12. Subsequent Events

The Company has evaluated all events and transactions that occurred after June 30, 2025 through the issuance of the consolidated financial statements and noted there have been no events that have occurred that would require adjustment to disclosures in the consolidated financial statements other than the following events.

On July 31, 2025, the Company filed a post-effective amendment to the Registration Statement on Form S-11 (File No. 333-271906), to deregister all of the shares of common stock in the Offering that had not yet been sold pursuant to such Registration Statement.

On August 8, 2025, the parties entered into Amendment No. 2, which amends the provisions of the Advisory Agreement related to the reimbursement by the Company to the Adviser of the O&O Expenses and certain operating expenses. Pursuant to Amendment No. 2, the Adviser agreed for the Company’s benefit that the Adviser shall be reimbursed the O&O Expenses and certain operating expenses it incurred in 60 equal monthly installments commencing after July 7, 2026, the third anniversary of the commencement of the Company’s public offering.

​