4. Investments in Real Estate

Acquisitions

On February 12, 2025, the Company acquired a 90% interest in the Preserve at Pine Valley, a 219-unit, Class-B housing community in Wilmington, North Carolina for a total purchase price, excluding closing costs of $32.1 million.

On March 7, 2025, the Company entered into a joint venture, of which the Company owns 98%, to originate a geographically diversified portfolio of construction loans that will be used to develop single-tenant net leased retail properties. The joint venture committed $50 million and secured a line of credit for $50 million to finance the loan originations. The joint venture held its first closing in July 2025.

On March 25, 2025, the Company acquired a 133-unit, adaptive reuse, Class-A multifamily property located in the intown neighborhood of Little Five Points in Atlanta, Georgia for a total purchase price, excluding closing costs, of $34.8 million (the “Bass Lofts Acquisition”). In connection with the Bass Lofts Acquisition, the Company assumed a $15.2 million mortgage loan, which bears interest at a fixed rate of 3.95% and is amortized on a 30-year schedule with 2.4 years of remaining term.

On April 10, 2025, the Company acquired a 95% interest in a joint venture with a private real estate investment and development firm, to recapitalize a portfolio of infill, highly functional industrial service facility sites (the “Norfolk Industrial Portfolio”). The portfolio includes seven assets, with six located in the Norfolk, Virginia Metropolitan Statistical Area and one in Rockledge, Florida. The total size of the portfolio is 581,000 square feet and it is 100% leased to 16 tenants. The total purchase price was $71.2 million, excluding closing costs.

On May 5, 2025, the Company acquired eight Class-B, shallow-bay warehouses strategically located in infill areas across Dallas, Texas. The total purchase price was $53.0 million, excluding closing costs.

On May 22, 2025, the Company acquired a 100-unit multifamily property in South Easton, Massachusetts for $33.0 million, excluding closing costs (the “Elmstead Acquisition”).

On June 10, 2025, the Company acquired a 300-unit garden style multifamily property in the Jacksonville, Florida for $49.0 million, excluding closing costs.

On June 17, 2025, the Company acquired a 16-property industrial outdoor storage portfolio for $95.3 million, excluding closing costs. This transaction was executed as part of a sale-leaseback agreement with a leading North American transportation provider.

On June 18, 2025, the Company acquired a Class-A, 312-unit garden style multifamily property in the Chicago suburb of Oswego, Illinois for $84.0 million, excluding closing costs.

On June 23, 2025, the Company acquired a stabilized 256-unit workforce housing community in the Mesa submarket of Phoenix, Arizona for $52.0 million, excluding closing costs.

On July 1, 2025, as a follow on to the portfolio acquisition on May 5, 2025, the Company acquired a Class-B, shallow-bay warehouse located in Dallas, Texas. The total purchase price was $12.5 million, excluding closing costs.

On July 10, 2025, the Company acquired a 76,028 square foot warehouse located in Hempstead, New York. The total purchase price was $18.6 million, excluding closing costs.

On July 21, 2025, the Company acquired a 257,200 square foot industrial asset located in Jacksonville, Florida. The total purchase price was $20.8 million, excluding closing costs.

On August 12, 2025, the Company acquired a 185-unit multifamily property located in Highland, New York. The total purchase price was $68.0 million, excluding closing costs.

On August 21, 2025, the Company acquired a multifamily portfolio of 647 workforce housing units across five properties in Charleston, South Carolina. The total purchase price was $86.3 million, excluding closing costs. The portfolio was acquired through a joint venture, of which the Company owns 90%.

On September 19, 2025, as a follow on to the portfolio acquisition on June 17, 2025, the Company acquired an industrial outdoor storage asset for $12.7 million, excluding closing costs. This transaction was executed as part of a sale-leaseback agreement with a leading North American transportation provider.

On October 2, 2025, the Company entered into a joint venture, of which the Company owns 95%, to acquire a controlling interest in a 133-unit multifamily community in Boston, Massachusetts for $41.0 million, excluding closing costs.

On November 5, 2025, the Company acquired a 136,340 square foot neighborhood retail center in Coral Springs, Florida for $53.7 million, excluding closing costs.

On December 23, 2025, the Company acquired a 198,531 square foot warehouse and manufacturing building located in the Worcester, Massachusetts Metropolitan Statistical Area for $32.6 million, excluding closing costs.