The Company believes the following significant accounting policies, among others, affect its significant estimates and assumptions used in the preparation of the consolidated financial statement. Separate statements of operations, changes in equity, and cash flows have not been presented because the Company has not commenced operations.

Summary of Significant Accounting Policies	6 Months Ended
Jun. 30, 2026
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies The Company believes the following significant accounting policies, among others, affect its significant estimates and assumptions used in the preparation of the consolidated financial statement. Separate statements of operations, changes in equity, and cash flows have not been presented because the Company has not commenced operations. Basis of Presentation The interim consolidated financial statement has been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and Rule 10-01 of Regulation S-X. All intercompany balances and transactions have been eliminated. In the opinion of management, all adjustments considered necessary for the fair statement of the consolidated financial statement for the interim period presented have been included. Use of Estimates The preparation of the consolidated financial statement in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statement. Actual results could differ from those estimates and such differences could be material. Cash and Cash Equivalents Cash and cash equivalents consist of demand deposits and highly liquid investments, such as money market funds, with original maturities of three months or less. Cash and cash equivalents are carried at cost, which approximates fair value. The Company deposits its cash and cash equivalents with financial institutions and, at times, may exceed the Federal Deposit Insurance Corporation insured limit. There were no cash equivalents as of June 30, 2026. Organization and Offering Costs The Advisor has agreed to advance organization and offering costs, including legal, accounting and other expenses incurred in connection with the Company’s organization and continuous offering of its common shares, on the Company’s behalf through the first anniversary of the initial closing of its offering that includes investors other than ElmTree, HPS, BlackRock and/or their respective affiliates (the “Initial Retail Closing”). As of June 30, 2026, the Advisor has incurred organization and offering costs of $2.5 million on behalf of the Company. As of June 30, 2026, the reimbursement of Advisor-incurred organization and offering costs did not presently represent a liability of the Company since the obligation to reimburse the Advisor was conditional upon the Company commencing operations. Commencement of operations is expected to occur upon the Initial Retail Closing. When recorded by the Company, organization costs will be expensed as incurred and offering costs will be charged to equity. Any amount due to the Advisor but not paid will be recognized as a liability on the Consolidated Balance Sheet. Operating Expenses The Advisor has agreed to advance certain operating expenses, excluding certain investment-related expenses and financing expenses, on the Company’s behalf through the first anniversary of the Initial Retail Closing. As of June 30, 2026, the Advisor has incurred operating expenses of $0.2 million on behalf of the Company. As of June 30, 2026, the reimbursement of Advisor-incurred operating expenses did not presently represent a liability of the Company since the obligation to reimburse the Advisor was conditional upon the Company commencing operations. Commencement of operations is expected to occur upon the Initial Retail Closing. When recorded by the Company, operating expenses will be expensed as incurred. Any amount due to the Advisor but not paid will be recognized as a liability on the Consolidated Balance Sheet. Segment Information As of June 30, 2026, the Company had not commenced operations. The Company intends to operate in a single operating and reporting segment and seeks to achieve its investment objectives by building a diversified portfolio of stabilized, income producing industrial properties with long term net leases primarily throughout the United States. The Chief Operating Decision Maker (“CODM”) will comprise of the Company’s chief executive officer and chief financial officer. Income Taxes The Company intends to make an election to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, commencing with its taxable year ending December 31, 2026. If the Company qualifies for taxation as a REIT, the Company generally will not be subject to federal corporate income tax to the extent it distributes 90% of its taxable income to its shareholders. REITs are subject to a number of other organizational and operational requirements. Even if the Company qualifies for taxation as a REIT, it may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income. The Company has not yet filed its initial tax return.

The interim consolidated financial statement has been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and Rule

10-01

of Regulation

S-X.

All intercompany balances and transactions have been eliminated. In the opinion of management, all adjustments considered necessary for the fair statement of the consolidated financial statement for the interim period presented have been included.

The preparation of the consolidated financial statement in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statement. Actual results could differ from those estimates and such differences could be material.

Cash and cash equivalents consist of demand deposits and highly liquid investments, such as money market funds, with original maturities of three months or less. Cash and cash equivalents are carried at cost, which approximates fair value. The Company deposits its cash and cash equivalents with financial institutions and, at times, may exceed the Federal Deposit Insurance Corporation insured limit. There were no cash equivalents as of June 30, 2026.

The Advisor has agreed to advance organization and offering costs, including legal, accounting and other expenses incurred in connection with the Company’s organization and continuous offering of its common shares, on the Company’s behalf through the first anniversary of the initial closing of its offering that includes investors other than ElmTree, HPS, BlackRock and/or their respective affiliates (the “Initial Retail Closing”).

As of June 30, 2026, the Advisor has incurred organization and offering costs of $2.5 million on behalf of the Company. As of June 30, 2026, the reimbursement of Advisor-incurred organization and offering costs did not presently represent a liability of the Company since the obligation to reimburse the Advisor was conditional upon the Company commencing operations. Commencement of operations is expected to occur upon the Initial Retail Closing. When recorded by the Company, organization costs will be expensed as incurred and offering costs will be charged to equity. Any amount due to the Advisor but not paid will be recognized as a liability on the Consolidated Balance Sheet.

The Advisor has agreed to advance certain operating expenses, excluding certain investment-related expenses and financing expenses, on the Company’s behalf through the first anniversary of the Initial Retail Closing.

As of June 30, 2026, the Advisor has incurred operating expenses of $0.2 million on behalf of the Company. As of June 30, 2026, the reimbursement of Advisor-incurred operating expenses did not presently represent a liability of the Company since the obligation to reimburse the Advisor was conditional upon the Company commencing operations. Commencement of operations is expected to occur upon the Initial Retail Closing. When recorded by the Company, operating expenses will be expensed as incurred. Any amount due to the Advisor but not paid will be recognized as a liability on the Consolidated Balance Sheet.

As of June 30, 2026, the Company had not commenced operations. The Company intends to operate in a single operating and reporting segment and seeks to achieve its investment objectives by building a diversified portfolio of stabilized, income producing industrial properties with long term net leases primarily throughout the United States. The Chief Operating Decision Maker (“CODM”) will comprise of the Company’s chief executive officer and chief financial officer.

The Company intends to make an election to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, commencing with its taxable year ending December 31, 2026. If the Company qualifies for taxation as a REIT, the Company generally will not be subject to federal corporate income tax to the extent it distributes 90% of its taxable income to its shareholders. REITs are subject to a number of other organizational and operational requirements. Even if the Company qualifies for taxation as a REIT, it may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income. The Company has not yet filed its initial tax return.