Subsequent Events	12 Months Ended
Dec. 31, 2025
Subsequent Events
Subsequent Events	Note 12 – Subsequent Events The Company has evaluated subsequent events through the filing of this Annual Report on Form 10-K and determined that there have been no events that have occurred that would require adjustments to our disclosures in the consolidated financial statements except for the following: Second Amended and Restated Advisory Agreement On January 19, 2026, following approval by the stockholders of the Company, the Company, the Operating Partnership and the Advisor entered into the Second Amended and Restated Advisory Agreement (the “Second Amended and Restated Advisory Agreement”) in order to, among other things, (i) remove the deadline pursuant to which the asset management fee payable to the Advisor would cease to accrue, and (ii) remove the deadlines pursuant to which interest on the deferred acquisition and deferred disposition fees payable to the Advisor would cease to accrue. The Second Amended and Restated Advisory Agreement removes the deadline by which the asset management fee payable to the Advisor would cease to accrue, which was August 13, 2026, the fifth anniversary of the date the Company’s public offering was terminated. Additionally, the Second Amended and Restated Advisory Agreement removes the deadlines pursuant to which interest on the deferred acquisition and deferred disposition fees payable to the Advisor would cease to accrue, which was August 13, 2026. Restricted Stock Awards On January 20, 2026, the Company granted an additional 250 shares of Class K common stock to each of the three independent directors. The fair value of each share of the Company’s Class K common stock issued on January 20, 2026 was estimated to be $9.66 per K Share. As of March 23, 2026, the Company had issued an aggregate of 6,750 shares of Class K common stock to its independent directors in connection with their appointment or re-election to our Board. Restricted share awards vest over a specified period of time or upon attainment of pre-established performance objectives. Distributions On February 3, 2026, the Company’s board of directors authorized the payment of distributions, with respect to each K Share and K-I Share outstanding as of December 31, 2025, to the holders of record of K Shares, and K-I Shares as of the close of business on February 10, 2026. With respect to the K Shares, and K-I Shares outstanding as of December 31, 2025, the cumulative amount of distributions that had accrued on a daily basis with respect to each K Share, and K-I Share since September 30, 2025, was $681,398, or $0.001917808 per K Share per day, $252,796, or $0.001917808 per K-I Share per day, respectively. Such distributions were paid to stockholders in cash or in additional shares pursuant to the DRIP on February 11, 2026. On February 3, 2026, the Company’s board of directors authorized the payment of distributions, with respect to Class K OP Units outstanding as of December 31, 2025, in the amount of $0.001917808 per Class K OP Unit to the Affiliate Sellers, in a total amount of $22,606. Such distributions were paid to OP Unit holders in cash on February 11, 2026. DRIP Offering Issuances On February 11, 2026, pursuant to the DRIP Offering, the Company sold approximately 11,984 K Shares at a weighted average price of $9.66 per share for gross proceeds of $115,761, and approximately 8,805 K-I Shares at a weighted average price of $9.66 per share gross proceeds of $85,052, for total gross proceeds of $200,813, in the DRIP Offering. Repurchases for 2025 Fourth Quarter On March 9, 2026, the Company repurchased approximately $194,074 of K Shares and $11,746 of K-I Shares. The Board determined that the DRIP funding limitation in the share repurchase program was reached with respect to share repurchase requests for the quarter ended December 31, 2025, as there were insufficient net proceeds from the DRIP to fund all share repurchase requests. Requests to repurchase the shares of deceased stockholders’ were paid in full and approximately 3.6% of the remaining unfulfilled repurchase requests were partially paid based on a proration.

Subsequent Events

12 Months Ended

Dec. 31, 2025

Note 12 – Subsequent Events

The Company has evaluated subsequent events through the filing of this Annual Report on Form 10-K and determined that there have been no events that have occurred that would require adjustments to our disclosures in the consolidated financial statements except for the following:

Second Amended and Restated Advisory Agreement

On January 19, 2026, following approval by the stockholders of the Company, the Company, the Operating Partnership and the Advisor entered into the Second Amended and Restated Advisory Agreement (the “Second Amended and Restated Advisory Agreement”) in order to, among other things, (i) remove the deadline pursuant to which the asset management fee payable to the Advisor would cease to accrue, and (ii) remove the deadlines pursuant to which interest on the deferred acquisition and deferred disposition fees payable to the Advisor would cease to accrue.

The Second Amended and Restated Advisory Agreement removes the deadline by which the asset management fee payable to the Advisor would cease to accrue, which was August 13, 2026, the fifth anniversary of the date the Company’s public offering was terminated. Additionally, the Second Amended and Restated Advisory Agreement removes the deadlines pursuant to which interest on the deferred acquisition and deferred disposition fees payable to the Advisor would cease to accrue, which was August 13, 2026.

Restricted Stock Awards

On January 20, 2026, the Company granted an additional 250 shares of Class K common stock to each of the three independent directors. The fair value of each share of the Company’s Class K common stock issued on January 20, 2026 was estimated to be $9.66 per K Share. As of March 23, 2026, the Company had issued an aggregate of 6,750 shares of Class K common stock to its independent directors in connection with their appointment or re-election to our Board. Restricted share awards vest over a specified period of time or upon attainment of pre-established performance objectives.

Distributions

On February 3, 2026, the Company’s board of directors authorized the payment of distributions, with respect to each K Share and K-I Share outstanding as of December 31, 2025, to the holders of record of K Shares, and K-I Shares as of the close of business on February 10, 2026. With respect to the K Shares, and K-I Shares outstanding as of December 31, 2025, the cumulative amount of distributions that had accrued on a daily basis with respect to each K Share, and K-I Share since September 30, 2025, was $681,398, or $0.001917808 per K Share per day, $252,796, or $0.001917808 per K-I Share per day, respectively. Such distributions were paid to stockholders in cash or in additional shares pursuant to the DRIP on February 11, 2026.

On February 3, 2026, the Company’s board of directors authorized the payment of distributions, with respect to Class K OP Units outstanding as of December 31, 2025, in the amount of $0.001917808 per Class K OP Unit to the Affiliate Sellers, in a total amount of $22,606. Such distributions were paid to OP Unit holders in cash on February 11, 2026.

DRIP Offering Issuances

On February 11, 2026, pursuant to the DRIP Offering, the Company sold approximately 11,984 K Shares at a weighted average price of $9.66 per share for gross proceeds of $115,761, and approximately 8,805 K-I Shares at a weighted average price of $9.66 per share gross proceeds of $85,052, for total gross proceeds of $200,813, in the DRIP Offering.

Repurchases for 2025 Fourth Quarter

On March 9, 2026, the Company repurchased approximately $194,074 of K Shares and $11,746 of K-I Shares. The Board determined that the DRIP funding limitation in the share repurchase program was reached with respect to share repurchase requests for the quarter ended December 31, 2025, as there were insufficient net proceeds from the DRIP to fund all share repurchase requests. Requests to repurchase the shares of deceased stockholders’ were paid in full and approximately 3.6% of the remaining unfulfilled repurchase requests were partially paid based on a proration.