Note 6. Equity

The Company is authorized to issue an unlimited number of common shares of beneficial interest, par value $0.01 per share, including unlimited common shares classified as Class T shares, unlimited common shares classified as Class S shares, unlimited common shares classified as Class D shares, unlimited common shares classified as Class I shares, unlimited common shares classified as Class F-S shares, unlimited common shares classified as Class F-D shares, unlimited common shares classified as Class F-I shares, and unlimited common shares classified as Class E shares, and an unlimited number of shares classified as preferred shares of beneficial interest, par value $0.01 per share. The Company intends to offer and sell to a limited number of investors its common shares in the Private Offering.

The share classes have different upfront selling commissions, dealer manager fees and ongoing shareholder servicing fees, as well as different management and performance fees. See Note 10.

The BlackRock Advisor has agreed to purchase from the Company an aggregate amount of not less than $50 million in Class E shares at a price per share equal to the Company’s most recently determined NAV of its Class E shares, or if a NAV has yet to be calculated, then $25.00 (the “Initial BlackRock Investment”). In connection with the Initial BlackRock Investment, the BlackRock Advisor purchased 130,000 Class E shares for $3.25 million at $25.00 per share. Additionally, Monticello Capital Partners, LLC, a Delaware limited liability company and an affiliate of MONTICELLOAM, LLC (the "Monticello Investor" and , together with the BlackRock Advisor, the "Sponsor Investors") also purchased 130,000 Class E shares for $3.25 million at $25.00 per share (the "Initial Monticello Investment" and, together with the Initial BlackRock Investment, the "Initial Sponsor Investments"). Monticello Capital Partners, LLC is owned in equal shares by Alan G. Litt, Jonathan M. Litt and Thomas J. Lally, each of whom is associated with the Company. Alan G. Litt is Executive Vice President, Jonathan M. Litt is the Assistant Treasurer and Thomas J. Lally is a member of the Company’s board of trustees. The Class E shares purchased by the Sponsor Investors are considered redeemable common shares and are presented as such in the Condensed Consolidated Statement of Changes in Redeemable Common Shares and Equity.

The per share purchase price for each class of our common shares sold in the Initial Retail Closing was equal to the NAV per share for the Class E shares issued in respect of the Initial BlackRock Investment (which was $24.99 per share). Thereafter, the per share purchase price for each class of our common shares sold in the Private Offering will vary and generally will be equal to the prior month’s NAV per share for such class as of the last calendar day of such month, plus applicable upfront selling commissions and dealer manager fees.

Anchor Investors

In July 2025, the Company entered into subscription agreements with certain institutional investors (the “Anchor Investors”), pursuant to which the Anchor Investors purchased Class F‑I shares at prices equal to the most recently determined NAV per share as of the date of purchase totaling $55.0 million (collectively, the “Anchor Investment”). Pursuant to the terms of the applicable subscription agreement related to the Anchor Investment, the Company requested that each Anchor Investor submit a repurchase request, and, during the three months ended June 30, 2026, the Company effected repurchases of a total of 1,184,326.6376 Class F-I shares held by Anchor Investors for approximately $30.0 million. The shares were repurchased at prices equal to the most recently determined NAV per Class F‑I share at the time of repurchase, which was $25.3279 per share for the May 2026 repurchases and $25.3338 per share for the June 2026 repurchases. As of June 30, 2026, the Company had approximately $15.0 million of common shares repurchases payable included within Accrued expenses and other liabilities on the Condensed Consolidated Balance Sheets. As of June 30, 2026, the Anchor Investors collectively owned approximately 1,015,603.17882 Class F-I shares issued in respect of the Anchor Investment with an aggregate NAV of approximately $25.7 million.

Distributions

The Company generally intends to distribute substantially all of its taxable income, which does not necessarily equal net income in accordance with GAAP, to its shareholders each year to comply with the REIT provisions of the Code. Each class of common shares received the same gross distribution per share during the period.