Commitment and Contingencies	6 Months Ended
Jun. 30, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Guarantees The Company is a guarantor under a senior secured mortgage loan facility for certain underlying real estate properties owned by the Company, co-investment arrangements, or entities affiliated with or managed by the Manager (collectively, the "Borrowers"). The guarantees remain in effect through the loan's initial maturity date of July 9, 2027, including any borrower-elected extension periods. The guarantees include (i) a customary springing recourse guarantee and (ii) a guarantee of certain interest and carry costs. As of June 30, 2026, the Company's maximum potential future payments under the springing recourse guarantee were approximately $94.5 million, which could increase to approximately $99.7 million if the loan facility is fully drawn. As of June 30, 2026, the Company's maximum potential future payments under the interest and carry guarantee were approximately $6.7 million, which could increase to approximately $7.0 million if the loan facility is fully drawn. The interest and carry guarantee terminates upon the earliest of (i) repayment of the indebtedness, (ii) a valid tender, or (iii) the underlying real estate properties achieving a debt yield of at least 8% for two consecutive fiscal quarters. As of June 30, 2026, none of these conditions had been met. As of June 30, 2026, management concluded that the likelihood of payment under the guarantees was remote and no liability had been recorded related to these guarantees. Reimbursable Organizational, Offering and Merger Costs The Company has a contingent liability related to potential future reimbursements to the Manager for organizational, offering and merger costs that were paid by the Manager on the Company’s behalf. As of June 30, 2026 and December 31, 2025, approximately $2.9 million of organizational, offering and merger costs have been incurred by the Manager and may be subject to reimbursement by the Company in future periods, based on achieving specific performance hurdles as described in Note 2, Summary of Significant Accounting Policies – Organizational, Offering and Merger Costs in the Company’s audited financial statements filed in the Prospectus. Legal Proceedings As of the date of the condensed consolidated financial statements we are not currently named as a defendant in any active or pending material litigation. However, it is possible that the Company could become involved in various litigation matters arising in the ordinary course of our business. Although we are unable to predict with certainty the eventual outcome of any litigation, management is not aware of any pending or threatened litigation that it currently expects to have a material adverse effect on the Company.

The Company is a guarantor under a senior secured mortgage loan facility for certain underlying real estate properties owned by the Company, co-investment arrangements, or entities affiliated with or managed by the Manager (collectively, the "Borrowers"). The guarantees remain in effect through the loan's initial maturity date of July 9, 2027, including any borrower-elected extension periods.

The guarantees include (i) a customary springing recourse guarantee and (ii) a guarantee of certain interest and carry costs. As of June 30, 2026, the Company's maximum potential future payments under the springing recourse guarantee were approximately $94.5 million, which could increase to approximately $99.7 million if the loan facility is fully drawn. As of June 30, 2026, the Company's maximum potential future payments under the interest and carry

guarantee were approximately $6.7 million, which could increase to approximately $7.0 million if the loan facility is fully drawn.

The interest and carry guarantee terminates upon the earliest of (i) repayment of the indebtedness, (ii) a valid tender, or (iii) the underlying real estate properties achieving a debt yield of at least 8% for two consecutive fiscal quarters. As of June 30, 2026, none of these conditions had been met.

As of June 30, 2026, management concluded that the likelihood of payment under the guarantees was remote and no liability had been recorded related to these guarantees.

The Company has a contingent liability related to potential future reimbursements to the Manager for organizational, offering and merger costs that were paid by the Manager on the Company’s behalf. As of June 30, 2026 and December 31, 2025, approximately $2.9 million of organizational, offering and merger costs have been incurred by the Manager and may be subject to reimbursement by the Company in future periods, based on achieving specific performance hurdles as described in Note 2, Summary of Significant Accounting Policies – Organizational, Offering and Merger Costs in the Company’s audited financial statements filed in the Prospectus.

As of the date of the condensed consolidated financial statements we are not currently named as a defendant in any active or pending material litigation. However, it is possible that the Company could become involved in various litigation matters arising in the ordinary course of our business. Although we are unable to predict with certainty the eventual outcome of any litigation, management is not aware of any pending or threatened litigation that it currently expects to have a material adverse effect on the Company.