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 July 31, 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 July 31, 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 August 10, 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 June 30, 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
July 1, 2026	Class I		4,468	$	50	$	11.19
July 1, 2026	Class A-II (1)		181,553	$	2,001	$	11.02
August 3, 2026	Class I		53,524	$	600	$	11.21
August 3, 2026	Class A-II (1)		316,667	$	3,496	$	11.04

Below is a table summarizing shares issued pursuant to the distribution reinvestment plan that occurred subsequent to June 30, 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
July 10, 2026	Class I		1,385	$	15	$	11.19
July 10, 2026	Class E (2)		272	$	3	$	12.05
July 10, 2026	Class A-I (1)		9,933	$	110	$	11.09
July 10, 2026	Class A-II (1)		12,482	$	138	$	11.02
July 10, 2026	Class T		8	$	0	$	11.17
August 10, 2026	Class I		1,377	$	15	$	11.21
August 10, 2026	Class E (2)		272	$	3	$	12.09
August 10, 2026	Class A-I (1)		9,961	$	111	$	11.11
August 10, 2026	Class A-II (1)		13,196	$	146	$	11.04
August 10, 2026	Class T		8	$	0	$	11.18

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.

Follow-on Offering

On July 29, 2026, the Company filed a Registration Statement on Form S-11 for a follow-on public offering of up to $4.5 billion in shares of common stock, consisting of up to $3.5 billion in shares of common stock in the primary offering and up to $1.0 billion in shares of common stock pursuant to the distribution reinvestment plan. The Registration Statement for the Company’s follow-on public offering has not yet been declared effective under the Securities Act.

Share Repurchases

On July 31, 2026, the Company repurchased 11,677 shares of common stock, totaling approximately $0.1 million, pursuant to the Company's share repurchase plan. The Company satisfied all repurchase requests submitted in good order for the July 31, 2026 repurchase date.

Third Renewal of Advisory Agreement

On July 31, 2026, the Company, the Operating Partnership and the Adviser entered into the Second Amended and Restated Advisory Agreement (the “Advisory Agreement”). The terms of the Advisory Agreement are substantially the same as the terms of the advisory agreement that was previously in effect (as such agreement had been amended and extended) except that the term of the Advisory Agreement was extended for an additional year through July 31, 2027. Pursuant to the terms of the Advisory Agreement, the Advisory Agreement may be renewed for an unlimited number of successive one-year periods upon the mutual consent of the Company, the Operating Partnership and the Adviser.