Year Ended December 31, 2025

Class S

Class I

Class F-S

Class F-I

Class D-S

Class D-X

Class E

Total

Net income attributable to FNLR shareholders

$

—

$

726

$

2,116

$

11,597

$

11,471

$

77

$

764

$

26,751

Weighted average common shares outstanding - basic

2

5,922

12,050

58,609

37,177

166

1,882

115,809

Net income per common share - basic

$

—

$

0.12

$

0.18

$

0.20

$

0.31

$

0.46

$

0.41

$

0.23

Net income attributable to dilutive OP units

$

—

$

—

$

—

$

—

$

—

$

—

$

218

$

218

Net income attributable to FNLR shareholders - dilutive

$

—

$

726

$

2,116

$

11,597

$

11,471

$

77

$

982

$

26,969

Effect of dilutive OP units

—

—

—

—

—

—

527

527

Weighted average common shares outstanding - diluted

2

5,922

12,050

58,609

37,177

166

2,409

116,336

Net income per common share - diluted

$

—

$

0.12

$

0.18

$

0.20

$

0.31

$

0.46

$

0.41

$

0.23

Year Ended December 31, 2024

Class S

Class I

Class F-S

Class F-I

Class F-I X

Class B-X

Class C

Class D-S

Class D-X

Class E

Total

Net income

$

—

$

—

$

69

$

1,991

$

607

$

367

$

228

$

3,524

$

4,725

$

94

$

11,605

Weighted average
   number of common
   shares outstanding

—

—

596

17,826

2,003

1,351

579

16,518

16,327

303

55,503

Net income
   per common share
   - basic and diluted

$

—

$

—

$

0.12

$

0.11

$

0.30

$

0.27

$

0.39

$

0.21

$

0.29

$

0.31

$

0.21

For the period from January 24, 2023 (Date of Formation) through December 31, 2023

Class S

Class I

Class F-S

Class F-I

Class F-I X

Class B-X

Class C

Class D-S

Class D-X

Class E

Total

Net loss

$

—

$

—

$

—

$

—

$

(1,238

)

$

(1,112

)

$

(3,824

)

$

—

$

—

$

(107

)

$

(6,281

)

Weighted average
   number of common
   shares outstanding

—

—

—

—

407

271

873

—

—

36

1,587

Net loss
   per common share
   - basic and diluted

$

—

$

—

$

—

$

—

$

(3.04

)

$

(4.10

)

$

(4.38

)

$

—

$

—

$

(2.97

)

$

(3.96

)