The Company has evaluated subsequent events through August 12, 2026, the date the consolidated financial statements were issued, and determined that there have not been any events that have occurred that would require adjustments to disclosures in the consolidated financial statements except for the following transactions:

On July 30, 2026, the Company announced that the Board authorized distributions to stockholders of record as of July 31, 2026, payable on or about August 18, 2026 for each class of its common stock in the amount per share set forth below:


	Common Stock
	Class P		Class A		Class T		Class S		Class D		Class I
Aggregate gross distributions declared per share	$	0.1042	$	0.1042	$	0.1042	$	—	$	0.1042	$	0.1042
Stockholder servicing fee per share	N/A		N/A			0.0097		—		0.0029	N/A
Net distributions declared per share	$	0.1042	$	0.1042	$	0.0945	$	—	0.1013		$	0.1042

On July 2, 2026, the Company entered into a purchase and sale agreement for the sale of the Parkview property for a purchase price of $16,800. The Company expects to classify the property as held for sale upon the earnest money deposit becoming nonrefundable. The Company expects to complete the sale of the property in the fourth quarter of 2026.

On July 9, 2026, the Company granted a term extension to July 9, 2028 for a senior loan secured by a multifamily property located in Garland, TX. The modification provided for a change in the interest rate to a fixed rate of 4.0% per annum. The loan had an amortized cost basis of $18,688, which is net of $1,414 of CECL reserve on the loan, representing 6.1% of the Company’s commercial mortgage loans as of June 30, 2026.

On August 4, 2026, the Company acquired, through a non-judicial foreclosure transaction, a multifamily property located in Duncanville, TX. The property previously collateralized a senior loan with an outstanding balance of $51,223 and no unfunded commitment as of June 30, 2026. The transaction was accounted for as an asset acquisition under applicable GAAP guidance.