RELATED PARTY TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2025

The following table details the selling commissions, dealer manager fees and distribution fees applicable for each share class.


	Class T-R			Class S-R		Class D-R		Class I-R
Selling commissions (as % of transaction price)	up to 3.00%		*	up to 3.50%		—	%	—	%
Dealer manager fees (as % of transaction price)	up to 1.50%		*	—	%	—	%	—	%
Distribution fees (as % of NAV per annum)	0.85	%		0.85	%	0.25	%	—	%

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*The sum of upfront selling commissions and upfront dealer manager fees on Class T-R shares may not exceed 3.50% of the offering price.

The following table details the selling commissions, dealer manager fees and distribution fees applicable for each share class.


	Class S-PR			Class D-PR		Class I-PR
Selling commissions (as % of transaction price)	up to 3.00%		*	up to 1.50%		—	%
Dealer manager fees (as % of transaction price)	up to 1.50%		*	—	%	—	%
Distribution fees (as % of NAV per annum)	0.85	%		0.25	%	—	%

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*The sum of upfront selling commissions and upfront dealer manager fees on Class S-PR shares may not exceed 3.50% of the offering price.

Schedule Of Fixed Components of the Advisory Fee

The following table details the fixed component of the advisory fee:


	Fixed Component
% of applicable monthly NAV per Fund Interest (as defined below) x the weighted-average number of Fund Interests for such month (per annum)	1.10	%
% of consideration received by us or our affiliates for selling interests in DST Properties (as defined in “Note 7”) to third-party investors, net of up-front fees and expense reimbursements payable out of gross sale proceeds from the sale of such interests	1.10	%

Schedule Fees and Expenses to the Advisor and Its Affiliates

The table below summarizes the fees and expenses incurred by us for services provided by the Advisor and its affiliates, and by the Dealer Manager related to the services described above, and any related amounts payable:


	For the Year Ended December 31,						Payable as of December 31,
(in thousands)	2025		2024		2023		2025		2024
Selling commissions and dealer manager fees (1)	$	428	$	282	$	1,189	$	—	$	—
Ongoing distribution fees (1)(2)	10,721		9,631		8,896		1,169		906
Advisory fees—fixed component	51,296		40,786		38,645		4,984		3,646
Performance participation allocation (3)	16,544		—		—		16,544		—
Other fees and expense reimbursements—Advisor (4)(5)	14,182		13,831		13,788		8,980		6,074
Other expense reimbursements—Dealer Manager	250		281		335		48		125
Property management fee (6)	3,079		2,070		1,884		355		187
DST Program selling commissions, dealer manager and distribution fees (1)	15,438		12,468		9,693		1,071		501
Other DST Program related costs—Advisor (5)	16,837		11,992		8,114		317		179
Total	$	128,775	$	91,341	$	82,544	$	33,468	$	11,618

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(1)All or a portion of these amounts will be retained by, or reallowed (paid) to, participating broker-dealers and servicing broker-dealers.

(2)The distribution fees are payable monthly in arrears. Additionally, we accrue for future estimated amounts payable related to ongoing distribution fees. The future estimated amounts payable were approximately $73.0 million and $69.9 million as of December 31, 2025 and 2024, respectively.

(3)The 2025 performance participation allocation in the amount of $16.5 million become payable on December 31, 2025. At the election of the Advisor, $9.3 million was settled in cash in January 2026, and the remaining balance of $7.2 million was settled through the issuance of 0.9 million OP Units in February 2026. The performance hurdle was not met for the years ended December 31, 2024 and 2023, and therefore no performance participation allocation expense was recognized during those years.

(4)Other expense reimbursements include certain expenses incurred for organization and offering, acquisition and general administrative services provided to us under the Advisory Agreement, including, but not limited to, certain expenses described below after footnote 6, allocated rent paid to both third parties and affiliates of our Advisor, equipment, utilities, insurance, travel and entertainment.

(5)Includes costs reimbursed to the Advisor related to the DST Program.

(6)The cost of the property management fee, including the property accounting and construction management fees, is generally borne by the tenant or tenants at each real property, either via a direct reimbursement to us or, in the case of tenants subject to a gross lease, as part of the lease cost. In certain circumstances, we may pay a portion of the property management fee, including the property accounting and construction management fees, without reimbursement from the tenant or tenants at a real property. For certain properties, an affiliate of the Advisor provides property management, construction management and property accounting services, and receives the full property management fee, including the property accounting and construction management fees.