Recent news items are primarily market and sector related, with no direct developments specific to AEI Income & Growth Fund XXI Ltd Partnership.

• Soybeans posted early Friday gains, reflecting commodity market activity [N1].
• Eli Lilly received Europe's first weight loss pill approval, highlighting pharmaceutical sector growth [N2].
• Orion Properties reported Q2 2026 earnings, providing insights into real estate sector performance [N3].
• Outlook Therapeutics reported a Q3 net loss and advanced the U.S. launch of LYTENAVA [N4].
• Rocket Companies held a Q2 2026 earnings call, relevant to financial services sector [N5].
• 10x Genomics held a Q2 2026 earnings call, relevant to biotech sector [N6].
• Hogs posted Friday gains, indicating livestock market trends [N7].
• Wheat posted Friday gains, reflecting agricultural commodity movements [N8].

The Partnership maintains stable cash flow from rental income and property sales, supporting regular distributions to partners. Its liquidity position, with a current ratio above 2, suggests financial flexibility. The ability to repurchase units may enhance remaining partners' ownership value. Management's focus on stable distributions and prudent capital management supports operational continuity.

The Partnership faces competition from larger real estate entities which may impact its ability to sell properties at favorable prices. Its reliance on property sales for cash flow introduces variability. Unit repurchases are discretionary and limited, potentially constraining liquidity management. The absence of direct employees may limit operational control. Market conditions affecting real estate values and rental income pose risks to cash flow and distributions.

The Partnership operates in a competitive commercial real estate market where it is a minor participant relative to larger entities with greater financial resources. Its moat is limited by its scale and competitive pressures in property sales and acquisitions.

• Competitive Market Position: The Partnership is a minor player in commercial real estate and competes with larger entities with greater financial resources, which may affect its ability to sell properties and generate returns.
• Dependence on Property Sales and Rental Income: Cash flow depends on continuing rent payments and proceeds from property sales, which can be variable and influenced by market conditions.
• Unit Repurchase Limitations: Repurchases of partnership units are limited to 5% of outstanding units annually and subject to management discretion, potentially limiting liquidity and ownership flexibility.
• No Direct Employees: The Partnership relies entirely on its management affiliate for operations, which may affect operational control and responsiveness.

• AEI Income & Growth Fund XXI Ltd Partnership operates as a commercial real estate investment partnership with no direct employees; management services are provided by AEI Fund Management, Inc., an affiliate.
• The Partnership is a minor player in the commercial real estate business and competes with larger entities with greater financial resources.
• The Partnership's primary cash flow sources are rental income from properties and proceeds from property sales.
• In 2025, the Partnership generated $1,345,607 in cash flow from the sale of real estate.
• The Partnership declared distributions of $872,469 in 2025 and $692,933 in 2024, allocated 99% to Limited Partners and 1% to General Partners.
• The Partnership attempts to maintain a stable quarterly distribution rate and pays distributions shortly after each quarter ends.
• The Partnership may repurchase Units from Limited Partners who tender them, subject to limitations including a maximum of 5% of total Units outstanding per year and discretion of the Managing General Partner to avoid impairing capital or operations.
• During 2025, the Partnership repurchased 1,105.87 Units for $794,534 from 46 Limited Partners using net sales proceeds, increasing remaining Limited Partners' ownership interest.
• As of June 30, 2026, the Partnership had cash and cash equivalents of $595,734 and current liabilities of $255,401, resulting in a current ratio of 2.24 and a cash ratio of 2.33, indicating liquidity.
• For the six months ended June 30, 2026, the Partnership declared distributions of $329,505, allocated 99% to Limited Partners and 1% to the General Partner.
• The Partnership had no material off-balance sheet arrangements as of June 30, 2026 and December 31, 2025.
• The continuing rent payments from properties and cash generated from property sales are considered adequate to fund distributions and meet obligations on a short- and long-term basis.