Note 11 – Variable Interest Entities

As of June 30, 2026 and December 31, 2025, certain VIEs have been identified. In regard to the Company’s investment in the Keller Property, the Valencia Property, the Kacey Property, the Net Lease DST, the Industry Property, the Longmire Property, the ON3 Property, the West End Property, the Palms Property, and the Archer Property. The Company has determined itself to be the primary beneficiary because the Company has a significant variable interest in and control over the Keller Property, the Valencia Property, the Kacey Property, the Net Lease DST, the Industry Property, the Longmire Property, the ON3 Property, the West End Property, the Palms Property, and the Archer Property. Therefore, the Company has consolidated the Keller Property, the Valencia Property, the Kacey Property, the Net Lease DST, the Industry Property, the Longmire Property, the ON3 Property, the West End Property, the Palms Property, and the Archer Property. In regard to the Company’s investment in the Station DST and the Westchester DST, the Company has determined itself not to be the primary beneficiary, because the Company does not have a significant variable interest in and control over the Station DST and the Westchester DST. Therefore, the Company has not consolidated the Station DST and the Westchester DST. The Company’s maximum exposure to loss from its interest in an unconsolidated VIE as of June 30, 2026 is $41,112,414 related to its investment in a real estate-related asset, the Station DST and the Westchester DST. See Note 6 - Investments in Real Estate-Related Assets for additional information.