During the period from July 1, 2025 through August 12, 2025, the Company issued the following shares, including shares issued under the DRIP (in thousands, except for share amounts):


	Common shares				DRIP
	Shares		Gross Proceeds		Shares		Gross Proceeds
Class S Common Shares		325,233	$	6,632		56,772	$	1,145
Class I Common Shares		112,202		2,261		34,690		699
Class E Common Shares		2,407		50		327		7
Total		439,842	$	8,943		91,789	$	1,851

During the period from July 1, 2025 through August 12, 2025, the Company originated one commercial real estate loan with an outstanding principal amount of $81.8 million and a total loan amount of $82.0 million. The loan earns interest at one-month term SOFR plus a spread for a weighted average interest rate of 6.6% based on the interest rate in effect at origination.

On July 17, 2025, the Company and California State Teachers’ Retirement System (“CalSTRS”) entered into a Subscription Agreement (the “CalSTRS Subscription Agreement”), pursuant to which CalSTRS has agreed, from time to time, to purchase from the Company an aggregate amount of up to $200 million in Class I shares on or before July 16, 2027, at a price per share equal to the Company’s most recently determined NAV of its Class I shares (the “CalSTRS Commitment”). CalSTRS has agreed to hold all of the Class I shares it receives in respect of the CalSTRS Commitment until the earlier of (i) the first date that the Company’s NAV reaches $1.5 billion and (ii) July 16, 2029, at which point CalSTRS may, from time to time, request that the Company repurchase its Class I shares through the Company’s share repurchase plan.