UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: March 31, 2024

Commission File Number: 000-50609

AEI INCOME & GROWTH FUND 25 LLC

(Exact name of registrant as specified in its charter)

State of Delaware		75-3074973
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

30 East 7^th Street, Suite 1300 St. Paul, Minnesota 55101		(651) 227-7333
(Address of principal executive offices)		(Registrant’s telephone number)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
NONE		NONE		NONE

Securities registered pursuant to Section 12(g) of the Act:

	Limited Liability Company Units
	(Title of class)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

☐ Large accelerated filer	☐ Accelerated filer
☒ Non-accelerated filer	☒ Smaller reporting company
☐ Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No

As of May 15, 2024 there were 36,986.36 Units of limited membership interest outstanding and owned by nonaffiliates of the registrant.

AEI INCOME & GROWTH FUND 25 LLC

INDEX


				Page
Part I – Financial Information

	Item 1.	Financial Statements (unaudited):

		Balance Sheets as of March 31, 2024 and December 31, 2023		3

		Statements for the Periods ended March 31, 2024 and 2023:

			Income	4

			Cash Flows	5

			Changes in Members' Equity	6

		Condensed Notes to Financial Statements		7 – 9

	Item 2.	Management's Discussion and Analysis of Financial
			Condition and Results of Operations	9 - 14

	Item 3.	Quantitative and Qualitative Disclosures About Market Risk		14

	Item 4.	Controls and Procedures		14

Part II – Other Information

	Item 1.	Legal Proceedings		15

	Item 1A.	Risk Factors		15

	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		15

	Item 3.	Defaults Upon Senior Securities		15

	Item 4.	Mine Safety Disclosures		15

	Item 5.	Other Information		15

	Item 6.	Exhibits		16

Signatures				16

AEI INCOME & GROWTH FUND 25 LLC

BALANCE SHEETS

ASSETS

		March 31,		December 31,
		2024		2023
		(unaudited)
Current Assets:
Cash	$	1,537,744	$	1,161,433

Real Estate Investments:
Land		5,868,790		5,868,790
Buildings		15,321,028		15,321,028
Acquired Intangible Lease Assets		2,178,056		2,178,056
Real Estate Held for Investment, at Cost		23,367,874		23,367,874
Accumulated Depreciation and Amortization		(8,594,355)		(8,394,725)
Real Estate Held for Investment, Net		14,773,519		14,973,149
Real Estate Held for Sale		0		405,977
Total Real Estate Investments		14,773,519		15,379,126
Total Assets	$	16,311,263	$	16,540,559

LIABILITIES AND MEMBERS’ EQUITY

Current Liabilities:
Payable to AEI Fund Management, Inc.	$	179,481	$	249,999
Distributions Payable		278,969		284,538
Unearned Rent		23,327		57,573
Total Current Liabilities		481,777		592,110

Members’ Equity:
Managing Members		(70,264)		(66,695)
Limited Members – 50,000 Units authorized; 37,158.30 Units issued and outstanding as of 3/31/2024 and 12/31/2023		15,899,750		16,015,144
Total Members’ Equity		15,829,486		15,948,449
Total Liabilities and Members’ Equity	$	16,311,263	$	16,540,559

The accompanying Condensed Notes to Financial Statements are an integral part of these statements.

AEI INCOME & GROWTH FUND 25 LLC

STATEMENTS OF INCOME

(unaudited)


		Three Months Ended March 31
		2024		2023

Rental Income	$	422,584	$	400,144

Expenses:
LLC Administration – Affiliates		69,800		80,589
LLC Administration and Property Management – Unrelated Parties		24,926		71,368
Depreciation and Amortization		179,978		190,343
Total Expenses		274,704		342,300

Operating Income		147,880		57,844

Other Income:
Gain on Sale of Real Estate		711		44,186
Interest Income		11,415		13,681
Total Other Income		12,126		57,867

Net Income	$	160,006	$	115,711

Net Income Allocated:
Managing Members	$	4,800	$	4,264
Limited Members		155,206		111,447
Total	$	160,006	$	115,711

Net Income per LLC Unit	$	4.18	$	2.86

Weighted Average Units Outstanding – Basic and Diluted		37,158		38,962

The accompanying Condensed Notes to Financial Statements are an integral part of these statements.

AEI INCOME & GROWTH FUND 25 LLC

STATEMENTS OF CASH FLOWS

(unaudited)


		Three Months Ended March 31
		2024		2023
Cash Flows from Operating Activities:
Net Income	$	160,006	$	115,711

Adjustments to Reconcile Net Income To Net Cash Provided by Operating Activities:
Depreciation and Amortization		199,630		211,626
Gain on Sale of Real Estate		(711)		(44,186)
(Increase) Decrease in Rent Receivable		0		1,751
Increase (Decrease) in Payable to AEI Fund Management, Inc.		(70,518)		62,515
Increase (Decrease) in Unearned Rent		(34,246)		13,119
Total Adjustments		94,155		244,825
Net Cash Provided By (Used For) Operating Activities		254,161		360,536

Cash Flows from Investing Activities:
Proceeds from Sale of Real Estate		406,688		1,418,133

Cash Flows from Financing Activities:
Distributions Paid to Members		(284,538)		(286,181)

Net Increase in Cash		376,311		1,492,488

Cash, beginning of period		1,161,433		1,762,822

Cash, end of period	$	1,537,744	$	3,255,310

The accompanying Condensed Notes to Financial Statements are an integral part of these statements.

AEI INCOME & GROWTH FUND 25 LLC

STATEMENTS OF CHANGES IN MEMBERS' EQUITY

(unaudited)

		Managing Members		Limited Members		Total	Limited Member Units Outstanding

Balance, December 31, 2022	$	4,747	$	18,711,412	$	18,716,159	38,961.72

Distributions Declared		(8,586)		(277,596)		(286,182)

Net Income		4,264		111,447		115,711

Balance, March 31, 2023	$	425	$	18,545,263	$	18,545,688	38,961.72


Balance, December 31, 2023	$	(66,695)	$	16,015,144	$	15,948,449	37,158.30

Distributions Declared		(8,369)		(270,600)		(278,969)

Net Income		4,800		155,206		160,006

Balance, March 31, 2024	$	(70,264)	$	15,899,750	$	15,829,486	37,158.30

The accompanying Condensed Notes to Financial Statements are an integral part of these statements.

AEI INCOME & GROWTH FUND 25 LLC

CONDENSED NOTES TO FINANCIAL STATEMENTS

March 31, 2024

(unaudited)

(1) The condensed statements included herein have been prepared by the registrant, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission, and reflect all adjustments which are, in the opinion of management, necessary to a fair statement of the results of operations for the interim period, on a basis consistent with the annual audited statements. The adjustments made to these condensed statements consist only of normal recurring adjustments. Certain information, accounting policies, and footnote disclosures normally included in financial statements prepared in accordance with United States Generally Accepted Accounting Principles (US GAAP) have been condensed or omitted pursuant to such rules and regulations, although the registrant believes that the disclosures are adequate to make the information presented not misleading. It is suggested that these condensed financial statements be read in conjunction with the financial statements and the summary of significant accounting policies and notes thereto included in the registrant’s latest annual report on Form 10‑K.

(2) Organization –

AEI Income & Growth Fund 25 LLC (the “Company”), a Limited Liability Company, was formed on June 24, 2002 to acquire and lease commercial properties to operating tenants. The Company's operations are managed by AEI Fund Management XXI, Inc. (“AFM”), the Managing Member. Robert P. Johnson, the previous Chief Executive Officer and sole director of AFM, served as the Special Managing Member until his withdrawal date effective March 31, 2020. AFM is a wholly owned subsidiary of AEI Capital Corporation of which the Credit Trust fbo of Patricia Johnson and Patricia Johnson own a majority interest. AEI Fund Management, Inc. (“AEI”), an affiliate of AFM, performs the administrative and operating functions for the Company.

(3) Recently Adopted Accounting Pronouncements –

Accounting standards that have been issued or proposed by the Financial Accounting Standards Board are currently not applicable to the Company or are not expected to have a significant impact on the Company’s financial position, results of operations and cash flows.

AEI INCOME & GROWTH FUND 25 LLC

CONDENSED NOTES TO FINANCIAL STATEMENTS

(4) Real Estate Investments –

In September 2022, the Company entered into an agreement to sell its 60% interest in the Biomat property in Wichita, Kansas to an unrelated third party. The property was classified as real estate held for sale at December 31, 2022. On February 9, 2023, the sale closed with the Company receiving net proceeds of $1,418,133, which resulted in a net gain of $44,186. At the time of sale, the cost and related accumulated depreciation was $2,839,297 and $1,465,350, respectively.

The Company owned a 100% interest in a Premier Diagnostic Imaging Center in Terre Haute, Indiana. In June 2023, the Company performed a long-lived asset valuation analysis and determined the Premier Diagnostic Imaging Center in Terre Haute, Indiana was impaired. As a result, in the second quarter of 2023, the Company recognized real estate impairment of $90,000 to decrease the carrying value to the estimated fair value of $1,401,977. The charge was recorded against the land, building, in-place lease and above market lease. In December 2023, the Company performed another long-lived asset valuation analysis and determined the Premier Diagnostic Imaging Center in Terre Haute, Indiana was impaired. As a result, in the fourth quarter of 2023, the Company recognized real estate impairment of $996,000 to decrease the carrying value to the estimated fair value of $405,977. The charge was recorded against the land, building, in-place lease and above market lease. This property was classified as Real Estate Held for Sale on the balance sheet as of December 31, 2023 with a carrying value of $405,977. In November 2023, the Company entered into an agreement to sell its 100% interest in the Premier Diagnostic Imaging Center in Terre Haute, Indiana. On January 2, 2024, the sale closed with the Company receiving net proceeds of $406,688, which resulted in a net gain of $711. At the time of sale, the cost and related accumulated depreciation was $1,248,000 and $842,023, respectively.

(5) Payable to AEI Fund Management, Inc. –

AEI Fund Management, Inc. performs the administrative and operating functions for the Company. The payable to AEI Fund Management represents the balance due for those services. This balance is non-interest bearing and unsecured and is to be paid in the normal course of business.

(6) Members’ Equity –

For the three months ended March 31, 2024 and 2023, the Company declared distributions of $278,969 and $286,182, respectively. The Limited Members were allocated distributions of $270,600 and $277,596 and the Managing Members were allocated distributions of $8,369 and $8,586 for the periods ended March 31, 2024 and 2023, respectively. The Limited Members’ distributions represented $7.28 and $7.12 per LLC Unit outstanding using 37,158 and 38,962 weighted average Units for the three months ended March 31, 2024 and 2023, respectively. The distributions represented $4.18 and $2.86 per Unit of Net Income and $3.10 and $4.26 per Unit of return of contributed capital in 2024 and 2023, respectively.

AEI INCOME & GROWTH FUND 25 LLC

CONDENSED NOTES TO FINANCIAL STATEMENT

(7) Fair Value Measurements –

At March 31, 2024, the Company had no financial assets or liabilities measured at fair value on a recurring basis or nonrecurring basis.

At December 31, 2023, the Company had one property measured on a nonrecurring basis that was recorded at fair value during 2023. The fair value of the Premier Diagnostic Imaging Center in Terre Haute, Indiana was based upon a signed purchase agreement, which is considered a Level 2 input in the valuation hierarchy. A Level 2 input includes quoted market prices for similar assets, quoted market prices in an inactive market, and other observable information that can be corroborated by market data.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL

CONDITION AND RESULTS OF OPERATIONS.

This section contains “forward-looking statements” which represent management’s expectations or beliefs concerning future events, including statements regarding anticipated application of cash, expected returns from rental income, growth in revenue, the sufficiency of cash to meet operating expenses, rates of distribution, and other matters. These, and other forward-looking statements, should be evaluated in the context of a number of factors that may affect the Company’s financial condition and results of operations, including the following:

—

Market and economic conditions which affect the value of the properties the Company owns and the cash from rental income such properties generate;

—

the federal income tax consequences of rental income, deductions, gain on sales and other items and the effects of these consequences for Members;

—

resolution by the Managing Members of conflicts with which they may be confronted;

—

the success of the Managing Members of locating properties with favorable risk return characteristics;

—

the effect of tenant defaults; and

—

the condition of the industries in which the tenants of properties owned by the Company operate.

Application of Critical Accounting Policies

The Company’s financial statements have been prepared in accordance with US GAAP. Preparing the financial statements requires management to use judgment in the application of these accounting policies, including making estimates and assumptions. These judgments will affect the reported amounts of the Company’s assets and liabilities and the disclosure of contingent assets and liabilities as of the dates of the financial statements and will affect the reported amounts of revenue and expenses during the reporting periods. It is possible that the carrying amount of the Company’s assets and liabilities, or the results of reported operations, would be affected if management’s estimates or assumptions prove inaccurate.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS. (Continued)

Management of the Company evaluates the following accounting estimates on an ongoing basis, and has discussed the development and selection of these estimates and the management discussion and analysis disclosures regarding them with the Managing Member of the Company.

Allocation of Purchase Price of Acquired Properties

Upon acquisition of real properties, the Company records them in the financial statements at cost. The purchase price is allocated to tangible assets, consisting of land and building, and to identified intangible assets and liabilities, which may include the value of above market and below market in-place leases. The allocation of the purchase price is based upon the relative fair value of each component of the property. Although independent appraisals may be used to assist in the determination of fair value, in many cases these values will be based upon management’s assessment of each property, the selling prices of comparable properties and the discounted value of cash flows from the asset.

The fair values of above market and below market in-place leases will be recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) an estimate of fair market lease rates for the corresponding in-place leases measured over a period equal to the non-cancelable term of the lease including any bargain renewal periods. The above market and below market lease values will be capitalized as intangible lease assets or liabilities. Above market lease values will be amortized as an adjustment of rental income over the remaining term of the respective leases. Below market lease values will be amortized on a straight-line basis as an adjustment of rental income over the remaining term of the respective leases, including any bargain renewal periods. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of above market and below market in-place lease values relating to that lease would be recorded as an adjustment to rental income.

The fair values of in-place leases will include estimated direct costs associated with obtaining a new tenant, and opportunity costs associated with lost rentals which are avoided by acquiring an in-place lease. Direct costs associated with obtaining a new tenant may include commissions, tenant improvements, and other direct costs and are estimated, in part, by management’s consideration of current market costs to execute a similar lease. These direct costs will be included in intangible lease assets on the balance sheet and will be amortized to expense over the remaining

term of the respective leases. The value of opportunity costs will be calculated using the contractual amounts to be paid pursuant to the in-place leases over a market absorption period for a similar lease. These intangibles will be included in intangible lease assets on the balance sheet and will be amortized to expense over the remaining term of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of in-place lease assets relating to that lease would be expensed.

The determination of the relative fair values of the assets and liabilities acquired will require the use of significant assumptions with regard to the current market rental rates, rental growth rates, discount and capitalization rates, interest rates and other variables. If management’s estimates or assumptions prove inaccurate, the result would be an inaccurate allocation of purchase price, which could impact the amount of reported net income.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS. (Continued)

Carrying Value of Properties

Properties are carried at original cost, less accumulated depreciation and amortization. The Company tests long-lived assets for recoverability when events or changes in circumstances indicate that the carrying value may not be recoverable. For properties the Company will hold and operate, management determines whether impairment has occurred by comparing the property’s probability-weighted future undiscounted cash flows to its current carrying value. For properties held for sale, management determines whether impairment has occurred by comparing the property’s estimated fair value less cost to sell to its current carrying value. If the carrying value is greater than the net realizable value, an impairment loss is recorded to reduce the carrying value of the property to its net realizable value. Changes in these assumptions or analysis may cause material changes in the carrying value of the properties.

Allocation of Expenses

AEI Fund Management, Inc. allocates expenses to each of the funds they manage primarily on the basis of the number of hours devoted by their employees to each fund’s affairs. They also allocate expenses at the end of each month that are not directly related to a fund’s operations based upon the number of investors in the fund and the fund’s capitalization relative to other funds they manage. The Company reimburses these expenses subject to detailed limitations contained in the Operating Agreement.

Factors Which May Influence Results of Operations

The Company is not aware of any material trends or uncertainties, other than national economic conditions affecting real estate generally, that may reasonably be expected to have a material impact, favorable or unfavorable, on revenues and investment property value. However, due to the current economic factors, higher interest rates, and inflation in the U.S. and globally, our tenants and operating partners may be impacted.

Results of Operations

For the three months ended March 31, 2024 and 2023, the Company recognized rental income of $422,584 and $400,144, respectively. Rental income increased due to multiple rent increases of various properties, as well as the purchase of an additional property in August 2023. This increase was partially offset by the sale of one property in February 2023 and one property in January 2024. Based on the scheduled rent for the properties owned as of April 30, 2024, the Company expects to recognize rental income of approximately $1,662,000 in 2024.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS. (Continued)

For the three months ended March 31, 2024 and 2023, the Company incurred LLC administration expenses from affiliated parties of $69,800 and $80,589, respectively. These administration expenses include costs associated with the management of the properties, processing distributions, reporting requirements and communicating with the Limited Members. During the same periods, the Company incurred LLC administration and property management expenses from unrelated parties of $24,926 and $71,368, respectively. These expenses represent direct payments to third parties for legal and filing fees, direct administrative costs, outside audit costs, taxes, insurance and other property costs.

The Company owned a 100% interest in a Premier Diagnostic Imaging Center in Terre Haute, Indiana. In June 2023, the Company performed a long-lived asset valuation analysis and determined the Premier Diagnostic Imaging Center in Terre Haute, Indiana was impaired. As a result, in the second quarter of 2023, the Company recognized real estate impairment of $90,000 to decrease the carrying value to the estimated fair value of $1,401,977. The charge was recorded against the land, building, in-place lease and above market lease. In December 2023, the Company performed another long-lived asset valuation analysis and determined the Premier Diagnostic Imaging Center in Terre Haute, Indiana was impaired. As a result, in the fourth quarter of 2023, the Company recognized real estate impairment of $996,000 to decrease the carrying value to the estimated fair value of $405,977. The charge was recorded against the land, building, in-place lease and above market lease. This property has been classified as Real Estate Held for Sale on the balance sheet as of December 31, 2023 with a carrying value of $405,977. In November 2023, the Company entered into an agreement to sell its 100% interest in the Premier Diagnostic Imaging Center in Terre Haute, Indiana. On January 2, 2024, the sale closed with the Company receiving net proceeds of $406,688, which resulted in a net gain of $711. At the time of sale, the cost and related accumulated depreciation was $1,248,000 and $842,023, respectively.

For the three months ended March 31, 2024 and 2023, the Company recognized interest income of $11,415 and $13,681, respectively.

Management believes inflation has not significantly affected income from operations. Leases may contain rent increases, based on the increase in the Consumer Price Index over a specified period, which will result in an increase in rental income over the term of the leases. Inflation also may cause the real estate to appreciate in value. However, inflation and changing prices may have an adverse impact on the operating margins of the properties’ tenants, which could impair their ability to pay rent and subsequently reduce the Net Cash Flow available for distributions.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS. (Continued)

Liquidity and Capital Resources

During the three months ended March 31, 2024, the Company’s cash balances increased $376,311 as a result of cash received from the sale of real estate, which was partially offset by distributions paid to Members in excess of cash generated from operating activities. During the three months ended March 31, 2023, the Company’s cash balances increased $1,492,488 as a result of cash received from the sale of real estate and an increase in interest income, which was partially offset by distributions paid to Members.

Net cash provided by operating activities decreased from $360,536 in 2023 to $254,161 in 2024 as a result of net timing differences in the collection of payments from the tenants and the payment of expenses and a decrease in interest income in 2024. This was partially offset by an increase in rental income and a decrease in LLC administration and property management expenses in 2024.

The major components of the Company’s cash flow from investing activities are investments in real estate and proceeds from the sale of real estate. During the three months ended March 31, 2024, the Company generated cash flow from the sale of real estate of $406,688. During the three months ended March 31, 2023, the Company generated cash flow from the sale of real estate of $1,418,133.

The Company's primary use of cash flow, other than investment in real estate, is distribution payments to Members and cash used to repurchase Units. The Company declares its regular quarterly distributions before the end of each quarter and pays the distribution in the first week after the end of each quarter. The Company attempts to maintain a stable distribution rate from quarter to quarter. The Company may repurchase tendered Units on April 1^st and October 1^st of each year subject to limitations.

For the three months ended March 31, 2024 and 2023, the Company declared distributions of $278,969 and $286,182, respectively. Pursuant to the Operating Agreement, distributions of Net Cash Flow are to be allocated 97% to the Limited Members and 3% to the Managing Members. Distributions of Net Proceeds of Sale were allocated 99% to the Limited Members and 1% to the Managing Members. The Limited Members were allocated declared distributions of $270,600 and $277,596 for the periods ended March 31, 2024 and 2023 respectively. The Managing Members were allocated declared distributions of $8,369 and $8,586 for the periods ended March 31, 2024 and 2023, respectively.

The Company may repurchase Units from Limited Members who have tendered their Units to the Company. Such Units may be acquired at a discount. The Company will not be obligated to purchase in any year more than 2% of the total number of Units outstanding on January 1 of such year. In no event shall the Company be obligated to purchase Units if, in the sole discretion of the Managing Member, such purchase would impair the capital or operation of the Company. During the three months ended March 31, 2024 and 2023, the Company did not repurchase any Units from the Limited Members.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS. (Continued)

The continuing rent payments from the properties, together with cash generated from property sales, should be adequate to fund continuing distributions and meet other Company obligations on both a short-term and long-term basis.

Off-Balance Sheet Arrangements

As of March 31, 2024 and December 31, 2023, the Company had no material off-balance sheet arrangements that had or are reasonably likely to have current or future effects on its financial condition, results of operations, liquidity or capital resources.

ITEM 3. QUANTITATIVE & QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

Not required for a smaller reporting company.

ITEM 4. CONTROLS AND PROCEDURES.

(a) Disclosure Controls and Procedures.

Under the supervision and with the participation of management, including its President and Chief Financial Officer, the Managing Member of the Company evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15© under the Securities Exchange Act of 1934 (the “Exchange Act”)). Based upon that evaluation, the President and Chief Financial Officer of the Managing Member concluded that, as of the end of the period covered by this report, our disclosure controls and procedures were effective in ensuring that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in applicable rules and forms and that such information is accumulated and communicated to management, including the President and Chief Financial Officer of the Managing Member, in a manner that allows timely decisions regarding required disclosure.

(b) Changes in Internal Control Over Financial Reporting.

During the most recent period covered by this report, there has been no change in our internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II – OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS.

There are no material pending legal proceedings to which the Company is a party or of which the Company’s property is subject.

ITEM 1A. RISK FACTORS.

Not required for a smaller reporting company.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES & USE OF PROCEEDS

a) None.

(b) Not applicable.

(c) Pursuant to Section 7.7 of the Operating Agreement, each Limited Member has the right to present Units to the Company for purchase by submitting notice to the Managing Member during January or July of each year. The purchase price of the Units is equal to 80% of the net asset value per Unit, as of the first business day of January or July of each year, as determined by the Managing Member in accordance with the provisions of the Operating Agreement. Units tendered to the Company during January and July may be repurchased on April 1^st and October 1^st, respectively, of each year subject to the following limitations. The Company will not be obligated to purchase in any year more than 2% of the total number of Units outstanding on January 1 of such year. In no event shall the Company be obligated to purchase Units if, in the sole discretion of the Managing Member, such purchase would impair the capital or operation of the Company. During the period covered by this report, the Company did not purchase any Units.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

None.

ITEM 4. MINE SAFETY DISCLOSURES.

Not Applicable.

ITEM 5. OTHER INFORMATION.

None.

ITEM 6. EXHIBITS.

31.1

Certification of President of Managing Member pursuant to Rule 15d-14(a)(17 CFR 240.15d-14(a)) and Section 302 of the Sarbanes-Oxley Act of 2002.

31.2

Certification of Chief Financial Officer of Managing Member pursuant to Rule 15d-14(a)(17 CFR 240.15d-14(a)) and Section 302 of the Sarbanes-Oxley Act of 2002.

Certification of President and Chief Financial Officer of Managing Member pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


Dated: May 14, 2024	AEI Income & Growth Fund 25 LLC
	By:	AEI Fund Management XXI, Inc.
	Its:	Managing Member



	By:	/s/ Marni J Nygard
		Marni J. Nygard
		President
		(Principal Executive Officer)



	By:	/s/ Keith E Petersen
		Keith E. Petersen
		Chief Financial Officer
		(Principal Accounting Officer)

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AEI INCOME & GROWTH FUND 25 LLC 10-Q