5. Subsequent Events

Other than the events discussed below, no other events were identified that require consideration as adjustments to, or disclosures in, the consolidated financial statement through August 31, 2026.

On July 21, 2026, the Company sold 9,457,500 Class A shares and 3,690,759 Class E shares for aggregate consideration of $94,575,000 and $36,907,590, respectively, in the Offering.

On July 22, 2026, the Company acquired a portfolio of four student housing properties consisting of Core Gainesville 13th & 3rd LLC (“Hub Gainesville 3 Ave”), Core Gainesville University LLC (“Hub Gainesville University”), Core Lexington 685 Limestone LLC (“Hub Lexington Limestone”), and Core Morgantown LLC (“State Morgantown”) for $303.5 million, excluding acquisition costs (collectively “Initial Portfolio Acquisition”). The seller was a joint venture between a third party and an entity owned by several principals of the Sponsor. In conjunction with the Initial Portfolio Acquisition, the Company entered into agreements with certain of the Adviser’s affiliates for necessary services related to the Company’s investments and its operations. In conjunction with the acquisition, the Company entered into a three-year non recourse mortgage loan for $180.4 million. The Company expects to account for the acquisition as an asset acquisition in accordance with ASC 805, Business Combinations. The Company allocated the purchase price and acquisition costs, to the individual assets acquired and liabilities assumed on a relative fair value basis. The allocation of the purchase price is shown below.

 

Upon the completion of the Initial Portfolio Acquisition, the Expense Reimbursement Date is the earlier of (i) the date the Company’s NAV is at least $1.0 billion and (ii) July 22, 2027.

On July 24, 2026, the Company granted 5,625 restricted Class E shares to its independent trustees, at a price of $10.00 per share. Restricted shares vest one year from the date of grant.