# EDGAR Filing Document

**Accession Number:** 0001868516
**File Stem:** 0001104659-26-062309
**Filing Date:** 2026-5
**Character Count:** 245806
**Document Hash:** a3920bbbf6aff327003adf81595c236e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-062309.hdr.sgml**: 20260515

**ACCESSION NUMBER**: 0001104659-26-062309

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 101

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260515

**DATE AS OF CHANGE**: 20260515

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** StratCap Digital Infrastructure REIT, Inc.
- **CENTRAL INDEX KEY:** 0001868516
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-284566
- **FILM NUMBER:** 26985777

**BUSINESS ADDRESS:**
- **STREET 1:** 30 ROCKEFELLER PLAZA, SUITE 2050
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10112
- **BUSINESS PHONE:** 475-282-0861

**MAIL ADDRESS:**
- **STREET 1:** 30 ROCKEFELLER PLAZA, SUITE 2050
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10112

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** STRATEGIC WIRELESS INFRASTRUCTURE FUND II, INC.
- **DATE OF NAME CHANGE:** 20210621

?xml version='1.0' encoding='ASCII'? StratCap Digital Infrastructure REIT, Inc._March 31, 2026

[**Table of Contents**](#TOC)

------

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-Q**

&nbsp;&nbsp;&nbsp;&nbsp;☒ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the quarterly period ended March 31, 2026**

**OR**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the transition period from to** 

**Commission file number 333-284566 (1933 Act)**

**StratCap Digital Infrastructure REIT, Inc.**

(Exact Name of Registrant as Specified in Its Charter)

---

| | |
|:---|:---|
| **Maryland** | **86-3123526** |
| (State or Other Jurisdiction of<br>Incorporation or Organization) | (I.R.S. Employer<br>Identification No.) |
| **30 Rockefeller Plaza, Suite 2050**  |  |
| **New York, NY**  | **10112** |
| (Address of Principal Executive Offices) | (Zip Code) |

---

**(475) 282-0861** 

**(Registrant's Telephone Number, Including Area Code)**

**N/A** 

**(Former name, former address and former fiscal year, if changed since last report)**

Securities registered pursuant to Section 12(b) of the Act:

Title of each class &nbsp;&nbsp;&nbsp;&nbsp; Trading Symbol(s) &nbsp;&nbsp;&nbsp;&nbsp; Name of each exchange on which registered <br> <u>None</u> <u>N/A</u> <u>N/A</u>

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a 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. (Check one):

---

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

---

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 13(a) of the Exchange Act. ☒

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of May 15, 2026, the registrant had the following shares outstanding: 4,287,646 outstanding shares of Class A common stock, 1,349,415 outstanding shares of Class AX common stock, 3,299,870 outstanding shares of Class I common stock, 1,351,915 outstanding shares of Class IX common stock, and 69,793 outstanding shares of Class T common stock.

------

[**Table of Contents**](#TOC)

**STRATCAP DIGITAL INFRASTRUCTURE REIT, INC.**

#### **TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| [**PART I**](#PARTIFINANCIALINFORMATION_202643)**.** | [**FINANCIAL INFORMATION**](#PARTIFINANCIALINFORMATION_202643) | 1 |
| [Item 1.](#ITEM1FINANCIALSTATEMENTS_590171) | [Financial Statements](#ITEM1FINANCIALSTATEMENTS_590171) | 1 |
|  | *Condensed Consolidated Financial Statements (Unaudited):* |  |
|  | [Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025](#CONDENSEDCONSOLIDATEDBALANCESHEETS_58706) | 1 |
|  | [Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2026 and 2025](#CONDENSEDCONSOLIDATEDSTATEMENTSOFOPERATI) | 2 |
|  | [Condensed Consolidated Statements of Changes in Equity for the Three Months Ended March 31, 2026 and 2025](#CONDENSEDCONSOLIDATEDSTATEMENTSOFCHANGES) | 3 |
|  | [Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2026 and 2025](#CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLO) | 4 |
|  | [Notes to Condensed Consolidated Financial Statements](#NOTESTOTHECONDENSEDCONSOLIDATEDFINANCIAL) | 5 |
| [Item 2.](#ITEM2ManagementsDiscussionandAnalysisofF) | [Management's Discussion and Analysis of Financial Condition and Results of Operations](#ITEM2ManagementsDiscussionandAnalysisofF) | 29 |
| [Item 3.](#ITEM3QUANTITATIVEANDQUALITATIVEDISCLOSUR) | [Quantitative and Qualitative Disclosures about Market Risk](#ITEM3QUANTITATIVEANDQUALITATIVEDISCLOSUR) | 37 |
| [Item 4.](#ITEM4CONTROLSANDPROCEDURES_149959) | [Controls and Procedures](#ITEM4CONTROLSANDPROCEDURES_149959) | 37 |
| [**PART II.**](#PARTIIOTHERINFORMATION_947434) | [**OTHER INFORMATION**](#PARTIIOTHERINFORMATION_947434) | 38 |
| [Item 1.](#ITEM1LEGALPROCEEDINGS_810586) | [Legal Proceedings](#ITEM1LEGALPROCEEDINGS_810586) | 38 |
| [Item 1A.](#ITEM1ARISKFACTORS_200941) | [Risk Factors](#ITEM1ARISKFACTORS_200941) | 38 |
| [Item 2.](#ITEM2UNREGISTEREDSALESOFEQUITYSECURITIES) | [Unregistered Sales of Equity Securities and Use of Proceeds](#ITEM2UNREGISTEREDSALESOFEQUITYSECURITIES) | 41 |
| [Item 3.](#ITEM3DEFAULTSUPONSENIORSECURITIES_569685) | [Defaults upon Senior Securities](#ITEM3DEFAULTSUPONSENIORSECURITIES_569685) | 44 |
| [Item 4.](#ITEM4MINESAFETYDISCLOSURES_758928) | [Mine Safety Disclosures](#ITEM4MINESAFETYDISCLOSURES_758928) | 44 |
| [Item 5.](#ITEM5OTHERINFORMATION_974325) | [Other Information](#ITEM5OTHERINFORMATION_974325) | 44 |
| [Item 6.](#ITEM6EXHIBITS_954232) | [Exhibits](#ITEM6EXHIBITS_954232) | 45 |
|  | [SIGNATURES](#SIGNATURES_363160) | 46 |

---

[**Table of Contents**](#TOC)

#### PART I. FINANCIAL INFORMATION

#### ITEM 1. FINANCIAL STATEMENTS

#### STRATCAP DIGITAL INFRASTRUCTURE REIT, INC.

#### CONDENSED CONSOLIDATED BALANCE SHEETS
**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| **Assets** |  |  |
| Investments in properties, net | $26093691 | $26269316 |
| Investment in Datacom JV | 33474845 | 34861734 |
| Cash and cash equivalents | 31123038 | 42044304 |
| Tenant and other receivables | 986970 | 752865 |
| Prepaid and other assets, net | 2662496 | 2609890 |
| Due from affiliates | 119767 | 104154 |
| Intangible assets, net | 5186496 | 5332835 |
| **Total assets** | $99647303 | $111975098 |
| **Liabilities and Equity** |  |  |
| Loan payable | $18340795 | $18340795 |
| Accounts payable and accrued liabilities | 965548 | 1523344 |
| Interest expense payable | 107567 | 28818 |
| Redemptions payable | 1954413 | 2081338 |
| Distributions payable | 349957 | 364209 |
| Due to affiliates | 753652 | 2330214 |
| Performance participation allocation payable to affiliate |  | 948118 |
| Deferred rental revenue |  | 89927 |
| Intangible lease liabilities, net | 566437 | 629374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 23038369 | 26336137 |
| Commitments and contingencies (Note 13) |  |  |
| **Equity** |  |  |
| Common stock – Class A shares, $0.01 par value per share, 6,000,000 shares authorized, 4,287,646 and 4,446,233 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively | 42876 | 44462 |
| Common stock – Class AX shares, $0.01 par value per share, 3,000,000 shares authorized, 1,349,415 and 1,387,403 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively | 13494 | 13875 |
| Common stock – Class D shares, $0.01 par value per share, 100,000,000 shares authorized, no shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively |  |  |
| Common stock – Class DX shares, $0.01 par value per share, 100,000,000 shares authorized, no shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively |  |  |
| Common stock – Class I shares, $0.01 par value per share, 100,000,000 shares authorized, 3,299,870 and 3,428,604 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively | 32999 | 34286 |
| Common stock – Class IX shares, $0.01 par value per share, 100,000,000 shares authorized, 1,351,915 and 1,507,140 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively | 13519 | 15071 |
| Common stock – Class S shares, $0.01 par value per share, 94,000,000 shares authorized, no shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively |  |  |
| Common stock – Class T shares, $0.01 par value per share, 97,000,000 shares authorized, 69,793 and 58,102 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively | 698 | 581 |
| Additional paid-in-capital | 109028743 | 113785361 |
| Accumulated deficit and cumulative distributions | (37863616) | (34627996) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total stockholders' equity** | 71268713 | 79265640 |
| Non-controlling interests in the Operating Partnership | 5340221 | 6373321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total equity** | 76608934 | 85638961 |
| **Total liabilities and equity** | $99647303 | $111975098 |

---

The accompanying notes are an integral part of the condensed consolidated financial statements.

[**Table of Contents**](#TOC)

**STRATCAP DIGITAL INFRASTRUCTURE REIT, INC.**

#### CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,**  | **Three Months Ended March 31,**  |
|  | **2026** | **2025** |
| **Revenues:** |  |  |
| Rental revenues | $655334 | $624533 |
| Total revenues | 655334 | 624533 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;Property operating expenses | 75084 | 69597 |
| &nbsp;&nbsp;&nbsp;General and administrative  | 558098 | 238299 |
| &nbsp;&nbsp;&nbsp;Asset management fees | 350509 | 367487 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 306253 | 306253 |
| &nbsp;&nbsp;&nbsp;Performance participation allocation |  | 165100 |
| Total expenses | 1289944 | 1146736 |
| Loss on investment in Datacom JV | (1386889) | (1439616) |
| Interest expense | (315935) | (255833) |
| Interest income | 312948 | 1771 |
| Loss from continuing operations  | (2024486) | (2215881) |
| Loss from discontinued operations  |  | (739997) |
| **Net loss** | (2024486) | (2955878) |
| **Net loss attributable to non-controlling interests in the Operating Partnership** | (209815) | (443379) |
| **Net loss attributable to Company's stockholders** | $(1814671) | $(2512499) |
| **Basic and diluted earnings per share:** |  |  |
| Loss from continuing operations attributable to Company's stockholders | $(0.17) | $(0.19) |
| Loss from discontinued operations attributable to Company's stockholders |  | (0.06) |
| Loss per share attributable to Company's stockholders | $(0.17) | $(0.25) |
| **Basic and diluted weighted average shares outstanding** | 10673356 | 10179347 |

---

The accompanying notes are an integral part of the condensed consolidated financial statements.

[**Table of Contents**](#TOC)

#### STRATCAP DIGITAL INFRASTRUCTURE REIT, INC.

#### CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (DEFICIT)
(Unaudited)

**For the Three Months Ended March 31, 2025**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Stockholders' Equity** | **Stockholders' Equity** | **Stockholders' Equity** | **Stockholders' Equity** | **Stockholders' Equity** | **Stockholders' Equity** | **Stockholders' Equity** | **Stockholders' Equity** | **Non-controlling Interests in the Operating Partnership** | **Non-controlling Interests in the Operating Partnership** | **Non-controlling Interests in the Operating Partnership** | **Non-controlling Interests in the Operating Partnership** |
|  | **Class A**<br>**Common** <br>**Shares** | **Class AX**<br>**Common** <br>**Shares** | **Class I**<br>**Common** <br>**Shares** | **Class IX**<br>**Common** <br>**Shares** | <br>**Par Value**<br>**Amount ($)** | <br>**Additional Paid-In**<br>**Capital ($)** | **Accumulated Deficit**<br>**and Cumulative**<br>**Distributions ($)** | **Total**<br>**Shareholders'**<br>**Equity ($)** | <br>**Class P**<br>**Common Units** | <br>**Class PX**<br>**Common Units** | <br>**Total Common**<br>**Units ($)** | <br>**Total** <br> **Equity ($)** |
| **Balance at December 31, 2024** | 4990586 | 1423800 | 1828031 | 1934499 | $101772 | $97708275 | $(28660011) | $69150036 | 1595686 | 206373 | $12248469 | $81398505 |
| Common shares issued (Proceeds net of $5,653 in receivables and $158,936 of offering costs) | 114471 | 1416 | 8992 | 26526 | 1514 | 1554278 |  | 1555792 |  |  |  | 1555792 |
| Common units issued (Proceeds net of $26,764 of offering costs) |  |  |  |  |  |  |  |  | 129854 |  | 1325736 | 1325736 |
| Dividends and distributions declared ($0.14 per share/unit)  |  |  |  |  |  |  | (1352471) | (1352471) |  |  | (256951) | (1609422) |
| Distribution reinvestment |  | 18507 |  | 24479 | 432 | 441198 |  | 441630 |  | 2433 | 25088 | 466718 |
| Redemptions of common shares and common units | (203577) | (2761) | (91470) | (85404) | (3833) | (3941822) |  | (3945655) | (5000) |  | (52027) | (3997682) |
| Net loss |  |  |  |  |  |  | (2512499) | (2512499) |  |  | (443379) | (2955878) |
| **Balance at March 31, 2025** | 4901480 | 1440962 | 1745553 | 1900100 | $99885 | $95761929 | $(32524981) | $63336833 | 1720540 | 208806 | $12846936 | $76183769 |

---

**For the Three Months Ended March 31, 2026**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Stockholders' Equity** | **Stockholders' Equity** | **Stockholders' Equity** | **Stockholders' Equity** | **Stockholders' Equity** | **Stockholders' Equity** | **Stockholders' Equity** | **Stockholders' Equity** | **Stockholders' Equity** | **Non-controlling Interests in the Operating Partnership** | **Non-controlling Interests in the Operating Partnership** | **Non-controlling Interests in the Operating Partnership** | **Non-controlling Interests in the Operating Partnership** |
|  | **Class A**<br>**Common** <br>**Shares** | **Class AX**<br>**Common** <br>**Shares** | **Class I**<br>**Common** <br>**Shares** | **Class IX**<br>**Common** <br>**Shares** | **Class T**<br>**Common** <br>**Shares** | <br>**Par Value**<br>**Amount ($)** | <br>**Additional Paid-In**<br>**Capital ($)** | **Accumulated Deficit**<br>**and Cumulative**<br>**Distributions ($)** | **Total**<br> **Shareholders'**<br>**Equity ($)** | <br>**Class P**<br>**Common Units** | <br>**Class PX**<br>**Common Units** | <br>**Total Common**<br>**Units ($)** | <br>**Total Equity**<br> **($)** |
| **Balance at December 31, 2025** | 4446233 | 1387403 | 3428604 | 1507140 | 58102 | $108275 | $113785361 | $(34627996) | $79265640 | 1172064 | 177652 | $6373321 | $85638961 |
| Common shares issued |  |  |  |  | 11443 | 114 | 119886 |  | 120000 |  |  |  | 120000 |
| Common units issued |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Offering costs |  |  |  |  |  |  | (110587) |  | (110587) |  |  |  | (110587) |
| Dividends and distributions declared ($0.14 per share/unit) |  |  |  |  |  |  |  | (1420949) | (1420949) |  |  | (176870) | (1597819) |
| Distribution reinvestment |  | 15301 | 24652 | 13285 | 248 | 535 | 535377 |  | 535912 |  | 2350 | 23697 | 559609 |
| Redemptions of common shares and common units | (158587) | (53289) | (173627) | (148203) |  | (5337) | (5342924) |  | (5348261) | (66137) | (265) | (670112) | (6018373) |
| Exchange of common shares |  |  | 20241 | (20307) |  | (1) | 1 |  |  |  |  |  |  |
| Stock-based compensation expense |  |  |  |  |  |  | 41629 |  | 41629 |  |  |  | 41629 |
| Net loss |  |  |  |  |  |  |  | (1814671) | (1814671) |  |  | (209815) | (2024486) |
| **Balance at March 31, 2026** | 4287646 | 1349415 | 3299870 | 1351915 | 69793 | $103586 | $109028743 | $(37863616) | $71268713 | 1105927 | 179737 | $5340221 | $76608934 |

---

The accompanying notes are an integral part of the condensed consolidated financial statements.

[**Table of Contents**](#TOC)

#### STRATCAP DIGITAL INFRASTRUCTURE REIT, INC.

#### CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,**  | **Three Months Ended March 31,**  |
|  | **2026** | **2025** |
| **Cash Flows Used in Operating Activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Net loss | $(2024486) | $(2955878) |
| Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| Loss on investments in Datacom Joint Venture | 1386889 | 1439616 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 306253 | 1085593 |
| &nbsp;&nbsp;&nbsp;Asset retirement obligation - accretion expense |  | 23709 |
| &nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 15957 | 21693 |
| &nbsp;&nbsp;&nbsp;Straight-line rental income | (27703) | (50384) |
| &nbsp;&nbsp;&nbsp;Non-cash lease expense |  | 44105 |
| &nbsp;&nbsp;&nbsp;Above market lease amortization | 15711 | 15711 |
| &nbsp;&nbsp;&nbsp;Below market lease amortization | (62937) | (62937) |
| &nbsp;&nbsp;&nbsp;Stock-based compensation expense | 41629 |  |
| Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Tenant and other receivables | (326402) | (120193) |
| &nbsp;&nbsp;&nbsp;Due from affiliates | (15613) | 111994 |
| &nbsp;&nbsp;&nbsp;Prepaid and other assets - net | (68563) | 27957 |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | (483077) | (149842) |
| &nbsp;&nbsp;&nbsp;Deferred rental revenue | (89927) | 40169 |
| &nbsp;&nbsp;&nbsp;Due to affiliates | (1317530) | 529828 |
| &nbsp;&nbsp;&nbsp;Lease liabilities - net |  | (35821) |
| &nbsp;&nbsp;&nbsp;Interest expense payable | 78749 | 31648 |
| &nbsp;&nbsp;&nbsp;Performance participation allocation payable | (948118) | 165100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash used in (provided by) operating activities** | (3519168) | 162068 |
| **Cash Flows Used in Investing Activities:** |  |  |
| Asset acquisitions |  | (616890) |
| Prepaid acquisition costs |  | (1575426) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash used in investing activities** |  | (2192316) |
| **Cash Flows from Financing Activities:** |  |  |
| Proceeds from loan payable |  | 5505795 |
| Proceeds from issuance of common shares | 120000 | 1667853 |
| Redemptions paid to common shareholders | (5459885) | (2964918) |
| Offering costs for issuance of common shares | (324338) | (158936) |
| Deferred offering costs |  | (126809) |
| Dividends and distributions paid to common shares | (896418) | (908585) |
| Proceeds from issuance of non-controlling interests in the Operating Partnership |  | 1352500 |
| Redemptions paid to non-controlling interests in the Operating Partnership | (685413) |  |
| Offering costs for issuance of non-controlling interest in the Operating Partnership |  | (26764) |
| Dividends and distributions paid to non-controlling interest in the Operating Partnership | (156044) | (225282) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash (used in) provided by financing activities** | (7402098) | 4114854 |
| **Net change in cash and cash equivalents** | (10921266) | 2084606 |
| **Cash and cash equivalents, beginning of period** | 42044304 | 2512642 |
| **Cash and cash equivalents, end of period** | $31123038 | $4597248 |
| **Supplemental Disclosure of Cash Flow Information:** |  |  |
| Cash paid for interest | $221229 | $447432 |
| Cash paid for operating leases | $— | $79781 |
| **Noncash Investing and Financing Activities:** |  |  |
| Ground lease right of use assets obtained in exchange for operating lease liabilities | $— | $93083 |
| Receivable from affiliates | $— | $48390 |
| Deferred offering costs included in accounts payable and accrued liabilities  | $108114 | $813838 |
| Addition of asset retirement obligations in relation to acquisitions | $— | $52931 |
| Redemptions payable | $1954413 | $1801598 |
| Dividends and distributions reinvested | $559609 | $469240 |
| Distributions payable to common stockholders | $298196 | $466033 |
| Distributions payable to non-controlling interests in the Operating Partnership | $51761 | $88713 |
| Offering costs included in due to affiliates | $199675 | $— |
| Prepaid acquisition costs applied to current period acquisitions | $— | $679961 |

---

The accompanying notes are an integral part of the condensed consolidated financial statements.

[**Table of Contents**](#TOC)

#### STRATCAP DIGITAL INFRASTRUCTURE REIT, INC.
**NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;1. **ORGANIZATION AND BUSINESS OPERATIONS** 

StratCap Digital Infrastructure REIT, Inc. (the "Company") is a Maryland corporation formed on April 7, 2021 (inception), and has qualified since December 31, 2021, and expects to continue to qualify as a real estate investment trust ("REIT") under the Internal Revenue Code of 1986, as amended (the "Code"). The Company is the sole general partner and majority limited partner of SWIF II Operating Partnership, LP (the "Operating Partnership"), a Delaware limited partnership formed on May 28, 2021. As of March 31, 2026 and December 31, 2025, the Company owned 89.0% and 88.9% equity interests in the Operating Partnership, respectively. Substantially, all of the Company's business is conducted through the Operating Partnership.

The Company and the Operating Partnership are externally managed by StratCap Digital Infrastructure Advisors II, LLC, a Delaware limited liability company (the "Advisor" or "SWIFA"). The Advisor owns a special limited partner interest in the Operating Partnership. As an externally managed entity with no employees, the Advisor is responsible for the day-to-day management of the Company, subject to the oversight of the Company's board of directors (the "Board"). The Advisor is an affiliate of StratCap Investment Management, LLC (the "Sponsor"), a Delaware limited liability company. The Sponsor is indirectly owned by HMC USA Holdings LLC ("HMC"), a subsidiary of HMC Capital Limited ABN 94 138 990 593 ("HMC Capital Limited"). StratCap Securities, LLC ("SCD") served as the Company's dealer manager in its private and public offerings discussed below and is affiliated with the Sponsor and a broker-dealer registered with the Financial Industry Regulatory Authority, Inc. ("FINRA").

Prior to the effectiveness of the Public Offering discussed below, the Company discontinued its private offering of common shares consisting of Class A, Class AX, Class D, Class DX, Class I and Class IX shares of common stock and discontinued its private offering of operating partnership units ("OP Units") of the Operating Partnership, consisting of Class P interests in the Operating Partnership, or Class P OP Units, and Class PX interests in the Operating Partnership, or Class PX OP Units. The Class P OP Units and Class PX OP Units remain exchangeable on a one-for-one basis, in certain circumstances, into Class I shares and Class IX shares of the Company at the election of the unit holders.

On February 14, 2025, the Securities and Exchange Commission (the "SEC") declared effective the Company's registration of common stock for its initial public offering. The Company registered a public offering of up to $575 million in shares of common stock, consisting of up to $500 million in shares in its primary offering and up to $75 million in shares under its distribution reinvestment plan ("DRP", collectively referred to as the "Public Offering"). The Company offered any combination of four classes of shares of its common stock: Class T shares, Class S shares, Class D shares and Class I shares for an offering price per share generally equal to the prior month's net asset value of the Company per share for such class, plus any applicable upfront selling commissions and dealer manager fees, with certain classes being subject to ongoing stockholder servicing fees. As of March, 31, 2026, the Company issued 69,793 shares of Class T common stock and 3,052,289 shares of Class I common stock under the Public Offering, including the purchase of 2,939,649 Class I shares by the Sponsor. The aggregate gross offering proceeds received as of March 31, 2026 was approximately $31,711,817, which includes proceeds from shares issued under the DRP.

On December 22, 2025, the Company, through the Operating Partnership and its subsidiaries, sold and transferred 100% of the fee simple interest ("Tower Sale") in 48 towers with associated ground leases or easements, 68 tenant leases and other related assets ("Tower Assets") to a third party. The sale of the Tower Assets represented a sale of substantially all of the Company's wholly-owned Tower Assets, and, as such, the Tower Assets are reflected as discontinued operations. Refer to Note 6, "Discontinued Operations," for more information.

As of March 31, 2026, the Company owns fee simple interests in two data centers as well as a 51% equity interest, through StratCap Wireless Datacom Ventures, LLC (the "Datacom Joint Venture" or "Datacom JV"), an unconsolidated joint venture, in 150 towers with associated ground leases or easements, two rooftop easements, 231 tenant leases and other related assets.

**Recent Developments**

As of March 31, 2026, our current total liquidity was primarily comprised of $31,123,038 of cash and cash equivalents. The Company has no further borrowing capacity under the Sunflower Secured Credit Facility. In addition, the Company has not identified any additional sources of financing and there is no assurance that such sources of financings will be available on favorable terms or at all.

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On April 30, 2026, the Company ceased offering and selling shares of its common stock pursuant to the Public Offering (including the DRP) and filed a Post-Effective Amendment to its Registration Statement to deregister the shares of common stock that remained unsold under the Registration Statement. As of April 30, 2026, the Company had accepted aggregate gross offering proceeds of approximately $31,711,817 in the Public Offering, which included proceeds from shares issued under the DRP.

Due to recent volatility in the digital infrastructure market—driven by uncertainty surrounding technology and AI companies' capital expenditure plans, tighter credit conditions, the current geopolitical environment and a challenging fundraising environment in the retail investor channel marked by increased repurchase requests—the Advisor, with the assistance from a financial advisor, internally reviewed the Company's outlook with a view towards determining the best path forward for the Company and its stockholders. Based on this review and upon the Advisor's recommendation, the Board adopted several immediate actions to preserve liquidity and begin evaluating strategic alternatives for the Company.

To further support the Company's position and enhance the potential amounts available for distribution to stockholders, the Advisor agreed to defer all fees that accrue and would otherwise be payable by the Company to the Advisor and/or its affiliates beginning on April 30, 2026, until such time as determined by the Advisor, in its sole discretion. All or part of such fees will be payable in the sole discretion of our Advisor, as applicable, upon prior notice to the Company.

On May 14, 2026, the Board authorized the amendment of the Company's valuation policy to change the frequency that the Company determines its estimated NAV per share from monthly to quarterly. Therefore, following the announcement of the Company's March 2026 estimated NAV per share, subsequent NAV per share determinations will be made on a quarterly basis.

As the Company initiates its review of strategic alternatives, the Company expects to operate with constrained liquidity and will limit its activities primarily to maintaining existing operations and meeting ongoing obligations.

See Note 14, "Subsequent Events," for more information regarding the strategic alternatives review, change in distribution policy, partial suspension of the Repurchase Programs (as defined below), termination of the Public Offering, deferral of Advisor fees and change in frequency of NAV per share determinations.

**2.**SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

**Principles of Consolidation and Basis of Presentation**

The accompanying consolidated financial statements have been prepared on an accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America ("GAAP") and include the accounts of the Company and those entities in which the Company has a controlling interest. All intercompany accounts and transactions have been eliminated in consolidation.

The Company consolidates all entities in which it has a controlling financial interest through majority ownership or voting rights and variable interest entities whereby the Company is the primary beneficiary. In determining whether the Company has a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, the Company considers whether the entity is a variable interest entity ("VIE") and whether it is the primary beneficiary. The Company is the primary beneficiary of a VIE when it has (i) the power to direct the most significant activities impacting the economic performance of the VIE and (ii) the obligation to absorb losses or receive benefits significant to the VIE. Entities that do not qualify as VIEs are generally considered voting interest entities ("VOEs") and are evaluated for consolidation under the voting interest model. VOEs are consolidated when the Company controls the entity through a majority voting interest or other means. Entities which we have significant influence, but do not control, through our voting interest and entities which are variable interest entities, but where we are not the primary beneficiary, are accounted for under the equity method. Under the equity method, investments in unconsolidated entities are initially recorded at cost and subsequently adjusted for equity in net income (loss), contributions and distributions. Equity in net income (loss) from unconsolidated entities is allocated based on the Company's ownership or economic interest in each joint venture. Refer to Note 7, "Investment in Datacom Joint Venture," for additional information about our investment in an unconsolidated entity.

The Operating Partnership is a VIE and is a consolidated subsidiary of the Company. The portion of the Operating Partnership's equity attributable to noncontrolling interest is reflected in the non-controlling interest in the Operating Partnership and is presented separately within the equity section of the consolidated balance sheets. All revenues and operating expenses of the Operating Partnership are included in the respective line items in the consolidated statements of operations. The noncontrolling interest's share of net income (loss) is reported as in the consolidated statements of operations as net income (loss) attributable to the Operating Partnership. Income (loss) is allocated to noncontrolling interest in accordance with the weighted average percentage ownership of the Company during the period. At the end of each reporting period the appropriate adjustments to the income (loss) are made based upon the weighted

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average percentage ownership of the Operating Partnership during the period. The share of net income (loss) attributable to noncontrolling interest is presented in the consolidated statements of operations as net income (loss) attributable to the Operating Partnership. This amount is calculated based on the weighted average ownership percentage of the Operating Partnership not held by the Company, divided by the total weighted average ownership percentage of the Company during the period. Appropriate adjustments are made at each reporting period according to these ownership percentages.

As of March 31, 2026, the total assets and liabilities of the Company's consolidated VIEs were $99.4 million and $20.6 million, respectively, and as of December 31, 2025, the total assets and liabilities of the Company's consolidated VIEs were $109.1 million and $23.3 million, respectively. Such amounts are included on the Company's consolidated balance sheets.

**Reclassification**

Certain prior year balances have been reclassified to conform to our current year presentation and in order to eliminate discontinued operations from income from continuing operations. Refer to Note 6, "Discontinued Operations," for related disclosures.

**Use of Estimates**

The preparation of the consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets, liabilities, disclosures of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amount of revenues and expenses during the reporting period. Actual results could materially differ from those estimates.

**Investments in Properties, net**

Investments in properties represent the acquisition costs and costs of improvements, if any, of our portfolio. Additions, renewals, and improvements are capitalized, while routine maintenance and repairs are expensed as incurred.

These assets are stated at cost, net of accumulated depreciation. When the Company purchases perpetual easements as part of overall acquisitions, the Company allocates a portion of the purchase price to the land easement. Land and perpetual easements for land are not depreciated. Depreciation expense is recorded on a straight-line basis over the estimated useful lives of the assets as follows:

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| | |
|:---|:---|
| Cell towers | Shorter of 20 years or the term of the underlying ground lease (including optional renewal periods) |
| Building | 35 to 44 years |
| Site improvements | 12 to 14 years |

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**Asset Acquisitions**

The Company's acquisitions will generally qualify for asset acquisitions treatment under Accounting Standards Codification ("ASC") 805, "Business Combinations." The guidance for business combinations states that when substantially all of the fair value of the gross assets to be acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the asset or set of assets is not a business.

For asset acquisitions, the aggregate purchase price is allocated on a relative fair value basis to tangible assets and related intangible assets acquired (including land, buildings, site improvements and lease intangibles). The Company assesses and considers fair value based on management's estimates and assumptions, as well as other information compiled by management, including valuations that utilize customary valuation procedures and techniques. The fair value of tangible and intangible assets acquired is derived from estimated replacement costs or discounted cash flow valuation methods. In determining fair value using the discounted cash flow valuation method, management estimates the applicable discount rate and the timing and amount of future cash flows, including market rates and lease-up period. If the actual results differ from the estimates and judgments used in these fair values, the amounts recorded in the consolidated financial statements could be subject to a possible impairment of the tangible and intangible assets, or require acceleration of the depreciation or amortization expense of tangible and intangible assets in subsequent periods. Direct transaction costs associated to asset acquisitions are capitalized as a component of the cost of the asset acquired.

Prior to the Tower Sale, the Company recorded the fair value of obligations to perform certain asset retirement activities, including requirements, pursuant to ground leases, easements, and leased facility agreements to remove communications infrastructure or remediate the space upon which certain of the communications infrastructure resides. In determining the fair value of these asset retirement obligations, the Company made several subjective and highly judgmental estimates, such as those related to (1) timing of

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cash flows, (2) future costs, (3) discount rates, and (4) the probability of enforcement to remove the towers or small cells or remediate the land.

**Lease Intangibles**

Lease intangibles primarily consist of the estimated fair values, as of the acquisition date; of in-place leases and tenant relationships ("contract rights"), of future tenant leases anticipated to be added to the acquired towers ("location capacity"), and the fair value of acquired in-place easements and ground leases with a finite life ("easements and right-of-use ground leases").

The in-place leases and tenant relationships intangible assets are comprised of (1) the remaining contractual term of the existing in-place leases, (2) the expected exercise of the renewal provisions contained within the existing leases, and (3) any associated relationships that are expected to generate value following the expiration of all renewal periods under existing leases. If the contractual rents associated with acquired in-place leases exceed prevailing market rents at the acquisition date, the Company records an intangible asset representing the favorable lease terms. Conversely, if the contractual rents are below prevailing market rents, the Company records a liability representing the unfavorable lease terms. Favorable lease intangible assets are amortized as a reduction to rental income over the remaining non-cancelable term of the lease. Unfavorable lease liabilities are amortized as an increase to rental income over the remaining lease term.

The estimated useful lives of the intangibles are limited by the maximum depreciable life of the communications infrastructure (15 to 20 years), as a result of the interdependency of the communications infrastructure and site rental leases. For all intangible assets, amortization is provided using the straight-line method over the estimated useful lives, as the benefit associated with these intangible assets is anticipated to be derived evenly over the life of the asset.

**Asset Retirement Costs and Asset Retirement Obligations, net**

Pursuant to the ground leases, easements, and leased facility agreements related to our Tower Assets, the Company recognizes obligations to perform asset retirement activities, including the removal of communications infrastructure or remediation of locations where such communications infrastructure was previously installed. The associated asset retirement costs are initially recorded in "Investments in Properties, net" within the consolidated balance sheets as an additional carrying amount of the related long-lived asset, and depreciated over the useful life of such asset. The liability accretes as a result of the passage of time and the related accretion expense is included in the depreciation and amortization in the consolidated statements of operations. As these obligations relate to the Tower Sale, prior year balances have been reclassified to discontinued operations.

**Disposition of Properties and Discontinued Operations**

Sales of non-financial assets, such as investments in properties, are recognized when control of the asset transfers to the buyer, which will occur when the buyer has the ability to direct the use of, or obtain substantially all of the remaining benefits from, the asset. This generally occurs when the transaction closes and consideration is exchanged for control of the asset.

In accordance with ASC 205-20, discontinued operation includes only the disposal of a component of an entity and represents a strategic shift that has (or will have) a major effect on an entity's financial results. The disposition of the Company's Tower Assets qualified for discontinued operations presentation, and thus, the results of the properties that have been sold as well as the gain from dispositions were included in gain (loss) from discontinued operations.

**Impairment of Long-Lived Assets**

The Company evaluates its consolidated properties for impairment quarterly or whenever events or changes in circumstances indicate the carrying amount of these assets may not be recoverable, such as a significant decrease in market price of an asset or a significant adverse change in the extent or manner in which an asset is being used or its physical condition. The recoverability of the assets held and used is assessed by comparing their carrying amount to estimated undiscounted future net cash flows expected to be generated by these assets. If the carrying amount of a property exceeds its estimated undiscounted future cash flows, an impairment charge is recognized as the excess of the carrying amount of the property over its fair value.

The Company also evaluates for impairment consolidated properties to be sold, if there is any. The Company assesses whether the following criteria for classification as held for sale under GAAP have been met: (i) management has a committed plan to sell the property; (ii) the property is available for immediate sale in its present condition; (iii) an active program to locate a buyer and complete the sale has been initiated; (iv) the sale of the property is probable within one year (generally evidenced by the property being listed for sale); (v) the property is actively marketed for sale at a price that is reasonable in relation to its current fair value; and (vi) actions

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required to complete the plan indicate that it is unlikely that significant changes will be made to the plan or that the plan will be withdrawn. To the extent that these factors have been met, depreciation is discontinued, and the property is classified as held for sale and reported at the lower of the property's carrying amount or fair value less estimated costs to sell. The Company's determination of fair value is based on a number of assumptions that are subject to economic and market uncertainties, including, among others, the property's geographic location, lease-up potential and expected timing of lease-up, and estimates regarding tenant cancellations and renewals. During the three months ended March 31, 2026 and 2025, the Company determined that no impairment charges were necessary.

**Cash and cash equivalents**

Cash and cash equivalents represent cash held in banks which are available for immediate withdrawal and short-term investments that have original maturity dates of three months or less. The carrying amount approximates fair value due to the short-term nature of these investments. The Company has bank balances in excess of federally insured amounts; however, the Company deposits its cash and cash equivalents with high credit-quality institutions to minimize credit risk.

**Tenant and Other Receivables**

Tenant and other receivables includes rent and common area maintenance receivables, as well as the accumulated straight-line rent receivable balances and subscriptions received in advance. Management reviews its tenant related receivables on a monthly basis and takes into consideration the tenant's payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates, and economic conditions in the area in which the property is located. In the event that the collectability of rents receivable with respect to any given tenant is in doubt, the Company will record an increase in its allowance for uncollectible accounts or record a direct write-off of the specific rent receivable. There were no allowances for uncollectible accounts as of March 31, 2026 and December 31, 2025.

**Prepaid and Other Assets, net**

Prepaid and other assets, net primarily includes deferred transaction and acquisition costs, deferred financing costs and prepaid insurance and ground rents. Deferred transaction and acquisition costs, which were $2,404,631 as of March 31, 2026 and December 31, 2025, include deposits and costs associated with due diligence and other pre-acquisition related activities. Deferred financing costs consist of lender's fees, legal and other loan costs incurred in connection with the revolving line of credit. Deferred financing costs are amortized over the contractual terms of the respective financings using the straight-line method, which approximates the effective interest rate method. As of March 31, 2026 and December 31, 2025, deferred financing costs were $122,338 and $138,295, respectively, net of accumulated amortization of $196,803 and $180,846, respectively. For each of the three months ended March 31, 2026 and 2025, $15,957 of deferred financing costs was amortized and recognized as interest expense in the accompanying consolidated statement of operations.

#### Lease Accounting
***General***

The Company evaluates whether a contract meets the definition of a lease whenever a contract grants a party the right to control the use of an identified asset for a period of time in exchange for consideration. To the extent the identified asset is able to be shared among multiple parties, the Company has determined that one party does not have control of the identified asset and the contract is not considered a lease. The Company accounts for contracts that do not meet the definition of a lease under other relevant accounting guidance.

***Lessor***

Prior to the Tower Sale, the Company's lessor arrangements mainly involved tenant contracts for dedicated space on its shared communications infrastructure. Subsequent to the Tower Sale, the Company's lessor arrangements are focused on the two data centers it owns. The Company classifies its leases at lease commencement as operating, direct financing, or sales-type leases. A lease is classified as a sales-type lease if at least one of the following criteria is met: (1) the lease transfers ownership of the underlying asset to the lessee, (2) the lease grants the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise, (3) the lease term is for a major part of the remaining economic life of the underlying asset, (4) the present value of the sum of the lease payments equals or exceeds substantially all of the fair value of the underlying assets, or (5) the underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term. Furthermore, when none of the above criteria is met, a lease is classified as a direct financing lease if both of the following criteria are met: (1) the present value of the sum of the lease

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payments and any residual value guaranteed by the lessee, that is not already reflected in the lease payments, equals or exceeds the fair value of the underlying asset and (2) it is probable that the lessor will collect the lease payments, plus any amount necessary to satisfy a residual value guarantee. A lease is classified as an operating lease if it does not qualify as a sales-type or direct financing lease. Currently, the Company classifies all of its lessor arrangements as operating leases.

***Lessee***

Prior to the Tower Sale, the Company's lessee arrangements primarily consisted of ground leases for land where the towers are situated. Ground leases for land are specific to each site, generally contain an initial term of 5 to 10 years, and are renewable (and cancellable after a notice period) at the Company's option.

Prior period income statement balances related to the ROU assets associated with the Tower Sale have been reclassified to discontinued operations. The corresponding balance sheet accounts were derecognized as part of the sale and are no longer presented.

**Revenue Recognition**

Rental revenues, which are recognized on a ratable basis over the fixed, noncancelable term of the relevant tenant contract, generally ranging from 5 to 15 years for site rental revenues derived from tenants. Certain tenant contracts contain (1) fixed escalation clauses (such as fixed-dollar or fixed-percentage increases) or inflation-based escalation clauses (such as those tied to the change in CPI), (2) multiple renewal periods exercisable at the tenant's option and (3) only limited termination rights at the applicable tenant's option through the current term. If the payment terms call for fixed escalators, upfront payments, or rent-free periods, the revenue is recognized on a straight-line basis over the fixed, noncancelable term of the tenant contract's current term. To the extent the Company acquires above- or below- market tenant leases for contractual interests with tenants on the acquired communications infrastructure (for example, with respect to small cells and fiber), the Company records the fair value as deferred credits or debits and amortizes such deferred credits or debits to site rental revenues over their estimated lease term.

Since the Company recognizes revenue on a straight-line basis, a portion of the site rental revenues in a given period represents cash collected or contractually collectible in other periods. Assets related to straight-line site rental revenues are recorded within "Tenant and other receivables" in the consolidated balance sheets. Straight-line rental revenue was $27,703 and $35,831 for the three months ended March 31, 2026 and 2025, respectively. Amounts billed or received prior to being earned are deferred and reflected in "Deferred rental revenue" in the consolidated balance sheets. Amounts to which the Company has an unconditional right to payment, which are related to both satisfied or partially satisfied performance obligations, are recorded within "Tenant and other receivables" in the consolidated balance sheets.

The Company's cell tower lease terms generally allow for only limited expense reimbursements on a pro-rata basis for property related expenses above base year expense amounts. Under the terms of data center leases, the majority of the Company's rental expenses, including common area maintenance, real estate taxes and insurance, are recovered from tenants. The Company records amounts reimbursable by tenants as revenue in the period the applicable expenses are incurred, which is generally on a ratable basis throughout the term of the lease. The Company accounts for and presents rental revenue and tenant recoveries as a single component under rental revenues as the timing of recognition is the same, the pattern with which the transfer of the right of use of the property and related services to the lessee are both on a straight-line basis and our leases qualify as operating leases.

The Company may have multiple performance obligations for site development services, which primarily include: structural analysis, zoning, permitting, and construction drawings. For each of the above performance obligations, services revenues are recognized at completion of the applicable performance obligation, which represents the point at which the Company believes it has transferred goods or services to the tenant. The revenue recognized is based on an allocation of the transaction price among the performance obligations in a respective contract based on estimated stand-alone selling price.

**Stock-Based Compensation**

The Company applies ASC Topic 718, *Compensation — Stock Compensation*, or ASC Topic 718, to account for its stock compensation pursuant to the 2021 Equity Incentive Plan, using the fair value method, which requires an estimate of fair value of the award at the time of grant and recognition of compensation expense on a straight-line basis over the requisite service period of the awards. Forfeitures of stock-based awards are recognized as an adjustment to compensation expense as they occur. Awards granted under the Equity Incentive Plan may include restricted stock or units issued to executive officers, in addition to restricted stock issued to directors.

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Pursuant to the Equity Incentive Plan, in March 2025, the Company granted 19,265 shares of restricted stock to independent directors of the Company that vest over a period of up to one year from the date of grant. In February 2026, the Company granted 5,418 additional shares of restricted stock to the independent directors. For the three months ended March 31, 2026, the Company recognized stock compensation expense amounting to $41,629. There was no recorded stock compensation expense during the three months ended March 31, 2025. Such expense is based on the grant date fair value for time-based awards that are probable of vesting, which fair value calculation used the most recently disclosed NAV per share offering price at the time of grant. Stock compensation expense is included in general and administrative expenses in our accompanying condensed consolidated statements of operations and comprehensive loss.

**Earnings per Share**

Basic loss from continuing operations and gain (loss) from discontinued operations per share for all periods presented are computed by dividing loss from continuing operations and gain (loss) from discontinued operations applicable to common shareholders by the weighted average number of shares of our common stock outstanding during the periods presented. Diluted loss from continuing operations and diluted gain (loss) from discontinued operations earnings (loss) per share are computed based on the weighted average number of shares of our common stock and all potentially dilutive securities, if any. We consider the effect of other potentially dilutive securities, including the Operating Partnership Units, which may be redeemed for shares of our common stock under certain circumstances, and include them in our computation of diluted EPS under the if-converted method when their inclusion is dilutive.

**Fair Value Instruments**

Assets and liabilities recorded at fair value on a recurring basis in the balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Fair value is defined as the exchange price that would be received for an asset or an exit price that would be paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The authoritative guidance on fair value measurements establishes a three-tier fair value hierarchy for disclosure of fair value measurements as follows:

*Level 1 —* Observable inputs, such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.

*Level 2 —* Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or liability. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.

*Level 3 —* Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The Company has no assets or liabilities that are measured at fair value on a recurring basis as of March 31, 2026 or December 31, 2025.

The carrying amounts of financial instruments such as loan payable and accounts payable and accrued expenses approximate their fair values due to the short-term maturities and market rates of interest of these instruments.

**Concentration Risks**

As of March 31, 2026 and December 31, 2025, the Company had cash on deposit in certain financial institutions that exceed the current federally insured levels. The Company limits cash investments to financial institutions with high credit standing; therefore, the Company believes it is not exposed to any significant credit risk on cash.

The Company owned data centers located in Missouri and California that account for approximately 63.42% and 36.58%, respectively, of the total data center rental revenue for the three months ended March 31, 2026. For the three months ended March 31, 2025, the Company owned data centers located in Missouri and California that accounted for approximately 62.83% and 37.17%, respectively, of the total data center rental revenue.

Data center leases with tenants under common control of TierPoint, Wesco and AT&T Inc. and its subsidiaries accounted for approximately 40.55%, 22.87% and 36.58%, respectively, of the total data center rental revenue for the three months ended March 31, 2026. Data center leases with tenants under common control of TierPoint, Wesco and AT&T Inc. and its subsidiaries

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accounted for approximately 40.15%, 22.68% and 37.17%, respectively, of the total data center rental revenue for the three months ended March 31, 2025.

**Income Taxes**

As discussed in Note 1 "Organization and Business Operations," the Company elected to be taxed as a REIT under Sections 856 through 860 of the Code beginning with taxable year ended December 31, 2021. The Company generally must distribute annually at least 90% of its net taxable income, subject to certain adjustments and excluding any net capital gain. Assuming the Company's distributions equal or exceed the Company's taxable net income, the Company generally will not be required to pay federal corporate income taxes on such income. The Company must also meet certain other organizational and operational requirements. If such requirements are not met, its income could be taxable at regular corporate tax rates. Even if the Company qualifies for taxation as a REIT, it may be subject to certain state and local taxes on its income and property, and to federal income and excise taxes on its undistributed income. It is management's current intention to adhere to these requirements and maintain the Company's REIT status. Accordingly, no provision for federal income taxes has been included in the accompanying consolidated financial statements.

Certain income, gain, loss, and deductions of the Operating Partnership for US federal income tax purposes will be allocated to each limited partnership unit, regardless of whether any distributions are made by the Operating Partnership.

ASC 740, *Income Taxes*, provides guidance for how uncertain tax positions should be recognized, measured, presented, and disclosed in the consolidated financial statements. ASC 740 requires the evaluation of tax positions taken, or expected to be taken, in the course of preparing the Company's tax returns to determine whether the tax positions are "more likely than not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current period. No income tax benefit or liability for uncertain tax positions has been recorded in the accompanying consolidated financial statements.

#### Recent Accounting Pronouncements
**In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2024-03, *Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses*, or ASU 2024-03. Further, in January 2025, the FASB issued ASU 2025-01*, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date*, or ASU 2025-01. ASU 2024-03 requires new financial statement disclosure to be provided in the notes to the financial statements in a tabular presentation related to the disaggregation of certain expense captions presented on the face of the income statement within continuing operations that include expense categories such as: (i) purchases of inventory; (ii) employee compensation; (iii) depreciation; and (iv) intangible asset amortization. ASU 2024-03 and ASU 2025-01 are effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted and may be applied retrospectively or prospectively. The Company is currently evaluating this guidance to determine the disclosures beginning with our December 31, 2027 annual reporting period.**

&nbsp;&nbsp;&nbsp;&nbsp;3. **INVESTMENTS IN PROPERTIES, NET** 

Investments in properties, net consist of the following as of March 31, 2026 and December 31, 2025:

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| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| Land | $3745449 | $3745449 |
| Building | 22871656 | 22871656 |
| Site improvements | 1615557 | 1615557 |
| &nbsp;&nbsp;Total costs | 28232662 | 28232662 |
| Less accumulated depreciation | (2138971) | (1963346) |
| Total investments in properties, net | $26093691 | $26269316 |

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Depreciation expense was $175,625 for each of the three months ended March 31, 2026 and 2025, respectively.

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&nbsp;&nbsp;&nbsp;&nbsp;4. **ASSET ACQUISITIONS** 

The Company did not acquire any assets during the three months ended March 31, 2026. The following table summarizes the asset acquisitions for the three months ended March 31, 2025, which became part of the disposed group of assets in the Tower Sale and are included in the discontinued operations. Refer to Note 6, "Discontinued Operations," for related disclosures.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Property** | <br>**Market** | <br>**Closing Date** | **Number of**<br>**Properties**<br>**Acquired** | **Total**<br>**Purchase**<br>**Price**<sup>(1)</sup> | <br>**Right-of-Use**<br>**Asset**<sup>(2)</sup> | **Asset**<br>**Retirement**<br>**Obligation**<sup>(3)</sup> |
| *Cell Towers:* |  |  |  |  |  |  |
| Plada Heights | Tennessee | January 22, 2025 | 1 | $623495 | $— | $31341 |
| Lemont Lane | Tennessee | February 5, 2025 | 1 | 673356 | 93083 | 21591 |
| Total |  |  | 2 | $1296851 | $93083 | $52932 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes capitalized acquisition-related costs.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Right-of-use assets were obtained in exchange for the assumption of operating lease liabilities of the same values as part of the asset acquisitions.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Asset retirement obligations were assessed as part of the asset acquisitions.

The related assets, liabilities, and results of operations of the acquired properties were originally included in the consolidated financial statements from the date of acquisition. Following the Tower Sale, these accounts were included in the discontinued operations. The following table summarizes the estimated relative fair value purchase price allocations of the assets acquired and liabilities assumed at the acquisition dates as of March 31, 2025:

---

| | |
|:---|:---|
|  | **March 31, 2025** |
| Assets: |  |
| &nbsp;&nbsp;Cell towers | $885963 |
| &nbsp;&nbsp;Land | 89563 |
| &nbsp;&nbsp;Contract rights and tenant relationships | 110618 |
| &nbsp;&nbsp;Network location & capacity | 263639 |
| &nbsp;&nbsp;Right-of-use assets obtained in exchange for operating lease liabilities | 93083 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets acquired | 1442866 |
| Liabilities: |  |
| &nbsp;&nbsp;Asset retirement obligation | 52932 |
| &nbsp;&nbsp;Ground lease liabilities | 93083 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities assumed | 146015 |
| Total Purchase Price | $1296851 |

---

&nbsp;&nbsp;&nbsp;&nbsp;5. **INTANGIBLES** 

The following tables detail the gross carrying amount and accumulated amortization of intangible assets and liabilities, not considered discontinued operations, as of March 31, 2026 and December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| Intangible assets |  |  |
| Contract rights and tenant relationships | $6167498 | $6167497 |
| Above-market leases | 806494 | 806494 |
| &nbsp;&nbsp;Total intangible assets | 6973992 | 6973991 |
| Less accumulated amortization | (1787496) | (1641156) |
| Total intangible assets - net | $5186496 | $5332835 |
| Intangible liabilities |  |  |
| Below-market leases  | $1321686 | $1321686 |
| Less accumulated amortization  | (755249) | (692312) |
| Total intangible liabilities - net  | $566437 | $629374 |

---

Amortization expense, which was included in depreciation and amortization expense, was $130,628 for each of the three months ended March 31, 2026, and 2025, respectively. The Company recognized an increase in rental revenue of $47,226 for each of the three

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months ended March 31, 2026 and 2025, respectively, for the amortization of the aggregate below-market leases in excess of above-market leases.

The following table represents the weighted average remaining useful lives of the intangible assets as of March 31, 2026:

---

| | |
|:---|:---|
| **Weighted-Average Remaining Life (Years)** |  |
| Contract rights and tenant relationships | 9 |
| Above market leases | 10 |
| Below market leases | 2 |

---

The following sets forth future annual amortization for acquisition-related intangibles for the next five years ended December 31 and thereafter:

---

| | | |
|:---|:---|:---|
| **Years ending December 31:** | **Intangible Assets** | **Intangible Liabilities** |
| Remainder of 2026 | $439018 | $188812 |
| 2027 | 585358 | 251750 |
| 2028 | 585358 | 125875 |
| 2029 | 585358 |  |
| 2030 | 585358 |  |
| Thereafter | 2406046 |  |
| Total | $5186496 | $566437 |

---

**6.**DISCONTINUED OPERATIONS

On December 22, 2025, the Company, through the Operating Partnership, closed the Tower Sale, which included the sale of the equity interests of Vogue Towers II, LLC ("Vogue Towers II"), Towers II Holdco ("Towers II") and SWIF II Investment Co. Towers I, LLC ("Towers I," and, together with Towers II and Vogue Towers II, the "Disposed Companies"), which were wholly owned subsidiaries of the Operating Partnership, for a purchase price of $55,105,862, exclusive of closing costs. Prior to the closing of the Tower Sale, the Disposed Companies owned 100% of the fee simple interest in 48 towers with associated ground leases or easements, 68 tenant leases and other related assets. As described in further detail in each of the purchase agreements, the purchase prices were subject to certain customarily post-closing adjustments, including with respect to (i) the cash flows of the applicable Disposed Companies' wireless tower assets as of the closing of the Tower Sale, (ii) prepaid costs related to certain of Towers II's wireless tower assets under development, (iii) indebtedness and (iv) transaction expenses which are estimated in the sales price. In connection with the closing of the Tower Sale, the Company repaid $16,500,000 of the outstanding principal balance on the Sunflower Secured Credit Facility, which were partially secured by or allocated to the assets that were held by the Disposed Companies prior to the closing of the Tower Sale. In addition, the Company recognized a gain on sale of discontinued operations amounting to $13,994,152. The Tower Sale represented a strategic shift in the Company's business and, as such, the Disposed Companies were reflected as discontinued operations for all the relevant periods presented.

For the three months ended March 31, 2025 and prior to the reclassification of the results of these Disposed Companies to loss from discontinued operations, the Disposed Companies represented approximately 41% of the Company's revenues, 45% of the Company's total expenses and 6%, of the Company's total segment operating net income.

The following table provides the results of the operations of these Disposed Companies for the three months ended March 31, 2025:

---

| | |
|:---|:---|
| Revenues |  |
| &nbsp;&nbsp;Rental revenues | $436751 |
| Total income | 436751 |
| Expenses |  |
| &nbsp;&nbsp;Property operating expenses | 112048 |
| &nbsp;&nbsp;General and administrative | 16711 |
| &nbsp;&nbsp;Depreciation and amortization | 779340 |
| &nbsp;&nbsp;Accretion expense | 23709 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 931808 |
| Other expenses: |  |
| Interest expense | (244940) |
| Loss from discontinued operations  | $(739997) |

---

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The cash flows related to discontinued operations have not been segregated and are included in the consolidated statements of cash flows for the three months ended March 31, 2025. The following table provides the key cash flow and non-cash information related to discontinued operations:

---

| | |
|:---|:---|
| Asset acquisitions | $(616890) |
| Prepaid acquisition costs | (1575426) |
| Proceeds from loans payable | 5505795 |
| Significant non-cash items: |  |
| Depreciation and amortization | 779340 |
| Addition of asset retirement obligations in relation to acquisitions | 52931 |
| Ground lease right of use assets obtained in exchange for operating lease liabilities | 93083 |

---

**7.**INVESTMENT IN DATACOM JOINT VENTURE

StratCap Wireless Datacom Ventures, LLC (the "Datacom JV") is a Delaware limited liability company formed on December 8, 2022 with its primary purpose is to invest in and manage certain fiber and wireless real estate assets. The Datacom JV was entered into by SWIF II Ventures I, LLC (the "SWIF Managing Member"), a wholly owned subsidiary of the Company, and DataCom, LP. ("DataCom Limited Partner," collectively, "Datacom Members"). The Company accounts for its 51% ownership interest in the Datacom JV as an equity method investment as the Datacom JV is under the shared control of the two joint venture partners. The Company does not consolidate the Datacom JV as it does not have the power to direct the activities that most significantly impact Datacom JV's economic performance. The Company considered acquisition, disposition, major operating and capital raising and allocation decisions as activities that primarily impact the economic results of the Datacom JV.

As of March 31, 2026, the Datacom Members do not have any outstanding or unfunded capital commitments. Except for allocated fees and certain fee contributions as summarized below, SWIF Managing Member may request additional capital based on their respective membership interests to fund new investments as well as to fund working capital. For the three months ended March 31, 2026, DataCom Limited Partner contributed capital amounting to $2,049,081 to fund the asset management fees, management fees, acquisition fees, leasing commissions and loan coordination fees as summarized below.

Distributions of available cash are distributed to the Datacom Members based on their respective membership interests until certain internal rate of return ("IRR") thresholds are met. As the rate of return thresholds are achieved, the allocation of distributions is modified as further described in the Agreement.

SWIF Managing Member is managed by the Advisor and its affiliates. The Datacom JV pays the below fees to the Advisor and its affiliates (except as noted below), which are allocated between the Datacom Members described below.

---

| | | |
|:---|:---|:---|
| **Type of Fees:** | **Basis** | **Allocation Percentage** |
| Management fee | 49% of 1.5% of gross revenues of Datacom JV | 100% owed by and allocated to DataCom Limited Partner |
| Leasing commissions | Market rate based on new leases and modified leases | 100% owed by and allocated to DataCom Limited Partner |
| Construction management fee | 49% of the 5% of the project's costs. | 100% owed and allocated to DataCom Limited Partner |
| Acquisition fee | 49% of 1.5% of the agreed purchase price | Pro rata based on ownership interests. |
| Asset management fee | 49% of 1/12 of 1.0% of Datacom JV's aggregate asset value | 65% payable and allocated to Managing Member and 35% payable and allocated to DataCom Limited Partner |
| Loan coordination fee | 49% of 0.5% of the amount of any new financing, assumed loan in connection with the acquisition and refinancing | 50% each payable to both members if the financing is outsourced by the DataCom Limited Partner. 100% payable to SWIF Managing Member if sourced by SWIF Managing Member.  |

---

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**Datacom JV Investments in Properties**

The table below provides the cell tower assets owned by Datacom JV as of March 31, 2026:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name of property** | **Location** | **Year Acquired** | **% of Ownership** | **Units** | **Acquisition Cost** |
| Comm Facilities | Maine | 2023 | 100% | 2 | $2642160 |
| Wireless Asset Group | Missouri | 2023 | 100% | 3 | 3904017 |
| Prairie Mountain | Oregon | 2023 | 100% | 1 | 3083583 |
| Telesite | Massachusetts | 2023 | 100% | 2 | 2243754 |
| Coral Springs | Florida | 2023 | 100% | 1 | 1331568 |
| Badger | Wisconsin | 2023 | 100% | 1 | 1575355 |
| Gator | Florida | 2023 | 100% | 3 | 6291954 |
| Rockville | New York | 2023 | 100% | 3 | 13862506 |
| MW Towers | Missouri | 2023 | 100% | 2 | 1829159 |
| Hemphill | Various | 2023/2024 | 100% | 71 | 52390735 |
| TowerCom | Various | 2024/2025 | 100% | 43 | 31606545 |
| Bug Tussel | Various | 2024 | 100% | 18 | 7450449 |
| Honey Bear | Various | 2025 | 100% | 1 | 490943 |
| Parker Road | Various | 2025 | 100% | 1 | 1194387 |
| Total |  |  |  | 152 | $129897115 |

---

**Acquisition of Datacom JV Properties**

There were no assets acquired during the three months ended March 31, 2026 and 2025. Subsequent to March 31, 2025, the Datacom JV acquired the following portfolios of cell tower assets:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Property** | **Acquisition Date** | **Number of Towers** | **Property Type** | **Acquisition Cost** |
| Honey Bear | June 2025 | 1 | Cell Towers | $490943 |
| TowerCom | July 2025 | 9 | Cell Towers | 10555609 |
| Parker Road | August 2025 | 1 | Cell Towers | 1194387 |
|  |  | 11 |  | $12240939 |

---

**Datacom JV Debt**

**On September 10, 2024, the Datacom JV entered into a credit agreement (the "Datacom Revolving Facility") pursuant to which the Datacom JV may request advances on a revolving facility up to an initial aggregate principal of $30,000,000. On October 29, 2024, the Datacom JV amended the Datacom Revolving Facility to increase the aggregate principal commitment to $45,000,000. The Datacom Revolving Facility bears interest at a spread over Term SOFR ranging between 1.25% and 1.75% based on the loan to value at the date of borrowing and matures on September 10, 2029. The Datacom Revolving Credit Facility is subject to interest only payment through September 20, 2027. Beginning October 1, 2027 and every first day of each quarter, the outstanding principal balance begins amortizing based on a 30-year straight line amortization, with the remaining unamortized principal balance being due at maturity.**

During the year ended December 31, 2025, Datacom JV borrowed $11,802,627 on the Datacom Revolving Facility to finance the acquisition costs associated with the Parker Road property, acquire the remaining assets of TowerCom portfolio, and fund the earnout related to the TowerCom portfolio. There were no borrowings during the three months ended March 31, 2026. As of March 31, 2026 and December 31, 2025, the carrying value of the Datacom Revolving Facility was $44,352,129 and $44,317,320, respectively, net of deferred financing costs. The unused capacity on Datacom Revolving Facility is $160,547 as of March 31, 2026.

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**Datacom JV Lease Arrangements**

*As a Lessor*

The Datacom JV is the lessor to tenants under the operating leases. As of March 31, 2026, the weighted-average remaining current term of the tenant contracts was approximately 6.1 years. The future minimum rent to be received over the next five years and thereafter for noncancellable operating leases are as follows:

---

| | |
|:---|:---|
| Year ending December 31: |  |
| **Remainder of 2026** | $4301287 |
| 2027 | 5248652 |
| 2028 | 4592553 |
| 2029 | 3898241 |
| 2030 | 2575162 |
| Thereafter | 5567745 |
| Total | $26183640 |

---

For the three months ended March 31, 2026, the Datacom JV owned cell towers located in Texas, Wisconsin, New York, Missouri and Florida that account for approximately 13.6%, 12.2%, 10.8%, 10.4% and 8.2%, respectively, of Datacom JV total cell tower rental revenue. For the three months ended March 31, 2025, the Datacom JV owned cell towers located in Texas, Wisconsin, New York, Missouri and Florida that account for approximately 11.1%, 13.3%, 12.5%, 11.7% and 8.7%, respectively, of total cell tower rental revenue.

For the three months ended March 31, 2026, cell tower leases with tenants under common control of Verizon Communications Inc., AT&T Inc., T-Mobile USA, Inc. and US Cellular accounted for approximately 31.4%, 18.0%, 16.5% and 7.8 %, respectively, of total Datacom JV cell tower revenue. For the three months ended March 31, 2025, cell tower leases with tenants under common control of Verizon Communications Inc., AT&T Inc., T-Mobile USA, Inc. and US Cellular accounted for approximately 31.5%, 18.7%, 11.4%. and 8.8%, respectively, of Datacom JV total cell tower revenue.

*As a Lessee*

The Datacom JV is a lessee for certain properties, including ground leases. The weighted-average remaining lease term was 4.3 years as of March 31, 2026. The Datacom JV's weighted-average discount rate for operating leases was 7.8% as of March 31, 2026.

The following table is a summary of the Datacom JV's maturities of operating lease liabilities for each of the next five years ending December 31 and thereafter:

---

| | |
|:---|:---|
| **Year ending December 31:** |  |
| Remainder of 2026 | $918009 |
| 2027 | 1228114 |
| 2028 | 1224139 |
| 2029 | 1223414 |
| 2030 | 1226166 |
| Thereafter | 5972195 |
| &nbsp;&nbsp;Total undiscounted lease payments | 11792037 |
| Less imputed interest | (3689212) |
| Total lease liabilities - net | $8102825 |

---

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**Datacom JV Summarized Balance Sheet and Statements of Operations**

The following table summarizes the balance sheets of the Datacom JV as of March 31, 2026 and December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| Assets |  |  |
| Investments in properties, net | $53054933 | $53561971 |
| Cash and cash equivalents | 846802 | 235090 |
| Restricted cash | 1896773 | 2576463 |
| Intangible assets, net | 60515772 | 62440888 |
| Ground lease ROU assets, net | 7927300 | 7792632 |
| Other assets, net | 2174986 | 2112005 |
| &nbsp;&nbsp;Total assets | $126416566 | $128719049 |
| Liabilities and members' equity |  |  |
| Loan payable, net | $44352129 | $44317320 |
| Accounts payable and accrued liabilities | 670883 | 948144 |
| Due to affiliates | 166641 | 132059 |
| Acquisition, asset and property management fees payable | 183475 | 1559853 |
| Lease liabilities, net | 8102825 | 7959436 |
| Other liabilities, net | 7186996 | 7103895 |
| &nbsp;&nbsp;Total liabilities | 60662949 | 62020707 |
| Members' equity | 65753617 | 66698342 |
| Total liabilities and members' equity | $126416566 | $128719049 |
| The Company's share of equity in Datacom JV | $33474845 | $34861734 |

---

The following table summarizes the statements of operations of the Datacom JV for the three months ended March 31, 2026 and 2025:

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,**  | **Three Months Ended March 31,**  |
|  | **2026** | **2025** |
| Rental revenues | $1523169 | $1335850 |
| Property operating expenses | 651087 | 416676 |
| General and administrative | 113601 | 589237 |
| Asset and property management fees | 184080 | 174328 |
| Depreciation and amortization | 2852745 | 2479803 |
| Interest expense, net of interest income | 715462 | 556013 |
| Total expenses | 4516975 | 4216057 |
| Net loss of Datacom JV | $(2993806) | $(2880207) |
| The Company's allocated loss from Datacom JV | $(1386889) | $(1439616) |

---

&nbsp;&nbsp;&nbsp;&nbsp;8. **LOAN PAYABLE** 

On March 15, 2023, the Company entered into a credit agreement (the "Revolving Facility" or the "Sunflower Secured Credit Facility") pursuant to which the Company may request advances on a revolving facility up to an initial aggregate principal of $35,000,000. The maturity date of the Revolving Facility is March 15, 2028. The Revolving Facility's base rate loans shall bear interest at the lesser of (i) 1.75% plus the highest of (a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day plus 0.50% and (c) the Secured Overnight Financing Rate ("SOFR") for a one-month term in effect on such date plus 0.25% ("Term SOFR") and (ii) the "Maximum Rate" as defined in the agreement as the maximum interest rate allowed under New York Law. The Revolving Facility's SOFR rate loans shall bear interest in the lesser of (i) 2.75% plus Term SOFR for the relevant Interest Period and (ii) the Maximum Rate.

During the three months ended March 31, 2025, the Company drew down $5,505,795 to fund future development costs. Following the Tower Sale in December 2025, the Company repaid $16,500,000 of the outstanding loan balance. On March 15, 2026, in accordance with the Sunflower Secured Credit Facility agreement, the outstanding balance on the Sunflower Secured Credit Facility principal balance became fixed at the then outstanding amount of $18,340,795 with no remaining available borrowing capacity. On this same date, the outstanding balance also converted to an amortizing loan with principal and interest payments required to be paid monthly over

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an amortization period of 25 years with the remaining unamortized balance of principal and interest due and payable in full on March 15, 2028. The outstanding loan payable balance was $18,340,795 as of March 31, 2026 and December 31, 2025.

The Revolving Facility requires the Company to maintain certain financial covenants such as (1) the weighted average remaining lease term of data center properties shall not be permitted to be less than 60 months; (2) the fixed charge coverage ratio (pre-distribution) shall not be permitted to be less than 1.25 to 1.00; (3) the fixed charge coverage ratio (post-distribution) shall not be permitted to be less than 1.10 to 1.00; and (4) the loan to value ratio shall not be permitted to be greater than 70%. The Company was in compliance with these financial covenants as of March 31, 2026 and December 31, 2025.

As of March 31, 2026 and December 31, 2025, the carrying value of the Company's loan payable approximates its fair value. The fair value of the Company's indebtedness is estimated by modeling the cash flows required by the Revolving Facility and discounting them back to present value using the appropriate discount rate. Additionally, the Company considers current market rates and conditions by evaluating similar current borrowing agreements with comparable terms. The inputs used in estimating the fair value of the Company's indebtedness are considered Level 3. See Note 1, "Organization and Business Operation — Fair Value Instruments," for more information on the three-tier fair value hierarchy.

**Contractual Maturities**

The scheduled principal maturities of the Company's loan payable as of March 31, 2026 are as follows:

---

| | |
|:---|:---|
| **Year ending December 31:** |  |
| Remainder of 2026 | $611360 |
| 2027 | 733632 |
| 2028 | 16995803 |
| Total | $18340795 |

---

&nbsp;&nbsp;&nbsp;&nbsp;9. **EQUITY (DEFICIT)** 

**Authorized Capital Stock**

The Company is authorized to issue multiple classes of shares of common stock, which include Class A, Class AX, Class D, Class DX, Class I, Class IX, Class S, and Class T shares. As of March 31, 2026 and December 31, 2025, the Company's authorized capital stock is summarized below. As of April 30, 2026, the Company is not currently conducting any offerings of its common stock. See Note 14, "Subsequent Events," for more information regarding the termination of the Public Offering.

---

| | | | |
|:---|:---|:---|:---|
| **Classification** | **Par Value** | **March 31, 2026** | **December 31, 2025** |
| Class A Common Stock | $0.01 | 6000000 | 6000000 |
| Class AX Common Stock | $0.01 | 3000000 | 3000000 |
| Class D Common Stock | $0.01 | 100000000 | 100000000 |
| Class DX Common Stock | $0.01 | 100000000 | 100000000 |
| Class I Common Stock | $0.01 | 100000000 | 100000000 |
| Class IX Common Stock | $0.01 | 100000000 | 100000000 |
| Class S Common Stock | $0.01 | 94000000 | 94000000 |
| Class T Common Stock | $0.01 | 97000000 | 97000000 |
| &nbsp;&nbsp;Total |  | 600000000 | 600000000 |

---

**Limited Partnership Units of the Operating Partnership**

The partnership interests in the Operating Partnership, excluding the special limited partner interest and general partner interest, are currently divided into ten classes: (1) Class A OP Units, (2) Class AX OP Units, (3) Class D OP Units, (4) Class DX OP Units, (5) Class I OP Units, (6) Class IX OP Units, (7) Class P OP Units, (8) Class PX OP Units, (9) Class S OP Units and (10) Class T OP Units. Except for Class P OP Units and Class PX OP Units, each class of the Operating Partnership's units is intended to correspond on a one-for-one basis with the same class of the Company's common stock. When the Company receives proceeds from the sale of shares of our common stock, the Company contributes such proceeds to the Operating Partnership in exchange for OP Units of the same class. As a result, the Company generally holds OP Units proportionate to its outstanding common stock, with OP Units intended to be economically equivalent to the Company's shares of common stock.

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On January 18, 2022, the Company commenced a private offering of Class P OP Units and Class PX OP Units ("OP Unit Offering") in the Operating Partnership, to accredited investors only. Prior to the conclusion of this OP Unit Offering, and concurrently with the start of the Public Offering, the Company raised aggregate proceeds of approximately $22,623,000 from the sale of approximately 2,034,853 Class P OP Units and 216,561 Class PX OP Units in the OP Unit Offering. The holders of Class P OP Units and Class PX OP Units may request to exchange their units on a one-for-one basis for Class I shares and Class IX shares, respectively, subject to the Company's discretion.

As the sole general partner of the Operating Partnership, the Company has the exclusive power to manage and conduct the business of the Operating Partnership. Limited partners of any class do not have the right to participate in the management of the Operating Partnership. Holders of the Operating Partnership units are not required to make additional capital contributions to the Operating Partnership. Additionally, such unitholders do not have the right to make additional capital contributions or purchase additional units of limited partnership interest in the Operating Partnership without the Company's consent. The voting rights of the limited partners of any class are generally limited to approval of specific types of amendments to the Operating Partnership agreement.

As of March 31, 2026 and December 31, 2025, holders of Class P OP Units and Class PX OP Units owned an aggregate of 1,285,664 units and 1,349,716 units, representing 11.04% and 11.09%, of the Operating Partnership, respectively. The equity interests held by these unitholders are reflected as a component of noncontrolling interest in the Operating Partnership on the consolidated balance sheets.

**Cash Dividends and Distributions**

The Board may authorize dividends or distributions to stockholders at its discretion, payable in cash, assets, or Company securities, including shares of one class to holders of another. To comply with the REIT provisions under the Code, the Company generally intends to distribute substantially all of its taxable income to its stockholders each year, which does not necessarily equal net income as calculated in accordance with GAAP.

For the three months ended March 31, 2026 and 2025, respectively, the following cash dividends and distributions were declared and paid or payable to stockholders and unitholders as follows:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,**  | **Three Months Ended March 31,**  |
| <br>**Classification** | **2026** | **2025** |
| Class A Common Stock | $585570 | $669175 |
| Class AX Common Stock | 30199 | 1094 |
| Class I Common Stock | 202877 | 239871 |
| Class IX Common Stock | 61111 | 1069 |
| Class T Common Stock | 5280 |  |
| Class P OP Units | 153131 | 229260 |
| Class PX OP Units | 42 | 2579 |
| &nbsp;&nbsp;Total | $1038210 | $1143048 |

---

On April 30, 2026, the Company announced that, following payment of the April 2026 distributions to stockholders, the Company does not currently expect to pay regular cash distributions to its stockholders unless and until such time as the Board declares a distribution. See Note 14, "Subsequent Events," for more information regarding the change in distribution policy.

**Dividend and Distribution Reinvestment Plan**

Under the Company's charter and limited partnership agreement of the Operating Partnership, distributions to holders of Class AX shares, Class DX shares, Class IX shares, and Class PX OP Units are deemed distributed and then invested in additional shares of the same class at the applicable purchase price per share, net of any selling commissions and/or dealer manager fees associated with the applicable class (the "reinvestment plan"). Between the effective date and termination of the Public Offering, the Company adopted a DRP plan whereby Class D shares, Class I shares, Class S Shares and Class T shares would have their cash distributions automatically reinvested in additional shares of common stock unless shareholders elected to receive distributions in cash.

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For the three months ended March 31, 2026 and 2025, respectively, the following DRP dividends and distributions were declared and paid or payable to stockholders and unitholders as follows:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,**  | **Three Months Ended March 31,**  |
| <br>**Classification** | **2026** | **2025** |
| Class AX Common Stock | $152974 | $186875 |
| Class I Common Stock | 247503 |  |
| Class IX Common Stock | 132952 | 254731 |
| Class T Common Stock | 2483 |  |
| Class PX OP Units | 23697 | 25112 |
| &nbsp;&nbsp;Total | $559609 | $466718 |

---

**Share Repurchase Program**

On September 1, 2023, the Board approved the Share Repurchase Program, allowing the Company to repurchase Class A shares, Class AX shares, Class I shares, and Class IX shares at the applicable price per share under the terms of the Share Repurchase Program. On October 24, 2024, the Company adopted the amended and restated Share Repurchase Program, whereby, subject to certain limitations, stockholders may request on a monthly basis that the Company repurchases all or any portion of the shares they own. The aggregate NAV of total repurchases of Class A shares, Class AX shares, Class D shares, Class DX shares, Class I shares, Class IX shares, Class S shares and Class T shares will be limited to no more than 1.67% of the aggregate NAV per month (with the first month of each calendar quarter limitation being 1.66% instead of 1.67%), which will be measured using the aggregate NAV attributable to stockholders as of the end of the immediately preceding month, and no more than 5% of the aggregate NAV per calendar quarter, which will be measured using the average aggregate NAV attributable to stockholders as of the end of the immediately preceding three months.

On September 1, 2023, the Board also approved the OP Unit Repurchase Program allowing the Company to repurchase Class P OP and Class PX OP Units at the applicable price per share in accordance with the terms of the OP Unit Share Repurchase Program. The OP Unit Repurchase Program generally follows the same terms as the Share Repurchase Program (the "OP Unit Share Repurchase Program" together with the Share Repurchase Program, the "Repurchase Programs").

For the three months ended March 31, 2026 and 2025, the Company repurchased 533,706 and 383,212 shares for $5,348,261 and $3,945,655, respectively. Additionally, for three months ended March 31, 2026 and 2025, the Company repurchased an aggregate of 66,402 and 5,000 OP Units held by third parties for $670,112 and $52,027, respectively.

In connection with its efforts to preserve capital and enhance liquidity while the Company explores strategic alternatives, on April 28, 2026, the Board approved a suspension of the Repurchase Programs, other than for repurchases in connection with qualifying disability and death. See Note 14, "Subsequent Events," for more information regarding the strategic alternatives review and the partial suspension of the Repurchase Programs.

**Share Cancellation by StratCap Investment Management, LLC**

On September 26, 2025, the Board approved a program pursuant to which the Sponsor may, over the course of twelve months, periodically cancel certain shares of common stock of the Company held by the Sponsor for no consideration (the "Cancellation Program"). For the period from September 26, 2025 through December 31, 2025, the Board accepted the (i) cancellation of 1,150,000 Class I shares held by the Sponsor for no consideration and (ii) a corresponding number of Class I OP Units in the Operating Partnership in connection with the Cancellation Program. For the three months ended March 31, 2026, the Board did not accept any cancellations in connection with the Cancellation Program.

**Public Offering Share Purchase Prices**

During the Public Offering, which terminated on April 30, 2026, the Board approved an estimated NAV per share for each class of common stock with outstanding shares each 30-day period from December 2024 consistent with the Advisor's determination. In the Public Offering, each class of common stock was sold at the "transaction price", which generally equaled the NAV per share of each class of common stock, plus applicable upfront selling commissions and dealer manager fees.

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**Selling Commissions and Dealer Manager Fees**

During the Public Offering, which terminated on April 30, 2026, the dealer manager was entitled to receive selling commissions of 1.5% on Class D shares, 3.0% on Class T shares, and 3.5% on Class S shares based on the transaction price of each applicable class of shares sold in the Public Offering. Class I shares did not incur selling commissions. The dealer manager was also entitled to receive dealer manager fees of 0.5% on Class T shares based on the transaction price of each applicable class of shares sold in the Public Offering. Class D shares, Class I shares, and Class S shares did not incur dealer manager fees. The dealer manager was also entitled to receive a stockholder servicing fee of 0.25%, 0.85%, 0.85% per annum of the aggregate NAV of the Company's outstanding Class D shares, Class S shares, and Class T shares, respectively. The stockholder servicing fee with respect to Class T shares consisted of an investment professional stockholder servicing fee of 0.65% per annum, and a dealer stockholder servicing fee of 0.20% per annum; however, with respect to Class T shares sold through certain participating broker-dealers, the investment professional stockholder servicing fee and the dealer stockholder servicing fee may have been other amounts, provided that the sum of such fees will always equal 0.85% per annum of the NAV of such shares. There was no stockholder servicing fee with respect to Class I shares. The Company accrued the full cost of the stockholder servicing fee as an offering cost at the time a Class D, Class S, and Class T share was sold during the Public Offering.

**Net Loss Attributable to Company's Stockholders**

The following table provides the amounts attributable to Company's stockholders:

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,**  | **Three Months Ended March 31,**  |
|  | **2026** | **2025** |
| Loss from continuing operations | $(1814671) | $(1883501) |
| Loss from discontinued operations |  | (628998) |
| Net loss | $(1814671) | $(2512499) |

---

&nbsp;&nbsp;&nbsp;&nbsp;10. **RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS** 

**Related-Party Ownership**

As of March 31, 2026, the Sponsor owned 1,789,649 Class I shares and 25,119 Class IX shares and effectively owned 15.59% of the Company. As of December 31, 2025, the Sponsor owned 1,766,132 Class I shares and 24,787 Class IX shares and effectively owned 14.7% of the Company.

**Due from Affiliates**

The Due from affiliates balance as of March 31, 2026 primarily included commissions reimbursement receivable of $61,436, marketing fee reimbursement receivable of $19,103 and reimbursable costs of $39,004. Due from affiliates as of December 31, 2025 primarily included commissions reimbursement receivable of $61,436, marketing fee reimbursement receivable of $19,103, and reimbursable costs of $23,391 paid by the Company on behalf of the Datacom JV.

**Related-Party Transactions**

The following details the amounts incurred by the Company related to the Company's Advisor ("SWIFA") and affiliates, including SCD, and the Sponsor, for three months ended March 31, 2026 and 2025; as well as amounts payable as of March 31, 2026 and December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| | | **Three Months Ended March 31,**  | **Three Months Ended March 31,**  |
| | | **2026** | **2025** |
| <br>**Fees** | <br>**Entity** | **Incurred** | **Incurred** |
| Offering costs | SCD | $— | $1105939 |
| Selling commissions, dealer manager, and stockholder servicing fees | SCD | 10675 | 20409 |
| Asset management fees | SWIFA | 350509 | 367487 |
| Property management fees | SWIFA | 12531 |  |
| Reimbursable operating expenses | SWIFA | 143351 |  |
| &nbsp;&nbsp;Total |  | $517066 | $1493835 |

---

---

| | |
|:---|:---|
| **March 31, 2026** | **December 31, 2025** |

---

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---

| | | | |
|:---|:---|:---|:---|
| **Fees** | **Entity** | **Payable** | **Payable** |
| Offering costs | SCD | $160341 | $681881 |
| Selling commissions, dealer manager, and stockholder servicing fees | SCD | 39334 | 32717 |
| Asset management fees | SWIFA | 349328 | 549457 |
| Property management fees | SWIFA | 12531 | 88144 |
| Operating expense reimbursement and other payables | SWIFA | 192118 | 978015 |
| &nbsp;&nbsp;Total |  | $753652 | $2330214 |

---

**Organization and Offering Fees**

The Company reimbursed the Advisor and its affiliates for organization and offering expenses it incurs on the Company's behalf, but only to the extent the reimbursement would not cause the selling commissions, dealer manager fees, distribution and servicing fees, and other organization and offering expenses to exceed 15% of the gross proceeds of each of the Company's offerings.

There were no organization and offering fees incurred and paid by the Advisor and its affiliates on the Company's behalf for the three months ended March 31, 2026. For the three months ended March 31, 2025, the Company incurred approximately $1,105,939 in offering costs which were paid by the Advisor on the Company's behalf. The related party payable associated with these costs as of March 31, 2026 and December 31, 2025 are disclosed in the table above in the "Related Party Transactions" section. With respect to the 15% cap on these expenses the Company has accumulated $10,314,332 and $10,203,747 of organization and offering expenses inception to date which represents approximately 6.03% and 5.97% of gross offering proceeds raised as of March 31, 2026 and December 31, 2025, respectively. Offering costs are charged to equity as incurred.

**Selling Commissions, Dealer Manager Fees, and Stockholder Servicing Fees**

During the Public Offering, which terminated on April 30, 2026, the Company incurred selling commissions, dealer manager fees, and stockholder servicing fees in connection with the sale of certain classes of shares that were payable to SCD. SCD may reallow all or a portion of the dealer manager fee it receives to participating broker-dealers. Selling commissions, dealer manager fees, and stockholder servicing fees were charged to shareholders' equity as incurred.

**Asset Management Fees**

The Company pays the Advisor a management fee in connection with the management of its assets in an amount equal to 1.25% of the aggregate purchase price of acquired assets, excluding any debt, or the net purchase price, per annum payable monthly, provided, however, after the Company determines its initial NAV, such management fee will equal 1.25% of the NAV per annum payable monthly. Additionally, to the extent that the Operating Partnership issues OP Units to parties other than the Company, the Operating Partnership will pay the Advisor a management fee equal to 0.75% of the net purchase price or NAV, as applicable, of the Operating Partnership attributable to such OP Units not held by the Company, per annum payable monthly.

The management fee may be paid, at the Advisor's election, in cash, Class I shares, or Class I OP units of the Operating Partnership. To the extent that the Advisor elects to receive any portion of its management fee in Class I shares or Class I OP units of Operating Partnership, the Company may repurchase such Class I shares or Class I OP units of the Operating Partnership from the Advisor at a later date. In the event the Advisor agreement is terminated or its term expires without renewal, the Advisor will be entitled to receive its prorated management fee through the date of termination. The Advisor agreement expires on August 18, 2026, unless further renewed by the Board.

Asset management fees were $350,509 and $367,487 for the three months ended March 31, 2026 and 2025, respectively. On September 24, 2025, the Advisor agreed to waive accrued, unpaid management fees otherwise payable to the Advisor in the amount of $1,439,000 for services provided during the period from September 1, 2024 through August 31, 2025. The Company reclassified this accrued management fee to equity as a deemed contribution. Asset management fees payable, which were included within due to affiliates on the consolidated balance sheets, were $349,328 and $549,457 as of March 31, 2026 and December 31, 2025, respectively.

To further support the Company's position and enhance the potential amounts available for distribution to stockholders, the Advisor agreed to defer the asset management fees and property management fees (as discussed below) that accrue and would otherwise be payable by the Company to the Advisor and/or its affiliates beginning on April 30, 2026, until such time as determined by the Advisor, in its sole discretion. All or part of such fees will be payable in the sole discretion of our Advisor, as applicable, upon prior notice to the Company. See Note 14, "Subsequent Events," for more information regarding the deferral of Advisor fees.

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**Property Management Fees**

Strategic Wireless Infrastructure Property Management Company, LLC (the "Property Manager") is a wholly owned entity of the Sponsor and is an affiliate of the Advisor, that provides services to us in connection with the leasing, operation and management of our assets. In connection with these services, the Company pays the Property Manager and its affiliates aggregate fees of up to 3.0% of gross revenues from the assets managed. The Company may reimburse our Property Manager and its affiliates for asset-level expenses that any of them pay or incur on our behalf, including salaries, bonuses and benefits of persons employed by the Property Manager and its affiliates except for the salaries, bonuses and benefits of persons who also serve as one of the Advisor's executive officers. The Property Manager and its affiliates may subcontract the performance of their duties to third parties and pay all or a portion of the property management fee to the third parties with whom they contract for these services.

Under the property management agreement, the Company may pay the Property Manager a separate fee in connection with leasing assets to new tenants or renewals or expansions of existing contracts with existing tenants in an amount not to exceed the fee customarily charged in arm's-length transactions by others rendering similar services in the same geographic area for similar assets. Notwithstanding the foregoing, the Advisor and its affiliates may be entitled to receive higher fees if the Property Manager demonstrates to the satisfaction of a majority of our directors (including a majority of the independent directors) that a higher competitive fee is justified for the services rendered.

For the three months ended March 31, 2026, the Company incurred $12,531 in property management fees related to the two data centers. There were no management fees incurred during the three months ended March 31, 2025.

**Expense Support Agreement**

The Company entered into the Amended and Restated Expense Support Agreement with our Operating Partnership and the Advisor on August 12, 2025 (as amended, the "Expense Support Agreement"). Pursuant to the Expense Support Agreement, the Advisor agreed to defer certain fees and fund certain of our expenses, subject to the terms of the Expense Support Agreement. The Advisor is entitled to reimbursement of fees that it had deferred and expenses that it had paid, subject to certain conditions being met. Pursuant to the Expense Support Agreement, the Advisor could incur maximum aggregate expense payments of $10,000,000, which we refer to as the expense payment limit. The Company would be obligated to reimburse the Advisor for any expense support payments it receives over a period up to four years, if the cumulative Company operations exceed the cumulative distributions to stockholders and unit holders. Organizing and offering costs are not included as expenses subject to the Expense Support Agreement but instead are subject to the terms of the advisory agreement between the Company and Advisor. During the three months ended March 31, 2026 and 2025, the Company did not receive any expense support payments from the Advisor.

**Contingent Promissory Note**

Effective February 10, 2025, the Company has a non-interest bearing promissory note due from the Advisor, and guaranteed by HMC Capital, in favor of the Company for reimbursement to the Company of any portion of the $13,459,476 of recoverable offering costs and operating expenses pursuant to the Expense Support Agreement and the advisory agreement (together, the "Agreements") of the Company that is not recognized within the four and five-year periods in which such amounts were originally incurred. In the event of the liquidation of the Company, the remaining unamortized amounts, if any, would be repaid by the Advisor to the Company. The $13,459,476 will not be recognized as a receivable on the Company's consolidated financial statements, as the settlement of any unamortized balance of such amount payable by the Advisor to the Company is contingent upon the occurrence of certain future events outside the control of the Company pursuant to the terms of the Agreements.

**Performance Participation Allocation**

As a special limited partner of the Operating Partnership, the Advisor holds a performance participation interest in the Operating Partnership, entitling the Advisor to receive an allocation of the Operating Partnership's total return. The annual total return will be allocated solely to the Advisor only after the other unitholders have received a total return of 5% (after recouping any loss carryforward amount) and such allocation will continue until the allocation between the Advisor and all other unitholders is equal to 12.5% and 87.5%, respectively. Thereafter, the Advisor will receive an allocation of 12.5% of the annual total return. Total return is defined as all distributions accrued or paid (without duplication) on the OP Units outstanding at the end of such period since the beginning of the then-current calendar year, plus (ii) the change in aggregate Net Asset Value (NAV as defined in the Operating Partnership's limited partnership agreement) of such units since the beginning of the year, before giving effect to (a) changes resulting solely from the proceeds of issuances of OP Units, (b) any allocation/accrual to the performance participation interest, and (c) applicable stockholder servicing fee expenses (including any payments made to the Company for payment of such expenses).

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The Advisor will also be allocated a performance participation with respect to all OP Units that are repurchased at the end of any month (in connection with repurchases of the shares in the Company's share repurchase program) in an amount calculated as described above with the relevant period being the portion of the year for which such unit was outstanding, and proceeds for any such unit repurchase will be reduced by the amount of any such performance participation.

Distributions of performance participation paid on the special limited partnership interest may be payable to the Advisor in cash or Class I OP units at the election of the Advisor. The Advisor will not be obligated to return any portion of performance participation paid for an annual period based on the Operating Partnership's subsequent performance. In the event the advisory agreement is terminated, the Advisor will be allocated any accrued performance participation with respect to all OP Units as of the date of such termination.

For the three months ended March 31, 2026, there was no performance participation allocation expense recognized by the Company as the required return was not met. For the three months ended March 31, 2025, the Company recognized $165,000 in performance participation allocation expenses.

**Operating Expenses and Reimbursements**

The Company may reimburse the Advisor's costs of providing administrative services, including personnel and related employment costs, and expenses related to financing services (except with respect to acquisition and disposition services or asset management services for which the Advisor receives separate fees). The Company reimbursed the Advisor for $929,250 and $0 of operating expenses during the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026 and December 31, 2025, the Company owed $192,118 and $978,015, respectively, to the Advisor in operating expenses and reimbursement obligations.

&nbsp;&nbsp;&nbsp;&nbsp;11. **REVENUES** 

As of March 31, 2026, the weighted-average remaining current term of the tenant operating leases was approximately 9.4 years. As of March 31, 2026, the minimum future rental payments due from tenants under operating leases, having initial or remaining noncancelable lease terms for the remaining nine months ended December 31, 2026 and for each of the next four years ending December 31 and thereafter is as follows:

---

| | |
|:---|:---|
| **Years ending December 31:** |  |
| Remainder of 2026 | $1520673 |
| 2027 | 2058427 |
| 2028 | 1662610 |
| 2029 | 1390634 |
| 2030 | 1426924 |
| Thereafter | 7717909 |
| Total | $15777177 |

---

See Note 2 for further discussion regarding the Company's lessor arrangements.

&nbsp;&nbsp;&nbsp;&nbsp;**12.** **SEGMENT REPORTING** 

Prior to the Tower Sale in December 2025, the Company had three operating segments which were presented as three reportable segments: cell towers, data centers, and investments in joint ventures. The cell towers and data centers reportable segments are made up of various consolidated subsidiaries of the Company, and the joint ventures segment is currently made up of a 100% owned subsidiary dedicated to identifying and making investments in joint venture entities that own data/communications infrastructure. As of March 31, 2026 and December 31, 2025, the joint venture segment has a single investment in the 51% owned Datacom JV. Following the Tower Sale, the Company has two operating segments.

These are operating segments that are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision-makers ("CODM") in deciding how to allocate resources and in assessing performance. The Company's CODM is the senior executive committee that includes the president and chief financial officer. The Company's CODM directs the allocation of resources to operating segments based on the profitability and cash flows of each respective segment. The Company defines segment operating income (loss) as rental revenues less property operating expenses and general and administrative expenses directly attributable to segment operations. The Company believes that segment operating income (loss) is the performance metric that captures the unique operating characteristics of each segment and serves as an appropriate supplemental performance measure to net income (loss) because it allows investors and the Company's CODM to measure unlevered property-level

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operating results and to compare the Company's operating results to the operating results of other real estate companies and between periods on a consistent basis. The Company's use of the term segment operating income (loss) may not be comparable to that of other real estate companies as they may have different methodologies for computing this amount.

Depreciation and amortization, corporate level general and administrative expenses, asset management fees, accretion expense, and interest income are not attributable to the Company's operating segments for purposes of assessing segment performance and are presented in the table to reconcile to net loss for the Company. Non-segment assets primarily consist of corporate assets, including cash and cash equivalents and prepaid and other corporate assets not attributable to the Company's segments.

The following are the segment results for the three months ended March 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
|  | **Data Center** | **Datacom JV** | **Total** |
| **Revenues:** |  |  |  |
| Rental revenues | $655334 | $— | $655334 |
| Total revenues | 655334 |  | 655334 |
| **Expenses:** |  |  |  |
| Property operating expenses | 75084 |  | 75084 |
| General and administrative | 5917 | 385 | 6302 |
| Total expenses | 81001 | 385 | 81386 |
| **Other income (expense):** |  |  |  |
| Interest expense | (315935) |  | (315935) |
| Equity method loss on investments |  | (1386889) | (1386889) |
| Segment operating net loss | $258398 | $(1387274) | $(1128876) |
| Depreciation and amortization |  |  | (306253) |
| General and administrative |  |  | (551796) |
| Asset management fees |  |  | (350509) |
| Interest income |  |  | 312948 |
| Loss from continuing operations |  |  | $(2024486) |

---

The following are the segment results for the three months ended March 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **Data Center** | **Datacom JV** | **Total** |
| **Revenues:** |  |  |  |
| Rental revenues | $624533 | $— | $624533 |
| Total revenues | 624533 |  | 624533 |
| **Expenses:** |  |  |  |
| Property operating expenses | 69597 |  | 69597 |
| General and administrative | 2028 |  | 2028 |
| Total expenses | 71625 |  | 71625 |
| **Other income (expense):** |  |  |  |
| Interest expense | (255833) |  | (255833) |
| Equity method loss on investments |  | (1439616) | (1439616) |
| Segment operating net loss | $297075 | $(1439616) | $(1142541) |
| Depreciation and amortization |  |  | (306253) |
| General and administrative |  |  | (236271) |
| Asset management fees |  |  | (367487) |
| Interest income |  |  | 1771 |
| Performance participation allocation |  |  | (165100) |
| Loss from continuing operations |  |  | $(2215881) |

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The operating segments assets held as of March 31, 2026 and December 31, 2025 are as follows:

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| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| Data Center | $33005659 | $33175658 |
| Joint Venture | 33477314 | 34861734 |
| Other (Corporate) | 33164330 | 43937706 |
| Total assets | $99647303 | $111975098 |

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&nbsp;&nbsp;&nbsp;&nbsp;**13.** **COMMITMENTS AND CONTINGENCIES** 

Commitments and contingencies include the usual obligations of wireless communication owners and operators in the normal course of business. In the opinion of management, these matters are not expected to have a material impact on the financial condition, results of operations, and cash flows of the Company.

**Litigation**

The Company may be involved in various claims and legal actions arising in the ordinary course of business. As of March 31, 2026 and December 31, 2025, the Company was not involved in any material legal proceedings.

**Indemnification**

The Company indemnifies the Advisor, Sponsor, and affiliates for all expenses, losses, liabilities, and damages the Advisor actually and reasonably incurs in connection with the defense or settlement of any action arising out of, or relating to, the conduct of the Company's activities, except an action with respect to which the Advisor is adjudged to be liable for breach of a fiduciary duty owed to the Company or the stockholders under the Charter. The Company had not recognized any obligation on its consolidated balance sheet with respect to this indemnification arrangement as of March 31, 2026 or December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;14. **SUBSEQUENT EVENTS** 

*Exploration of Strategic Alternatives*

On April 28, 2026, the Board authorized the Company to commence a process to explore and evaluate strategic alternatives intended to maximize stockholder value. The Board directed and authorized the Company to engage an independent third-party financial advisor to assist the Board with the strategic alternatives review process. These potential strategic alternatives may include, among other things, a sale of the Company or its assets, a merger or other business combination transaction, recapitalization, an orderly liquidation, or the continuation of the Company's current business plan, as well as other potential transactions or strategic actions.

The Board has not set a timetable for completion of this process and there can be no assurance that the exploration of strategic alternatives will result in any particular transaction, that any transaction will be approved by the Board or consummated, or as to the terms, timing or benefits of any such transaction, if pursued. The Company does not intend to disclose further developments with respect to this process unless and until the Company determines that further disclosure is appropriate or required by applicable law.

In connection with its review of strategic alternatives, the Board expects to continue to assess the Company's capital needs, liquidity position, distribution policy and Share Repurchase Program, among other factors, and may from time to time take additional actions that it believes are in the best interests of the Company.

*Termination of Public Offering*

On April 30, 2026, the Company ceased offering and selling shares of its common stock pursuant to the Public Offering (including the DRP) and filed a Post-Effective Amendment to its Registration Statement to deregister the shares of common stock that remained unsold under the Registration Statement. As of April 30, 2026, the Company had accepted aggregate gross offering proceeds of approximately $31,711,817 in the Public Offering, which includes proceeds from shares issued under the DRP.

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*Partial Suspension of Repurchase Programs*

On April 28, 2026, the Board elected to partially suspend the Company's Repurchase Programs, effective commencing with repurchase requests that would otherwise have been processed in April 2026, in order preserve the Company's liquidity to strengthen the Company's long-term financial prospects in light of recent market volatility and uncertainty. The Company will not accept or process any new or pending repurchase requests under the Repurchase Programs during the suspension period; provided, however, that the Company will continue to process repurchases due to death and qualifying disability in accordance with the terms of the Repurchase Programs. The Repurchase Programs shall remain suspended unless and until such time as the Board approves their reinstatement. The Board will continue to evaluate the Company's Repurchase Program on a quarterly basis to determine if and when it is in the Company's and its stockholders' and its unitholders' best interests to reinstate the Repurchase Program.

*Change in Distributions*

In connection with its efforts to implement cash preservation measures as a result of recent market volatility and uncertainty, on April 28, 2026, the Board did not authorize distributions to the Company's stockholders for the remainder of the second quarter of 2026. The Company will not issue future distributions to its stockholders unless and until such time as the Board declares a distribution.

*Deferral of Management Fees*

To further support the Company's position and enhance the potential amounts available for distribution to stockholders, on April 28, 2026, the Advisor agreed to defer all fees that accrue and would otherwise be payable by the Company to the Advisor and/or its affiliates beginning on April 30, 2026, until such time as determined by the Advisor, in its sole discretion. All or part of such fees will be payable in the sole discretion of our Advisor, as applicable, upon prior notice to the Company.

*Change in Frequency of NAV Determination* 

On May 14, 2026, the Board authorized the amendment of the Company's valuation policy to change the frequency that the Company determines its estimated NAV per share from monthly to quarterly. Therefore, following the announcement of the Company's March 2026 estimated NAV per share, subsequent NAV per share determinations will be made on a quarterly basis. See Part II, Item 5 "Other Information" for more information on the change to the Company's valuation policy.

\*\*\*\*\*\*

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#### ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
*References herein to the "Company," "we," "us," or "our" refer to StratCap Digital Infrastructure REIT, Inc., a Maryland corporation, and its subsidiaries including SWIF II Operating Partnership, LP, a Delaware limited partnership, which we refer to herein as the "Operating Partnership," unless the context specifically requires otherwise. As used herein, the term "you" refers to our current stockholders or potential investors in our common stock, as applicable.*

*The following discussion should be read in conjunction with the consolidated financial statements and notes thereto appearing elsewhere in this Quarterly Report on Form 10-Q (this "Quarterly Report").*

#### Forward-Looking Statements
This Quarterly Report contains forward-looking statements within the meaning of the federal securities laws and the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by the use of forward-looking terminology such as "believe," "expect," "anticipate," "estimate," "plan," "continue," "intend," "should," "could," "may," "will" or similar expressions, or the negatives thereof. These may include our financial projections and estimates and their underlying assumptions, statements about plans, objectives and expectations with respect to future operations, statements with respect to acquisitions, statements regarding future performance, statements regarding identified but not yet closed acquisitions, and any other statements that are not historical facts. Such forward-looking statements are inherently uncertain and there are or may be important factors that could cause actual outcomes or results to differ materially from those indicated in such statements. We believe these factors also include but are not limited to those described under Part I Item 1A, "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission ("SEC") on March 31, 2026 (the "Annual Report"), and any such updated factors included in our periodic filings with the SEC, which are accessible on the SEC's website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this document and our other filings with the SEC. Except as otherwise required by federal securities laws, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise.

#### Overview
StratCap Digital Infrastructure REIT, Inc. (the "Company") is a Maryland corporation formed on April 7, 2021 (inception), and has qualified since December 31, 2021, and expects to qualify in the current year as a real estate investment trust ("REIT") under the Internal Revenue Code of 1986, as amended (the "Code"). We own all or substantially all of our assets through our Operating Partnership, of which we are the sole general partner. We are externally managed by our Advisor, StratCap Digital Infrastructure Advisors II, LLC, an affiliate of our Sponsor, StratCap Investment Management, LLC.

Our Board will at all times have ultimate oversight and policy-making authority over us, including responsibility for governance, financial controls, compliance and disclosure. Pursuant to the Advisory Agreement, however, we have delegated to our Advisor the authority to source, evaluate and monitor our investment opportunities and make decisions related to the acquisition, management, financing and disposition of our assets, in accordance with our investment objectives, guidelines, policies and limitations, subject to oversight by our Board. We currently have no employees. Employees of our Advisor perform substantially all of the services related to our asset management, accounting, investor relations, and other administrative activities. Affiliates of our Advisor also have extensive experience in providing responsive and professional property management and leasing services as well as development and construction services. We have retained an affiliate of our Advisor to provide property management and leasing services for most, if not all, of the properties we acquire and to provide development and construction services as needed.

On December 22, 2025, the Company, through the Operating Partnership and its subsidiaries, sold and transferred 100% of the fee simple interest ("Tower Sale") in 48 towers with associated ground leases or easements, 68 tenant leases and other related assets ("Tower Assets") to a third party. The sale of the Tower Assets represented a sale of substantially all of the Company's wholly-owned Tower Assets and, as such, the Tower Assets are reflected as discontinued operations. Refer to Note 6, "Discontinued Operations," for related disclosures.

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As of March 31, 2026, through wholly-owned subsidiaries of our Operating Partnership, we own 100% of the fee simple interest in two data centers leased to three tenants, as well as a 51% interest, through the Datacom JV, in 150 towers with associated ground leases or easements, two rooftop easements, 231 tenant operating leases and other related assets.

On April 30, 2026, the Company ceased offering and selling shares of its common stock pursuant to the Public Offering (including the DRP) and filed a Post-Effective Amendment to its Registration Statement to deregister the shares of common stock that remained unsold under the Registration Statement. As of April 30, 2026, the Company had accepted aggregate gross offering proceeds of approximately $31,711,817 in the Public Offering, which included proceeds from shares issued under the DRP.

Due to recent volatility in the digital infrastructure market—driven by uncertainty surrounding technology and AI companies' capital expenditure plans, tighter credit conditions, the current geopolitical environment and a challenging fundraising environment in the retail investor channel marked by increased repurchase requests—the Advisor, with the assistance from a financial advisor, internally reviewed the Company's outlook with a view towards determining the best path forward for the Company and its stockholders. Based on this review and upon the Advisor's recommendation, the Board adopted several immediate actions to preserve liquidity and begin evaluating strategic alternatives for the Company.

To further support the Company's position and enhance the potential amounts available for distribution to stockholders, the Advisor agreed to defer all fees that accrue and would otherwise be payable by the Company to the Advisor and/or its affiliates beginning on April 30, 2026, until such time as determined by the Advisor, in its sole discretion. All or part of such fees will be payable in the sole discretion of our Advisor, as applicable, upon prior notice to the Company.

On May 14, 2026, the Board authorized the amendment of the Company's valuation policy to change the frequency that the Company determines its estimated NAV per share from monthly to quarterly. Therefore, following the announcement of the Company's March 2026 estimated NAV per share, subsequent NAV per share determinations will be made on a quarterly basis.

As the Company initiates its review of strategic alternatives, the Company expects to operate with constrained liquidity and will limit its activities primarily to maintaining existing operations and meeting ongoing obligations.

See Note 14, "Subsequent Events," for more information regarding the strategic alternatives review, change in distribution policy, partial suspension of the Repurchase Programs, termination of the Public Offering, deferral of Advisor fees and change in frequency of NAV per share determinations.

**Current Market Conditions and Related Risks and Opportunities**

We are not aware of any additional material trends or uncertainties, favorable or unfavorable, other than the market and liquidity conditions discussed above, broader national economic conditions affecting real estate generally and the matters otherwise referred to in this Quarterly Report, that may be reasonably anticipated to have a material impact on either capital resources or the revenues or income to be derived from acquiring properties or real estate related securities. Specifically, the U.S. real estate markets continue to be impacted by the challenging macroeconomic environment, including the uncertainties and disruptions resulting from government policies and regulations, tariffs, higher inflation, geopolitical uncertainty and particularly the effect of the current interest rate environment, as well as actual or perceived changes in economic conditions, which can result from global events such as international trade disputes, a foreign debt crisis, foreign currency volatility, natural disasters, war, epidemics and pandemics, the fear of spread of contagious diseases, and civil unrest and terrorism.

#### Results of Operations
As of March 31, 2026, the Company's portfolio represents the two data centers leased to three tenants. The disposition of the Company's Tower Assets in December 2025 represented a strategic shift in the Company's business and as such, qualified for discontinued operations presentation. The results of the properties that have been sold for the three months ended March 31, 2025 were reclassified to loss from discontinued operations. These reclassifications had no effect on our reported net income.

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*The following table sets forth information regarding our consolidated results of operations for the three months ended March 31, 2026 and 2025, respectively:*

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| | | | |
|:---|:---|:---|:---|
|  | **Three Months Ended March 31,**  | **Three Months Ended March 31,**  | |
|  | **2026** | **2025** | <br>**Variance** |
| **Revenues:** |  |  |  |
| Rental revenues | $655334 | $624533 | $30801 |
| Total revenues | 655334 | 624533 | 30801 |
| **Expenses:** |  |  |  |
| Property operating expenses | 75084 | 69597 | 5487 |
| General and administrative  | 558098 | 238299 | 319799 |
| Asset management fees | 350509 | 367487 | (16978) |
| Depreciation and amortization | 306253 | 306253 |  |
| Performance participation allocation |  | 165100 | (165100) |
| Total expenses | 1289944 | 1146736 | 143208 |
| Loss on investment in Datacom JV | (1386889) | (1439616) | 52727 |
| Interest expense | (315935) | (255833) | (60102) |
| Interest income | 312948 | 1771 | 311177 |
| Loss from continuing operations  | (2024486) | (2215881) | 191395 |
| Loss from discontinued operations  |  | (739997) | 739997 |
| **Net loss** | (2024486) | (2955878) | 931392 |
| **Net loss attributable to non-controlling interests in the Operating Partnership** | (209815) | (443379) | 233564 |
| **Net loss attributable to Company's stockholders** | $(1814671) | $(2512499) | $697828 |

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*Rental Revenue*

For the three months ended March 31, 2026, rental revenues remained generally flat compared to the three months ended March 31, 2025 as both data centers were fully occupied at the beginning of January 2025. The additional income was attributable to the true-up of reimbursement income.

*General and Administrative*

For three months ended March 31, 2026, general and administrative expenses increased compared to the three months ended March 31, 2025 due to the increase in audit, legal and printing costs, among others, as a result of being registered with the SEC.

*Asset Management Fees*

For the three months ended March 31, 2026, asset management fees were slightly lower compared to the three months ended March 31, 2025 due to the slight decrease in net asset value. Asset management fees were broadly in line with prior year given there were no material changes in NAV under management.

*Performance Participation Allocation*

There was no performance participation allocation recognized during the three months ended March 31, 2026 as the total returns did not exceed the hurdle rate for the period.

*Loss on Investment in Datacom JV*

For the three months ended March 31, 2026, loss on investment in the Datacom JV slightly decreased compared to the three months ended March 31, 2025 due to the increase in interest expense associated with the increase in borrowings and depreciation expense which was partially offset by the increase in rental revenue. The increase in rental revenue was attributable to the asset acquisitions.

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*Interest Expense*

For the three months ended March 31, 2026, interest expense slightly increased compared to the three months ended March 31, 2025 due to the increase in borrowings partially offset by the decrease in SOFR interest rate. The increase in borrowings amounting to $1,690,795 was attributable to the portion related to the Tower Assets sold, which was retained in December 2025 due to an adequate asset base supporting borrowing capacity.

*Interest Income*

For the three months ended March 31, 2026, interest income increased compared to the three months ended March 31, 2025 due to the increase in average cash balance which was attributable to the proceeds from the Tower Sale.

#### Net Asset Value
Our Board, including a majority of our independent directors, adopted valuation guidelines that contain a comprehensive set of methodologies to be used by our Advisor and our independent valuation advisor in connection with estimating the values of our assets and liabilities for purposes of our net asset value ("NAV") calculation. These guidelines are designed to produce a fair and accurate estimate of the price that would be received for our investments in an arm's-length transaction between a willing buyer and a willing seller in possession of all material information about our investments. Our Advisor and Board will review our valuation guidelines and methodologies related to investments in real property and certain real estate debt and other securities at least annually. From time to time, our Board, including a majority of our independent directors, may adopt changes to the valuation guidelines if it (1) determines that such changes are likely to result in a more accurate reflection of NAV or a more efficient or less costly procedure for the determination of NAV without having a material adverse effect on the accuracy of such determination or (2) otherwise reasonably believes a change is appropriate for the determination of NAV.

The calculation of our NAV is intended to be a calculation of the fair value of our assets less our outstanding liabilities as described below and will likely differ from the book value of our equity reflected in our financial statements. As a public company, we are required to issue financial statements based on historical cost in accordance with accounting principles generally accepted in the United States of America ("GAAP"). To calculate our NAV for the purpose of establishing a purchase and repurchase price for our shares, we adopted a model, as explained below, that adjusts the value of our assets and liabilities from historical cost to fair value generally in accordance with the GAAP principles set forth in the FASB ASC Topic 820, *Fair Value Measurements and Disclosures*. The Advisor will calculate the fair value of our real estate properties, which will be reviewed for reasonableness by our independent valuation advisor. Our Advisor may retain additional third-parties to assist with our valuations of certain investments. Our Advisor does not rely on third-parties, including our independent valuation advisor, in calculating the NAV. Because these fair value calculations will involve significant professional judgment in the application of both observable and unobservable attributes, the calculated fair value of our assets may differ from their actual realizable value or future fair value.

The Company prepares its valuations in accordance with the procedure described in the "Net Asset Value Calculations and Valuation Procedures" in Exhibit 99.1 of this Quarterly Report. While we believe our NAV calculation methodologies are consistent with standard industry practices, there is no rule or regulation that requires we calculate NAV in a certain way. As a result, other REITs may use different methodologies or assumptions to determine NAV. In addition, NAV is not a measure used under GAAP and the valuations of and certain adjustments made to our assets and liabilities used in the determination of NAV will differ from GAAP. You should not consider NAV to be equivalent to stockholders' equity or any other GAAP measure.

On May 14, 2026, the Board authorized the amendment of the Company's valuation policy to change the frequency that the Company determines its estimated NAV per share from monthly to quarterly. Therefore, following the announcement of the Company's March 2026 estimated NAV per share, subsequent NAV per share determinations will be made on a quarterly basis. See Part II, Item 5 "Other Information" for more information on the change to the Company's valuation policy.

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#### March 31, 2026 NAV Per Share
The total NAV presented in the following tables includes the NAV of the holders of the Company's Class A shares (not offered in the Public Offering (as defined below)), Class AX shares (not offered in the Public Offering), Class I shares and Class IX shares (not offered in the Public Offering), Class T shares, as well as partnership interests of the Operating Partnership held by parties other than the Company. As of March 31, 2026, no Class D shares or Class S shares were outstanding. The following table provides a breakdown of the major components of the Company's total NAV as of March 31, 2026:

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| | |
|:---|:---|
| **Components of NAV** |  |
| Investments in properties | $37886405 |
| Investment in Datacom JV | 49814055 |
| Cash and cash equivalents | 31123038 |
| Due from affiliate | 119767 |
| Tenant and other receivables | 503898 |
| Prepaid and other assets, net | 2662496 |
| Redemptions payable | (1954413) |
| Accounts payable and accrued liabilities | (965548) |
| Due to affiliates | (717591) |
| Distributions payable | (349957) |
| Loan payable | (18340795) |
| Interest expense payable | (107567) |
| Unamortized expense support repayment/O&O<sup>(1)</sup> | 14139847 |
| **Net asset value** | $113813635 |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) Unamortized expense support repayment represents certain operating expenses and organizational and offering costs funded by the Company that are transaction costs and other professional fees that the Company has incurred since its inception. Such operating expenses and organizational and offering costs were recognized under the expense support agreement and advisory agreement (together, the "Agreements"), respectively, and are added back to the Company's net asset value until they are amortized and recognized by the Company in accordance with the Agreements. Such amounts have an economic contractual benefit of four to five years, and therefore, for purposes of the net asset value calculation, are capitalized as an adjustment to the Company's net asset value and amortized over the four- to-five-year period as a reduction of the outstanding unamortized balance. As of March 31, 2026, the unamortized expense support repayment balance was $14,139,847, with operating expenses being amortized over a four-year period from date of occurrence and organizational and offering costs beginning to be amortized over a five-year period, decreasing the outstanding unamortized balance, and the amount payable by the Advisor to the Company, over the respective periods based on an amortization schedule maintained by the Company. On February 10, 2025, the Advisor executed a non-interest bearing promissory note, or the Promissory Note, in favor of the Company for reimbursement to the Company of any portion of the $13,459,476 that is not recognized within the four and five- year periods in which such amounts were originally incurred, with such amount, if any, payable by the Advisor to the Company at the expiration of the Agreements respective four and five-year period. In the event of the liquidation of the Company, the remaining unamortized amounts, if any, would be repaid by the Advisor to the Company. The $13,459,476 has not been recognized as a receivable on the Company's consolidated financial statements in accordance with generally accepted accounting principles in the United States, as the settlement of any unamortized balance of such amount payable by the Advisor to the Company is contingent upon the occurrence of certain future events pursuant to the terms of the Agreements. On February 10, 2025, HMC Capital Limited ABN 94 138 990 593 executed a Limited Guarantee to guarantee our Advisor's obligations under the Promissory Note.

The following table provides a breakdown of the Company's total NAV and NAV per share/unit by class as of March 31, 2026:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**Class A** | <br>**Class AX** | <br>**Class I** | <br>**Class IX** | <br>**Class T** | **Class P**<br>**Units**<sup>(1)</sup> | **Class PX**<br>**Units**<sup>(1)</sup> | <br>**Total**<sup>(2)</sup> |
| Net Asset Value | $41842350 | $13148944 | $32299885 | $13181309 | $685955 | $10886406 | $1768786 | $113813635 |
| Number of outstanding shares | 4287646 | 1349415 | 3299870 | 1351915 | 69793 | 1105927 | 179737 | 11644303 |
| NAV/Share | $9.7588 | $9.7442 | $9.7882 | $9.7501 | $9.8285 | $9.8437 | $9.8409 | $9.7742 |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes the partnership interests of the Operating Partnership held by parties other than the Company.

&nbsp;&nbsp;&nbsp;&nbsp;(2) As noted above, Class A shares, Class AX shares and Class IX shares were not offered in the Public Offering. Such shares were offered in the Company's private offering, which terminated prior to the commencement of the Public Offering.

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Set forth below are the weighted averages of the key assumptions in the discounted cash flow methodology used in the valuations, based on property types:

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| | | |
|:---|:---|:---|
| <br>**Property Type** | <br>**Discount**<br>**Rate** | **Exit**<br>**Capitalization**<br>**Rate** |
| Investment in Datacom JV | 6.59% | 4.25% |
| Data Centers | 7.25% | 6.25% |

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These assumptions are determined by our Advisor and reviewed for reasonableness by our independent valuation advisor. A change in these assumptions would impact the calculation of the value of our property investments. For example, assuming all other factors remain unchanged, the changes listed below would result in the following effects on our investment values:

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| | | | |
|:---|:---|:---|:---|
| <br>**Input** | <br>**Hypothetical**<br>**Change** | <br>**Investment in**<br>**Datacom JV** | **Data Centers**<br>**Investment**<br>**Values** |
| Discount Rate | 0.25% decrease | 2.04% | 1.89% |
| Discount Rate | 0.25% increase | (1.99)% | (1.85)% |
| Exit Capitalization Rate | 0.25% decrease | 4.35% | 2.51% |
| Exit Capitalization Rate | 0.25% increase | (3.86)% | (2.31)% |

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The following table reconciles U.S. GAAP stockholders' equity per our condensed consolidated balance sheets as of March 31, 2026:

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| | |
|:---|:---|
|  | **March 31, 2026** |
| Total equity | $76608934 |
| Adjustments: |  |
| Unrealized appreciation of investments in real estate and Datacom JV | 20340648 |
| Accumulated depreciation and amortization | 3171217 |
| Straight line rent receivable | (483072) |
| Accrued stockholder servicing fees | 36061 |
| Accrued expense support repayment | 14139847 |
| NAV | $113813635 |

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The following details the adjustments to reconcile the Company's total GAAP equity to our NAV:

● We depreciate our investments in properties and amortize certain other assets and liabilities in accordance with GAAP. Such depreciation and amortization are not recorded for purposes of calculating our NAV.

● Our investments in properties are presented at their depreciated cost basis in our consolidated GAAP financial statements. Our investment in Datacom JV is accounted for under the equity method of accounting. As such, any increases or decreases in the fair market value of our investments in real estate as well as our investment in Datacom JV are not included in our GAAP results. For purposes of calculating our NAV, our investments in real estate and Datacom JV are recorded at fair value.

● Accrued stockholder servicing fees represent the accrual for the cost of the stockholder servicing fees for Class T shares, Class S shares and Class D shares. Under GAAP, we accrue (i) the full amount, up to the applicable 8.75% fee limitation, for Class T shares, Class S shares and Class D shares and (ii) the future stockholder servicing fees based on the estimated life of the shares held by stockholders for Class T shares, Class S shares and Class D shares as an offering cost at the time we sell the applicable share. Refer to Note 9, "Equity," to our consolidated financial statements for further details of the GAAP treatment regarding the stockholder servicing fees. For purposes of calculating NAV, we recognize the stockholder servicing fees as a reduction to NAV on a monthly basis when such fees are paid.

● We recognize rental revenue on a straight-line basis under GAAP. Such straight-line rent adjustments are excluded for purposes of calculating NAV.

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#### Liquidity and Capital Resources
As of March 31, 2026, our current total liquidity is $31,123,038, representing cash and cash equivalents. We do not have any material off-balance sheet arrangements that we expect would materially affect our liquidity and capital resources. Historically, we have generated capital through the issuances of our common stock and OP Units and by borrowing monies. The Public Offering terminated on April 30, 2026.

Due to recent volatility in the digital infrastructure market—driven by uncertainty surrounding technology and AI companies, including uncertainty regarding their anticipated capital expenditure plans, tighter conditions in the credit markets, the current geopolitical environment and a challenging fundraising environment in the retail investor channel marked by increased repurchase requests—the Advisor, with the assistance from a financial advisor, internally reviewed the Company's outlook with a view towards determining the best path forward for the Company and its stockholders. The Board assessed the internal review conducted by the Advisor and then determined to take several immediate actions to preserve liquidity while the Company assesses strategic alternatives, including but not limited to, (i) discontinuing the Public Offering (including DRP), (ii) not authorizing additional stockholder distributions beyond April 2026, (iii) partially suspending the Repurchase Programs, and (iv) reducing the frequency of NAV determinations, as outlined in Note 14, "Subsequent Events" to these consolidated financial statements. As also discussed in Note 14, "Subsequent Events", the Advisor agreed to defer all fees that accrue and would otherwise be payable by the Company to the Advisor and/or its affiliates beginning on April 30, 2026, until such time as determined by the Advisor, in its sole discretion.

There is no further borrowing capacity on Sunflower Secured Credit Facility; therefore, depending on the outcome of the strategic review, we may decide to obtain other lines of credit for various purposes. Potential future sources of capital include secured or unsecured financings from banks or other lenders, establishing additional lines of credit, proceeds from the sale of properties and undistributed cash flow. Currently, we have not identified any additional sources of financing and there is no assurance that such sources of financings will be available on favorable terms or at all.

We anticipate that adequate cash will be generated from operations to fund our operating and administrative expenses and continuing debt service obligations. However, our ability to finance our operations is subject to some uncertainties. Our ability to generate working capital is dependent on our ability to attract and retain tenants and the economic and business environments of the various markets in which our properties are located. Our ability to sell our assets is partially dependent upon the state of real estate markets and the ability of purchasers to obtain financing at reasonable commercial rates.

For three months ended March 31, 2026 and 2025, cash flows from operating activities were negative and did not provide adequate funding for payments of distributions. Proceeds from our offerings have been used to fund the payment of distributions declared and distributed for the three months ended March 31, 2026 and 2025 as follows:

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| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,**  | **Three Months Ended March 31,**  |
|  | **2026** | **2025** |
| Distributions declared: |  |  |
| Paid or payable in cash | $1038210 | $1142704 |
| Reinvested in shares or units (DRP) | 559609 | 466718 |
| Total declared and distributed | $1597819 | $1609422 |
| Source of funds for distributions: |  |  |
| Offering proceeds | $1038210 | $1142704 |
| Issuance of new shares of units (DRP) | 559609 | 466718 |
| Total sources for distributions | $1597819 | $1609422 |

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*Contractual Obligations*

The following table summarizes current and long-term material cash requirements as of March 31, 2026:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>**Total** | **Less than**<br>**1 Year** | <br>**1 – 2 Years** | <br>**3 – 5 Years** |
| Indebtedness | $18340795 | $611360 | $17729435 | $— |
| Interest payments<sup>(1)</sup> | 2159442 | 882325 | 1277117 |  |
| Total | $20500237 | $1493685 | $19006552 | $— |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) Interest payments for variable rate debt obligation are estimated using the most recent variable interest rate in effect to date.

***Cash Flows***

The following table provides a breakdown of the net change in our cash and cash equivalents for three months ended March 31, 2026 and 2025:

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| | | | |
|:---|:---|:---|:---|
|  | **Three Months Ended March 31,**  | **Three Months Ended March 31,**  | |
|  | **2026** | **2025** | <br>**Net Change** |
| Net cash used in (provided by) operating activities | $(3519168) | $162068 | $(3681236) |
| Net cash used in investing activities |  | (2192316) | 2192316 |
| Net cash (used in) provided by financing activities | (7402098) | 4114854 | (11516952) |

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*Operating Activities*

For the three months ended March 31, 2026 and 2025, cash flows used by operating activities were primarily related to the payments of general and administrative expenses, reimbursement of expenses paid by the Advisor and its affiliates, and interest payments on our outstanding indebtedness. The increase in cash used in operating activities for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025 was primarily driven by a repayment of performance participation allocation payable to the Advisor as well as repayment of amounts due to affiliates during the three months ended March 31, 2026. In general, cash flows from operating activities are affected by the timing of cash receipts and payments.

*Investing Activities*

For three months ended March 31, 2026, as compared to the three months ended March 31, 2025, the decrease in net cash used in investing activities was primarily due to a $2.2 million decrease in cash paid to acquire real estate investments and fund preacquisition development costs.

*Financing Activities*

For three months ended March 31, 2026, as compared to three months ended March 31, 2025, the decrease in net cash provided by financing activities was primarily due to a decrease of $2.9 million in proceeds from the issuance of common stock and OP units and an increase of $3.2 million in redemptions of common stock and OP units. Additionally, there was a decrease of $5.5 million in borrowings from Sunflower Secured Credit Facility.

**Recent Accounting Pronouncements**

See Note 2, "Summary of Significant Accounting Policies," to our consolidated financial statements in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 for a discussion concerning recent accounting pronouncements.

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#### Critical Accounting Estimates
**Our critical accounting estimates are disclosed in the "Critical Accounting Estimates" section of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. No modifications have been made during the three months ended March 31, 2026 to these estimates.**

#### ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

#### As a smaller reporting company, we are not required to provide the information required by this Item.

#### ITEM 4. CONTROLS AND PROCEDURES
**Evaluation of Disclosure Controls and Procedures**

An evaluation of the effectiveness of the design and operation of our "disclosure controls and procedures" (as defined in Rule 13a-15(e) and 15(d)-15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")), as of the end of the period covered by this Quarterly Report was made under the supervision and with the participation of our management, including our President (Principal Executive Officer) and Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer). Based upon this evaluation, our President and Chief Financial Officer have concluded that our disclosure controls and procedures (a) are effective to ensure that information required to be disclosed by us in reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified by SEC rules and forms and (b) include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in reports filed or submitted under the Exchange Act is accumulated and communicated to our management, including our President and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

There are inherent limitations to the effectiveness of any system of disclosure controls and procedures, including the possibility of human error and the circumvention or overriding of the controls and procedures. Accordingly, even effective disclosure controls and procedures can only provide reasonable assurance of achieving their control objectives.

**Changes in Internal Controls over Financial Reporting**

There have been no changes in our "internal control over financial reporting" (as defined in Rule 13a-15(f) of the Exchange Act) that occurred during the period covered by this Quarterly Report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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#### PART II. OTHER INFORMATION

#### ITEM 1. LEGAL PROCEEDINGS
**From time to time, we may be involved in various claims and legal actions arising in the ordinary course of business. As of March 31, 2026, we were not involved in any material legal proceedings.**

#### ITEM 1A. RISK FACTORS
The following risk factors amend and supplement the risk factors set forth in our Annual Report for the year ended December 31, 2025:

***Our Public Offering, including DRP, has been suspended and is no longer a source of capital.***

In connection with the Board's determination in April 2026 to review strategic alternatives, we terminated the public offering of our shares (the "Public Offering") and our distribution reinvestment plan ("DRP"). As a result, the Public Offering and DRP will no longer be sources of capital. The termination of the Public Offering and DRP eliminates a key source of equity capital that we have historically used, or expected to use, to fund investment opportunities, capital expenditures, operating shortfalls and share repurchases. If the review of strategic alternatives does not result in a transaction or event, and we continue with our existing business model and are unable to replace this capital with other sources on favorable terms or at all, our ability to execute our business strategy and to respond to changing market conditions may be adversely affected, which could negatively impact our financial condition, results of operations, liquidity and the value of your investment.

***Our Repurchase Programs have been partially suspended and may be terminated in our Board's sole discretion.***

In connection with the Board's determination in April 2026 to review strategic alternatives, we partially suspended our share and unit repurchase programs (the "Repurchase Programs") to permit repurchases only for holders eligible under the death and qualifying disability provisions, and then only subject to the limitations of the Repurchase Programs, including funding and volume limits. As a result, other stockholders are currently unable to have their shares or units repurchased, and we may in the future further limit, suspend or terminate the Repurchase Programs in our Board's sole discretion.

There can be no assurance as to when, or if, the partial suspension will be lifted, particularly if the review of strategic alternatives does not result in a transaction or event that provides liquidity to stockholders. Because there is no public trading market for our shares and the Repurchase Programs are currently available only on a limited basis, stockholders should not expect to be able to sell their shares promptly or at a desired price.

***The outcome of the review of strategic alternatives is uncertain and may not result in a transaction or event that provides liquidity or enhances stockholder value.***

In April 2026, our Board decided to begin a review of strategic alternatives, which may include, among other things, a sale of the Company, a sale of substantially all of our assets, a merger or other business combination, or a continued stand-alone strategy. There is no assurance as to how long this review will take or what its outcome will be, including whether any transaction or event will occur or, if it does occur, whether it will be at a price or on terms that are attractive to stockholders.

The outcome of any potential transaction or event will depend on a number of factors, many of which are outside of our control, including market conditions, the performance and perceived value of our assets, the availability and cost of capital, the appetite of potential counterparties and regulatory considerations. The process of reviewing strategic alternatives may be time-consuming, distracting and disruptive to our business operations, and may divert the attention of our Advisor and its affiliates from day-to-day operations and long-term planning.

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In addition, because the review of strategic alternatives may result in a sale, merger or other strategic transaction, any perceived uncertainty regarding our future operations may limit the ability of our Advisor and its affiliates to retain or hire qualified personnel, and may impact our ability to attract or retain tenants at our assets on favorable terms. Our Board may ultimately conclude that it is in the best interests of the Company and our stockholders to continue with our existing business plan and not pursue a transaction or event that would provide stockholders with liquidity. Any of these outcomes could adversely affect our operations, financial condition, results of operations and the value of your investment.

***We have very limited access to capital, which may adversely affect our ability to execute our strategy and preserve liquidity.***

We currently have no further borrowing capacity under the Sunflower Secured Credit Facility. As a result, our ability to access additional capital under this facility is fully constrained. Depending on the outcome of our ongoing review of strategic alternatives and our future capital needs, we may seek to obtain additional sources of financing for various purposes, including funding working capital, maintaining or improving our properties and other investments, refinancing existing indebtedness, satisfying repurchase requests, and funding potential asset sales or acquisitions.

Potential future sources of capital may include secured or unsecured financings from banks or other lenders, establishing additional lines of credit, proceeds from the sale of properties and other assets, and undistributed cash flow. However, we have not identified any additional sources of financing at this time, and there is no assurance that such sources of financing will be available to us on favorable terms or at all. Our ability to obtain additional financing is subject to a number of factors, many of which are beyond our control, including conditions in the credit and real estate capital markets, the performance and appraised values of our investments, our leverage levels, our operating results, the interest rate environment, the progress and outcome of our strategic review, and lender and investor perceptions of our creditworthiness and prospects.

If we are unable to obtain additional financing when needed and on acceptable terms, we may be required to further limit or delay our strategic initiatives, curtail or delay capital expenditures and investment activities, further reduce or suspend distributions, further limit share repurchases, or sell assets, potentially at times or prices that are unfavorable or that adversely impact our portfolio and long-term strategy. We may also be unable to refinance existing indebtedness at maturity, which could lead to defaults, foreclosure on our investments or other adverse consequences. In addition, there can be no assurance that our ongoing review of strategic alternatives will result in any transaction or other outcome that improves our liquidity position, enhances stockholder value or provides an exit opportunity for stockholders within a desired timeframe. Any of these events could adversely affect our liquidity, our ability to execute our strategy, our financial condition and results of operations, our ability to maintain our qualification as a REIT, and the value of your investment.

***Our recent liquidity preservation measures, including the termination of the Public Offering and limitations on distributions and repurchases, may adversely affect our business, our ability to raise capital in the future and the value of your investment.***

In light of recent volatility in the digital infrastructure market and broader capital markets, as well as increased repurchase requests and a challenging fundraising environment in the retail investor channel, our Board took several actions intended to preserve liquidity while we assess strategic alternatives. These actions include discontinuing the Public Offering (including the DRP), determining not to authorize additional stockholder distributions beyond April 2026, partially suspending the Repurchase Programs to limit repurchases to death and qualifying disability requests, and reducing the frequency of our NAV determinations, as described in Note 14, "Subsequent Events," to our consolidated financial statements.

These liquidity preservation measures may have a number of adverse consequences, including, among others:

● making our shares less attractive to new or existing investors (if we recommence raising capital);

● increasing the perceived illiquidity and risk of our shares;

● reducing transparency into the value of our shares as a result of less frequent NAV determinations; and

● negatively impacting investor confidence in our long-term strategy and prospects.

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There can be no assurance that these measures will be sufficient to preserve our liquidity or that they will not need to be expanded or extended. The combination of our limited access to external capital, the termination of the Public Offering and DRP, the limitations on share repurchases and our decision not to authorize additional distributions beyond April 2026 may adversely affect our ability to raise capital in the future, manage our leverage, respond to market opportunities and maintain stockholder support, any of which could negatively impact our financial condition, results of operations and the value of your investment.

***The agreement by our Advisor and its affiliates to defer fees is discretionary and may create future liquidity pressures and potential conflicts of interest.***

As discussed in Note 14, "Subsequent Events," to our consolidated financial statements, our Advisor agreed to defer all fees that accrue and would otherwise be payable by us to the Advisor and/or its affiliates beginning on April 30, 2026, until such time as determined by the Advisor, in its sole discretion. While this fee deferral arrangement supports our near-term liquidity, it is discretionary on the part of the Advisor and may be modified, terminated or reinstated at any time, subject to the terms of our agreements.

The accrual of deferred fees increases our future obligations and may create additional liquidity pressures at the time such fees become payable. In addition, the Advisor's right to determine when deferred fees become payable, in its sole discretion, could give rise to potential conflicts of interest between the Advisor and our stockholders, including with respect to the timing and structure of any strategic transaction, the timing of asset sales, and decisions regarding distributions and capital allocation. If we are unable to satisfy these deferred obligations when they become due, our relationship with the Advisor could be adversely affected, which could negatively impact the management of our portfolio and our operations. Any of these consequences could adversely affect our liquidity, results of operations and the value of your investment.

***Growing power constraints, environmental regulation and community opposition may limit our ability to develop or expand data centers and increase our costs.***

Our investments are concentrated in digital infrastructure and data center assets that require significant and reliable access to electrical power and other utilities. In many markets, data centers have come under increased scrutiny from regulators, utility providers and local communities due to their power usage, environmental footprint and perceived impact on local infrastructure and resources (including water usage and strain on electrical grids). In some jurisdictions, regulators, utilities or local authorities have delayed, restricted or imposed new conditions on data center development, expansion or power allocations, and similar actions could occur in the markets where our properties are located or where we may seek to invest in the future.

If power or other utility capacity is not available on a timely basis, on reasonable terms, or at the densities required by our existing or prospective tenants, we may be unable to lease or re-lease space, expand existing facilities, or develop new projects at anticipated returns. In addition, changes in laws, regulations or policies related to energy usage, greenhouse gas emissions, water use, noise, land use, building codes or environmental impact, as well as the imposition of new taxes, fees, penalties or reporting obligations, could require us to incur significant capital expenditures or operating costs to comply or to maintain the competitiveness of our properties. Community opposition, litigation or permitting delays could also slow or prevent developments, expansions, or upgrades.

Any limitations on power availability, increased regulatory or community opposition, or additional compliance costs could adversely affect our ability to attract and retain tenants, reduce our rental rates or occupancy, delay or cancel projects, and negatively impact our cash flows, the value of our properties and the value of your investment.

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#### ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
**Unregistered Sales of Equity Securities**

There were no unregistered sales of equity securities of the Company during the three months ended March 31, 2026.

**Use of Proceeds**

From inception through March 31, 2026, we recognized selling commissions, dealer manager fees and organization and other offering costs in the Private Offering, the OP Unit Offering, and the Public Offering as follows:

---

| | | |
|:---|:---|:---|
| **Type of Expense Amount** | **Amount** | **Estimated/Actual** |
| Selling commissions and dealer manager fees | $1984298 | Actual |
| Other organization and offering costs | 8330034 | Actual |
| Total | $10314332 |  |

---

As of March 31, 2026, the net offering proceeds to us from our Private Offering, the OP Unit Offering, and the Public Offering, including proceeds from dividend reinvestment plan and after deducting the total expenses incurred as described above, were approximately $166,737,665.

**Distributions**

We elected to be taxed as a real estate investment trust, or REIT, under the Code, commencing with the taxable year ended December 31, 2021, and expects to qualify as a REIT under the Code. In order to maintain our qualification as a REIT, we are required to, among other things, distribute as dividends at least 90% of our REIT taxable income, determined without regard to the dividends paid deduction and excluding net capital gains, to our stockholders and meet certain tests regarding the nature of our income and assets.

Our Board may authorize distributions in excess of those required for us to maintain REIT status as it deems appropriate. We currently pay regular monthly distributions to our stockholders. The timing and amount of distributions will be determined by our Board, in its discretion, and may vary from time to time. Our Board's discretion will be influenced in substantial part by its obligation to cause us to comply with the REIT requirements of the Code. We can provide no assurance that we will be able to pay distributions on our shares of common stock.

The Board authorized, and the Company declared, distributions for the period from January 1, 2026 through March 31, 2026 in an amount equal to $0.001479452 per day (or approximately $0.54 on an annual basis) per each share of common stock, less, for holders of certain classes of shares, class-specific stockholder servicing fees that are deducted from the gross distributions for each share class. The distributions were payable monthly in arrears to stockholders of record at the close of business each day during the prior month. Distributions that are reinvested in shares of our common stock will have a trade date based on month-end date.

In general, in lieu of receiving cash distributions that are authorized by our Board, distributions to holders of Class AX shares, Class DX shares and Class IX shares are deemed distributed and then invested in additional shares of the same class at the applicable transaction price per share, net of any selling commissions associated with the applicable share class.

For the three months ended March 31, 2026 and 2025, the Company has declared distributions of $1,597,819 and $1,609,422, respectively, of which $349,957 and $554,746, respectively, was unpaid as of the respective reporting dates and has been recorded as "Distributions payable" on the accompanying consolidated balance sheets. All of the unpaid distributions as of March 31, 2026 and 2025 were paid during April 2026 and 2025, respectively.

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The following table provides information regarding distributions we declared for the three months ended March 31, 2026 and 2025:

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended** <br>**March 31, 2026** | **Three Months Ended** <br>**March 31, 2025** |
| **Distributions** |  |  |
| &nbsp;&nbsp;Payable in cash | $1038210 | $1142704 |
| &nbsp;&nbsp;Reinvested in shares | 559609 | 466718 |
| Total distributions | $1597819 | $1609422 |

---

On April 28, 2026, the Board did not authorize distributions to the Company's stockholders for the remainder of the second quarter of 2026. The Company will pay previously authorized and declared distributions for the month of April 2026 in May 2026. All such distributions will be paid in cash. The Company will not issue future distributions to its stockholders unless and until such time as the Board declares a distribution. The Board will continue to assess its distribution policy on a quarterly basis taking into consideration market conditions, the Company's operations and future capital needs, among other things, to determine if and when it is in the Company's and its stockholders' best interests to reinstate quarterly distributions to its stockholders. See Note 14, "Subsequent Events," for more information.

**Distribution Reinvestment Plan**

During the Public Offering, which terminated on April 30, 2026, the Company provided an offering up to $75 million in shares pursuant to the Company's Distribution Reinvestment Plan ("DRP") at the then current NAV per share amount. The Company reserved the right to reallocate the shares the Company was offering among the Company's classes of common stock and between the Primary Offering and the Company's DRP. There were no selling commissions, dealer manager fees or stockholder servicing fees on shares sold pursuant to the Company's DRP. The amount available for distributions on all Class D shares, Class T shares and Class S shares was reduced by the amount of stockholder servicing fees payable with respect to the Class D shares, Class T shares and Class S shares issued in the Public Offering. For the three months ended March 31, 2026, $559,609 in distributions were reinvested pursuant to the Company's DRP.

**Share Repurchases**

Under the Company's share repurchase program, to the extent the Company chooses to repurchase shares in any particular month, the Company will only repurchase shares as of the opening of the last calendar day of that month (each such date, a "Repurchase Date"). Repurchases will be made at the transaction price in effect on the Repurchase Date (which will generally be equal to the Company's prior month's NAV per share), except that shares that have not been outstanding for at least one year will be repurchased at 95% of the transaction price (an "Early Repurchase Deduction"). The one-year holding period is measured as of the first calendar day immediately following the prospective repurchase date. Additionally, stockholders who have received shares of our common stock in exchange for their OP Units may include the period of time such stockholder held such OP Units for purposes of calculating the holding period for such shares of the Company's common stock. The Early Repurchase Deduction may only be waived in the case of repurchase requests arising from the death, qualified disability or divorce of the holder. The Early Repurchase Deduction will not apply to shares acquired through our DRP. An investor may withdraw his or her repurchase request by notifying the transfer agent before 4:00 p.m. (Eastern time) on the last business day of the applicable month.

If a new monthly NAV per share is publicly announced within three business days of a Repurchase Date, an investor that has requested to have his or her shares repurchased will have three business days from the announcement of the monthly NAV per share to withdraw his or her repurchase request by notifying the transfer agent before 4:00 p.m. (Eastern time). Settlements of share repurchases will generally be made within three business days of the Repurchase Date, provided, however, that settlements of share repurchase requests in the aforementioned scenario will not be made earlier than three business days after the announcement of a monthly NAV per share.

The aggregate NAV of total repurchases of Class A Shares, Class AX Shares, Class D Shares, Class DX Shares, Class I Shares, Class IX Shares, Class T Shares and Class S Shares will be limited to no more than 1.67% of our aggregate NAV per month (with the first month of each calendar quarter limitation being 1.66% instead of 1.67%), which will be measured using the aggregate NAV attributable to stockholders as of the end of the immediately preceding month, and no more than 5% of our aggregate NAV per calendar quarter, which will be measured using the average aggregate NAV attributable to stockholders as of the end of the immediately preceding

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three months. For the avoidance of doubt, the aggregate NAV per month that is used to calculate the aforementioned limitations of our share repurchase program will be the Company's aggregate NAV per month excluding the Operating Partnership's aggregate NAV per month. In the event that the Company determines to repurchase some but not all of the shares submitted for repurchase during any month, shares repurchased at the end of the month will be repurchased on a pro rata basis. All unsatisfied repurchase requests must be resubmitted after the start of the next month or quarter, or upon the recommencement of the share repurchase program, as applicable.

Should repurchase requests, in the Company's judgment, place an undue burden on its liquidity, adversely affect its operations or risk having an adverse impact on the Company, or should the Company otherwise determine that investing its liquid assets in real properties or other investments rather than repurchasing its shares is in the best interests of the Company, the Company may choose to repurchase fewer shares in any particular month than have been requested to be repurchased, or none at all. Further, the Board may make exceptions to, modify, suspend or terminate the Company's share repurchase program if in its reasonable judgment it deems such action to be in the Company's best interest and the best interest of its stockholders.

If the transaction price for the applicable month is not made available by the tenth business day prior to the last business day of the month (or is changed after such date), then no repurchase requests will be accepted for such month and stockholders who wish to have their shares repurchased the following month must resubmit their repurchase requests. Material modifications, including any amendment to the monthly or quarterly limitations on repurchases, and suspensions of the share repurchase program will be promptly disclosed to stockholders via their financial representatives. In addition, the Company may determine to suspend the share repurchase program due to regulatory changes, changes in law or if it becomes aware of undisclosed material information that it believes should be publicly disclosed before shares are repurchased. The Board must affirmatively authorize the recommencement of the program when it is suspended before stockholder requests will be considered again.

During the three months ended March 31, 2026, the Company repurchased the following shares of common stock under the share repurchase program.

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Period** | <br>**Total Number of**<br>**Shares Requested to**<br>**be Repurchased** | **Total Number of**<br>**Shares Purchased as**<br>**Part of Publicly**<br>**Announced Plans or**<br>**Programs** | <br>**Average Price**<br>**Paid per Share** <sup>(1)</sup> | **Approximate Dollar**<br>**Value of Shares**<br>**Available that may yet**<br>**be Repurchased as a**<br>**Percentage of NAV** <sup>(2)</sup> |
| January 2026 | 1594363 | 179727 | $10.1297 | 1.7% |
| February 2026 | 1486325 | 178345 | $10.0423 | 1.7% |
| March 2026 | 1501047 | 175634 | $9.8881 | 1.7% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Represents aggregate NAV of the shares repurchased under our share repurchase program over aggregate NAV of all shares outstanding, in each case, based on the NAV as of the last calendar day of the prior month end.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Repurchases are limited as described above. The 1.67% monthly NAV limit was reached. As of March 31, 2026, there were outstanding and unfulfilled repurchase requests aggregating to $13,105,758 worth of shares of common stock based on the February 2026 NAV.

The Operating Partnership's repurchase program with respect to Class P OP Units and Class PX OP Units (the "OP Unit repurchase program") is a separate repurchase program from our share repurchase program; however, the terms of the OP Unit repurchase program generally mirror the terms of our share repurchase program, and it has the same limitations described above based on the Operating Partnership's aggregate NAV. Pursuant to the OP Unit repurchase program, to the extent we, on behalf of the Operating Partnership, choose to repurchase OP Units in any particular month, we will only repurchase OP Units as of the opening of the last calendar day of that month (each such date, an "OP Unit Repurchase Date"). Repurchases will be made at the transaction price in effect on the OP Unit Repurchase Date, except that OP Units that have not been outstanding for at least one year will be repurchased at 95% of the transaction price (an "OP Unit Early Repurchase Deduction") of such OP Units. The one-year holding period is measured as of the first calendar day immediately following the prospective repurchase date. The OP Unit Early Repurchase Deduction may only be waived in the case of repurchase requests arising from the death, qualified disability or divorce of the holder.

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During the three months ended March 31, 2026, the Company repurchased the following OP Units:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Period** | <br>**Total Number of**<br>**OP Units Requested to**<br>**be Repurchased** | **Total Number of**<br>**OP Units Purchased as**<br>**Part of Publicly**<br>**Announced Plans or**<br>**Programs** | <br>**Average Price**<br>**Paid per OP Unit** <sup>(1)</sup> | **Approximate Dollar**<br>**Value of OP Units**<br>**Available that may yet**<br>**be Repurchased as a**<br>**Percentage of NAV** <sup>(2)</sup> |
| January 2026 | 188750 | 22404 | $10.1955 | 1.7% |
| February 2026 | 177432 | 22178 | $10.1129 | 1.7% |
| March 2026 | 159734 | 21820 | $9.9637 | 1.7% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Represents aggregate NAV of the units repurchased under the repurchase program over aggregate NAV of all units outstanding, in each case, based on the NAV as of the last calendar day of the prior month end.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Repurchases are limited as described above. The 1.67% monthly NAV limit was reached. As of March 31, 2026, there were outstanding and unfulfilled repurchase requests aggregating to $1,374,129 worth of OP Units based on the February 2026 NAV .

On April 28, 2026, the Board elected to partially suspend the Company's Repurchase Programs, effective commencing with repurchase requests that would otherwise have been processed in April 2026, in order preserve the Company's liquidity to strengthen the Company's long-term financial prospects in light of recent market volatility and uncertainty. The Company will not accept or process any new or pending repurchase requests under the Repurchase Programs during the suspension period; provided, however, that the Company will continue to process repurchases due to death and qualifying disability in accordance with the terms of the Repurchase Programs. The Repurchase Programs shall remain suspended unless and until such time as the Board approves their reinstatement. The Board will continue to evaluate the Company's Repurchase Program on a quarterly basis to determine if and when it is in the Company's and its stockholders' and its unitholders' best interests to reinstate the Repurchase Program.

#### ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.

#### ITEM 4. MINE SAFETY DISCLOSURES

#### Not applicable.

#### ITEM 5. OTHER INFORMATION
**Trading Arrangements**

During the three months ended March 31, 2026, none of our directors or officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted or terminated a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K of the Securities Act).

**Amendment to Valuation Policy; Transition from Monthly to Quarterly NAV**

On May 14, 2026, the Board approved an Amended and Restated Valuation Policy (the "Amended and Restated Valuation Policy"). The Amended and Restated Valuation Policy changes the frequency with which the Company determines and publishes NAV per share from monthly to quarterly. The Company's NAV per share as of March 31, 2026, which was previously disclosed by the Company, will be the final NAV per share determined on a monthly basis. Beginning with the quarter ending June 30, 2026, NAV per share will be determined as of the last calendar day of each fiscal quarter (each, a "Valuation Date") and at such additional times as the Board may determine to be necessary or appropriate. The Board may, from time to time, modify the specific date within each quarter on which the NAV per share is determined if the Board determines that such modification is in the best interests of the Company and its stockholders.

The change in valuation cadence established by the Amended and Restated Valuation Policy will reduce operating expenses borne by the Company and its stockholders especially in light of the termination of the Public Offering. The recurring costs associated with

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monthly valuations, including fees payable to the Company's independent valuation advisor and other service providers, are expected to decrease by transitioning to a quarterly reporting cycle.

The Company will publicly disclose its NAV per share as of each Valuation Date by means of a Current Report on Form 8-K and on the Company's website at https://www.digitalinfrastructurereit.com. We are not incorporating our website or any information from the website into this Quarterly Report on Form 10-Q.

Future distributions declared by the Board and any approved repurchases under the currently suspended Repurchase Programs will be based on the NAV per share determined as of the most recent Valuation Date.

The foregoing description of the Amended and Restated Valuation Policy does not purport to be complete and is qualified in its entirety by reference to the full text of the Amended and Restated Valuation Policy, a copy of which is filed as Exhibit 99.1 to this Quarterly Report on Form 10-Q and is incorporated herein by reference.

#### ITEM 6. EXHIBITS

---

| | |
|:---|:---|
| **Ex.** | **Description** |
| 3.1 | [Articles of Amendment and Restatement of StratCap Digital Infrastructure REIT, Inc., dated July 12, 2021 (filed as Exhibit 3.1 to the Company's Registration Statement on Form S-11 (File No. 333-284566) filed on January 29, 2025, and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/1868516/000110465925006805/tm243536d14_ex3-1.htm) |
| 3.2 | [Articles Supplementary, dated December 3, 2021, Designating the Rights and Preferences of the 12.0% Series A Redeemable Cumulative Preferred Stock (filed as Exhibit 3.2 to the Company's Registration Statement on Form S-11 (File No. 333-284566) filed on January 29, 2025, and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/1868516/000110465925006805/tm243536d14_ex3-2.htm) |
| 3.3 | [Articles Supplementary, dated as of January 21, 2025 (filed as Exhibit 3.3 to the Company's Registration Statement on Form S-11 (File No. 333-284566) filed on January 29, 2025, and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/1868516/000110465925006805/tm243536d14_ex3-3.htm) |
| 3.4 | [Articles of Amendment, dated as of December 23, 2024 (filed as Exhibit 3.4 to the Company's Registration Statement on Form S-11 (File No. 333-284566) filed on January 29, 2025, and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/1868516/000110465925006805/tm243536d14_ex3-4.htm) |
| 3.5 | [Amended and Restated Bylaws of StratCap Digital Infrastructure REIT, Inc. (filed as Exhibit 3.5 to the Company's Registration Statement on Form S-11 (File No. 333-284566) filed on January 29, 2025, and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/1868516/000110465925006805/tm243536d14_ex3-5.htm) |
| 31.1\* | [Certification of Principal Executive Officer, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](sdir-20260331xex31d1.htm) |
| 31.2\* | [Certification of Principal Financial Officer, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](sdir-20260331xex31d2.htm) |
| 32.1\*\* | [Certification of Principal Executive Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](sdir-20260331xex32d1.htm) |
| 32.2\*\* | [Certification of Principal Financial Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](sdir-20260331xex32d2.htm) |
| 99.1\* | [Amended and Restated Valuation Guidelines](sdir-20260331xex99d1.htm) |
| 101 | The following financial information from the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, formatted in iXBRL (inline eXtensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets; (ii) Condensed Consolidated Statements of Operations; (iii) Condensed Consolidated Statements of Changes in Equity; (iv) Condensed Consolidated Statements of Cash Flows and (v) Notes to Consolidated Financial Statements. |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |

---

\*Filed herewith.

\*\*Included herewith. This exhibit shall not be deemed "filed" for purposes of Section 18 of the Exchange Act or otherwise subject to the liability of that Section. Such exhibit shall not be deemed incorporated into any filing under the Securities Act or the Exchange Act.

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#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

**StratCap Digital Infrastructure REIT, Inc.**

---

| | | | |
|:---|:---|:---|:---|
| Date: | May 15, 2026 | By: | /s/ James Condon |
|  |  |  | **James Condon** |
|  |  |  | President and Chairman of the Board of Directors |
|  |  |  | (Principal Executive Officer) |

---

---

| | | | |
|:---|:---|:---|:---|
| Date: | May 15, 2026 | By: | /s/ Michael Weidner |
|  |  |  | **Michael Weidner** |
|  |  |  | Chief Financial Officer and Treasurer  |
|  |  |  | (Principal Financial Officer and Principal Accounting Officer) |

---

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION**

**PURSUANT TO 17 CFR 240.13a-14**

**PROMULGATED UNDER**

**SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, James Condon, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of StratCap Digital Infrastructure REIT, Inc. (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| May 15, 2026 | /s/ James Condon |
|  | **James Condon** <br>**President and Chairman of the Board of Directors<br>*(Principal Executive Officer)*** |

---

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## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION**

**PURSUANT TO 17 CFR 240.13a-14**

**PROMULGATED UNDER**

**SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Michael Weidner, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of StratCap Digital Infrastructure REIT, Inc. (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| May 15, 2026 | /s/ Michael Weidner |
|  | **Michael Weidner**<br>**Chief Financial Officer and Treasurer**<br>***(Principal Financial Officer)*** |

---

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## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report on Form 10-Q of StratCap Digital Infrastructure REIT, Inc. (the "Company") for the period ended March 31, 2026, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, James Condon, President and Chairman of the Board of Directors of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| May 15, 2026 | /s/ James Condon |
|  | **James Condon<br> President and Chairman of the Board of Directors<br>*(Principal Executive Officer)*** |

---

This certification accompanies each Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

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## Exhibit 32.2

**Exhibit 32.2**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report on Form 10-Q of StratCap Digital Infrastructure REIT, Inc. (the "Company") for the period ended March 31, 2026, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Michael Weidner, Chief Financial Officer and Treasurer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| May 15, 2026 | /s/ Michael Weidner |
|  | **Michael Weidner** <br>**Chief Financial Officer and Treasurer** <br>***(Principal Financial Officer)*** |

---

This certification accompanies each Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

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## Exhibit 99.1

**Exhibit 99.1**

**AMENDED AND RESTATED VALUATION GUIDELINES**

The following information describes our policies regarding NAV determinations. NAV for each class of stock is based on the net asset values of our investments (including real estate debt and other securities), the addition of any other assets (such as cash on hand), and the deduction of any liabilities, including the allocation/accrual of any performance participation to our advisor, and will also include, if applicable, the deduction of any stockholder servicing fees specifically applicable to such class of stock, in all cases as described below.

**General**

Our board of directors, including a majority of our independent directors, adopted valuation guidelines that contain a comprehensive set of methodologies to be used by our advisor and our independent valuation advisor in connection with estimating the values of our assets and liabilities for purposes of our NAV calculation. These guidelines are designed to produce a fair and accurate estimate of the price that would be received for our investments in an arm's-length transaction between a willing buyer and a willing seller in possession of all material information about our investments. Our advisor and board of directors will review our valuation guidelines and methodologies related to investments in real property and certain real estate debt and other securities (as described below) at least annually. From time to time, our board of directors, including a majority of our independent directors, may adopt changes to the valuation guidelines if it (1) determines that such changes are likely to result in a more accurate reflection of NAV or a more efficient or less costly procedure for the determination of NAV without having a material adverse effect on the accuracy of such determination or (2) otherwise reasonably believes a change is appropriate for the determination of NAV.

The calculation of our NAV is intended to be a calculation of the fair value of our assets less our outstanding liabilities as described below and will likely differ from the book value of our equity reflected in our financial statements. As a public company, we are required to issue financial statements based on historical cost in accordance with GAAP. To calculate our NAV for the purpose of establishing a purchase and repurchase price for our shares, we have adopted a model, as explained below, that adjusts the value of our assets and liabilities from historical cost to fair value generally in accordance with the GAAP principles set forth in the Financial Accounting Standards Board Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosures. The advisor will calculate the fair value of our real estate properties, which will be reviewed for reasonableness by our independent valuation advisor. Our advisor may retain additional third-parties to assist with our valuations of certain investments. Our advisor does not rely on third-parties, including our independent valuation advisor, in calculating the NAV. Because these fair value calculations will involve significant professional judgment in the application of both observable and unobservable attributes, the calculated fair value of our assets may differ from their actual realizable value or future fair value. While we believe our NAV calculation methodologies are consistent with standard industry practices, there is no rule or regulation that requires we calculate NAV in a certain way. As a result, other REITs may use different methodologies or assumptions to determine NAV. In addition, NAV is not a measure used under GAAP and the valuations of and certain adjustments made to our assets and liabilities used in the determination of NAV will differ from GAAP. You should not consider NAV to be equivalent to stockholders' equity or any other GAAP measure.

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**Our Independent Valuation Advisor**

With the approval of our board of directors, including a majority of our independent directors, we engaged an independent valuation advisor with respect to our real properties and certain real estate debt, which will review the internal valuations prepared by our advisor on a quarterly basis and perform an independent annual year end valuation concurrent with the advisor's valuation at year end. While our independent valuation advisor reviews for reasonableness the assumptions, methodologies and valuation conclusions applied by our advisor for our property and certain real estate debt, our independent valuation advisor is not responsible for, and does not calculate, our NAV. Our advisor is ultimately and solely responsible for the determination of our NAV.

Our independent valuation advisor may be replaced at any time, in accordance with agreed-upon notice requirements, by a majority vote of our board of directors, including a majority of our independent directors. We will promptly disclose any changes to the identity or role of our independent valuation advisor in reports we publicly file with the SEC.

Our independent valuation advisor will discharge its responsibilities in accordance with the procedures set forth in the valuation services agreement. Our board of directors will not be involved in the quarterly valuation of our assets and liabilities, but will periodically receive and review such information about the valuation of our assets and liabilities as it deems necessary to exercise its oversight responsibility. Our NAV per share for each class of stock will be calculated by our advisor and such calculation will be reviewed and confirmed by our audit committee. Pursuant to our valuation services agreement with our independent valuation advisor, the advisor will receive positive assurance review reports on the reasonableness of the advisor's valuations for our property investments from our independent valuation advisor The advisor will render a final valuation in order to calculate NAV. The review by our independent valuation advisor will be one of several components considered by our advisor in determining the value of our properties that will be used when our advisor calculates our NAV per share for each class of stock.

We have agreed to pay fees to our independent valuation advisor upon the completion of its review process. We have also agreed to indemnify our independent valuation advisor against certain liabilities arising out of its engagement. The compensation we pay to our independent valuation advisor will not be based on the estimated values of our properties.

Our independent valuation advisor and their respective affiliates may from time to time in the future perform other commercial real estate and financial advisory services for our sponsor and its affiliates, or in transactions related to the properties that are the subjects of the valuations being performed for us, or otherwise, so long as such other services do not adversely affect the independence of our independent valuation advisor.

**Valuation of Investments**

***Consolidated Properties***

For the purposes of calculating our quarterly NAV, our properties will initially be valued at cost, which we expect to represent fair value at that time, subject to any variation pursuant to our valuation guidelines. In accordance with GAAP, we determine whether the acquisition of

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a property qualifies as an asset acquisition or business combination. We capitalize acquisition-related costs associated with asset acquisitions and expense such costs associated with business combinations.

The advisor's quarterly valuations for each property will then be reviewed for reasonableness by an independent valuation advisor within the first three full months after acquisition and no less than annually thereafter.

The advisor will update the valuations of our properties quarterly, based on current material market data and other information deemed relevant, with review for reasonableness by our independent valuation advisor. Although quarterly reviews of each of our real property valuations will be performed by our independent valuation advisor, such reviews are based on asset and portfolio level information provided by the advisor, including historical operating revenues and expenses of the properties, lease agreements on the properties, revenues and expenses of the properties, information regarding recent or planned estimated capital expenditures and any other information relevant to valuing the real estate property, which information will not be independently verified by our independent valuation advisor.

The advisor will monitor our properties for events that the advisor believes may be expected to have a material impact on the most recent estimated values of such property, and will notify our independent valuation advisor of such events. If, in the opinion of the advisor, an event becomes known to the advisor (including through communication with our independent valuation advisor) that is likely to have any material impact on previously provided estimated values of the affected properties, the advisor will adjust the valuation of such properties, subject to the review for reasonableness of our independent valuation advisor. If deemed appropriate by the advisor, any necessary adjustment will be determined as soon as practicable. Updated appraisals received during the year, if any, may also trigger an adjustment in the value of a property.

For example, a valuation adjustment may be appropriate to reflect the occurrence of an unexpected property-specific event such as a termination or renewal of a material lease, a material change in vacancies, an unanticipated structural or environmental event at a property or a significant capital market event that may cause the value of a wholly-owned property to change materially. Valuation adjustments may also be appropriate to reflect the occurrence of broader market-driven events identified by the advisor or our independent valuation advisor which may impact more than a specific property. Any such adjustments will be estimates of the market impact of specific events as they occur, based on assumptions and judgments that may or may not prove to be correct, and may also be based on the limited information readily available at that time.

In general, we expect that any adjustments to appraised values will be calculated promptly after a determination that a material change has occurred, and the financial effects of such change are quantifiable by the advisor. However, rapidly changing market conditions or material events may not be immediately reflected in our quarterly NAV. The resulting potential disparity in our NAV may be detrimental to stockholders whose shares are repurchased or new purchasers of our common stock, depending on whether our published NAV per share for such class is overstated or understated.

Real estate valuations will be reported on a free and clear basis (for example, without taking into consideration any mortgage on the property), irrespective of any property level financing

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that may be in place. We expect to use the discounted cash flow methodology (income approach) as the primary methodology to value properties, whereby a property's value is calculated by discounting the estimated cash flows and the anticipated terminal value of the subject property by the assumed new buyer's normalized weighted average cost of capital for the subject property. Consistent with industry practices, the income approach also incorporates subjective judgments regarding comparable rental and operating expense data, capitalization or discount rate, and projections of future rent and expenses based on appropriate evidence as well as the residual value of the asset as components in determining value. Other methodologies that may also be used to value properties include sales comparisons and replacement cost approaches. Under the sales comparison approach, value is determined by comparing the subject property to similar, recently sold properties in the surrounding or competing area. The replacement cost approach relies on the principle of substitution, which holds that when a property is replaceable in the market, its value tends to be set at the cost of acquiring an equally desirable substitute property, assuming that no costly delay is encountered in making the substitution. Because the advisor's determination of the appropriate valuations for our properties involves subjective judgments, the estimated fair value of our assets that will be included in our NAV may not reflect the liquidation value or net realizable value of our properties.

In conducting their review, our independent valuation advisor will take into account customary and accepted financial and commercial procedures and considerations as they deem relevant, which may include, without limitation, the review of documents, materials and information relevant to valuing the property that are provided by us, such as (i) historical operating revenues and expenses of the property; (ii) lease agreements on the property; (iii) the revenues and expenses of the property; (iv) information regarding recent or planned estimated capital expenditures; and (v) any other information relevant to valuing the real estate property. Although our independent valuation advisor may review information supplied or otherwise made available by us for reasonableness, it will assume and rely upon the accuracy and completeness of all such information and of all information supplied or otherwise made available to it by any other party, and will not undertake any duty or responsibility to verify independently any of such information. Our independent valuation advisor will not make or obtain an independent valuation or appraisal of any of our other assets or liabilities (contingent or otherwise). With respect to operating or financial forecasts and other information and data to be provided to or otherwise to be reviewed by or discussed with our independent valuation advisor, our independent valuation advisor will assume that such forecasts and other information and data were reasonably prepared in good faith on bases reflecting currently available estimates and judgments of our management and the advisor, and will rely upon the advisor to advise our independent valuation advisor promptly if any material information previously provided becomes inaccurate or was required to be updated during the period of review.

In performing their analyses, the advisor and our independent valuation advisor and other independent third-party appraisal firms will make numerous other assumptions with respect to industry performance, general business, economic and regulatory conditions and other matters, many of which are beyond its control and our control, as well as certain factual matters. For example, our independent valuation advisor will assume that we have clear and marketable title to each real estate property valued, that no title defects exist unless specifically informed to the contrary, that improvements were made in accordance with law, that no hazardous materials are present or were present previously, that no deed restrictions exist, and that no changes to zoning ordinances or regulations governing use, density or shape are pending or being

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considered. Furthermore, our independent valuation advisor's review, and conclusions will necessarily be based upon market, economic, financial and other circumstances and conditions existing prior to the valuation, and any material change in such circumstances and conditions may affect our independent valuation advisor's review and conclusions. Our independent valuation advisor's review reports may contain other assumptions, qualifications that qualify the review and conclusions set forth therein. As such, the carrying values of our real properties may not reflect the price at which the properties could be sold in the market, and the difference between carrying values and the ultimate sales prices could be material. In addition, accurate valuations are more difficult to obtain in times of low transaction volume because there are fewer market transactions that can be considered in the context of the appraisal.

Pursuant to our valuation services agreement with our independent valuation advisor, each individual review report will be addressed solely to us. The review reports relating to our properties will not be addressed to the public and may not be relied upon by any other person to establish an estimated value of our common stock and will not constitute a recommendation to any person to purchase or sell any shares of our common stock.

The advisor's valuation of each investment's liabilities, including any third-party incentive fee payments or investment level debt, deal terms and structure will not be reviewed by our independent valuation advisor or appraised. Our advisor will then incorporate such adjusted valuations into our NAV.

***Unconsolidated Properties Held Through Joint Ventures***

Unconsolidated properties held through joint ventures generally will be valued in a manner that is consistent with the guidelines described above for consolidated properties. Once the value of a property held by the joint venture is determined by an independent appraisal and we determine the fair value of any other assets and liabilities of the joint venture, the value of our interest in the joint venture would then be determined by the advisor using a hypothetical liquidation calculation to value our interest in the joint venture, which would be a percentage of the joint venture's NAV. Unconsolidated properties held in a joint venture that acquires multiple properties over time may be valued as a single investment.

**Valuation of Real Estate Debt and Other Securities**

In general, real estate debt and other securities will be valued by the advisor based on market quotations or at fair value determined in accordance with GAAP. GAAP defines fair value as the price that would be received to sell an asset or be paid to transfer a liability (i.e., the exit price) in an orderly transaction between market participants at the measurement date.

***Readily available market quotations***

Market quotations may be obtained from third-party pricing service providers or, if not available from third-party pricing service providers, broker-dealers for certain of our real estate debt and other securities. When reliable market quotations for real estate debt and other securities are available from multiple sources, the advisor will use commercially reasonable efforts to use two or more quotations and will value such investments based on the average of the quotations obtained. However, to the extent that one or more of the quotations received is determined in good faith by the advisor to not be reliable, the advisor may disregard such quotation if the average of the remaining quotations is determined in good faith to be reliable

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by the advisor. Securities that are traded publicly on an exchange or other public market (stocks, exchange traded derivatives and securities convertible into publicly-traded securities, such as warrants) will be valued at the closing price of such securities in the principal market in which the security trades.

***No readily available market quotations***

If market quotations are not readily available (or are otherwise not reliable for a particular investment), the fair value will be determined in good faith by the advisor. Due to the inherent uncertainty of these estimates, estimates of fair value may differ from the values that would have been used had a ready market for these investments existed and the differences could be material. Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information, bid/ask information, or broker-dealer quotations).

Certain investments, such as mortgages and mezzanine loans, are unlikely to have market quotations. In the case of loans acquired by us, such initial value will generally be the acquisition price of such loan. In the case of loans originated by us, such initial value will generally be the par value of such loan. Each such investment will then be valued by the advisor within the first three full months after we make such investment and no less than quarterly thereafter in accordance with the procedures set forth in the immediately following paragraph.

To conduct its initial quarterly valuation and subsequent quarterly revaluations of such investments, the advisor will initially determine if there is adequate collateral real estate value supporting such investments and whether the investment's yield approximates market yield. If the market yield is estimated to approximate the investment's yield, then such investment is valued at its par value. If the market yield is not estimated to approximate the investment's yield, the advisor will project the expected cash flows of the investment based on its contractual terms and discount such cash flows back to the valuation date based on an estimated market yield. Market yield is estimated as of each quarterly valuation date based on a variety of inputs regarding the collateral asset(s) performance, local/macro real estate performance, and capital market conditions, in each case as determined in good faith by the advisor. These factors may include, but are not limited to: purchase price/par value of such real estate debt or other difficult to value securities; debt yield, capitalization rates, loan-to-value ratio, and replacement cost of the collateral asset(s); borrower financial condition, reputation, and indications of intent (e.g., pending repayments, extensions, defaults, etc.); and known transactions or other price discovery for comparable debt investments. In the absence of collateral real estate value supporting such securities, the advisor will consider the residual value to its securities, following repayment of any senior debt or other obligations of the collateral asset(s). For each quarter that the advisor does not perform a valuation of such investments, it will review such investment to confirm that there have been no significant events that would cause a material change in value of such investment.

Our board of directors has delegated to the advisor the responsibility for monitoring significant events that may materially affect the values of our real estate debt and other securities investments and for determining whether the value of the applicable investments should be re-evaluated in light of such significant events. The valuation of our real estate debt and other securities will not be reviewed by our independent valuation advisor or appraised.

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**Liabilities**

We will include the fair value of our liabilities as part of our NAV calculation. We expect that these liabilities will include the fees payable to the advisor and dealer manager, any accrued performance participation allocation to the advisor, accounts payable, accrued operating expenses, property-level mortgages, any portfolio-level credit facilities and other liabilities. All liabilities will be valued using widely accepted methodologies specific to each type of liability. Liabilities related to stockholder servicing fees will be allocable to a specific class of shares and will only be included in the NAV calculation for that class as described below. Our debt will be valued at fair value in accordance with GAAP. Our advisor has, and shall in the future, advance organization and offering expenses on our behalf (other than upfront selling commissions, dealer manager fees and stockholder servicing fees). We reimburse our advisor for such advanced expenses. For purposes of calculating our NAV, the organization and offering expenses paid by our advisor are not recognized as expenses or as a component of equity and reflected in our NAV until the expiration of the five-year period following the date on which we have raised an aggregate of $200 million in all of our securities offerings, during which we will reimburse our advisor for such organization and offering expenses. Any amounts that are not reimbursed to the advisor within such five-year period shall be deemed expired, and the Company's obligation to reimburse such amounts cancelled. Further, any reimbursement payments owed to the advisor may be offset by the advisor against amounts due to the Company from the advisor. For purposes of calculating a quarterly NAV, the stockholder servicing fee for each applicable class of shares will be calculated by multiplying the accrued monthly stockholder servicing fee rate (1/12th of the total annual stockholder servicing fee rate for each applicable class of shares) by the aggregate NAV of such class of stock for that quarter, after adjustment for any net portfolio income or loss, unrealized/realized gains or losses on assets and liabilities, management fee expense and performance participation allocation accrual. Our advisor's valuation of each investment's liabilities, including any third-party incentive fee payments or investment level debt, deal terms and structure will not be reviewed by our independent valuation advisor or appraised.

**NAV and NAV Per Share Calculation**

Our NAV will be calculated for each class of our stock by our advisor. The advisor is responsible for reviewing and confirming our NAV and the calculation of our NAV.

Each class will have an undivided interest in our assets and liabilities, and each class's NAV will be adjusted for additional issuances of common stock, repurchases and class specific expense accruals, such as the stockholder servicing fees. In accordance with the valuation guidelines, our advisor calculates our NAV per share for each class as of the last calendar day of each quarter, using a process that reflects several components (each as described above), including the estimated fair value of (1) each of our properties, as finally determined and updated quarterly by the advisor, with review for reasonableness by our independent valuation advisor, (2) our real estate debt and other securities for which third-party market quotes are available, (3) our other real estate debt and other securities, if any, and (4) our other assets and liabilities. OP Units will be valued in the same fashion. Our valuation procedures include the following methodology to determine the quarterly NAV of our Operating Partnership and the units. Our Operating Partnership has classes of units that are each economically equivalent to our corresponding classes of stock. Accordingly, on the last day of each quarter, the NAV per Operating Partnership unit of such units equals the NAV per share of the corresponding class. To the extent our Operating Partnership has classes of units that do not correspond to a

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class of our stock, such units will be valued in a manner consistent with these guidelines. The NAV of our Operating Partnership on the last day of each quarter equals the sum of the NAVs of each outstanding Operating Partnership unit on such day.

Our NAV for each class of stock will be based on the net asset values of our investments (including real estate debt and other securities), the addition of any other assets (such as cash on hand), and the deduction of any liabilities (including the allocation/accrual of any performance participation to the advisor and the deduction of any stockholder servicing fees specifically applicable to such class of stock), which may cause the NAV per share of our classes of common stock to differ. At the end of each quarter, before taking into consideration repurchases or class-specific expense accruals for that quarter any change in our aggregate NAV (whether an increase or decrease) is allocated among each class of stock based on each class's relative percentage of the previous aggregate NAV plus issuances of shares that were effective on the first calendar day of such quarter. The NAV calculation is available generally within 15 calendar days after the end of the applicable quarter. Changes in our quarterly NAV include, without limitation, accruals of our net portfolio income, interest expense, the management fee, any accrued performance participation, distributions, unrealized/realized gains and losses on assets, any applicable organization and offering costs and any expense reimbursements. Changes in our quarterly NAV also include material non-recurring events, such as capital expenditures and material property acquisitions and dispositions occurring during the quarterly. Notwithstanding anything herein to the contrary, the advisor may in its discretion consider material market data and other information that becomes available after the end of the applicable quarter in valuing our assets and liabilities and calculating our NAV for a particular quarter. On an ongoing basis, the advisor will adjust the accruals to reflect actual operating results and the outstanding receivable, payable and other account balances resulting from the accumulation of quarterly accruals for which financial information is available.

Following the aggregation of the net asset values of our investments, the addition of any other assets (such as cash on hand), and the deduction of any other liabilities, our advisor incorporates any class- specific adjustments to our NAV, including repurchases of our common stock and accruals of class-specific stockholder servicing fees. For each applicable class of stock, the stockholder servicing fee is calculated as a percentage of the aggregate NAV for such class of stock. At the close of business on each record date for any declared distribution, our NAV for each class will be reduced to reflect the accrual of our liability to pay any distribution to our stockholders of record of each class as of the record date. NAV per share for each class is calculated by dividing such class's NAV at the end of each month by the number of shares outstanding for that class at the end of such quarter.

The combination of the Class A NAV, Class AX NAV, Class D NAV, Class DX NAV, Class I NAV, Class IX NAV, Class S NAV and Class T NAV equals the aggregate net asset value of our assets, which will consist almost entirely of the value of our interest in the Operating Partnership, less our liabilities, including liabilities related to stockholder servicing fees. The value of our interest in the Operating Partnership is equal to the excess of the aggregate NAV of the Operating Partnership over the portion thereof that would be distributed to any limited partners other than us if the Operating Partnership were liquidated. The aggregate NAV of the Operating Partnership is the excess of the value of the Operating Partnership's assets (including the fair value of its properties, real estate debt and other securities, cash and other investments) over its liabilities (including the fair value of its debt, any declared and accrued unpaid distributions, any accrued performance participation allocation and the expenses attributable to its operations). The advisor calculates the fair value of the assets and liabilities of the Operating

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Partnership as directed by our valuation guidelines based upon values received from various sources, as described in more detail above.

Net portfolio income and unrealized/realized gains on assets and liabilities for any quarter is allocated proportionately among the share classes according to the NAV of the classes at the beginning of the quarter.

**Relationship between NAV and Our Transaction Price**

Purchases and repurchases of shares of our common stock are not made based on the current NAV per share of our common stock at the time of purchase or repurchase. Generally, our transaction price will equal our prior quarter's NAV. The transaction price will be the price at which we repurchase shares and the price, together with applicable upfront selling commissions and dealer manager fees, at which we offer shares. Although the transaction price will generally be based on our prior quarter's NAV per share, such prior quarter's NAV may be significantly different from the current NAV per share of the applicable class of stock as of the date on which your purchase or repurchase occurs.

In addition, we may offer shares at a price that we believe reflects the NAV per share of such stock more appropriately than the prior month's NAV per share (including by updating a previously disclosed offering price) or suspend our offering and/or our share repurchase program in cases where we believe there has been a material change (positive or negative) to our NAV per share since the end of the prior quarter due to the impact of one or more factors, including as a result of significant market events or disruptions or force majeure events.

In cases where our transaction price is not based on the prior quarter's NAV per share, the offering price and repurchase price will not equal our NAV per share as of any time. The advisor may determine whether a material change has occurred to our NAV per share since the end of the prior quarter and whether to set a transaction price that differs from the previous quarter's NAV per share, and in such cases, has discretion over what such transaction price will be.

Our transaction price will be made publicly available by posting it on our website at www.digitalinfrastructurereit.com and filing a Current Report on Form 8-K with the SEC and in certain cases delivered directly to investors..

As our upfront selling commissions and dealer manager fees are a percentage of the transaction price, any increase or decrease in our transaction price will have a corresponding impact on the absolute amount of fees paid in connection with your purchase and thus the number of shares you would be able to purchase for the same aggregate amount. For example, an increase in the transaction price after your subscription was submitted would result in fewer shares purchased for the same aggregate amount (inclusive of upfront costs).

**Limits on the Calculation of Our NAV Per Share**

The overarching principle of our valuation guidelines is to produce reasonable estimated values for each of our investments (and other assets and liabilities), or the price that would be received for that investment in orderly transactions between market participants. However, the majority of our assets will consist of real estate properties and, as with any real estate valuation protocol and as described above, the valuation of our properties (and other assets and liabilities) is based on a number of judgments, assumptions and opinions about future events that may or may not

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prove to be correct. The use of different judgments, assumptions or opinions would likely result in a different estimate of the value of our real estate properties (and other assets and liabilities). Any resulting potential disparity in our NAV per share may be in favor of stockholders whose shares are repurchased, existing stockholders or new purchasers of our common stock, as the case may be, depending on the circumstances at the time (for cases in which our transaction price is based on NAV).

Additionally, while the methodologies contained in our valuation guidelines are designed to operate reliably within a wide variety of circumstances, it is possible that in certain unanticipated situations or after the occurrence of certain extraordinary events (such as a significant disruption in relevant markets, a terrorist attack or an act of nature), our ability to calculate NAV may be impaired or delayed, including, without limitation, circumstances where there is a delay in accessing or receiving information from vendors or other reporting agents upon which we may rely upon in determining the quarterly value of our NAV. In these circumstances, a more accurate valuation of our NAV could be obtained by using different assumptions or methodologies. Accordingly, in special situations when, in our advisor's reasonable judgment, the administration of the valuation guidelines would result in a valuation that does not represent a fair and accurate estimate of the value of our investment, alternative methodologies may be applied, provided that our advisor must notify our board of directors at the next scheduled board meeting of any alternative methodologies utilized and their impact on the overall valuation of our investment. Notwithstanding the foregoing, our board of directors may suspend the offering and/or our share repurchase program if it determines that the calculation of our NAV is materially incorrect or unreliable or there is a condition that restricts the valuation of a material portion of our assets.

We include no discounts to our NAV for the illiquid nature of our shares, including the limitations on your ability to sell shares under our share repurchase program and our ability to suspend or terminate our share repurchase program at any time. Our NAV generally does not consider exit costs (e.g., selling costs and commissions and debt prepayment penalties related to the sale of a property) that would likely be incurred if our assets and liabilities were liquidated or sold. While we may use market pricing concepts to value individual components of our NAV, our per share NAV is not derived from the market pricing information of open-end real estate funds listed on stock exchanges.

Our NAV per share does not represent the amount of our assets less our liabilities in accordance with GAAP. We do not represent, warrant or guarantee that:

● •a stockholder would be able to realize the NAV per share for the class of stock a stockholder owns if the stockholder attempts to sell its shares;

● •a stockholder would ultimately realize distributions per share equal to the NAV per share for the class of shares it owns upon liquidation of our assets and settlement of our liabilities or a sale of our company;

● •shares of our common stock would trade at their NAV per share on a national securities exchange;

● •a third party would offer the NAV per share for each class of stock in an arm's-length transaction to purchase all or substantially all of our stock; or

● •the NAV per share would equate to a market price of an open-ended real estate fund.

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