Basis of Presentation (Policies)

9 Months Ended

Sep. 30, 2023

Entity Information [Line Items]

Basis of Presentation

Basis of Presentation

The accompanying condensed consolidated financial statements have been prepared in accordance with GAAP for interim financial information as established by the Financial Accounting Standards Board (“FASB”) in the Accounting Standards Codification (“ASC”) including modifications issued under Accounting Standards Updates (“ASUs”). The Condensed Consolidated Financial Statements include the accounts of the Company, the Company’s subsidiaries, and investments in which the Company has a controlling interest. All intercompany balances and transactions have been eliminated in consolidation. The accompanying unaudited condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2022, contained in our Registration Statement on Form 10 filed with the Securities and Exchange Commission (“SEC”) on April 5, 2023, as amended.

Oak Street Real Estate Capital Fund IV and V Acquired Predecessor Portfolio

Entity Information [Line Items]

Basis of Presentation

The accompanying combined statements of revenues and certain operating expenses (the “Statements”) have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The Statements have

been prepared for the purpose of providing Predecessor financial results under the preparation provisions of Rule 3-14 of Regulation S-X promulgated by the Securities and Exchange Commission (SEC) and is not intended to be a complete presentation of the actual operation of these combined entities for the periods presented.

The Statements are not intended to be a complete presentation of the revenues and expenses for the Predecessor. The Statements exclude certain expenses such as interest, depreciation and amortization, non-recurring professional fees, corporate expenses, management fees, and other revenues and expenses not directly related or comparable to, or expected to be incurred in, the future operations of the Predecessor.

Given there is a change of control upon acquisition of the Predecessor properties by ORENT, there is a step up in value of the properties acquired, and therefore, results of the Predecessor are not comparable to results of ORENT due to the difference in basis. The Statements are presented on a combined basis because the properties of Fund IV and Fund V are both under common management. All intercompany transactions and balances, if any, have been eliminated in combination.