Note 6 – Investments in Real Estate-Related Assets

Station DST Interests

On November 25, 2020, the Company acquired, through the Operating Partnership, beneficial interests (the “Station Interests”) in the Station DST, for a purchase price of $7.6 million. The Station Interests were acquired in a private placement offering managed by an affiliate of CFI. The Station Interests held represent 15% of the Station DST.

On October 29, 2020, the Station DST acquired the fee simple interest in a 444-unit apartment community located in Irving, Texas (the “Station DST Property”), for a total purchase price of $106 million. The purchase price was comprised of $47.1 million in equity and $58.9 million in proceeds from a mortgage loan. At June 30, 2026, the Station DST Property is 91.22% occupied.

The value of the Station Interests was based upon the Station DST Property appraisal, the fair market value of the mortgage loan encumbering the Station DST Property as of November 30, 2020, the other tangible assets and liabilities of the Station DST such as cash and reserves, each reflecting the Company’s ownership interest in the Station DST (15%). As of June 30, 2026, the carrying value of the Company's equity method investment in Station DST was $5.1 million.

Based on the Company’s consolidation analysis, the Company determined itself not to be the primary beneficiary of the Station DST and has therefore accounted for as investment in the Station DST under the equity method of accounting in accordance with ASC 323. The Company’s consolidation analysis was performed in accordance with ASC 810 as described in the “Variable Interest Entities” section of Note 2 — Summary of Significant Accounting Policies.

Westchester DST Interests

On June 1, 2026, the Company acquired, through the Operating Partnership, beneficial interests (the “Westchester Interests”) in the Westchester DST, for a purchase price of $36 million. The Westchester Interests were acquired in connection with tender offers of limited partnership units in the Operating Partnership ("OP Units"). The Westchester Interests held represent 53.79% of the Westchester DST.

The value of the Westchester Interests was based upon the Westchester DST Property appraisal, the fair market value of the mortgage loan encumbering the Westchester DST Property, the other tangible assets and liabilities of the Westchester DST each reflecting the Company’s ownership interest in the Westchester DST. As of June 30, 2026, the carrying value of the Company's equity method investment in Westchester DST was $36 million.

Based on the Company’s consolidation analysis, the Company determined itself not to be the primary beneficiary of the Westchester DST and has therefore accounted for as investment in the Westchester DST under the equity method of accounting in accordance with ASC 323. The Company’s consolidation analysis was performed in accordance with ASC 810 as described in the “Variable Interest Entities” section of Note 2 — Summary of Significant Accounting Policies.