As of June 30, 2026 and December 31, 2025 we had invested in twenty-six and eleven real estate properties, respectively. The following table presents the Company’s investments in real estate properties, net (amounts in thousands):


	As of June 30, 2026		As of December 31, 2025 (1)
Land and land improvements	$	142,610	$	30,143
Building and building improvements	289,358		108,196
Site improvements	14,799		7,215
Furniture, fixtures, and equipment	5,006		3,113
Intangible lease assets	19,476		6,948
Work in progress (2)	12,821		1,075
Total gross investment in real estate properties	$	484,070	$	156,690
Less: Accumulated depreciation and amortization	(16,733)		(12,474)
Total investment in real estate properties, net (3)	$	467,337	$	144,216

(1) Certain prior period amounts have been reclassified to conform to the current period presentation in order to better align the classification of land, building and building improvements, site improvements, and furniture, fixtures and equipment with the Company’s capitalization policy. These reclassifications had no impact on total investments in real estate properties, total assets, net income, or members’ equity for the periods presented.

(2) Work in progress includes all capitalized costs (land, building, site improvements, and other direct costs) for three properties under development and minor improvement costs for other properties currently in service as of June 30, 2026. Two of the three properties under development were acquired in connection with the Merger; see Note 3, Merger Transaction - Asset Acquisition, for additional information. As of December 31, 2025, the Company held one property under development.

(3) Investments in real estate properties as of June 30, 2026 include equity method investments acquired in the Merger which are consolidated in the Company's condensed consolidated financial statements.

As of June 30, 2026 and December 31, 2025 we had invested in twenty-six and eleven real estate properties, respectively, which consist of the following (dollar amounts in thousands):


	As of June 30, 2026			As of December 31, 2025
Investments in Real Estate Properties	Number of Properties	Carrying Value		Number of Properties	Carrying Value
Real estate properties (1)	26	$	467,337	11	$	144,216
Total	26	$	467,337	11	$	144,216

(1) Includes approximately $113.7 million of real estate properties held through FR-ICG EVO Parent, LLC, a consolidated majority-owned subsidiary, a consolidated VIE in which the Company holds a controlling financial interest. See Note 14, Variable Interest Entities, for further information.

As of both June 30, 2026 and December 31, 2025, the carrying amount of our investment in real estate properties included cumulative capitalized acquisition costs of approximately $2.3 million, respectively, which included cumulative acquisition fees paid to the Sponsor of approximately $1.3 million, respectively.

During the three and six months ended June 30, 2026, the Company acquired fourteen investments in real estate properties in connection with the Merger. See Note 3, Merger Transaction – Asset Acquisition for further information. There were no acquisitions of investments in real estate properties during the three or six months ended June 30, 2025. There were no dispositions of investments in real estate properties during the three and six months ended June 30, 2026 and June 30, 2025.

Depreciation and amortization expense on our investments in real estate properties and related intangible lease assets was approximately $3.0 million and $600,000 for the three months ended June 30, 2026 and June 30, 2025, respectively, and approximately $3.9 million and $1.2 million for the six months ended June 30, 2026 and June 30, 2025, respectively, and is recorded to "Depreciation and amortization" in the condensed consolidated statement of operations.