Summary of Significant Accounting Policies	5 Months Ended
Jun. 30, 2026
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited consolidated financial statement has been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. The consolidated financial statement, including the notes thereto, is unaudited and excludes some of the disclosures required in the audited financial statements. Management believes it has made all necessary adjustments, consisting of only normal recurring items, so that the consolidated financial statement is stated fairly and that estimates made in preparing the Company’s consolidated financial statement are reasonable and prudent. Separate statements of operations, changes in equity, and cash flows have not been presented because the Company had not commenced operations as of June 30, 2026. Use of Estimates The preparation of the consolidated financial statement in conformity with GAAP requires the Company to make estimates and assumptions that may affect the amounts reported in the consolidated financial statement and accompanying notes. Actual results could differ from those estimates. Consolidation In accordance with ASC Section 810, Consolidation, the Company has examined all of its financial relationships with legal entities in order to determine whether consolidation is required. The accompanying consolidated financial statement includes the accounts of the Company and the Operating Partnership. All intercompany balances and transactions have been eliminated upon consolidation. Non-controlling interests in the Company’s consolidated subsidiaries are reported as a component of equity and the net profit or loss from applicable entities is adjusted to include amounts attributable to non-controlling interests. Cash and Cash Equivalents Cash and cash equivalents represent cash held in banks, cash on hand, and liquid investments with original maturities of three months or less. The Company may have bank balances in excess of federally insured amounts; however, the Company deposits its cash and cash equivalents with high credit-quality institutions to minimize credit risk exposure. The Company held cash of $1,000 as of June 30, 2026. Income Taxes The Company intends to elect to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code, as amended, commencing with its taxable year ending December 31, 2026, and intends to operate in a manner that will allow it to continue to qualify as a REIT. In qualifying for taxation as a REIT, the Company generally will not be subject to federal corporate income tax to the extent it distributes at least 90% of its taxable income to its shareholders. Even if the Company qualifies for taxation as a REIT, it may be subject to federal income and excise taxes on its undistributed taxable income and certain state and local taxes on its income and property. Organization and Offering Expenses As of June 30, 2026, the Adviser and its affiliates incurred organization and offering expenses on the Company’s behalf of approximately $595,601 and $1,117,920, respectively. Organization and offering expenses are not recorded in the accompanying balance sheet because such costs are not the Company’s liability until the commencement of the Offering. The Company will reimburse the Adviser for all such advanced expenses ratably over a 60-month period one year following the Expense Reimbursement Date (defined below). After the Expense Reimbursement Date, the Company will reimburse the Adviser for any organization and offering expenses associated with the Offering that the Adviser incurs as and when incurred. When recorded by the Company, organizational expenses will be expensed as incurred, and offering costs will be charged to equity as such amounts will be reimbursed to the Adviser or its affiliates from the gross proceeds of the Offering. Any amount due to the Adviser but not paid will be recognized as a liability on the balance sheet.

The accompanying unaudited consolidated financial statement has been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions to Form

10-Q

and Rule

10-01

of Regulation

S-X.

The consolidated financial statement, including the notes thereto, is unaudited and excludes some of the disclosures required in the audited financial statements. Management believes it has made all necessary adjustments, consisting of only normal recurring items, so that the consolidated financial statement is stated fairly and that estimates made in preparing the Company’s consolidated financial statement are reasonable and prudent. Separate statements of operations, changes in equity, and cash flows have not been presented because the Company had not commenced operations as of June 30, 2026.

The preparation of the consolidated financial statement in conformity with GAAP requires the Company to make estimates and assumptions that may affect the amounts reported in the consolidated financial statement and accompanying notes. Actual results could differ from those estimates.

In accordance with ASC Section 810, Consolidation, the Company has examined all of its financial relationships with legal entities in order to determine whether consolidation is required. The accompanying consolidated financial statement includes the accounts of the Company and the Operating Partnership. All intercompany balances and transactions have been eliminated upon consolidation.

Non-controlling

interests in the Company’s consolidated subsidiaries are reported as a component of equity and the net profit or loss from applicable entities is adjusted to include amounts attributable to

non-controlling

interests.

Cash and cash equivalents represent cash held in banks, cash on hand, and liquid investments with original maturities of three months or less. The Company may have bank balances in excess of federally insured amounts; however, the Company deposits its cash and cash equivalents with high credit-quality institutions to minimize credit risk exposure. The Company held cash of $1,000

as of June 30, 2026.

The Company intends to elect to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code, as amended, commencing with its taxable year ending December 31, 2026, and intends to operate in a manner that will allow it to continue to qualify as a REIT. In qualifying for taxation as a REIT, the Company generally will not be subject to federal corporate income tax to the extent it distributes at least 90% of its taxable income to its shareholders. Even if the Company qualifies for taxation as a REIT, it may be subject to federal income and excise taxes on its undistributed taxable income and certain state and local taxes on its income and property.

As of June 30, 2026, the Adviser and its affiliates incurred organization and offering expenses on the Company’s behalf of approximately $595,601 and $1,117,920, respectively. Organization and offering expenses are not recorded in the accompanying balance sheet because such costs are not the Company’s liability until the commencement of the Offering. The Company will reimburse the Adviser for all such advanced expenses ratably over a

60-month

period one year following the Expense Reimbursement Date (defined below). After the Expense Reimbursement Date, the Company will reimburse the Adviser for any organization and offering expenses associated with the Offering that the Adviser incurs as and when incurred. When recorded by the Company, organizational expenses will be expensed as incurred, and offering costs will be charged to equity as such amounts will be reimbursed to the Adviser or its affiliates from the gross proceeds of the Offering. Any amount due to the Adviser but not paid will be recognized as a liability on the balance sheet.