is actively converting its operational model from lease agreements to management contracts. This strategic shift is expected to drive higher revenue recognition by basing revenue on usage rather than episodic cash collections, thereby offering a more reliable metric for underlying business trends.

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Share Repurchases

• Mobile Infrastructure's Board of Directors authorized a $10 million share buyback program in September 2024.
• As of March 2, 2026, the company had repurchased over 1.6 million shares at an average price of $3.25 per share.
• Share repurchases are expected to continue as a focus due to the stock being considered undervalued relative to its Net Asset Value.

Share Issuance

• On December 31, 2023, Series 2 Preferred Stock converted into 13,787,462 shares of common stock, including 1,253,404 shares issued as dividends to Preferred PIPE Investors.
• Preferred equity conversions to common stock were highly dilutive year-to-date as of September 2024.
• In September 2024, the company secured a $40.4 million line of credit, intended to enable cash redemptions of preferred stock and mitigate future dilution.

Inbound Investments

• Mobile Infrastructure secured a $40.4 million line of credit from Harvest Small Cap Partners in September 2024, which provides capital flexibility for preferred stock redemptions and supports the share repurchase plan.
• In October 2025, the company closed a $100 million asset-backed securitization, secured by 19 parking assets, to repay approximately $84.4 million of near-term debt.
• The business combination with Fifth Wall Acquisition Corp. III, announced in December 2022, included a $10 million PIPE investment from No Street Capital.

Outbound Investments

• As of March 2, 2026, the company had completed over $30 million in sales of non-core assets as part of its asset rotation strategy.
• Mobile Infrastructure continues to target $100 million in aggregate non-core asset sales to optimize its portfolio over the longer term.
• Proceeds from asset sales in the fourth quarter of 2025 were used to pay down approximately $10 million on the company's line of credit.

Capital Expenditures

• Capital expenditures totaled $1.031 million in the third quarter of 2025.
• Capital expenditures amounted to $0.463 million in the third quarter of 2024.
• The primary focus of capital deployment involves optimizing asset value through strategies such as improving Revenue per Available Stall, converting leases to management contracts, and managing pricing and operating costs.