7.INVESTMENT IN DATACOM JV

StratCap Wireless Datacom Ventures, LLC (the “Datacom JV”) is a Delaware limited liability company formed on December 8, 2022 with its primary purpose is to invest in and manage certain fiber and wireless real estate assets. The Datacom JV was entered into by SWIF II Ventures I, LLC (the “SWIF Managing Member”), a wholly owned subsidiary of the Company, and DataCom, LP. (“DataCom Limited Partner,” collectively, “Datacom Members”). The Company accounts for its 51% ownership interest in the Datacom JV as an equity method investment as the Datacom JV is under the shared control of the two joint venture partners. The Company does not consolidate the Datacom JV as it does not have the power to direct the activities that most significantly impact Datacom JV’s economic performance. The Company considered acquisition, disposition, major operating and capital raising and allocation decisions as activities that primarily impact the economic results of the Datacom JV.

As of June 30, 2026, the Datacom Members do not have any outstanding or unfunded capital commitments. Except for allocated fees and certain fee contributions as summarized below, SWIF Managing Member may request additional capital based on their respective membership interests to fund new investments as well as to fund working capital. For the six months ended June 30, 2026, DataCom Limited Partner contributed capital amounting to $2,049,081 to fund the asset management fees, management fees, acquisition fees, leasing commissions and loan coordination fees as summarized below.

Distributions of available cash are distributed to the Datacom Members based on their respective membership interests until certain internal rate of return (“IRR”) thresholds are met. As the rate of return thresholds are achieved, the allocation of distributions is modified as further described in the Agreement.

SWIF Managing Member is managed by the Advisor and its affiliates. The Datacom JV pays the below fees to the Advisor and its affiliates (except as noted below), which are allocated between the Datacom Members described below.

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Datacom JV Investments in Properties

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The table below provides the cell tower assets owned by Datacom JV as of June 30, 2026:

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Acquisition of Datacom JV Properties

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There were no cell tower acquisitions during the six months ended June 30, 2026. Summarized below are Datacom JV’s acquired portfolios of cell towers during the six months ended June 30, 2025:

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Datacom JV Debt

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On September 10, 2024, the Datacom JV entered into a credit agreement (the “Datacom Revolving Facility”) pursuant to which the Datacom JV may request advances on a revolving facility up to an initial aggregate principal of $30,000,000. On October 29, 2024, the Datacom JV amended the Datacom Revolving Facility to increase the aggregate principal commitment to $45,000,000. The Datacom Revolving Facility bears interest at a spread over Term SOFR ranging between 1.25% and 1.75% based on the loan to value at the date of borrowing and matures on September 10, 2029. The Datacom Revolving Facility is subject to interest only payment through

September 20, 2027. Beginning October 1, 2027 and every first day of each quarter, the outstanding principal balance begins amortizing based on a 30-year straight line amortization, with the remaining unamortized principal balance being due at maturity.

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During the year ended December 31, 2025, Datacom JV borrowed $11,802,627 on the Datacom Revolving Facility to finance the acquisition costs associated with the Parker Road property, acquire the remaining assets of TowerCom portfolio, and fund the earnout related to the TowerCom portfolio. There were no borrowings during the six months ended June 30, 2026. As of June 30, 2026 and December 31, 2025, the carrying value of the Datacom Revolving Facility was $44,386,937 and $44,317,320, respectively, net of deferred financing costs. The unused capacity on Datacom Revolving Facility was $160,547 as of June 30, 2026.

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Datacom JV Lease Arrangements

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As a Lessor

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The Datacom JV is the lessor to tenants under the operating leases. As of June 30, 2026, the weighted-average remaining current term of the tenant contracts was approximately 6.1 years. The future minimum rent to be received over the next five years and thereafter for noncancellable operating leases are as follows:

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For the six months ended June 30, 2026, the Datacom JV owned cell towers located in Texas, Wisconsin, New York, Missouri and Florida that account for approximately 13.4%, 12.8%, 10.7%, 10.2% and 8.1%, respectively, of Datacom JV total cell tower rental revenue. For the six months ended June 30, 2025, the Datacom JV owned cell towers located in Texas, Wisconsin, New York, Missouri and Florida that account for approximately 11.0%, 13.2%, 12.4%, 11.6% and 8.6%, respectively, of total cell tower rental revenue.

For the six months ended June 30, 2026, cell tower leases with tenants under common control of Verizon Communications Inc., AT&T Inc., T-Mobile USA, Inc. and US Cellular accounted for approximately 31.9%, 17.7%, 16.9% and 7.7%, respectively, of total Datacom JV cell tower revenue. For the six months ended June 30, 2025, cell tower leases with tenants under common control of Verizon Communications Inc., AT&T Inc., T-Mobile USA, Inc. and US Cellular accounted for approximately 31.2%, 18.8%, 11.8%. and 8.8%, respectively, of Datacom JV total cell tower revenue.

As a Lessee

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The Datacom JV is a lessee for certain properties, including ground leases. The weighted-average remaining lease term was 4.3 years as of June 30, 2026. The Datacom JV’s weighted-average discount rate for operating leases was 7.8% as of June 30, 2026.

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The following table is a summary of the Datacom JV’s maturities of operating lease liabilities for each of the next five years ending December 31 and thereafter:

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Datacom JV Summarized Balance Sheet and Statements of Operations

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The following table summarizes the balance sheets of the Datacom JV as of June 30, 2026 and December 31, 2025:

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The following table summarizes the statements of operations of the Datacom JV for the three and six months ended June 30, 2026 and 2025:

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