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Core University Living Real Estate Income Trust
MD
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1400 N. Kingsbury St
Chicago
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<div style="margin-top:0pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-indent: 0px;">1. Organization and Business Purpose </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;">Core University Living Real Estate Income Trust (the “Company”) was formed as a Maryland statutory trust on January 23, 2026 and intends to qualify as a real estate investment trust (“REIT”) for U.S. federal income tax purposes. The Company was organized primarily to acquire, own, and manage a portfolio of core and core-plus student housing properties. The Company is the sole general partner of Core University Living REIT OP, LP, a Delaware limited partnership (the “Operating Partnership”). Substantially all of the Company’s business is conducted through the Operating Partnership. The Operating Partnership provides a performance participation interest to Core University Living REIT SLP, LLC (the “Special Limited Partner”), an affiliate of Core Spaces, LLC (the “Sponsor”). The Company is externally managed by CSF Asset Management Vehicle, LLC (the “Adviser”), an affiliate of the Sponsor. On February 19, 2026, the Company was capitalized</div> with a $1,000 investment by a wholly-owned subsidiary of the Sponsor. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-indent: 0px;">As of June 30, 2026, the Company had neither purchased nor contracted to purchase any investments. </div><div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-indent: 0px;">Capitalization </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-indent: 0px;">As of June 30, 2026, the Company was authorized to issue an <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="-sec-ix-hidden:hidden171379000;display:inline;">unlimited</div></div></div> number of shares classified as common shares of beneficial interest, par value $0.01 per share (“common shares”), and an <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="-sec-ix-hidden:hidden171379006;display:inline;">unlimited</div></div> number of shares classified as preferred shares of beneficial interest, par value $0.01 per share. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-indent: 0px;">The Company is conducting a continuous private offering (the “Offering”), pursuant to which it will offer and sell its common shares to a limited number of investors, including common shares classified as Class A common shares (“Class A shares”), Class D common shares (“Class D shares”), Class E common shares (“Class E shares”), <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Class F-D</div> common shares <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">(“Class F-D</div> shares”), <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Class F-I</div> common shares <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">(“Class F-I</div> shares”), <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Class F-S</div> common shares <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">(“Class F-S</div> shares”), Class I common shares (“Class I shares”) and Class S common shares (“Class S shares”). The share classes have different upfront selling commissions, management fees, asset-based servicing fees and shareholder servicing fees. The initial purchase price per share of the Company’s shares in the Offering is $10.00 per share plus applicable upfront selling commissions. Thereafter, the purchase price per share for each class of the Company’s common shares will vary and will generally equal the Company’s prior month’s net asset value (“NAV”) per share, as calculated monthly, plus applicable upfront selling commissions. The Company commenced the Offering on July 17, 2026. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company received a $1,000 investment from a wholly-owned subsidiary of the Sponsor. In accordance with Accounting Standards Codification (“ASC”) 480, this transaction was classified as mezzanine equity on the consolidated financial statement. As of June 30, 2026, cost approximates fair value. </div>
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<div style="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-indent: 0px;">2. Summary of Significant Accounting Policies </div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-indent: 0px;">Basis of Presentation </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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 <div style="white-space:nowrap;display:inline;">10-Q</div> and Rule <div style="white-space:nowrap;display:inline;">10-01</div> of Regulation <div style="white-space:nowrap;display:inline;">S-X.</div> 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. </div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;text-indent: 0px;"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center;text-indent: 0px;"> </div><div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;text-indent: 0px;"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-indent: 0px;">Use of Estimates </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-indent: 0px;">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. </div> <div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-indent: 0px;">Consolidation </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-indent: 0px;">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. <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Non-controlling</div> 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 <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-controlling</div> interests. </div> <div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-indent: 0px;">Cash and Cash Equivalents </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-indent: 0px;">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<div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"> </div></div><div style="letter-spacing: 0px; top: 0px;display:inline;">as of June 30, 2026.</div></div> <div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 18pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Income Taxes </div></div></div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">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. </div></div><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><br/></div></div></div> <div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-indent: 0px;">Organization and Offering Expenses </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-indent: 0px;">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 <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">60-month</div> 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.</div>
<div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-indent: 0px;">Basis of Presentation </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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 <div style="white-space:nowrap;display:inline;">10-Q</div> and Rule <div style="white-space:nowrap;display:inline;">10-01</div> of Regulation <div style="white-space:nowrap;display:inline;">S-X.</div> 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. </div>
<div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-indent: 0px;">Use of Estimates </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-indent: 0px;">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. </div>
<div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-indent: 0px;">Consolidation </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-indent: 0px;">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. <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Non-controlling</div> 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 <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-controlling</div> interests. </div>
<div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-indent: 0px;">Cash and Cash Equivalents </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-indent: 0px;">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<div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"> </div></div><div style="letter-spacing: 0px; top: 0px;display:inline;">as of June 30, 2026.</div></div>
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<div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 18pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Income Taxes </div></div></div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">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. </div></div><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><br/></div></div></div>
<div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-indent: 0px;">Organization and Offering Expenses </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-indent: 0px;">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 <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">60-month</div> 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.</div>
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<div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 18pt; margin-bottom: 0pt; margin-left: 2%;text-indent: 0px;"><div style="display:inline;"><div style="font-family: "Times New Roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">3. Significant Agreements and Related Parties</div></div></div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-indent: 0px;">The Company and the Operating Partnership have entered into an advisory agreement with the Adviser (the “Advisory Agreement”). Pursuant to the Advisory Agreement, the Adviser is responsible for sourcing, evaluating and monitoring the Company’s investment opportunities and making decisions related to the origination, acquisition, management, financing and disposition of the Company’s investments, in accordance with the Company’s investment objectives, guidelines, policies and limitations, subject to oversight by the Company’s board of trustees. </div><div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;text-indent: 0px;"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center;text-indent: 0px;"> </div><div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;text-indent: 0px;"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-indent: 0px;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Management Fee </div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-indent: 0px;">Prior to the effectiveness of the Company’s Registration Statement on Form 10 to register its common shares of beneficial interest pursuant to Section 12(g) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which occurred on July 17, 2026 (the “Section 12(g) Registration”), the Company did not pay the Adviser a management fee on any class of its common shares or units of the Operating Partnership (“OP Units”). As compensation for its services provided, the Adviser is paid a management fee equal to (a)<div style="letter-spacing: 0px; top: 0px;display:inline;"> </div>0.625% of NAV with respect to Class A shares, (b)<div style="letter-spacing: 0px; top: 0px;display:inline;"> </div>0.85% of NAV with respect to <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Class F-S</div> shares, <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Class F-D</div> shares and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Class F-I</div> shares per annum and (c) 1.25% of NAV with respect to Class S shares, Class D shares and Class I shares per annum. The management fee on Class E shares is 0.0%. Additionally, to the extent that the Operating Partnership issues OP Units to parties other than the Company, the Operating Partnership will pay the Adviser a management fee equal to (i) 0.625% of the NAV of the Operating Partnership attributable to such Class A OP Units not held by the Company per annum, (ii) 0.85 % of the NAV of the Operating Partnership attributable to such <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Class F-S,</div> <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Class F-D</div> and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Class F-I</div> OP Units not held by the Company per annum and (iii) 1.25% of the NAV of the Operating Partnership attributable to such Class S, Class D and Class I OP Units not held by the Company per annum. The management fee on Class E OP Units is 0.0%. The management fee is payable monthly in arrears, before giving effect to any accruals for the management fee, applicable asset-based servicing fees, shareholder servicing fees, the Performance Participation (defined below), or any distributions. As a result of the differences in fees described above, the management fee, the shareholder servicing fee and the asset-based servicing fee (when paid by the Company) are class-specific expenses. The management fee may be paid, at the Adviser’s election, in cash or Class E shares or Class E OP Units. In calculating the management fee, the Company will use its NAV before giving effect to accruals for the management fee, performance fee, distribution fees or distributions payable on its shares. </div> <div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-indent: 0px;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Performance Participation Interest </div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-indent: 0px;">The Special Limited Partner holds a performance participation interest in the Operating Partnership that<div style="letter-spacing: 0px; top: 0px;display:inline;"> entitles</div> it to receive an allocation from the Operating Partnership equal to 12.5% of the Total Return, subject to a 5% Hurdle Amount and a High Water Mark with a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Catch-Up</div> (each term as defined in the Operating Partnership’s limited partnership agreement) (the “Performance Participation”). Such allocation will be measured on a calendar year basis, made annually and accrued monthly. The Performance Participation is not paid on Class E and Class A OP Units following the Section 12(g) Registration, and as a result, it is a class-specific expense. The Performance Participation is payable at the Special Limited Partner’s election, in cash, Class E shares or Class E OP Units. </div> <div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-indent: 0px;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Expense Reimbursement </div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Under the Advisory Agreement, and subject to certain limitations, the Adviser is entitled to reimbursement of all costs and expenses incurred by it or its affiliates on the Company’s behalf, provided that the Adviser is responsible for the expenses related to any and all personnel of the Adviser who provide investment advisory services to the Company pursuant to the Advisory Agreement. </div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Adviser has agreed to advance all of the Company’s organization and offering expenses (excluding selling commissions and servicing fees) and operating expenses (excluding expenses incurred at the property level, management fees and the Performance Participation) through the earlier of (i) the date that the Company’s aggregate NAV is at least $1.0 billion and (ii) July 22, 2027, the first anniversary of the Company’s first property acquisition from a third party (such date, the “Expense Reimbursement Date”). Thereafter, the Company will reimburse the Adviser for any organization and offering and operating expenses as and when incurred. The Company will reimburse the Adviser for all such advanced expenses ratably over the 60 months one year following the Expense Reimbursement Date. There is no cap on organization and offering, or operating expenses. </div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-indent: 0px;">The Company may retain certain of the Adviser’s affiliates for necessary services relating to the Company’s investments or its operations, including expenses of managing and operating the Company’s properties and expenses related to personnel of the Adviser performing services for the Company other than those who provide investment advisory services or serve as the Company’s <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-independent</div> trustees and officers. As of June 30, 2026, the Company has not retained an affiliate of the Adviser for any such services. </div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;text-indent: 0px;"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center;text-indent: 0px;"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Economic Dependency </div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company will be dependent on the Adviser and its affiliates for certain services that are essential to it, including origination, acquisition and disposition decisions, and certain other responsibilities. In the event that the Adviser and its affiliates are unable to provide such services, the Company would be required to find alternative service providers. </div>
0.00625
0.0085
0.0125
0
0.00625
0.0085
0.0125
0
0.125
0.05
the earlier of (i) the date that the Company’s aggregate NAV is at least $1.0 billion and (ii) July 22, 2027,
60
<div style="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman;font-weight:bold">4. Commitments and Contingencies </div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As of June 30, 2026, the Company is not subject to any material litigation nor is the Company aware of any material litig<div style="letter-spacing: 0px; top: 0px;display:inline;">ation th</div>reatened against it. </div>
<div style="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman;font-weight:bold">5. Subsequent Events </div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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. </div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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. </div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On July 22, 2026, the Company acquired a portfolio of four student housing properties consisting of Core Gainesville 13th & 3rd LLC (“Hub Gainesville 3<div style="font-size:75%; vertical-align:top;display:inline;font-size:8.3px">rd</div> 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 $180.4 million. The Company expects to account for the acquisition as an asset acquisition in accordance with ASC 805, Business Combinations. The Company allocated the purchase price and acquisition costs, to the individual assets acquired and liabilities assumed on a relative fair value basis. The allocation of the purchase price is shown below. </div> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"> </div>
<table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:68%;border-spacing:0;margin:0 auto">
<tr>
<td style="width:83%"></td>
<td style="vertical-align:bottom;width:4%"></td>
<td></td>
<td></td>
<td></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Building and building improvements</div></td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">276,752,273</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Land and land improvements</div></td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">17,848,821</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Furniture, fixtures and equipment</div></td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">4,801,970</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Tenant improvements</div></td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">285,304</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td></tr>
<tr style="font-size:1px">
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> <div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td>
<td style="vertical-align:bottom"> <div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td>
<td> </td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Investments in real estate</div></td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">299,688,368</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Intangible lease assets</div></td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">4,991,946</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Intangible lease liabilities</div></td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">(459,134</td>
<td style="white-space:nowrap;vertical-align:bottom">) </td></tr>
<tr style="font-size:1px">
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> <div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td>
<td style="vertical-align:bottom"> <div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td>
<td> </td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman;font-weight:bold">Purchase price including acquisition costs</div></td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom"><div style="font-weight:bold;display:inline;">$</div></td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">304,221,180</div></td>
<td style="white-space:nowrap;vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td></tr>
<tr style="font-size:1px">
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> <div style=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </div></td>
<td style="vertical-align:bottom"> <div style=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </div></td>
<td> </td></tr> </table><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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. </div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On July 24, 2026, the Company granted 5,625 restricted Class E shares to its independent trustees, at a price of $10.00 per share. Restricted shares vest one year from the date of grant. </div>
9457500
3690759
94575000
36907590
303500000
three-year
180400000
<table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:68%;border-spacing:0;margin:0 auto">
<tr>
<td style="width:83%"></td>
<td style="vertical-align:bottom;width:4%"></td>
<td></td>
<td></td>
<td></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Building and building improvements</div></td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">276,752,273</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Land and land improvements</div></td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">17,848,821</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Furniture, fixtures and equipment</div></td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">4,801,970</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Tenant improvements</div></td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">285,304</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td></tr>
<tr style="font-size:1px">
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> <div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td>
<td style="vertical-align:bottom"> <div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td>
<td> </td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Investments in real estate</div></td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom">$</td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">299,688,368</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Intangible lease assets</div></td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">4,991,946</td>
<td style="white-space:nowrap;vertical-align:bottom"> </td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff">
<td style="vertical-align:top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Intangible lease liabilities</div></td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right">(459,134</td>
<td style="white-space:nowrap;vertical-align:bottom">) </td></tr>
<tr style="font-size:1px">
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> <div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td>
<td style="vertical-align:bottom"> <div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td>
<td> </td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top"> <div style="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman;font-weight:bold">Purchase price including acquisition costs</div></td>
<td style="vertical-align:bottom"> </td>
<td style="white-space:nowrap;vertical-align:bottom"><div style="font-weight:bold;display:inline;">$</div></td>
<td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">304,221,180</div></td>
<td style="white-space:nowrap;vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td></tr>
<tr style="font-size:1px">
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> <div style=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </div></td>
<td style="vertical-align:bottom"> <div style=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </div></td>
<td> </td></tr> </table>
276752273
17848821
4801970
285304
299688368
4991946
459134
304221180
earlier of (i) the date the Company’s NAV is at least $1.0 billion and (ii) July 22, 2027.
5625
10
P1Y
false
false
false
false