Subsequent to March 31, 2022, the Company received and completed 11 eligible repurchase requests for a total of 15,968 shares in the amount of $419,446

On April 14, 2022, the Company, through a joint venture (the “Conroe JV”) with an affiliate of CAF Management, LLC (“CAF”), acquired a multifamily property (the “Conroe Property”) located at 1804 Longmire Road, Conroe, Texas at a contract purchase price of $43.4 million, exclusive of closing costs. The fee simple interest in the Conroe Property is held by a single purpose limited liability company (the “Conroe Property SPE”), which is a wholly-owned subsidiary of Conroe JV. The Conroe Property was acquired from Hilltop Conroe, LP in an off-market transaction. Seller is a third party and not affiliated with the Company or CAF.

The Conroe Property was acquired with the proceeds of contributions from the Conroe JV members. The Company funded its portion of the purchase price with cash from the Offerings and a draw on the Citizens Facility. In connection with the acquisition of the Conroe Property, the Company pledged the Conroe Property to the Citizens Facility and drew an additional $36.5 million from the Citizens Facility.

On April 22, 2022, through a joint venture with CFI, the Company acquired a 10% interest in a Delaware Statutory Trust (the “ON3 DST”) that purchased a 332,818 square foot Class-A office tower located in Nutley, NJ (the “ON3 Property”) for a purchase price $131,667,000, exclusive of closing costs. The ON3 Property is leased to Eisai, Inc. until 2038 with 2% annual rent escalations and guaranteed by Eisai Corporation of North America (“ECA”). The ON3 DST acquired the ON3 Property with the proceeds from equity contributions from the Company and CFI and a mortgage loan (the “ON3 Loan”) originated by JP Morgan Asset Management (the “ON3 Lender”).

The ON3 Loan is for the principal amount of $66,731,250 and provides for monthly interest payments at an initial fixed rate equal to 4.073%, beginning June 2022. All outstanding principal and interest of the ON3 Loan is payable on or before May 1, 2032.

On May 2, 2022, CFI purchased 36,751 Class IX Shares in the amount of $966,541 to cover the distribution shortfall for the quarter ended December 31, 2021, pursuant to the Amended Distribution Support Agreement.

As of May 11, 2022, the Company had sold an aggregate of 12,726,754 shares of its common stock (consisting of 3,626,688, Class AX Shares, 1,097,734 Class TX Shares, 1,212,145 Class IX Shares, 874,659 Class T Shares, 5,858 Class S Shares, 396,574 Class D Shares, and 5,513,096 Class I Shares) in the Offerings resulting in net proceeds of $314,582,769 to the Company as payment for such shares.

As authorized by the board of directors of the Company, on May 2, 2022 the Company declared the following distributions for each class of the Company’s common stock as rounded to the nearest three decimal places ($1.55 on an annual basis):

	April Gross Distribution		Supplemental March Distribution
Class T Shares		0.1274		0.004
Class S Shares		0.1274		0.004
Class D Shares		0.1274		0.004
Class I Shares		0.1274		0.004
Class AX Shares		0.1274		0.004
Class TX Shares		0.1274		0.004
Class IX Shares		0.1274		0.004

The net distributions for each class of common stock (which represents the gross distributions described above less the distribution fee for the applicable class of common stock as described in the Company’s applicable prospectus) are payable to stockholders of record immediately following the close of business on April 30, 2022 with respect to the gross April distribution and March 31, 2022 with respect to the supplemental March distribution. Each was paid on or about May 9, 2022. The supplemental March distribution was made as a result of a computational error and will result in aggregate gross distributions to holders of each class of common stock during the month of March 2022 of $0.1316, or $1.55 per share on an annual basis. These distributions will be paid in cash or reinvested in shares of the Company’s common stock for stockholders participating in the Company’s distribution reinvestment plan. Some or all of the cash distributions may be paid from sources other than cash flow from operations.