
	Incurred
	Three Months Ended June 30,				Six Months Ended June 30,				Unpaid as of
Type and Recipient	2026		2025		2026		2025		June 30, 2026			December 31, 2025
Selling Commissions- Dealer Manager (1)	$	521	$	624	$	955	$	1,067	$	—		$	2
Dealer Manager Fee- Dealer Manager (1)	19		21		35		54		—			1
Distribution & Stockholder Servicing Fees- Dealer Manager (1)	732		1,231		2,246		1,976		48,173			49,633
Organization and Offering Costs- the Advisor	2,033		1,349		3,595		3,735		914			1,216

Asset Management Fees- the Advisor (2)	13,425		9,058		24,466		17,829		4,399			4,264
Other- the Advisor (3)	1,733		—		4,228		—		2,244			2,369
Performance Participation Allocation- the Advisor (4)	5,673		12,700		11,774		12,700		11,774			24,795

Property Management Fees- Hines and its affiliates	2,722		1,864		5,288		3,928		960			685
Development and Construction Management Fees- Hines and its affiliates (5)	90		633		190		1,367		439			330
Leasing Fees- Hines and its affiliates (6)	1,047		756		1,191		1,866		1,045			1,458

Expense Reimbursement- Hines and its affiliates (with respect to management and operations of the Company's properties) (7)	5,708		7,308		11,137		11,682		(5,975)		(8)	(3,250)		(8)
Total	$	33,703	$	35,544	$	65,105	$	56,204	$	63,973		$	81,503

(2)Under the Advisory Agreement (prior to the March 2025 amendment to the Advisory Agreement described below), the asset management fee payable to the Advisor was calculated as 0.0625% per month of a) the most recently determined value of the Company’s real estate investments at the end of each month and b) the aggregate proceeds received by the Company or its affiliate for selling interests in properties in the DST Program at the end of each month. Further, the monthly asset management fee was not permitted to exceed an amount equal to 1/12th of 1.25% of (a) the Company’s NAV at the end of each applicable month and (b) the aggregate proceeds received by the Company or its subsidiary for selling interests in properties in the DST Program. On March 24, 2025, the Company, the Operating Partnership and the Advisor amended the Advisory Agreement to clarify how asset management fees are calculated. As amended, the asset management fees will be calculated as 0.0625% per month of the most recently determined value of the Company’s real estate investments at the end of each month. As was the case prior to the amendment of the Advisory Agreement, the monthly asset management fee cannot exceed an amount equal to 1/12th of 1.25% of (a) the Company’s NAV at the end of each applicable month and (b) the aggregate proceeds received by the Company or its subsidiary for selling interests in properties in the DST Program. Additionally, the asset management fee can be paid, at the Advisor’s election, in cash, Class I shares or Class I OP units of the Operating Partnership.

(4)Through its ownership of the special limited partner interest in the Operating Partnership, the Advisor is entitled to an annual performance participation allocation of 12.5% of the Operating Partnership’s total return. Total return is defined as distributions paid or accrued plus the change in net asset value of the Company’s shares of common stock for the applicable period. This performance participation allocation is subject to the Company earning a 5% total return annually (as defined above), after considering the effect of any losses carried forward from the prior period (as defined in the Operating Partnership’s agreement of limited partnership (the “Operating Partnership Agreement”). The performance participation allocation accrues monthly and is payable after the completion of each calendar year.

(7)Includes amounts with respect to the management and operation of the Company’s properties, such as allocated rent paid to affiliates of our Advisor, equipment, utilities, insurance, travel and entertainment. These amounts are generally reimbursed to Hines and its affiliates during the month following the period in which they are incurred. Reimbursement of third party costs are not included in the incurred amounts.