Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2026

Cash and Cash Equivalents [Line Items]

The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and consolidate the financial statements of the Company and its controlled subsidiaries. All significant intercompany transactions, balances, revenues, and expenses are eliminated upon consolidation. In the opinion of management, the accompanying unaudited consolidated financial statements reflect all adjustments, consisting of normal recurring accruals, which are necessary for a fair statement of the Company’s financial condition and results of operations for the periods presented.

Principles of Consolidation

The Company consolidates all entities in which it has a controlling financial interest through majority ownership or voting rights. For partially owned entities, such as ownership in an entity through joint venture arrangements (“JV” or “JVs”), the Company must determine whether it has a controlling financial interest. The Company first considers whether the entity is a variable interest entity (“VIE”), and if so, whether it is the primary beneficiary. The Company is the primary beneficiary of a VIE when it has both the power to direct the most significant activities impacting the economic performance of the VIE and the obligation to absorb losses or receive benefits significant to the VIE. If the partially owned entity is not determined to be a VIE, the Company then must consider if it has a controlling financial interest via the voting interest entity model (“VOE”). The Company would have a controlling financial interest if it has the power to control the decisions made in the ordinary course of the entity’s business. If it is determined that the Company is the primary beneficiary of the VIE or has a controlling financial interest via the VOE model, the Company would consolidate the JV entity. See “Note 10. Equity and Redeemable Non-controlling Interest” for a detailed description of the Company’s consolidated JVs and their treatment

Use of Estimates

The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

Investments in Real Estate, Intangible Assets, and Intangible Liabilities

Investments in real estate, recorded within Investments in Real Estate, Net of Accumulated Depreciation on the Company’s Consolidated Balance Sheets, comprise all tangible assets held by the Company for purposes of earning rental revenue from leases and are recognized at cost less accumulated depreciation. Third party costs related to asset acquisitions are capitalized.

In accordance with the guidance for business combinations, the Company determines whether the acquisition of a property qualifies as a business combination, which requires that the assets acquired and liabilities assumed constitute a business. If the property acquired is not a business, the Company accounts for the transaction as an asset acquisition. All property acquisitions to date have been determined to be and accounted for as asset acquisitions.

Whether the acquisition of a property acquired is considered a business combination or asset acquisition, the Company recognizes the identifiable assets acquired, the liabilities assumed and any non-controlling interest in the acquired entity as applicable.

Upon acquisition of a property, the Company assesses the fair value of acquired tangible and intangible assets and liabilities (including building and improvements, land and land improvements, furniture, fixtures and equipment, above-market leases, below-market leases, in place tenant leases, leasing commissions, and legal and marketing) and allocates the purchase price to the acquired assets and assumed liabilities. The cost of the acquisition is then allocated to the assets acquired and liabilities assumed based on their relative fair values.

Acquired land and land improvements have been valued using a sales comparison approach, identifying recent transactions of similar types in the general market area with appropriate adjustments. Building and site improvements as well as furniture, fixtures, and equipment have been valued at the replacement cost less depreciation. Lease origination costs including legal and marketing costs have been valued using a sales comparison approach. Acquired above-market and below-market leases are recorded at their fair values (using a discount rate which reflects the risks associated with the leases acquired) equal to the difference between (1) the contractual amounts to be paid pursuant to each in place lease and (2) management’s estimate of fair market lease rates for each corresponding in place lease, measured over a period equal to the remaining term of the lease for above-market leases and the initial term plus the term of any below-market fixed rate renewal options for below-market leases.

Other intangible assets acquired include amounts for in place lease values that are based on the Company’s evaluation of the specific characteristics of each tenant’s lease. Factors to be considered include estimates of carrying costs during hypothetical expected lease-up periods considering current market conditions, and costs to execute similar leases. In estimating carrying costs, the Company includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods, depending on local market conditions. In estimating costs to execute similar leases, the Company considers leasing commissions, legal and other related expenses.

The Company may also record debt premium or discount on acquired debt if it has been determined that there has been a difference in value between the acquired loan balance and the present value of the contractual debt payments discounted at current rates on the date of acquisition. The unamortized debt premium/discount is recorded as a component of Mortgages Payable, Net on the Company’s Consolidated Balance Sheets and the corresponding amortization is recorded as a component of Interest Expense on the Company’s Consolidated Statements of Operations.

Intangible assets and intangible liabilities are recorded as Intangible Assets, Net and Intangible Liabilities, Net on the Company’s Consolidated Balance Sheets. On the Company’s Consolidated Statements of Operations, the amortization of above or below market leases is recorded as a component of Revenue from Leases, and amortization of all other lease intangibles is recorded as a component of Depreciation and Amortization Expense. Included within the Company’s Intangible Liabilities, Net on the Company's Consolidated Balance Sheets are below-market leases acquired upon acquisition of a property and below-market leases from land rights, representing land subject to long-term ground leases in which the Company owns and holds the land rights. Ground leases generally represent ownership of the land underlying commercial real estate buildings that are net leased by the owner of the land to the owners/operators of the real estate buildings built thereon. Under a ground lease, the tenant is generally responsible for all property operating expenses, such as maintenance, real estate taxes and insurance and is also responsible for development costs and capital expenditures. Ground leases are long-term contracts with base terms typically ranging from 30 to 99 years, often inclusive of tenant renewal options. For the Company, these land rights represent the below market value of the related ground leases. The Company assessed the acquired ground leases to determine if the lease terms were favorable or unfavorable, given market conditions at the acquisition date. As the market rents to be received under the Company’s ground leases were determined to be lower than prevailing market rates, the Company concluded that the ground leases were below market and were therefore required to be recorded as definite lived intangible liabilities on its books.

The Company’s investments in real estate and intangible assets and liabilities are stated at cost and are generally depreciated or amortized on a straight-line basis over the estimated useful lives of the assets and liabilities as follows:


Description		Depreciable Life
Building		30-40 years
Building and site improvements		10 years
Leasehold improvements		Earlier of lease term or 10 years
Furniture, fixtures, and equipment		7 years
Lease intangibles		Remaining lease term
Debt premium/discount		Remaining loan term

Depreciation expense is recorded as a component of Depreciation and Amortization Expense on the Company’s Consolidated Statements of Operations. For the three and six months ended June 30, 2026, depreciation expense was approximately $3.8 million and $7.1 million, respectively. For the three and six months ended June 30, 2025, depreciation expense was approximately $2.7 million and $5.2 million, respectively. Amortization of above-market and below-market leases is recorded on the Company’s Consolidated Statements of Operations as an adjustment to Revenue from Leases. For the three and six months ended June 30, 2026, amortization of above-market and below-market leases was approximately $0.5 million and $0.8 million, respectively. For the three and six months ended June 30, 2025, amortization of above-market and below-market leases was approximately $0.4 million and $0.8 million, respectively. Amortization of all other intangible assets is recorded as a component of Depreciation and Amortization Expense on the Company’s Consolidated Statements of Operations. For the three and six months ended June 30, 2026, amortization of all other intangible assets was approximately $2.1 million and $4.0 million, respectively. For the three and six months ended June 30, 2025, amortization of all other intangible assets was approximately $1.8 million and $3.6 million, respectively.

Significant improvements to properties are capitalized. When investments in real estate are sold or retired, their costs and related accumulated depreciation or amortization are removed from the accounts with the resulting gains or losses reflected in net income or loss for the period. Repairs and maintenance are expensed to operations as incurred and are included in property operating expenses on the Company’s Consolidated Statements of Operations.

The Company’s management reviews its real estate properties for indicators of impairment each quarter or when there is an event or change in circumstances, referred to as a triggering event, that indicates the carrying value of an asset is not recoverable.

Upon identification of a triggering event, management will review if the GAAP depreciated cost basis of a real estate investment exceeds the undiscounted cash flows of such real estate investment. If this analysis results in the cost basis exceeding the undiscounted cash flows, the investment could be impaired, and a discounted cash flow analysis is required to determine the fair value of the investment. If the cost basis exceeds the discounted cash flows, the investment is considered impaired, and an impairment loss must be recognized to reduce the GAAP depreciated cost basis to the fair value of the investment. The evaluation of anticipated future cash flows is highly subjective and is based in part on assumptions regarding future occupancy, rental rates, and capital requirements that could differ materially from actual results.

During the periods presented, the Company did not recognize any impairment charges on the Company’s investments in real estate.

Cash

Cash represents cash held in banks and cash on hand. The Company may have bank balances in excess of federally insured amounts. The Company deposits its cash with high credit-quality institutions to minimize credit risk.

Restricted Cash

As of June 30, 2026 and December 31, 2025, Restricted Cash on the Company’s Consolidated Balance Sheets consisted of cash received for tenant security deposits.

Interest Rate Swaps

The Company uses interest rate swaps to manage its exposure to interest rate risk in relation to the Company’s investments and financing transactions. A swap is a contract between two parties to exchange future cash flows at periodic intervals based on a notional principal amount. A bi-lateral over the counter (“OTC”) swap is a transaction between a company and a dealer counterparty where cash flows are exchanged between the two parties for the life of the swap.

The Company recognizes all derivatives as either assets or liabilities in the Consolidated Balance Sheets. When the Company enters into a derivative contract, it may or may not elect to designate the derivative as a hedging instrument and apply hedge accounting as part of its overall risk management strategy. In other situations, when a derivative does not qualify for hedge accounting or when the derivative and the hedged item are both recorded in current period earnings and thus deemed to be economic hedges, hedge accounting is not applied.

Payments are exchanged at specified intervals, accrued daily commencing with the effective date of the contract and recorded as realized gain or (loss). Some swaps may be terminated prior to the effective date and realize a gain or loss upon termination. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on swaps during the period is presented in the Consolidated Statement of Operations. Cash flows from swap payments are included within operating activities in the Consolidated Statement of Cash Flows.

Changes in fair value of interest rate swaps entered into by the Company are presented in net change in unrealized appreciation (depreciation) on swaps. For further details on the Company’s derivative instruments, see “Note 7. Derivative Instruments” of the Company’s Consolidated Financial Statements.

Fair Value Measurements

The fair value of an investment is the amount that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date (i.e. the exit price). The Company uses a hierarchical framework that prioritizes and ranks the level of market price observability used in measuring investments at fair value. Market price observability is impacted by a number of factors, including the type of investment and the characteristics specific to the investment and the state of the marketplace, including the existence and transparency of transactions between market participants. Investments with readily available actively quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.

Investments measured and reported at fair value are classified and disclosed in one of the following levels within the fair value hierarchy:

Level 1 — quoted prices are available in active markets for identical investments as of the investment date. The Company does not adjust the quoted price for these investments.

Level 2 — quoted prices are available in markets that are not active or model inputs are based on inputs that are either directly or indirectly observable as of the investment date.

Level 3 — pricing inputs are unobservable and include instances where there is minimal, if any, market activity for the investment. These inputs require significant judgment or estimation by management or third parties when determining fair value and generally represent anything that does not meet the criteria of Levels 1 and 2. Due to the inherent uncertainty of these estimates, these values may differ materially from the values that would have been used had a ready market for these investments existed.

Valuation of Financial Instruments Measured at Fair Value

The Company’s investments in money market funds are valued at their closing net asset value (“NAV”) and classified as Level 1. The Company’s investments in real estate securities are recorded at fair value based on the closing price of the common shares as reported by the applicable national securities exchange and are also classified as Level 1. The Company’s investments in real estate debt are reported at fair value. The Company’s investments in real estate debt include commercial mortgage-backed securities (“CMBS”) which are generally classified as Level 2. The Company generally determines the fair value of its CMBS investments by utilizing third party pricing service providers. The Company’s investments in derivative instruments are reported at fair value and include bi-lateral OTC swaps. Swaps are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. Swaps are marked-to-market daily based on valuations from third party pricing services, registered derivatives clearing organizations (clearinghouses) or broker-supplied valuations. These pricing sources may utilize inputs such as interest rate curves, credit spread curves, default possibilities and recovery rates.

In determining the value of a particular investment, the pricing service providers may use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models to determine the reported price. The internal models of the pricing service providers typically consider the attributes applicable to a particular class of security (e.g. credit rating or seniority), current market data, estimated cash flows for each class, and incorporate deal collateral performance (e.g. prepayment speeds and default rates), as available.

The following is a summary of the Company’s information about assets and liabilities measured at fair value on a recurring basis. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities.


	June 30, 2026
	Level 1		Level 2		Level 3		Total
Investments:
Money market funds	$	54,001,302	$	—	$	—	$	54,001,302
Real estate securities		601,862		—		—		601,862
Real estate debt		—		26,259,726		—		26,259,726
Total Investments	$	54,603,164	$	26,259,726	$	—	$	80,862,890
Derivative Instruments:
Liabilities
Swaps		—		174,049		—		174,049
Total Derivative Instruments	$	—	$	174,049	$	—	$	174,049


	December 31, 2025
	Level 1		Level 2		Level 3		Total
Investments:
Money market funds	$	31,308,636	$	—	$	—	$	31,308,636
Real estate securities		518,631		—		—		518,631
Real estate debt		—		19,273,251		—		19,273,251
Total Investments	$	31,827,267	$	19,273,251	$	—	$	51,100,518

Valuation of Financial Instruments Not Carried at Fair Value

The fair values of short-term financial instruments such as cash, restricted cash, accounts receivable, net, other assets, accounts payable and accrued liabilities, and due to affiliates approximate their carrying value on the accompanying Consolidated Balance Sheets due to their short-term nature.

The following table presents the carrying value and estimated fair value of the Company’s financial instruments that are not carried at fair value on the Consolidated Balance Sheets:


	June 30, 2026				December 31, 2025
	Par Value		Estimated Fair Value		Par Value		Estimated Fair Value
Mortgages payable⁽¹⁾	$	248,956,100	$	242,981,552	$	153,106,100	$	150,686,770
Total	$	248,956,100	$	242,981,552	$	153,106,100	$	150,686,770

(1)

As of June 30, 2026, mortgages payable does not include unamortized debt issuance costs of approximately $3.1 million or unamortized debt discount of approximately $3.9 million. As of December 31, 2025, mortgages payable does not include unamortized debt issuance costs of approximately $2.2 million or unamortized debt discount of approximately $4.4 million.

The fair values of the Company’s borrowings are estimated by projecting current debt service payments at the contractual loan terms and discounting them to arrive at a present value using current market interest rates. The Company considers current market rates and conditions by evaluating similar borrowing agreements with comparable loan-to-value ratios and credit profiles. The inputs and resulting measurement used in determining the fair value of the Company’s borrowings are considered Level 3.

Income Taxes

The Company has elected to be taxed as a REIT under the IRC for U.S. federal income tax purposes. The Company generally will not be subject to federal corporate income tax to the extent it distributes 100% 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 properties, and federal income and excise taxes on its undistributed income.

The Company has elected to treat one or more of its consolidated subsidiaries as a TRS. In general, a TRS may perform additional services for the Company’s tenants and may engage in any real estate or non-real estate-related business. A TRS is subject to federal, state, and local corporate income tax, as applicable.

The Company and TRS file a U.S. federal tax return, in addition to state and local tax returns as required. The Company’s and TRS’s federal income tax returns are generally subject to examination by the Internal Revenue Service (“IRS”) for a period of three years after they are filed. State and local tax returns may be subject to examination for an additional period of time depending on the jurisdiction.

Deferred Charges

The Company’s deferred charges relate to financing costs. These costs include legal, brokerage, and other costs incurred by the Company for its financing arrangements. Deferred costs related to mortgage financing are treated as debt issuance costs and are recorded as a component of Mortgages Payable, Net on the Company’s Consolidated Balance Sheets. These costs are amortized on a straight-line basis over the term of the associated debt, which approximates the effective interest method, and recorded within Interest Expense on the Company’s Consolidated Statements of Operations. Unamortized costs would be charged to interest expense upon any early repayment or significant modification of the debt. Deferred costs related to the Company’s revolving line of credit are treated as deferred financing costs and are recorded as a component of Other Assets on the Company’s Consolidated Balance Sheets. These costs are amortized on a straight-line basis over the term of the revolving line of credit, which approximates the effective interest method, and are recorded within Interest Expense on the Company’s Consolidated Statements of Operations.

Redeemable Non-controlling Interest in Consolidated Joint Ventures

The Company evaluates and accounts for non-controlling interest held by third parties in accordance with ASC 480-10. Non-controlling interest represents the portion of equity that the Company does not own in those entities it consolidates and present an unconditional obligation requiring the Company to redeem the interest for cash after a specified or determinable date (or dates) or upon the occurrence of an event that is not solely within the control of the issuer and are determined to be contingently redeemable under this guidance. The interest is included as Redeemable Non-controlling Interest in Consolidated Joint Ventures on the Company’s Consolidated Balance Sheets and classified within the mezzanine section between Total Liabilities and Total Equity. The carrying amount of the Redeemable Non-controlling Interest in Consolidated Joint Ventures will be adjusted at each period end, so that the carrying amount will equal the estimated future redemption value, calculated in accordance with the respective venture agreements, at the redemption date. If the redemption value is lower than the current value of the non-controlling interest on the Company’s Consolidated Balance Sheets, the non-controlling interest will be decreased only to the extent there have been previous accretion adjustments recorded. This is reflected on the Company’s Consolidated Balance Sheets as an adjustment between Accumulated Deficit and Cumulative Distributions and Redeemable Non-controlling Interest in Consolidated Joint Ventures. See “Note 10. Equity and Redeemable Non-controlling Interest” for a detailed description of the Company’s Redeemable Non-controlling Interest in Consolidated Joint Ventures.

Redeemable Common Shares

The Company classifies common shares issued to the Investment Manager as settlement of the management fee as Redeemable Common Shares on the Company’s Consolidated Balance Sheets. The Company determined that this should be classified as redeemable as the Investment Manager has been deemed to have full control over when the shares can be redeemed. The Company issues Redeemable Common Shares at a value equivalent to the cash fee otherwise payable for the period. The carrying amount of the Redeemable Common Shares will be adjusted so that the carrying amount will equal the estimated redemption value at period end. This is reflected on the Company’s Consolidated Balance Sheets as an adjustment between Accumulated Deficit and Cumulative Distributions and Redeemable Common Shares. Redemption value is determined based on the Company’s NAV per share as of the balance sheet date.

Earnings (Loss) Per Share

The Company calculates basic earnings (loss) per share (“EPS”) by dividing net earnings (loss) attributable to common shareholders for the period by the weighted average number of common shares outstanding during the period, including redeemable common shares. As of June 30, 2026 and 2025, the Company has common shares and redeemable common shares. Both shares have the same rights to the Company’s earnings and neither of the shares have any preference rights to dividends to other shares. The Company calculates diluted EPS considering the effect of dilutive instruments, such as unissued common shares payable at the Investment Manager’s election as settlement for management fees, by dividing net income (loss) attributable to common shareholders for the period by the weighted average number of common shares and common share equivalents outstanding (unless their effect is antidilutive) for the period. For the three and six months ended June 30, 2026 and 2025, respectively, the unissued common shares payable at the Investment Manager's election as settlement for management fees were excluded from the calculation of EPS, as the inclusion of such potential common shares in the calculation would be antidilutive due to the net loss position of the Company, for each period presented.

Revenue Recognition and Receivables

The Company derives revenue pursuant to lease agreements. At the inception of a contract, the Company assesses whether a contract is, or contains, a lease in accordance with ASC 842. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. At the lease inception, the Company determines whether each lease is a sales-type, direct financing, or operating lease. Such classification is based on whether:

•

The lessee gains control of the underlying asset and the lessor therefore relinquishes control to the lessee under certain criteria (sales-type or direct-financing); or

•

All other leases that do not meet the criteria as sales-type or direct financing leases (operating).

The Company’s current leases are classified as operating leases in accordance with relevant accounting guidance.

Revenue from Leases on the Company’s Consolidated Statements of Operations includes lease components such as base rent and parking, and other non-lease components such as common area maintenance, arising from tenant leases at the Company’s properties. The Company has elected to record, as a practical expedient, non-lease components together with lease components due to consistent revenue recognition patterns. For leases of one year or less, rental income is recognized as received. For leases in excess of one year, base rent is recognized on a straight-line basis over the term of the lease, including any rent steps or abatement provisions. The Company begins to recognize revenue upon the acquisition of the related property or when a tenant has the ability to take possession of the leased space. Upon the termination or vacancy of a tenant lease, the associated straight-line rent receivable is written off. The Company also includes tenant reimbursement income in Revenue from Leases that consists of fixed or variable amounts due from tenants for costs related to common area maintenance, real estate taxes, and other recoverable costs included in lease agreements. The Company evaluates its operating leases for collectability as described below.

The Company evaluates the collectability of rental revenue on an individual lease basis. Management exercises judgment in assessing collectability and considers the length of time a receivable has been outstanding, tenant creditworthiness, payment history, available information about the financial condition of the tenant, and current economic trends, among other factors. For future rents that are not probable of collection, the Company recognizes any such receipts when received. If the Company subsequently determines that it is probable it will collect substantially all of the lessee's remaining lease payments under the lease term, the Company will record a receivable for the accrued rent balance less previous cash receipts. These amounts are recorded as Receivables, net on the Company’s Consolidated Balance Sheets.

Rent payments made in advance of the period in which they are due are recorded as Deferred Revenue on the Company’s Consolidated Balance Sheets.

Recent Accounting Pronouncements

In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03 “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” (“ASU 2024-03”). ASU 2024-03 requires disclosures in the notes to the financial statements on specified information about certain costs and expenses for each interim and annual reporting period. ASU 2024-03 is effective on a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2026 and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company does not anticipate that the adoption of this standard will result in a material impact to the Company's consolidated financial statements.

Real Estate [Member] | Equity Securities [Member]

Cash and Cash Equivalents [Line Items]

Investments

Investments in Real Estate Securities

The Company reports its Investments in Real Estate Securities, at Fair Value on its Consolidated Balance Sheets and any changes in fair value are recorded in the current period earnings as a component of either Realized or Unrealized Gain or Loss on Real Estate Securities on the Company’s Consolidated Statements of Operations. When investments in real estate securities are sold, their costs are removed from the accounts with the resulting gains or losses reflected in net income or loss for the period. Dividend income is recorded when declared and the resulting dividend income is recorded as a component of Dividend and Interest Income on the Company’s Consolidated Statements of Operations.

Real Estate [Member] | Debt Securities [Member]

Cash and Cash Equivalents [Line Items]

Investments

Investments in Real Estate Debt

The Company reports its Investments in Real Estate Debt, at Fair Value on its Consolidated Balance Sheets and any changes in fair value are recorded in the current period earnings as a component of either Realized or Unrealized Gain or Loss on Real Estate Debt on the Company’s Consolidated Statements of Operations. When investments in real estate debt are sold, their costs are removed from the accounts with the resulting gains or losses reflected in net income or loss for the period. Interest income is recorded when earned as a component of Dividend and Interest Income on the Company’s Consolidated Statements of Operations.

Money Market Funds [Member]

Cash and Cash Equivalents [Line Items]

Investments

Investments in Money Market Funds

The Company temporarily sweeps its uninvested cash into short term investment funds. The investment is shown in Investments in Money Market Funds, at Fair Value on the Company’s Consolidated Balance Sheets. Interest earned on short term investment funds is recorded in the current period earnings as a component of Dividend and Interest Income on the Company’s Consolidated Statements of Operations.