# EDGAR Filing Document

**Accession Number:** 0001939433
**File Stem:** 0001193125-23-036323
**Filing Date:** 2023-2
**Character Count:** 52376
**Document Hash:** 9615f6fd0955894b9e911d3083539d92
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-036323.hdr.sgml**: 20230214

**ACCESSION NUMBER**: 0001193125-23-036323

**CONFORMED SUBMISSION TYPE**: S-11/A

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20230214

**DATE AS OF CHANGE**: 20230213

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Cohen & Steers Income Opportunities REIT, Inc.
- **CENTRAL INDEX KEY:** 0001939433
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-11/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-269416
- **FILM NUMBER:** 23621079

**BUSINESS ADDRESS:**
- **STREET 1:** 280 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 212-832-3232

**MAIL ADDRESS:**
- **STREET 1:** 280 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

**As filed with the Securities and Exchange Commission on February 13, 2023** 

**Registration No. 333-269416** 

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**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

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**Pre-Effective Amendment No. 1** 

**to** 

**Form S-11** 

**FOR REGISTRATION** 

***UNDER***

***THE SECURITIES ACT OF 1933***

***OF SECURITIES OF CERTAIN***

***REAL ESTATE COMPANIES***

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## Cohen & Steers Income Opportunities REIT, Inc.
**(Exact Name of Registrant as Specified in Governing Instruments)** 

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**280 Park Avenue** 

**New York, NY 10017** 

**(212) 832-3232** 

**(Address, Including Zip Code, and Telephone Number, Including Area Code, of Registrant's Principal Executive Offices)** 

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**Cohen & Steers Capital Management, Inc.** 

**Francis C. Poli** 

**280 Park Avenue** 

**New York, NY 10017** 

**(212) 832-3232** 

**(Name, Address, Including Zip Code, and Telephone Number, Including Area Code, of Agent for Service)** 

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***With copies to:***

**Rajib Chanda** 

**Ryan Bekkerus** 

**Benjamin Wells** 

**Simpson Thacher & Bartlett LLP** 

**425 Lexington Avenue New York, New York 10017**

**(212) 455-2000**

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**Approximate date of commencement of proposed sale to the public:** As soon as practicable after this registration statement becomes effective.

If any of the securities being registered on this form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, as amended (the "Securities Act") check the following box. ☒

If this form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If delivery of the prospectus is expected to be made pursuant to Rule 434, check the following box. ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

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| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer | ☒ | Smaller reporting company | ☐ |
|  |  | Emerging growth company | ☒ |

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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☒

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**The Registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment that specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act or until the registration statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.** 

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**EXPLANATORY NOTE** 

Cohen & Steers Income Opportunities REIT, Inc. is filing this Amendment No. 1 (this "Amendment") to its Registration Statement on Form S-11 (Registration Statement No. 333-269416) (the "Registration Statement") solely for the purpose of filing the exhibits as indicated in Part II of this Amendment. Accordingly, this Amendment consists only of the facing page, this explanatory note, Part II of the Registration Statement, the signature page to the Registration Statement, the exhibit index and the filed exhibits. The preliminary prospectus is unchanged and has been omitted.

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**PART II** 

**Information Not Required in the Prospectus** 

**Item 31. Other Expenses of Issuance and Distribution.** 

The following table itemizes the expenses to be incurred by Cohen & Steers Income Opportunities REIT, Inc. (the "Company," "we," "our" or the "registrant") in connection with the issuance and registration of the securities being registered hereunder. All amounts shown are estimates except the Securities and Exchange Commission (the "SEC") registration fee and the FINRA filing fee.

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| | |
|:---|:---|
|  SEC registration fee  | $330600.0 |
|  FINRA filing fee  | 225500.0 |
|  Legal  | 5634000.0 |
|  Printing and mailing  | 1000000.0 |
|  Accounting and tax  | 1475000.0 |
|  Blue sky  | 738000.0 |
|  Advertising and sales literature  | 2025000.0 |
|  Due diligence  | 793000.0 |
|  Transfer agent fees and expenses  | 2123000.0 |
|  Promotional items  | 150000.0 |
|  Technology expenses  | 205000.0 |
|  Issuer costs related to training and educational meetings and national conferences  | 1694000.0 |
|  Wholesale reimbursements for training and education meetings and retail conferences  | 1727000.0 |
|  Custodian and platform service fees  | 175000.0 |
|  Total  | $18295100.0 |

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**Item 32. Sales to Special Parties.** 

We were capitalized though the purchase by Cohen & Steers Capital Management, Inc. of 20,000 shares of Class I common stock for the aggregate consideration of $200,000 on October 3, 2022.

**Item 33. Recent Sales of Unregistered Securities.** 

The offer and sale of shares to Cohen & Steers Capital Management, Inc. is claimed to be exempt from the registration provisions of the Securities Act of 1933, as amended, by virtue of Section 4(a)(2) thereof.

**Item 34. Indemnification of Directors, Officers and Others.** 

Our organizational documents generally limit the personal liability of our directors and officers for monetary damages and require us to indemnify and advance expenses to our directors, officers and the Advisor and any affiliates of us or the Advisor acting as our agent to the extent permitted by Maryland law and the NASAA REIT Guidelines. Maryland law permits a corporation to include in its charter a provision limiting the liability of directors and officers to the corporation and its stockholders for money damages, except for liability resulting from actual receipt of an improper benefit or profit in money, property or services or active and deliberate dishonesty established by a final judgment and which is material to the cause of action. The Maryland General Corporation Law (the "MGCL") requires a corporation (unless its charter provides otherwise, which our charter does not) to indemnify a director or officer who has been successful, on the merits or otherwise, in the

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defense of any proceeding to which he or she is made or threatened to be made a party by reason of his or her service in that capacity. The MGCL allows directors and officers to be indemnified against judgments, penalties, fines, settlements and reasonable expenses actually incurred in connection with a proceeding unless the following can be established:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an act or omission of the director or officer was material to the cause of action adjudicated in the proceeding,
and was committed in bad faith or was the result of active and deliberate dishonesty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the director or officer actually received an improper personal benefit in money, property or services; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• with respect to any criminal proceeding, the director or officer had reasonable cause to believe his or her act
or omission was unlawful.

A court may order indemnification if it determines that the director or officer is fairly and reasonably entitled to indemnification, even though the director or officer did not meet the prescribed standard of conduct or was adjudged liable on the basis that personal benefit was improperly received. However, indemnification for an adverse judgment in a suit by the corporation or in its right, or for a judgment of liability on the basis that personal benefit was improperly received, is limited to expenses. The MGCL permits a corporation to advance reasonable expenses to a director or officer upon receipt of a written affirmation by the director or officer of his or her good faith belief that he or she has met the standard of conduct necessary for indemnification and a written undertaking by him or her or on his or her behalf to repay the amount paid or reimbursed if it is ultimately determined that the standard of conduct was not met.

In addition to the above limitations of the MGCL, our charter provides that our directors, the Advisor and affiliates of us and the Advisor shall be held harmless for losses or liability suffered by us only if all of the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the indemnitee determined, in good faith, that the course of conduct which caused the loss or liability was in
our best interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the indemnitee was acting on our behalf or performing services for us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in the case of affiliated directors, the Advisor or its affiliates, the liability or loss was not the result of
negligence or misconduct by the party seeking indemnification; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in the case of our independent directors, the liability or loss was not the result of gross negligence or willful
misconduct by the party seeking indemnification.

In addition, any indemnification or any agreement to hold harmless is recoverable only out of our net assets and not from our stockholders.

Our charter also provides that we may not provide indemnification to a director, the Advisor or any affiliate of us or the Advisor for any loss, liability or expense arising from or out of an alleged violation of federal or state securities laws by such party unless one or more of the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• there has been a successful adjudication on the merits of each count involving alleged securities law violations
as to the party seeking indemnification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to such
party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a court of competent jurisdiction approves a settlement of the claims against such party and finds that
indemnification of the settlement and the related costs should be made, and the court considering the request for indemnification has been advised of the position of the SEC and of the published position of any state securities regulatory authority
in which our securities were offered or sold as to indemnification for violations of securities laws.

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Finally, our charter provides that we may pay or reimburse reasonable legal expenses and other costs incurred by our directors, the Advisor and affiliates of us or the Advisor in advance of final disposition of a proceeding only if all of the following are satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the proceeding relates to acts or omissions with respect to the performance of duties or services on our behalf;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the indemnitee provides us with written affirmation of his or her good faith belief that he or she has met the
standard of conduct necessary for indemnification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the legal proceeding was initiated by a third party who is not a stockholder or, if by a stockholder acting in
his or her capacity as such, a court of competent jurisdiction approves such advancement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the indemnitee provides us with a written agreement to repay the amount paid or reimbursed, together with the
applicable legal rate of interest thereon, if it is ultimately determined that he or she did not comply with the requisite standard of conduct and is not entitled to indemnification.

We have entered into indemnification agreements with each of our directors and executive officers. Pursuant to the terms of these indemnification agreements, we would indemnify and advance expenses and costs incurred by our directors and executive officers in connection with any claims, suits or proceedings brought against such directors and executive officers as a result of his or her service. However, our indemnification obligation is subject to the limitations set forth in the indemnification agreements and in our charter. We also maintain a directors and officers insurance policy.

The general effect to investors of any arrangement under which any of our controlling persons, directors or officers are insured or indemnified against liability is a potential reduction in distributions resulting from our payment of premiums, deductibles and other costs associated with such insurance or, to the extent any such loss is not covered by insurance, our payment of indemnified losses. In addition, indemnification could reduce the legal remedies available to us and our stockholders against the indemnified individuals; however, this provision does not reduce the exposure of our directors and officers to liability under federal or state securities laws, nor does it limit our stockholder's ability to obtain injunctive relief or other equitable remedies for a violation of a director's or an officer's duties to us or our stockholders, although the equitable remedies may not be an effective remedy in some circumstances.

The SEC and certain state securities regulators take the position that indemnification against liabilities arising under the Securities Act and state securities laws is against public policy and unenforceable.

Cohen & Steers Income Opportunities REIT Operating Partnership, L.P., a Delaware limited partnership of which we are the general partner, must also indemnify us and our directors and officers and other persons we may designate against damages and other liabilities in our capacity as general partner.

**Item 35. Treatment of Proceeds from Shares Being Registered.** 

Not applicable.

**Item 36. Financial Statements and Exhibits.** 

1. Financial Statements.

See page F-1 for an index of the financial statements included in the registration statement.

2. Exhibits.

See the Exhibit Index on the page immediately preceding the exhibits for a list of exhibits filed as part of this registration statement on Form S-11, which Exhibit Index is incorporated herein by reference.

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**Item 37. Undertakings.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The undersigned registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) To file, during any period in which offers or sales are being made, a post-effective amendment to this
registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To include any prospectus required by section 10(a)(3) of the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) To reflect in the prospectus any facts or events arising after the effective date of the registration statement
(or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in
volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus
filed with the SEC pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the
effective registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To include any material information with respect to the plan of distribution not previously disclosed in the
registration statement or any material change to such information in the registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) That, for the purpose of determining any liability under the Securities Act, each such post- effective
amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) To remove from registration by means of a post-effective amendment any of the securities being registered which
remain unsold at the termination of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) That, for the purpose of determining liability under the Securities Act to any purchaser, each prospectus filed
pursuant to Rule 424(b) as part of the registration statement relating to the offering, other than a registration statement relying on Rule 430B or other than a prospectus filed in reliance on Rule 430A, shall be deemed to be part of and included in
the registration statement as of the date it is first used after effectiveness; *provided*, *however*, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document
incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any
statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) That, for the purpose of determining liability of the registrant under the Securities Act to any purchaser in
the initial distribution of the securities, in a primary offering of securities pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to
such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be
filed pursuant to Rule 424;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or
used or referred to by the undersigned registrant;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the portion of any other free writing prospectus relating to the offering containing material information about
the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) To send to each stockholder, at least on an annual basis, a detailed statement of any transactions with the
Advisor or its affiliates, and of fees, commissions, compensation and other benefits paid or accrued to the advisor or its affiliates for the fiscal year completed, showing the amount paid or accrued to each recipient and the services performed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The registrant undertakes to provide to the stockholders the financial statements required by Form 10-K for the first full fiscal year of operations of the registrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The registrant undertakes to file a sticker supplement pursuant to Rule 424(c) under the Securities Act during the distribution period describing each significant property not identified in the prospectus at such time as there arises a reasonable probability that such property will be acquired and to consolidate all such stickers into a post-effective amendment filed at least once every three months, with the information contained in such amendment provided simultaneously to the existing stockholders. Each sticker supplement should disclose all compensation and fees received by the advisor and its affiliates in connection with any such acquisition. The

post-effective amendment shall include or incorporate by reference audited financial statements meeting the requirements of Rule 3-14 of Regulation S-X that have been filed or should have been filed on Form 8-K for all significant properties acquired during the distribution period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The registrant undertakes to file, after the end of the distribution period, a current report on Form 8-K containing the financial statements and any additional information required by Rule 3-14 of Regulation S-X, for each significant property acquired and to provide the information contained in such report to the stockholders at least once each quarter after the distribution period of the offering has ended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions and otherwise, the

registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

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**Exhibit Index** 

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| | |
|:---|:---|
| **Exhibit**<br> **Number** | **Description** |
| &nbsp;&nbsp;&nbsp;&nbsp;1.1\* | [Dealer Manager Agreement, dated January 24, 2023, by and between Cohen & Steers Income Opportunities REIT, Inc. and Cohen & Steers Securities, LLC (filed as Exhibit 1.1 to the Registration Statement on Form S-11 (File No. 333-269416) filed on January 25, 2023 and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/1939433/000119312523015248/d336226dex11.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;1.2\* | [Form of Participating Dealer Agreement (included as Exhibit A to Exhibit 1.1) (filed as Exhibit 1.1 to the Registration Statement on Form S-11 (File No. 333-269416) filed on January 25, 2023 and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/1939433/000119312523015248/d336226dex11.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;3.1\* | [Articles of Amendment and Restatement of Cohen & Steers Income Opportunities REIT, Inc. (filed as Exhibit 3.1 to the Registration Statement on Form S-11 (File No. 333-269416) filed on January 25, 2023 and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/1939433/000119312523015248/d336226dex31.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;3.2\* | [Amended and Restated Bylaws of Cohen & Steers Income Opportunities REIT, Inc. (filed as Exhibit 3.2 to the Registration Statement on Form S-11 (File No. 333-269416) filed on January 25, 2023 and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/1939433/000119312523015248/d336226dex32.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.1\* | [Share Repurchase Plan (filed as Exhibit 4.1 to the Registration Statement on Form S-11 (File No. 333-269416) filed on January 25, 2023 and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/1939433/000119312523015248/d336226dex41.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.2\* | [Distribution Reinvestment Plan (included in Appendix A to the prospectus)](http://www.sec.gov/Archives/edgar/data/1939433/000119312523015248/d336226ds11.htm#rom336226_29) |
| &nbsp;&nbsp;&nbsp;&nbsp;5.1 | [Opinion of Venable LLP as to Legality of Securities](d336226dex51.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;8.1\* | [Opinion of Simpson Thacher & Bartlett LLP as to Tax Matters (filed as Exhibit 8.1 to the Registration Statement on Form S-11 (File No. 333-269416) filed on January 25, 2023 and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/1939433/000119312523015248/d336226dex81.htm) |
| 10.1\* | [Advisory Agreement, dated as of January 24, 2023, by and between Cohen & Steers Income Opportunities REIT, Inc., Cohen & Steers Income Opportunities REIT Operating Partnership, L.P., and Cohen & Steers Capital Management, Inc. (filed as Exhibit 10.1 to the Registration Statement on Form S-11 (File No. 333-269416) filed on January 25, 2023 and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/1939433/000119312523015248/d336226dex101.htm) |
| 10.2\* | [Cohen & Steers Income Opportunities REIT Operating Partnership, L.P. Partnership Agreement, dated as of January 24, 2023, by and between Cohen & Steers Income Opportunities REIT, Inc., Cohen & Steers Income Opportunities REIT Special Limited Partner, LLC, and the limited partners party thereto from time to time (filed as Exhibit 10.2 to the Registration Statement on Form S-11 (File No. 333-269416) filed on January 25, 2023 and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/1939433/000119312523015248/d336226dex102.htm) |
| 10.3\* | [Form of Indemnification Agreement (filed as Exhibit 10.3 to the Registration Statement on Form S-11 (File No. 333-269416) filed on January 25, 2023 and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/1939433/000119312523015248/d336226dex103.htm) |
| 10.4 | [Independent Director Compensation Policy](d336226dex104.htm) |
| 10.5\* | [Form of Restricted Share Award Agreement (filed as Exhibit 10.5 to the Registration Statement on Form S-11 (File No. 333-269416) filed on January 25, 2023 and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/1939433/000119312523015248/d336226dex105.htm) |
| 10.6\* | [Trademark License Agreement, effective as of January 24, 2023, by and between Cohen & Steers Income Opportunities REIT, Inc., Cohen & Steers Income Opportunities REIT Operating Partnership, L.P., and Cohen & Steers Capital Management, Inc. (filed as Exhibit 10.6 to the Registration Statement on Form S-11 (File No. 333-269416) filed on January 25, 2023 and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/1939433/000119312523015248/d336226dex106.htm) |
| 10.7\* | [Expense Limitation Agreement, dated January 24, 2023, by and between Cohen & Steers Income Opportunities REIT, Inc. and Cohen & Steers Capital Management, Inc. (filed as Exhibit 10.7 to the Registration Statement on Form S-11 (File No. 333-269416) filed on January 25, 2023 and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/1939433/000119312523015248/d336226dex107.htm) |

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| | |
|:---|:---|
| 10.8\* | [Subscription Letter, dated January 24, 2023, by and between Cohen & Steers Income Opportunities REIT, Inc. and Cohen & Steers Capital Management, Inc. (filed as Exhibit 10.8 to the Registration Statement on Form S-11 (File No. 333-269416) filed on January 25, 2023 and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/1939433/000119312523015248/d336226dex108.htm) |
| 21.1\* | [Subsidiaries of Cohen & Steers Income Opportunities REIT, Inc. (filed as Exhibit 21.1 to the Registration Statement on Form S-11 (File No. 333-269416) filed on January 25, 2023 and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/1939433/000119312523015248/d336226dex211.htm) |
| 23.1\* | [Consent of Deloitte & Touche LLP (filed as Exhibit 23.1 to the Registration Statement on Form S-11 (File No. 333-269416) filed on January 25, 2023 and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/1939433/000119312523015248/d336226dex231.htm) |
| 23.2 | [Consent of Venable LLP (contained in its opinion filed as Exhibit 5.1)](d336226dex51.htm) |
| 23.3\* | [Consent of Simpson Thacher & Bartlett LLP (contained in its opinion filed as Exhibit 8.1)](http://www.sec.gov/Archives/edgar/data/1939433/000119312523015248/d336226dex81.htm) |
| 23.4\* | [Consent of SitusAMC Real Estate Valuation Services, LLC (filed as Exhibit 23.4 to the Registration Statement on Form S-11 (File No. 333-269416) filed on January 25, 2023 and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/1939433/000119312523015248/d336226dex234.htm) |
| 24.1\* | [Power of Attorney (included in signature page to the Registration Statement on Form S-11 (File No. 333-269416) filed on January 25, 2023 and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/1939433/000119312523015248/d336226ds11.htm#poa) |
| 107\* | [Filing Fee Table (filed as Exhibit 107 to the Registration Statement on Form S-11 (File No. 333-269416) filed on January 25, 2023 and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/1939433/000119312523015248/d336226dexfilingfees.htm) |

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\* Previously filed

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**SIGNATURES** 

Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-11 and has duly caused this Registration Statement on Form S-11 to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, State of New York, on February 13, 2023.

---

| | |
|:---|:---|
| **Cohen & Steers Income Opportunities REIT, Inc.** | **Cohen & Steers Income Opportunities REIT, Inc.** |
| By: | /s/ James S. Corl |
| Name: | James S. Corl |
| Title: | Chief Executive Officer & Chief Investment Officer |

---

Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement on Form S-11 has been signed by the following persons in the following capacities on February 13, 2023.

---

| | |
|:---|:---|
| **Signature** | **Title** |
| /s/ James S. Corl <br> James S. Corl | Chief Executive Officer & Chief Investment Officer<br> (principal executive officer) |
| /s/ Arjun Mahalingam<br> Arjun Mahalingam | Chief Financial Officer & Treasurer<br> (principal financial officer and principal accounting officer) |
| \*<br> Robert H. Steers | Chairperson of the Board |
| \*<br> Joseph M. Harvey | Director |
| \*<br> Dana Roffman | Independent Director |
| \*<br> John W. Thiel | Independent Director |
| \*<br> W. Edward Walter | Independent Director |

---

---

| | |
|:---|:---|
|  \*By: | /s/ Arjun Mahalingam |
|  | Arjun Mahalingam<br> Attorney-in-fact |

---

## Exhibit 5.1

**Exhibit 5.1**![LOGO](g336226g0123035200656.jpg)

February 13, 2023

Cohen & Steers Income Opportunities REIT, Inc.

280 Park Avenue

New York, New York 10017

Re: Registration Statement on Form S-11<u> </u>

(<u>Commission File No.</u> <u>333-269416)</u>

Ladies and Gentlemen:

We have served as Maryland counsel to Cohen & Steers Income Opportunities REIT, Inc., a Maryland corporation (the "Company"), in connection with certain matters of Maryland law arising out of the registration of shares (the "Shares") of common stock, $0.01 par value per share (the "Common Stock"), of the Company, consisting of (i) Class I Common Stock, (ii) Class D Common Stock, (iii) Class S Common Stock, (iv) Class T Common Stock, (v) Class F-I Common Stock, (vi) Class F-D Common Stock, (vii) Class F-S Common Stock and (viii) Class F-T Common Stock, having an aggregate initial offering price of up to $3,000,000,000, covered by the above-referenced Registration Statement, and all amendments thereto (the "Registration Statement"), filed by the Company with the United States Securities and Exchange Commission (the "Commission") under the Securities Act of 1933, as amended (the "1933 Act"). $2,400,000,000 in Shares (the "Primary Offering Shares") are issuable in a primary offering (the "Offering") pursuant to subscription agreements (the "Subscription Agreements") and $600,000,000 in Shares (the "Plan Shares") are issuable pursuant to the Company's Distribution Reinvestment Plan (the "Plan"), subject to the right of the Company to reallocate Shares between the Offering and the Plan as described in the Registration Statement.

In connection with our representation of the Company, and as a basis for the opinion hereinafter set forth, we have examined originals, or copies certified or otherwise identified to our satisfaction, of the following documents (hereinafter collectively referred to as the "Documents"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registration Statement and the related form of prospectus included therein, substantially in the form in which it was transmitted to the Commission under the 1933 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The charter of the Company (the "Charter"), certified by the State Department of Assessments and Taxation of Maryland (the "SDAT");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Amended and Restated Bylaws of the Company, certified as of the date hereof by an officer of the Company;

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![LOGO](g336226g0213223454171.jpg)

Cohen & Steers Income Opportunities REIT, Inc.

February 13, 2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. A certificate of the SDAT as to the good standing of the Company, dated as of a recent date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Resolutions (the "Resolutions") adopted by the Board of Directors of the Company (the "Board") relating to the authorization of the filing of the Registration Statement and the sale, issuance and registration of the Shares, certified as of the date hereof by an officer of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. A certificate executed by an officer of the Company, dated as of the date hereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Such other documents and matters as we have deemed necessary or appropriate to express the opinion set forth below, subject to the assumptions, limitations and qualifications stated herein.

In expressing the opinion set forth below, we have assumed the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Each individual executing any of the Documents, whether on behalf of such individual or any other person, is legally competent to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Each individual executing any of the Documents on behalf of a party (other than the Company) is duly authorized to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Each of the parties (other than the Company) executing any of the Documents has duly and validly executed and delivered each of the Documents to which such party is a signatory, and such party's obligations set forth therein are legal, valid and binding and are enforceable in accordance with all stated terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. All Documents submitted to us as originals are authentic. The form and content of all Documents submitted to us as unexecuted drafts do not differ in any respect relevant to this opinion from the form and content of such Documents as executed and delivered. All Documents submitted to us as certified or photostatic copies conform to the original documents. All signatures on all such Documents are genuine. All public records reviewed or relied upon by us or on our behalf are true and complete. All representations, warranties, statements and information contained in the Documents are true and complete. There has been no oral or written modification of or amendment to any of the Documents, and there has been no waiver of any provision of any of the Documents, by action or omission of the parties or otherwise.

------

![LOGO](g336226g0213223454171.jpg)

Cohen & Steers Income Opportunities REIT, Inc.

February 13, 2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Shares will not be issued or transferred in violation of any restriction or limitation on transfer and ownership of shares of stock of the Company contained in Article VI of the Charter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Upon the issuance of any of the Shares, the total number of Class I Shares issued and outstanding will not exceed the total number of Class I Shares that the Company is then authorized to issue under the Charter, the total number of Class D Shares issued and outstanding will not exceed the total number of Class D Shares that the Company is then authorized to issue under the Charter, the total number of Class S Shares issued and outstanding will not exceed the total number of Class S Shares that the Company is then authorized to issue under the Charter, the total number of Class T Shares issued and outstanding will not exceed the total number of Class T Shares that the Company is then authorized to issue under the Charter, the total number of Class F-I Shares issued and outstanding will not exceed the total number of Class F-I Shares that the Company is then authorized to issue under the Charter, the total number of Class F-D Shares issued and outstanding will not exceed the total number of Class F-D Shares that the Company is then authorized to issue under the Charter, the total number of Class F-S Shares issued and outstanding will not exceed the total number of Class F-S Shares that the Company is then authorized to issue under the Charter and the total number of Class F-T Shares issued and outstanding will not exceed the total number of Class F-T Shares that the Company is then authorized to issue under the Charter. We note that, as of the date hereof, there are at least 600,000,000 Class I Shares, at least 160,000,000 Class D Shares, at least 800,000,000 Class S Shares, at least 80,000,000 Class T Shares, at least 100,000,000 Class F-I Shares, at least 40,000,000 Class F-D Shares, at least 200,000,000 Class F-S Shares, and at least 20,000,000 Class F-T Shares authorized to be issued under the Charter and that, as of the date hereof, there are not more than 20,000 Class I Shares issued and outstanding.

Based upon the foregoing, and subject to the assumptions, limitations and qualifications stated herein, it is our opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Company is a corporation duly incorporated and existing under and by virtue of the laws of the State of Maryland and is in good standing with the SDAT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The issuance of the Primary Offering Shares has been duly authorized and, when and if issued and delivered against payment therefor in accordance with the Resolutions, the Subscription Agreements and the Registration Statement, the Primary Offering Shares will be validly issued, fully paid and nonassessable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The issuance of the Plan Shares has been duly authorized and, when and if issued and delivered against payment therefor in accordance with the Resolutions, the Plan and the Registration Statement, the Plan Shares will be validly issued, fully paid and nonassessable.

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![LOGO](g336226g0213223454171.jpg)

Cohen & Steers Income Opportunities REIT, Inc.

February 13, 2023

The foregoing opinion is limited to the laws of the State of Maryland and we do not express any opinion herein concerning any United States federal law or the laws of any other jurisdiction. We express no opinion as to compliance with federal or state securities laws, including the securities laws of the State of Maryland, or as to federal or state laws regarding fraudulent transfers. To the extent that any matter as to which our opinion is expressed herein would be governed by the laws of any jurisdiction other than the State of Maryland, we do not express any opinion on such matter. The opinion expressed herein is subject to the effect of judicial decisions which may permit the introduction of parol evidence to modify the terms or the interpretation of agreements.

The opinion expressed herein is limited to the matters specifically set forth herein and no other opinion shall be inferred beyond the matters expressly stated. We assume no obligation to supplement this opinion if any applicable law changes after the date hereof or if we become aware of any fact that might change the opinion expressed herein after the date hereof.

This opinion is being furnished to you for submission to the Commission as an exhibit to the Registration Statement. We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to the use of the name of our firm therein. In giving this consent, we do not admit that we are within the category of persons whose consent is required by Section 7 of the 1933 Act.

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| |
|:---|
| Very truly yours, |
| /s/ Venable LLP |

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## Exhibit 10.4

**Exhibit 10.4** 

**COHEN & STEERS INCOME OPPORTUNITIES REIT, INC.** 

**INDEPENDENT DIRECTOR COMPENSATION POLICY** 

**Effective Date** 

The Board of Directors (the "Board") of Cohen & Steers Income Opportunities REIT, Inc. (the "Company") has adopted this Independent Director Compensation Policy (the "Policy"), effective as of December 7, 2022.

**Eligibility** 

This policy shall apply to directors of the Company who meet the requirements set forth for an "Independent Director" in the Company's Articles of Amendment and Restatement (the "Charter").

**Compensation** 

The following shall remain in effect until changed by the Board (collectively, the "Compensation"):

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| | |
|:---|:---|
|  Annual Retainer: | $125000 |
|  Audit Committee Chairperson Annual Retainer: | $15000 |
|  Nominating and Corporate Governance Committee Chairperson Annual Retainer: | $10000 |
|  Affiliated Transactions Committee Chairperson Annual Retainer: | $10000 |

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**Payment Timing and Form** 

The Company will pay the Compensation as follows: (i) with respect to the committee chairperson annual retainers, in cash in arrears, in quarterly installments as soon as practicable following the end of the calendar quarter to which the Compensation relates, and (ii) with respect to the annual retainer, 50% shall be paid in cash in arrears, in quarterly installments as soon as practicable following the end of the calendar quarter to which the Compensation relates, and the remaining 50% shall be paid in the form of restricted shares of the Company's Class I shares ("Class I Restricted Shares") as described below.

*Terms and Conditions of Class I Restricted Shares* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Class I Restricted Shares shall be granted under, and subject to the terms and conditions of, the award
agreement ("Restricted Share Award Agreement") evidencing such grant.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Class I Restricted Shares shall be granted on the third
(3<sup>rd</sup>) business day following the date that the annual meeting of stockholders ("Annual Meeting") is held (the "Grant Date").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The number of shares of Class I Restricted Shares granted shall be determined by (A) dividing 50% of
the Compensation due, taking into account any required proration as described below, by the most recently determined per share NAV of the Company's Class I shares, and (B) rounded down to the nearest whole share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unless and until provided otherwise by the Board, the Class I Restricted Shares granted pursuant to this
Policy shall vest and become non-forfeitable on the one-year anniversary of the Grant Date, provided, in each case, that the Independent Director is providing services
to the Company as a director on each such vesting date. Notwithstanding the foregoing vesting schedule, the shares of Class I Restricted Shares shall become fully vested on the earlier occurrence of: (i) the termination of the Independent
Director's service as a director of the Company due to his or her death or Disability (as defined in the Restricted Share Award Agreement); or (ii) a Change in Control (as defined in the Restricted Share Award Agreement) of the Company. If
the Independent Director's service as a director of the Company terminates other than as described in clause (i) of the foregoing sentence, then the Independent Director shall forfeit all of his or her right, title and interest in and to
any unvested shares of Class I Restricted Shares as of the date of such termination from the Board and such Class I Restricted Shares shall be reconveyed to the Company without further consideration or any act or action by the Independent
Director.

*Proration* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If an Independent Director is newly appointed or elected to the Board at the Annual Meeting, then his or her cash
Compensation shall be prorated to reflect the entire calendar months of service as of the first day of the calendar month of the effective date of the Independent Director's appointment or election through the last day of the respective
quarterly calendar period (e.g., if the Annual Meeting is in May, then the first quarterly cash payment will be with respect to service during May and June of such quarterly service period).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If an Independent Director is newly appointed or elected to the Board at any time other than at an Annual
Meeting, then (i) his or her first quarterly cash payment will be prorated to reflect the number of calendar months of service as of the first day of the calendar month of the effective date of the Independent Director's appointment or
election through the last day of the respective quarterly calendar period (e.g. if an Independent Director is appointed to the Board on January 15, then his or her first quarterly payment will be with respect to service during January, February
and March of such quarterly calendar period), and (ii) his or her Class I Restricted Shares grant shall be prorated to reflect the number of calendar months as of the first day of the calendar month of the effective date of his or her
appointment or election to the Board and the next regularly scheduled Annual Meeting (e.g., if an Independent Director is appointed to the Board on November 28, then his or her first Class I Restricted Shares grant shall be prorated to
reflect six months of service, assuming an Annual Meeting date in May).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If an Independent Director is not newly appointed or re-elected at the
Annual Meeting, then he or she will receive payment for services for the month of such Annual Meeting.

*Initial Public Offering* 

Notwithstanding anything in this Policy to the contrary, each Independent Director in service on the effective date of the Company's initial public offering (the "IPO Date") shall receive an initial grant of Class I Restricted Shares on the IPO Date or as soon as reasonably practicable following the IPO Date, in the amount equal to $67,708.33, representing 50% of the compensation due for fiscal year 2023 ($62,500) and 50% of one month of fiscal year 2022 ($5,208). The number of Class I Restricted Shares paid shall be determined by (A) dividing $67,708.33 by the most recently determined NAV per share of the Company's Class I shares on the IPO Date, and (B) rounded down to the nearest whole share. Such Class I Restricted Shares shall vest one year after grant, provided that the Independent Director is providing services to the Company as a director on such vesting date. For the avoidance of doubt, the quarterly cash payment following the Independent Director's first full quarter of service shall reflect the number of full calendar months of service completed to date starting with the first day of the calendar month of the effective date of the Independent Director's appointment or election through the last day of the quarterly calendar period (e.g., if an Independent Director is appointed to the Board on December 7, 2022, then the first quarterly cash payment made after the end of the first quarter of 2023 shall be prorated to reflect four months of service).