As of the date of this filing, the Company has evaluated subsequent events and determined that, except as disclosed herein, no events have occurred which would require an adjustment to or additional disclosure in the consolidated financial statements.

On April 30, 2026, the Company declared a gross distribution of $0.04326 per share for its Class E, Class I, Class T, Class A-I and Class A-II common stock and a gross distribution of $0.04326 per unit for the Class E units of the Operating Partnership for stockholders and unitholders, respectively, as of the close of business on April 30, 2026. The net distribution varies for each class based on the applicable distribution fee, which is deducted from the monthly distribution per share and paid to the Dealer Manager. The distributions were paid on May 11, 2026 and were paid in cash or reinvested in shares of the Company’s common stock for stockholders participating in the Company’s distribution reinvestment plan.

Below is a table summarizing capital raising activities in the Company’s primary offerings subsequent to March 31, 2026, through the date of this filing (in thousands, except share and per share data):


Trade Date	Share Class	Shares Issued		Aggregate Gross Purchase Price		Price per Share
April 1, 2026	Class I		28,193	$	309	$	10.96
April 1, 2026	Class A-II (1)		236,896	$	2,556	$	10.79
May 1, 2026	Class I		6,751	$	75	$	11.11
May 1, 2026	Class A-II (1)		302,236	$	3,306	$	10.94

Below is a table summarizing shares issued pursuant to the distribution reinvestment plan that occurred subsequent to March 31, 2026, through the date of this filing (in thousands, except share and per share data):


Trade Date	Share Class	Shares Issued		Aggregate Gross Purchase Price		Price per Share
April 10, 2026	Class I		1,316	$	14	$	10.96
April 10, 2026	Class E (2)		219	$	3	$	11.68
April 10, 2026	Class A-I (1)		10,089	$	109	$	10.83
April 10, 2026	Class A-II (1)		10,326	$	111	$	10.79
April 10, 2026	Class T		8	$	0	$	10.92
May 11, 2026	Class I		1,355	$	15	$	11.11
May 11, 2026	Class E (2)		216	$	3	$	11.89
May 11, 2026	Class A-I (1)		9,982	$	110	$	10.99
May 11, 2026	Class A-II (1)		11,085	$	121	$	10.94
May 11, 2026	Class T		8	$	0	$	11.07

The table is presented with dollars shown in thousands and amounts that round to less than $1 thousand are reflected as $0 rather than as a dash.

(1)

The offer and sale of Class A-I and Class A-II shares to accredited investors in private placements is exempt from the registration provisions of the Securities Act by virtue of Section 4(a)(2) thereof and Rule 506(c) of Regulation D promulgated thereunder.

(2)

The Class E shares were issued to the Company’s independent directors pursuant to the Company’s distribution reinvestment plan. These shares were issued in private transactions exempt from registration under Section 4(a)(2) of the Securities Act.

Share Repurchases

On April 30, 2026, the Company repurchased 19,831 shares of common stock, totaling approximately $0.2 million, pursuant to the Company's share repurchase plan. The Company satisfied all repurchase requests submitted in good order for the April 30, 2026 repurchase date.