Year Ended December 31, 2024

Six Months Ended June 30, 2025

Incurred

Paid

Payable

Incurred

Paid

Payable

Expensed:

Operating expenses (including organizational costs)

$

517,518

$

795,548

$

—

$

281,581

$

281,581

$

—

Former Transfer Agent expenses

121,126

121,126

—

61,254

61,254

—

Asset management fees

1,494,059

3,089,705

8,998,162

747,030

457,165

9,288,027

Property management oversight fees

524,510

—

3,169,106

276,276

—

3,445,382

Discontinued operations (1)

294,463

294,463

—

—

—

—

Disposition fee

361,250

361,250

—

—

—

—

Capitalized:

Acquisition expenses - Affiliates

—

—

1,980,000

—

—

1,980,000

Additional Paid-In Capital:

Offering costs

—

—

166,881

—

—

166,881

Total

$

3,312,926

$

4,662,092

$

14,314,149

$

1,366,141

$

800,000

$

14,880,290