# EDGAR Filing Document

**Accession Number:** 0001946997
**File Stem:** 0001193125-26-117572
**Filing Date:** 2026-3
**Character Count:** 850372
**Document Hash:** 8d39c9e0f1cc5f75fd1ee654e17d88bd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-117572.hdr.sgml**: 20260320

**ACCESSION NUMBER**: 0001193125-26-117572

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 89

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260320

**DATE AS OF CHANGE**: 20260320

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** EQT Exeter Real Estate Income Trust, Inc.
- **CENTRAL INDEX KEY:** 0001946997
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 884108741
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-273163
- **FILM NUMBER:** 26778104

**BUSINESS ADDRESS:**
- **STREET 1:** FIVE RADNOR CORPORATE CENTER
- **STREET 2:** 100 MATSONFORD ROAD SUITE 250
- **CITY:** RADNOR
- **STATE:** PA
- **ZIP:** 19087
- **BUSINESS PHONE:** 6108283200

**MAIL ADDRESS:**
- **STREET 1:** FIVE RADNOR CORPORATE CENTER
- **STREET 2:** 100 MATSONFORD ROAD SUITE 250
- **CITY:** RADNOR
- **STATE:** PA
- **ZIP:** 19087

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** EQT Exeter Real Estate Income Trust Inc.
- **DATE OF NAME CHANGE:** 20220916

?xml version='1.0' encoding='ASCII'? 10-K

[**<u>**Table of Contents**</u>**](#toc_page)

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**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

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**FORM** 10-K

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**(Mark One)**

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

**For the fiscal year ended** December 31**,** 2025

**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:** 333-273163

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EQT Exeter Real Estate Income Trust, Inc.

**(Exact name of Registrant as specified in its charter)**

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| | |
|:---|:---|
| Maryland | 88-4108741 |
| **(State or other jurisdiction of incorporation or organization)** | **(I.R.S. Employer Identification No.)** |
| Five Radnor Corporate Center100 Matsonford Road, Suite 250 <br>Radnor**,** Pennsylvania <br>**(Address of principal executive offices)** | 19087<br>**(Zip Code)** |

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**(**610**)** 828-3200

**(Registrant's telephone number, including area code)**

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

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |

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**Securities registered pursuant to Section 12(g) of the Act:** None.

N/A

(Title of class)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒

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.

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

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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

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

The aggregate market value of the common stock held by non-affiliates of the registrant: There is currently no established public market for the registrant's shares of common stock.

As of March 20, 2026, the registrant had the following shares of common stock outstanding: 2,457 shares of Class T common stock, 594,895 shares of Class I common stock, 2,787,504 shares of Class A-I common stock, 3,031,157 shares of Class A-II common stock, and 134,832 shares of Class E common stock. There were no shares of Class S common stock and Class D common stock outstanding.

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[**<u>**Table of Contents**</u>**](#toc_page)

**TABLE OF CONTENTS**

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| | | |
|:---|:---|:---|
|  |  | **Page** |
| **PART I** | **PART I** |  |
| Item 1. | [<u>Business</u>](#item_1_business) | 4 |
| Item 1A. | [<u>Risk Factors</u>](#item_1a_risk_factors) | 12 |
| Item 1B. | [<u>Unresolved Staff Comments</u>](#item_1b_unresolved_staff_comments) | 72 |
| Item 1C. | [<u>Cybersecurity</u>](#item_1c_cybersecurity) | 72 |
| Item 2. | [<u>Properties</u>](#item_2_properties) | 73 |
| Item 3. | [<u>Legal Proceedings</u>](#item_3_legal_proceedings) | 74 |
| Item 4. | [<u>Mine Safety Disclosures</u>](#item_4_mine_safety_disclosures) | 74 |
| **PART II** | **PART II** |  |
| Item 5. | [<u>Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities</u>](#item_5_market_for_registrant) | 75 |
| Item 6. | [<u>Reserved</u>](#item_6_reserved) | 87 |
| Item 7. | [<u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u>](#item_7_management_discussion_analysis) | 88 |
| Item 7A. | [<u>Qualitative and Quantitative Disclosures About Market Risk</u>](#item_7a_quantitative_disclosures) | 106 |
| Item 8. | [<u>Financial Statements and Supplementary Data</u>](#item_8_financial_statements) | 106 |
| Item 9. | [<u>Changes in and Disagreements with Accountants on Accounting and Financial Disclosure</u>](#item_9_changes_in_and_disagreements) | 106 |
| Item 9A. | [<u>Controls and Procedures</u>](#item_9a_controls_and_procedures) | 107 |
| Item 9B. | [<u>Other Information</u>](#item_9b_other_information) | 107 |
| Item 9C. | [<u>Disclosure Regarding Foreign Jurisdictions that Prevent Inspections</u>](#item_9c_disclosure_regarding_foreign) | 107 |
| **PART III** | **PART III** |  |
| Item 10. | [<u>Directors, Executive Officers and Corporate Governance</u>](#item_10_directors_executive_officers) | 108 |
| Item 11. | [<u>Executive Compensation</u>](#item_11_executive_compensation) | 112 |
| Item 12. | [<u>Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters</u>](#item_12_security_ownership) | 114 |
| Item 13. | [<u>Certain Relationships and Related Transactions, and Director Independence</u>](#item_13_certain_relationships) | 116 |
| Item 14. | [<u>Principal Accounting Fees and Services</u>](#item_14_principal_accounting_fees) | 128 |
| **PART IV** | **PART IV** |  |
| Item 15. | [<u>Exhibits and Financial Statements Schedules</u>](#item_15_exhibits_and_financial) | 129 |
| Item 16. | [<u>Form 10-K Summary</u>](#item_16_form_10_k_summary) | 131 |
|  | [<u>Signatures</u>](#signatures) | 132 |
|  | [<u>Index to the Consolidated Financial Statements and Financial Statement Schedules</u>](#index_to_consolidated_financial) | F-1 |

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**Part I**

*References herein to "EQRT", the "Company", "we", "us", or "our" refer to EQT Exeter Real Estate Income Trust, Inc., a Maryland corporation, and its subsidiaries unless the context specifically requires otherwise.*

**Cautionary Note Regarding Forward Looking Statements**

This Annual Report on Form 10-K (the "Annual 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", "may" 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, including the impact of macroeconomic trends and market forces, statements with respect to acquisitions and repurchases, statements regarding future performance and statements regarding identified but not yet closed acquisitions. 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. 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 (or our prospectus and other filings). 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.

For a discussion of some of the risks and uncertainties, although not all risks and uncertainties, that could cause our actual results to differ materially from those presented in our forward-looking statements, see the risks identified in "Summary Risk Factors" below and in Part I, Item 1A of this Annual Report.

**Summary Risk Factors**

The following is only a summary of the principal risks that may materially adversely affect our business, financial condition, results of operations and cash flows. The following should be read in conjunction with the more complete discussion of the risk factors we face, which are set forth in the section entitled "Risk Factors" in Part I, Item 1A of this Annual Report:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We have a limited operating history and there is no assurance that we will be able to successfully achieve our investment objectives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Since there is no public trading market for shares of our common stock, repurchase of shares by us will likely be the only way to dispose of your shares. Our share repurchase plan provides stockholders with the opportunity to request that we repurchase their shares on a monthly basis, but we are not obligated to repurchase any shares and may choose to repurchase only some, or even none, of the shares that have been requested to be repurchased in any particular month in our discretion. In addition, repurchases will be subject to available liquidity and other significant restrictions. Further, our board of directors may make exceptions to, modify or suspend our share repurchase plan if in its reasonable judgment it deems such action to be in our best interest, such as when a repurchase request would place an undue burden on our liquidity, adversely affect our operations or risk having an adverse impact on us that would outweigh the benefit of the repurchase offer. Our board of directors cannot terminate our share repurchase plan absent a liquidity event which results in our stockholders receiving cash or securities listed on a national securities exchange or where otherwise required by law. As a result, our shares should be considered as having only limited liquidity and at times may be illiquid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We cannot guarantee that we will make distributions, and if we do, we may fund such distributions from sources other than cash flow from operations, including, without limitation, the sale or repayment of our assets, borrowings, return of capital, offering proceeds or the temporary deferral or waiver of fees and expense reimbursements (including the payment of fees with shares of our stock), and we have no limits on the amounts we may pay from such sources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The purchase and repurchase price for each class of our common stock will generally be based on our prior month's net asset value ("NAV") for the applicable share class and will not be based on any public trading market. Although there will be independent valuations of our properties from time to time, the valuation of properties is inherently subjective and our NAV may not accurately reflect the actual price at which our properties could be liquidated on any given day.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We have no employees and are dependent on EQT Real Estate, LLC ("EQT Real Estate", and in its capacity as our adviser, the "Adviser"), to conduct our operations. Our Adviser will face conflicts of interest as a result of, among other things, the allocation of investment opportunities among us and Other EQT Real Estate Accounts (as defined below), the allocation of time of its investment professionals and the level of fees that we will pay to our Adviser. "Other EQT Real Estate Accounts" refers to other investment funds, programs, real estate investment trusts ("REITs"), entities and separate accounts formed, sponsored, advised or managed by EQT Real Estate or its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our offerings are being made on a "best efforts" basis. If we are not able to raise a substantial amount of capital in the near term, our ability to achieve our investment objectives could be adversely affected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Principal and interest payments on any borrowings will reduce the amount of funds available for distribution or investment in additional real estate assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•There are limits on the ownership and transferability of our shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Although our investment strategy is to invest in primarily stabilized, income-oriented commercial real estate in a range of asset types with a focus on providing current income to investors, an investment in us is not an investment in fixed income. Fixed income has material differences from an investment in us, including those related to vehicle structure, investment objectives and restrictions, risks, fluctuation of principal, safety, guarantees or insurance, fees and expenses, liquidity and tax treatment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We elected to be taxed as a REIT for U.S. federal income tax purposes commencing with our taxable year ended December 31, 2024, and we intend to operate in a manner that will allow us to continue to qualify as a REIT. If we fail to qualify as a REIT and no relief provisions apply, our NAV and cash available for distribution to our stockholders could materially decrease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The acquisition of investment properties may be financed in substantial part by borrowing, which increases our exposure to loss. The use of leverage involves a high degree of financial risk and will increase the exposure of the investments to adverse economic factors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Investing in commercial real estate assets involves certain risks, including but not limited to: tenants' inability to pay rent (whether due to property-specific factors, sector-level issues, or broader macroeconomic conditions), increasing or sustained elevated interest rates and lack of availability of financing, tenant turnover and vacancies, changes in supply of or demand for similar properties in a given market, and risk of property obsolescence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Disruptions in the U.S. and global economies and financial markets may adversely impact or disrupt our business and may adversely impact the performance of our investments. The U.S. real estate markets continue to be impacted by the challenging macroeconomic environment, including as a result of uncertainties regarding actual and potential shifts in U.S. and foreign policies on trade and other fiscal, monetary and regulatory policies, including with respect to treaties and tariffs, trade disputes between the U.S. and foreign trading partners, inflationary pressures, elevated interest rates, ongoing conflicts such as in the Middle East and other geopolitical events generally. Our success is dependent on general market and economic conditions.

# Item 1. Business

## General Description of Business and Operations
EQT Exeter Real Estate Income Trust, Inc. was formed on September 2, 2022, as a Maryland corporation. We are an externally advised, perpetual-life REIT. We elected to be taxed as a REIT for U.S. federal income tax purposes commencing with our taxable year ended December 31, 2024, and we intend to operate in a manner that will allow us to continue to qualify as a REIT. We were organized to invest primarily in stabilized, income-oriented commercial real estate in the United States. We are the sole general partner of EQT Exeter REIT Operating Partnership LP, a Delaware limited partnership (the "Operating Partnership"). EQRT Special Limited Partner LLC, a Delaware limited liability company (the "Special Limited Partner") and an affiliate of our Adviser, owns a special limited partner interest in the Operating Partnership. Substantially all of our business will be conducted through the Operating Partnership.

We commenced principal operations with the acquisition of our first real estate investment on March 20, 2024. As of December 31, 2025, we owned five industrial properties.

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Our board of directors 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 between us and EQT Real Estate (the "Advisory Agreement"), we have delegated to EQT Real Estate 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 of directors. Affiliates of EQT Real Estate also have extensive experience in providing responsive and professional property management and leasing services as well as development and construction services. We have retained and expect to continue to retain an affiliate of EQT Real Estate 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 August 1, 2023, we registered with the Securities and Exchange Commission (the "SEC") an offering of up to $5,000,000,000 in shares of common stock, consisting of up to $4,000,000,000 in shares in our primary offering and up to $1,000,000,000 in shares pursuant to our distribution reinvestment plan (the "public offering" or the "Offering"). We intend to sell any combination of four classes of shares of our common stock, Class T shares, Class S shares, Class D shares and Class I shares, with a dollar value up to the maximum offering amount. The share classes in the Offering have different upfront selling commissions and dealer manager fees, and different ongoing distribution fees. The terms of the Offering required us to hold investors' funds from the Offering in an interest-bearing escrow account until we received purchase orders for at least $25,000,000 of our common stock or units of the Operating Partnership in the Offering or in separate private transactions (including purchase orders by the Adviser, our sponsor, EQT AB ("EQT" or the "Sponsor"), their affiliates and our directors and officers, which purchases were not limited in amount) and our board of directors authorized the release of funds in the escrow account to us. On March 19, 2024, the Operating Partnership issued 6,220,000 Class E units to EQT Real Estate Holdings US, Inc. ("EQT Real Estate Holdings," formerly known as EQT Exeter Holdings US, Inc.), an affiliate of our Sponsor, for an aggregate purchase price of $62,200,000, or $10.00 per unit. See "—Sponsor Commitment." As such, as of March 19, 2024, we satisfied the minimum offering requirement for all jurisdictions other than Pennsylvania and our board of directors authorized us to break escrow in the Offering. As of August 14, 2024, we also satisfied the minimum offering requirement for Pennsylvania. The purchase price per share for each class of common stock in the Offering will vary and will generally equal our prior month's NAV per share as determined monthly, plus applicable upfront selling commissions and dealer manager fees.

As of March 20, 2026, we have sold 587,356.42 Class I shares and 2,447.21 Class T shares in the primary portion of the Offering for gross offering proceeds of $6,231,258. We have issued 14,148.53 Class I shares and 9.59 Class T shares in the Offering pursuant to our distribution reinvestment plan for a total value of $151,775. As of March 20, 2026, we have not sold any Class S or Class D shares in the Offering. As of March 20, 2026, $4,993,616,967 in shares remain available for sale pursuant to the Offering, including up to $999,848,225 in shares pursuant to our distribution reinvestment plan.

We commenced a private offering of our Class A-I shares to "accredited investors" as defined in Regulation D promulgated under the Securities Act of 1933, as amended (the "Securities Act") during the year ended December 31, 2024. The primary offering of Class A-I shares terminated on January 2, 2025 and the distribution reinvestment plan offering is ongoing. We commenced a separate private offering of our Class A-II shares to accredited investors in January 2025 and the offering is ongoing. The purchase price per share for each class of common stock in the private offerings will vary and will generally equal our prior month's NAV per share, as determined monthly. Both private offerings are being conducted pursuant to Rule 506(c) of Regulation D and other applicable exemptions.

As of March 20, 2026, we had received gross offering proceeds of $58,497,559 from the sale of our common stock in the primary portion of the private offerings (consisting of 2,657,137.69 Class A-I shares and 2,963,432.55 Class A-II shares), and we had issued 142,627.44 Class A-I shares and 67,724.91 Class A-II shares pursuant to our distribution reinvestment plan for a total value of $2,225,451.

## Our Adviser and our Sponsor
We and the Operating Partnership are externally managed by our Adviser, an affiliate of our Sponsor. EQT Real Estate is a leading real estate operator and investment fund manager with over $34 billion of real estate equity under management on behalf of institutional investors and investors in us as of December 31, 2025. EQT Real Estate is the real estate division of EQT and was formed when EQT acquired EQT Real Estate, LLC (formerly known as Exeter Property Group, LLC) and its affiliates in April 2021. EQT Real Estate, LLC was founded in 2006 as a private real estate investment manager and vertically integrated operator that specializes in property sectors that depend heavily on "business to business" leasing, that is, leasing to corporate users of industrial, flex, life science and office properties. EQT Real Estate's platform today includes two primary real estate verticals – industrial/logistics and multifamily/living – each staffed with dedicated sector specialists across the firm's global platform.

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EQT Real Estate believes its success is deeply rooted in its "tenant-centric" philosophy, which prioritizes direct tenant dialogue through in-house leasing, development and property management with teams specializing in specific property sectors and markets. EQT Real Estate's vertically integrated operator-driven and "locals on the ground" approach is made possible by a multi-disciplinary team of over 400 real estate specialists across more than 50 offices globally. Our objective is to bring EQT Real Estate's vertically integrated operator-driven approach, sector specific and "hyper-local" expertise, and scale to the non-listed REIT industry.

EQT, founded in 1994, is a Stockholm-based, publicly traded, private equity firm with €270 billion total assets under management ("Total AUM")<sup>1</sup> as of December 31, 2025 and whose funds operate across private equity, venture, growth, infrastructure and real estate. EQT is guided by forward-thinking, "future-proofed" investment themes and local, active value creation – characteristics shared with and central to EQT Real Estate's approach to real estate investing.

## Sponsor Commitment
EQT Real Estate Holdings, an affiliate of our Sponsor, has committed to purchase $200,000,000 in Class E shares of our common stock or Class E units of the Operating Partnership, or a combination thereof (the "Sponsor Committed Amount"); provided that EQT Real Estate Holdings may invest a smaller amount to the extent the reduction is offset by an investment by other affiliates of the Sponsor and their employees. As of March 20, 2026, EQT Real Estate Holdings had purchased 19,628,251.46 Class E units of the Operating Partnership for an aggregate purchase price of $197.1 million as part of the Sponsor Committed Amount. Class E shares and Class E units are not available for purchase in the Offering. Class E shares and Class E units are only available for purchase in private transactions by (i) the Adviser, the Sponsor and their affiliates, (ii) employees of the Adviser, the Sponsor and their affiliates and (iii) our officers and directors. During the escrow period, the per share purchase price for Class E shares and Class E units was $10.00 per share or unit. After the close of the escrow period, Class E shares and Class E units are sold at the then-current transaction price, which will generally be the prior month's NAV per share or unit for such class. The Class E shares and Class E units are not subject to any upfront selling commissions, dealer manager fees, distribution fees, management fees payable to the Adviser or the performance participation allocation to the Special Limited Partner.

EQT Real Estate Holdings and affiliates of our Sponsor and their officers and employees purchasing Class E shares and Class E units in satisfaction of the Sponsor Committed Amount must agree to hold all such shares and units they acquire until the earlier of (i) the first date that the aggregate NAV of our outstanding shares of common stock, along with Operating Partnership units held by parties other than us, reaches $1.0 billion and (ii) March 19, 2027, which is three years from the date of the initial investment by EQT Real Estate Holdings. Following such date, holders of Class E shares and Class E units purchased in connection with the Sponsor Committed Amount may request that we repurchase such Class E shares or Class E units; provided, that (1) we will only process repurchases of such Class E shares or Class E units for cash after all other stockholder repurchase requests have been processed under our share repurchase plan, (2) such repurchases of Class E shares for cash will be subject to the 2% monthly and 5% quarterly limitations on repurchases in our share repurchase plan and (3) upon a repurchase request, the Operating Partnership will repurchase Class E units for Class E shares or cash (at the holder's election) unless our board of directors determines that any such repurchase for cash would be prohibited by applicable law or the partnership agreement of the Operating Partnership, in which case such Class E units will be repurchased for an amount of Class E shares with an aggregate NAV equivalent to the aggregate NAV of such Class E units; provided further, that repurchases of Class E units for cash will be subject to the 2% monthly and 5% quarterly limitations on repurchases in our share repurchase plan treating all outstanding Operating Partnership units held by persons other than us as having been exchanged for shares as of the respective monthly and quarterly measurement dates for calculation of the 2% monthly and 5% quarterly limitations in our share repurchase plan. For the avoidance of doubt, repurchases of Class E units for Class E shares will not be subject to the requirement that all other stockholder repurchase requests submitted through our share repurchase plan have been processed and will not be subject to the 2% monthly and 5% quarterly limitations on repurchases. Repurchases of Class E shares and Class E units acquired in connection with the Sponsor Committed Amount will not be subject to the Early Repurchase Deduction (defined herein).

## Investment Objectives
Our investment objectives are to invest in assets that will enable us to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•generate current income in the form of regular stable cash distributions to achieve an attractive cash yield;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•preserve and protect invested capital;

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<sup>1</sup> Total AUM is defined as the sum of (i) fee-paying assets under management ("FAUM"), (ii) value appreciation (depreciation) of investments in funds on which FAUM is calculated upon, (iii) fair market value of non-fee-generating co-investments and (iv) remaining commitments in active funds and committed capital yet to be fee-generating. EQT has €141 billion of FAUM.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•provide a source of potential inflation protection and realize appreciation in net asset value from proactive investment management and asset management; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•provide an investment alternative for stockholders seeking to allocate a portion of their long-term investment portfolios to commercial real estate with lower volatility than listed public real estate companies.

We cannot assure you that we will achieve our investment objectives. In particular, we note that the NAV of non-traded REITs may be subject to volatility related to the values of their underlying assets, and appraisal-based valuations are estimates of fair value and may not necessarily correspond to realizable value. See Item 1A, "Risk Factors".

## Investment Strategy
Our investment strategy is to acquire primarily stabilized, income-oriented commercial real estate in the United States, with an emphasis on properties that can leverage EQT Real Estate's scale and long-standing direct leasing relationships with Fortune 1000 companies.

We will seek to generate strong income returns and potential appreciation by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•focusing on property and portfolio acquisitions that will seek to offer diversification and strong cash-flows;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•leveraging EQT Real Estate's "hyper-local" market teams to inform prudent asset and market selection;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•generating operational value with EQT Real Estate's vertically integrated model to optimize occupancy and rental rates, leading to net operating income ("NOI") growth potential;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•pursuing properties with modern physical specifications and amenities that provide protection against obsolescence risk; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•delivering sustainable real estate solutions to our tenants, which may include energy efficiency and other related improvements.

To a lesser extent, we also plan to invest in real estate related securities to provide a source of liquidity for our share repurchase plan, cash management and other purposes.

After our ramp-up period, we will generally seek to invest:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•At least 80% to 90% of our gross asset value in properties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Up to 10% to 20% of our gross asset value in real estate related securities.

Of our investments in properties, we will generally seek to invest approximately 80% in properties with business tenants ("business-to-business" or "B2B" property types), such as industrial or life science properties, and approximately 20% in real estate assets with consumer users ("business-to-consumer" or "B2C" property types), such as multifamily or self-storage properties. Notwithstanding the foregoing, the actual percentage of our portfolio that is invested in properties or real estate related securities may from time to time be outside the levels provided above due to factors such as a large inflow of capital over a short period of time, our Adviser's assessment of the relative attractiveness of opportunities, or an increase in anticipated cash requirements or repurchase requests and subject to any limitations or requirements relating to our intention to qualify and maintain our qualification as a REIT for U.S. federal income tax purposes. Certain investments, such as preferred equity investments, could be characterized as either real estate or real estate related securities for purposes of our target allocation depending on the terms and characteristics of such investments.

We do not expect to be able to achieve these allocations until we have completed our ramp-up period. We will consider our ramp-up period to end after we have raised substantial offering proceeds and acquired a broad portfolio of equity real estate investments. Prior to that time, we will balance the goal of achieving our portfolio allocation targets with the goal of carefully evaluating and selecting investment opportunities to maximize risk-adjusted returns. Following the end of our ramp-up period, we believe that the size of our portfolio of investments should be sufficient for our Adviser to adhere more closely to our allocation targets, although we cannot predict how long our ramp-up period will last and cannot provide assurances that we will be able to raise sufficient offering proceeds to achieve our targeted portfolio allocation.

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## Investments in Real Estate and Real Estate Related Securities
We intend to invest in primarily stabilized, income-oriented commercial real estate in the United States in a range of asset types, which may include a primary focus on themes that benefit the most from EQT Real Estate's extensive experience as a real estate solutions provider to large corporate tenants. As of December 31, 2025, we owned five industrial properties. For an overview of our real estate investments, see Part II, Item 7 — "Management's Discussion and Analysis of Financial Condition and Results of Operations— Portfolio."

***Real Estate - Primary Themes***

*Supply Chain — Industrial*

Industrial property acquisitions may include, but may not be limited to, the following: distribution and storage properties across the industrial supply chain, such as big-box warehouse, last-mile warehouse, cold-storage, light industrial, flex/office-warehouse, industrial service facilities and industrial outdoor storage properties.

*Knowledge Economy — Office*

Office property acquisitions may include, but may not be limited to, the following: research and development campuses, laboratory workspace, medical office, biomanufacturing facilities, creative office, headquarters and single-tenant office space.

***Real Estate - Secondary Themes***

To a lesser degree, we may invest in "consumer-leased" or "consumer-centric" property types, such as for-rent residential, self-storage, grocery retail and hospitality assets, and "digital infrastructure" property types, such as data centers and cell-tower ground-leases.

***Real Estate Related Securities***

We believe that our real estate related securities, combined with our investments in cash, cash equivalents and other short-term investments, will serve as a cash management or liquidity strategy before investing offering proceeds into longer-term real estate assets. Subject to applicable law, our real estate related securities could be used, in part, to maintain appropriate liquidity levels to provide funds to satisfy repurchase requests under our share repurchase plan that we chose to satisfy in any particular month. Our real estate related securities may include the following, to the extent consistent with our intended qualification as a REIT, (i) equity securities of other REITs and real estate companies, (ii) debt issued by REITs as well as other corporate debt and (iii) agency and non-agency residential mortgage-backed securities ("RMBS"), commercial mortgage-backed securities ("CMBS"), collateralized loan obligations ("CLOs") and collateralized debt obligations ("CDOs").

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## Borrowing Policies
We use financial leverage to provide additional funds to support our investment activities. This will allow us to make more investments than would otherwise be possible, resulting in a broader portfolio. Subject to the limitation on indebtedness for money borrowed in our charter described below, our target leverage ratio after our ramp-up period is approximately 50% to 60%. Our leverage ratio is measured by dividing (i) consolidated property-level and entity-level debt net of cash and loan-related restricted cash, by (ii) the asset value of real estate investments (measured using the greater of fair market value and cost) plus the equity in our real estate related securities portfolio. There is, however, no limit on the amount we may borrow with respect to any individual property or portfolio. We will consider our ramp-up period to end after we have raised substantial offering proceeds and acquired a broad portfolio of equity real estate investments. Prior to that time, we will balance the goal of achieving our target leverage ratio with the goal of carefully evaluating and selecting investment opportunities to maximize risk-adjusted returns. We cannot predict how long our ramp-up period will last and cannot provide assurances that we will be able to raise substantial offering proceeds. Indebtedness incurred (i) in connection with funding a deposit in advance of the closing of an investment or (ii) as other working capital advances, will not be included as part of the calculation above.

Our real estate related securities portfolio may have embedded leverage through the use of derivatives, including, but not limited to, total return swaps, securities lending arrangements and credit default swaps. During times of increased investment and capital market activity, but subject to the limitation on indebtedness for money borrowed in our charter described below, we may employ greater leverage in order to quickly build a broader portfolio of assets. We may leverage our portfolio by assuming or incurring secured or unsecured property-level or entity-level debt. An example of property-level debt is a mortgage loan secured by an individual property or portfolio of properties incurred or assumed in connection with our acquisition of such property or portfolio of properties. An example of entity-level debt is a line of credit obtained by us or the Operating Partnership. We may seek to obtain lines of credit under which we would reserve borrowing capacity. Borrowings under lines of credit may be used not only to repurchase shares, but also to fund acquisitions or for any other corporate purpose.

Our actual leverage level will be affected by a number of factors, some of which are outside our control. Significant inflows of proceeds from the sale of shares of our common stock generally will cause our leverage as a percentage of our net assets, or our leverage ratio, to decrease, at least temporarily. Significant outflows of equity as a result of repurchases of shares of our common stock generally will cause our leverage ratio to increase, at least temporarily. Our leverage ratio will also increase or decrease with decreases or increases, respectively, in the value of our portfolio. If we borrow under a line of credit to fund repurchases of shares of our common stock or for other purposes, our leverage would increase and may exceed our target leverage. In such cases, our leverage may remain at the higher level until we receive additional net proceeds from our continuous offering or sell some of our assets to repay outstanding indebtedness.

Our board of directors reviews our aggregate borrowings at least quarterly. In connection with such review, our board of directors may determine to modify our target leverage ratio in light of then-current economic conditions, relative costs of debt and equity capital, fair values of our properties, general conditions in the market for debt and equity securities, growth and investment opportunities or other factors. We may exceed our targeted leverage ratio at times if our Adviser deems it advisable for us. For example, if we fund a repurchase under a line of credit, we will consider actual borrowings when determining whether we are at our leverage target, but not unused borrowing capacity. If, therefore, we are at a leverage ratio in the range of 50% to 60% and we borrow additional amounts under a line of credit, or if the value of our portfolio decreases, our leverage could exceed the range of 50% to 60% of our gross real estate assets. In the event that our leverage ratio exceeds our target, regardless of the reason, we will thereafter endeavor to manage our leverage back down to our target.

Under our charter we may not incur indebtedness for money borrowed in an amount exceeding 300% of the cost of our net assets, which approximates borrowing 75% of the cost of our investments, unless any excess over this limit is approved by a majority of our independent directors, and disclosed to stockholders in our next quarterly report, along with justification for such excess. This limitation includes indebtedness for money borrowed with respect to our real estate related securities portfolio. "Net assets" is defined as our total assets other than intangibles valued at cost (prior to deducting depreciation, reserves for bad debts and other non-cash reserves) less total liabilities.

For an overview of our borrowings, see Part II, Item 7 — "Management's Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources".

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## Our Taxation as a REIT
We elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the "Code"), commencing with our taxable year ended December 31, 2024. If we qualify for taxation as a REIT, we generally will not be subject to U.S. federal income tax on our earnings to the extent we distribute 90% of our taxable income, subject to certain adjustments and excluding any net capital gain, to our stockholders. To the extent that we satisfy this distribution requirement but distribute less than 100% of our net taxable income, we will be subject to U.S. federal income tax on our undistributed taxable income. In addition, we will be subject to a 4% nondeductible excise tax if the actual amount that we pay out to our stockholders in a calendar year is less than a minimum amount specified under U.S. federal tax laws.

Our qualification as a REIT also depends on our ability to meet various other requirements imposed by the Code, which relate to organizational structure, diversity of stock ownership, and certain restrictions with regard to the nature of our assets and the sources of our income. Even if we qualify as a REIT, we may be subject to certain U.S. federal income and excise taxes and state and local taxes on our income and assets. If we fail to maintain our qualification as a REIT for any taxable year, we may be subject to material penalties as well as federal, state, and local income tax on our taxable income at regular corporate rates and we would not be able to qualify as a REIT for the subsequent four full taxable years.

See Item 1A, "Risk Factors—Risks Related to our REIT Status and Certain Other Tax Items" for additional tax status information.

## Governmental Regulations
As an owner of real estate, we are subject, in certain instances, to supervision and regulation by U.S. and other governmental authorities, and may be subject to various laws and judicial and administrative decisions imposing various requirements and restrictions, which include, among other things: (i) federal and state securities laws and regulations; (ii) federal, state and local tax laws and regulations, (ii) state and local laws relating to real property; (iv) federal, state and local environmental laws, ordinances, and regulations, and (v) various laws relating to housing, including permanent and temporary rent control and stabilization laws, the Americans with Disabilities Act of 1990 and the Fair Housing Amendment Act of 1988, among others.

Compliance with the federal, state and local laws described above has not had a material adverse effect on our business, assets, results of operations, financial condition and ability to pay distributions, and we do not believe that our existing portfolio will require us to incur material expenditures to comply with these laws and regulations.

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## Competition
We face competition from various entities for investment opportunities in properties, including other REITs, real estate operating companies, pension funds, insurance companies, investment funds and companies, partnerships and developers. In addition to third-party competitors, other programs sponsored by our Adviser and its affiliates, particularly those with investment strategies that overlap with ours, may seek investment opportunities in accordance with our Adviser's policies and procedures. Some of these entities have greater access to capital to acquire properties than we have. Competition from these entities may reduce the number of suitable investment opportunities offered to us, increase the bargaining power of property owners seeking to sell or cause us to pay more for an investment than we otherwise would. Additionally, disruptions and dislocations in the credit markets could have a material impact on the cost and availability of debt to finance real estate acquisitions, which is a key component of our acquisition strategy. The lack of available debt on reasonable terms or at all could result in a further reduction of suitable investment opportunities and create a competitive advantage for other entities that have greater financial resources than we do. In addition, over the past several years, a number of real estate funds and publicly traded and non-traded REITs have been formed and others have been consolidated (and many such existing funds have grown in size) for the purpose of investing in real estate and/or real estate related securities. Additional real estate funds, vehicles and REITs with similar investment objectives are expected to be formed in the future by other unrelated parties and further consolidations may occur (resulting in larger funds and vehicles). Consequently, it is expected that competition for appropriate investment opportunities would reduce the number of investment opportunities available to us and adversely affect the terms, including price, upon which investments can be made. This competition may cause us to acquire properties and other investments at higher prices or by using less-than-ideal capital structures, and in such case our returns will be lower and the value of our assets may not appreciate or may decrease significantly below the amount we paid for such assets. If such events occur, stockholders may experience a lower return on their investment.

## Sustainability
EQT Real Estate's approach to sustainability is informed by and aligned with EQT's mission to future-proof companies and contribute to long-term sustainable growth. With a dedicated sustainability team, EQT Real Estate applies this thinking to the needs and opportunities specific to our real estate investment management and property operations.

EQT Real Estate will prioritize sustainability to align with tenant demand in our target markets for sustainable, efficient and healthy places to do business and live. Additionally, we will align our sustainability actions to improvement opportunities as part of our investment strategy. These activities may include the following:

• Incorporating environmental risk assessment in the due diligence and underwriting process for all acquisitions;

• Applying EQT Real Estate's platform approach to deployment of on-site solar, lighting retrofits and other technology, where applicable;

• Aligning with industry standards such as Leadership in Energy and Environmental Design ("LEED"), Building Research Establishment Environmental Assessment Method ("BREEAM"), ENERGY STAR and others, as appropriate, to the specifics of each asset type; and

• Implementing the data collection processes, hardware and software necessary to measure, track and improve asset-level utility performance.

## Human Capital
We do not have any employees. We are externally managed by the Adviser pursuant to the Advisory Agreement. Our executive officers serve as officers of the Adviser and are employed by the Adviser.

## Economic Dependency
We are dependent on the Adviser and its affiliates for certain services that are essential to us, including the sale of our shares of common stock, acquisition and disposition decisions, and certain other responsibilities. In the event that the Adviser and its affiliates are unable or unwilling to provide such services, we would be required to find alternative service providers.

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## Conflicts of Interest
We are subject to various conflicts of interest arising out of our relationship with our Adviser and its affiliates, some of whom serve as our executive officers and our directors. See Item 1A, "Risk Factors—Risks Related to Conflicts of Interest."

## Available Information
Stockholders may obtain copies of our filings with the SEC free of charge from either the SEC's website maintained at *www.sec.gov* or our website at *eqrt.com*.

We are providing the address to our website solely for the information of investors. The information on our website is not a part of, nor is it incorporated by reference into, this report.

# Item 1A. Risk Factors
*The following are some of the risks and uncertainties that could cause our actual results to differ materially from those presented in our forward-looking statements. The risks and uncertainties described below are not the only ones we face but do represent those risks and uncertainties that we believe are material to us. Additional risks and uncertainties not presently known to us or that we currently deem immaterial may also harm our business. As used herein, "you" refers to our current stockholders or potential investors in our stock as applicable.*

## Risks Related to Our Organizational Structure
***We have a limited operating history, and there is no assurance that we will be able to achieve our investment objectives.***

EQT Exeter Real Estate Income Trust, Inc. has a limited operating history. We may not be able to achieve our investment objectives. As of the date of this Annual Report, we have acquired five properties. We cannot assure you that the past experiences of our Adviser or its affiliates will be sufficient to allow us to achieve our investment objectives. As a result, an investment in our shares of common stock entails more risk than the shares of common stock of a REIT with a substantial operating history.

***Our offerings are blind-pool offerings, and thus you will not have the opportunity to evaluate our future investments before we make them, which makes your investment more speculative.***

We are not able to provide you with any information to assist you in evaluating the merits of any specific properties or real estate related securities that we may acquire in the future, except for investments that may be described in one or more supplements to our prospectus. We will seek to invest substantially all of the net proceeds from our offerings, after the payment of fees and expenses, in the acquisition of or investment in interests in properties and real estate related securities. However, because you will be unable to evaluate the economic merit of our future investments before we make them, you will have to rely entirely on the ability of our Adviser to select suitable and successful investment opportunities. Furthermore, our Adviser has broad discretion in selecting the types of properties we will invest in and the tenants of those properties, and you will not have the opportunity to evaluate potential investments. These factors increase the risk that your investment may not generate returns comparable to other real estate investment alternatives.

***There is no public trading market for shares of our common stock; therefore, your ability to dispose of your shares will likely be limited to repurchase by us. If you do sell your shares to us, you may receive less than the price you paid.***

There is no current public trading market for shares of our common stock, and we do not expect that such a market will ever develop. Therefore, the repurchase of shares by us will likely be the only way for you to dispose of your shares. We will repurchase shares at a price equal to the transaction price of the class of shares being repurchased on the date of repurchase (which will generally be equal to our prior month's NAV per share) and not based on the price at which you initially purchased your shares. Subject to limited exceptions, shares repurchased within one year of the date of issuance will be repurchased at 98% of the transaction price. As a result, you may receive less than the price you paid for your shares when you sell them to us pursuant to our share repurchase plan.

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***Your ability to have your shares repurchased through our share repurchase plan is limited. We may choose to repurchase fewer shares than have been requested to be repurchased, in our discretion at any time, and the amount of shares we may repurchase is subject to caps. Further, our board of directors may make exceptions to, modify or suspend our share repurchase plan if it deems such action to be in our best interest.***

We may choose to repurchase fewer shares than have been requested in any particular month to be repurchased under our share repurchase plan, or none at all, in our discretion at any time. We may repurchase fewer shares than have been requested to be repurchased due to lack of readily available funds, the need to maintain liquidity for our operations or because we have determined that investing in real property or other illiquid investments is a better use of our capital than repurchasing our shares. In addition, the aggregate NAV of total repurchases of Class T, Class S, Class D, Class I ,Class E, Class A-I and Class A-II shares (including repurchases at certain non-U.S. investor access funds primarily created to hold shares of our common stock, if any, but excluding any Early Repurchase Deduction applicable to the repurchased shares) is limited, in any calendar month, to no more than 2% of our aggregate NAV (measured using the aggregate NAV attributable to stockholders as of the end of the immediately preceding month) and, in any calendar quarter, to shares whose aggregate value is no more than 5% of our aggregate NAV (measured using the average aggregate NAV attributable to stockholders at the end of the immediately preceding three months).

EQT Real Estate Holdings and affiliates of our Sponsor and their officers and employees purchasing Class E shares and Class E units in satisfaction of the Sponsor Committed Amount must agree to hold all such shares and units they acquire until the earlier of (i) the first date that the aggregate NAV of our outstanding shares of common stock, along with Operating Partnership units held by parties other than us, reaches $1.0 billion and (ii) March 19, 2027, which is three years from the date of the initial investment by EQT Real Estate Holdings. Following such date, holders of Class E shares and Class E units purchased in connection with the Sponsor Committed Amount may request that we repurchase such Class E shares or Class E units; provided, that (1) we will only process repurchases of such Class E shares or Class E units for cash after all other stockholder repurchase requests have been processed, (2) such repurchases of Class E shares for cash will be subject to the 2% monthly and 5% quarterly limitations on repurchases and (3) upon a repurchase request, the Operating Partnership will repurchase Class E units for Class E shares or cash (at the holder's election) unless our board of directors determines that any such repurchase for cash would be prohibited by applicable law or the partnership agreement of the Operating Partnership, in which case such Class E units will be repurchased for an amount of Class E shares with an aggregate NAV equivalent to the aggregate NAV of such Class E units; provided further, that repurchases of Class E units for cash will be subject to the 2% monthly and 5% quarterly limitations on repurchases in our share repurchase plan treating all outstanding Operating Partnership units held by persons other than us as having been exchanged for shares as of the respective monthly and quarterly measurement dates for calculation of the 2% monthly and 5% quarterly limitations in our share repurchase plan. For the avoidance of doubt, repurchases of Class E units for Class E shares will not be subject to the requirement that all other stockholder repurchase requests submitted through our share repurchase plan have been processed and will not be subject to the 2% monthly and 5% quarterly limitations on repurchases. Repurchases of Class E shares and Class E units acquired in connection with the Sponsor Committed Amount will not be subject to the Early Repurchase Deduction.

Shares held by our Adviser acquired as payment of our Adviser's management fee will not be subject to our share repurchase plan, including with respect to any repurchase limits or the Early Repurchase Deduction, and will not be included in the calculation of our aggregate NAV for purposes of the 2% monthly or 5% quarterly limitations on repurchases. Notwithstanding the foregoing, we have adopted a policy that requires the affiliated-transactions committee to approve any repurchase request of the Adviser for Class E shares received as payment for the management fee that, when combined with any stockholder repurchase requests submitted through our share repurchase plan, would cause us to exceed the 2% monthly or 5% quarterly repurchase limitations of our share repurchase plan. Such approval must find that the repurchase will not impair our capital or operations and is consistent with the fiduciary duties of our independent directors.

In addition, holders of Class E units issued in connection with distributions on the performance participation interest may request the Operating Partnership repurchase such Class E units for Class E shares or cash (at the holder's election) unless our board of directors determines that any such repurchase for cash would be prohibited by applicable law or the partnership agreement of the Operating Partnership, in which case such Class E units will be repurchased for an amount of Class E shares with an aggregate NAV equivalent to the aggregate NAV of such Class E units; provided further, that repurchases of Class E units for cash will be subject to the 2% monthly and 5% quarterly limitations on repurchases in our share repurchase plan treating all outstanding Operating Partnership units held by persons other than us as having been exchanged for our shares as of the respective monthly and quarterly measurement dates for calculation of the 2% monthly and 5% quarterly limitations under the share repurchase plan. In addition, any repurchases of Class E units in respect of distributions on the performance participation interest will not be subject to the Early Repurchase Deduction.

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Our board of directors may make exceptions to, modify or suspend our share repurchase plan if in its reasonable judgment it deems such action to be in our best interest. Our board of directors will not terminate our share repurchase plan absent a liquidity event which results in our stockholders receiving cash or securities listed on a national securities exchange or where otherwise required by law. If the full amount of all shares of our common stock requested to be repurchased in any given month are not repurchased, funds will be allocated pro rata based on the total number of shares of common stock being repurchased without regard to class and subject to the volume limitation. All unsatisfied repurchase requests must be resubmitted after the start of the next month or quarter, or upon the recommencement of the share repurchase plan, as applicable.

The vast majority of our assets will consist of properties that cannot generally be readily liquidated without impacting our ability to realize full value upon their disposition. Therefore, we may not always have a sufficient amount of cash to satisfy repurchase requests. Should repurchase requests, in our judgment, place an undue burden on our liquidity, adversely affect our operations or risk having an adverse impact on our Company as a whole, or should we otherwise determine that investing our liquid assets in real properties or other illiquid investments rather than repurchasing our shares is in the best interests of our Company as a whole, then we may choose to repurchase fewer shares than have been requested to be repurchased, or none at all. Because we are not required to authorize the recommencement of the share repurchase plan within any specified period of time, we may effectively terminate the plan by suspending it indefinitely. As a result, your ability to have your shares repurchased by us may be limited and at times you may not be able to liquidate your investment.

***Economic events that may cause our stockholders to request that we repurchase their shares may materially adversely affect our cash flow and our results of operations and financial condition.***

Events affecting the U.S. economy, such as the general negative performance of the real estate sector or market volatility (including as a result of uncertainties regarding actual and potential shifts in U.S. and foreign policies on trade and other fiscal, monetary and regulatory policies, including with respect to treaties and tariffs, trade disputes between the U.S. and foreign trading partners, inflationary pressures, elevated interest rates, ongoing conflicts such as in the Middle East and other geopolitical events generally), may be prolonged and severe and could cause our stockholders to seek to sell their shares to us pursuant to our share repurchase plan at a time when such events are adversely affecting the performance of our assets. If we decide to satisfy all or a large amount of repurchase requests, our cash flow and liquidity could be materially adversely affected. In addition, if we determine to sell assets to satisfy repurchase requests, we may not be able to realize the return on such assets that we may have been able to achieve had we sold at a more favorable time, and our results of operations and financial condition could be materially adversely affected.

***Our Adviser manages our portfolio pursuant to very broad investment guidelines and is not required to seek the approval of our board of directors for each investment, financing or asset allocation decision made by it, which may result in our making riskier investments and which could adversely affect our results of operations.***

Our board of directors has approved very broad investment guidelines that delegate to our Adviser the authority to execute acquisitions and dispositions of real estate and real estate related securities on our behalf, in each case so long as such investments are consistent with our board-approved investment guidelines and our charter. Our board of directors will review our investment guidelines on an annual basis (or more often as it deems appropriate) and review our investment portfolio periodically. Transactions entered into on our behalf by our Adviser may be costly, difficult or impossible to unwind when they are subsequently reviewed by our board of directors.

***Uncertainty about U.S. federal initiatives could negatively impact our business, financial condition and results of operations.***

There is significant uncertainty with respect to legislation, regulation and government policy at the federal level, as well as the state and local levels. Recent events have created a climate of heightened uncertainty and introduced new and difficult-to-quantify macroeconomic and political risks with potentially far-reaching implications. The current U.S. presidential administration's changes to U.S. policy may impact, among other things, the U.S. and global economy, international trade and relations, unemployment, immigration, taxes, healthcare, the U.S. regulatory environment, inflation and other areas. Although we cannot predict the impact, if any, of these changes to our business, they could adversely affect our business, financial condition, operating results and cash flows. Until we know what policy changes are made and how those changes impact our business and the business of our competitors over the long term, we will not know the impact of them.

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***We face risks associated with the deployment of our capital.***

In light of the nature of our continuous public offering, there could be a delay between the time we receive net offering proceeds from the sale of shares of our common stock and the time we invest the net proceeds. Pending investment, we may hold large amounts of cash in money market accounts or similar temporary investments, which are subject to the management fee.

It is not anticipated that the temporary investment of such cash into money market accounts or other similar temporary investments pending deployment into investments will generate significant interest, and investors should understand that such low interest payments on the temporarily invested cash may adversely affect overall returns. In the event we fail to timely invest the net proceeds of sales of our common stock or do not deploy sufficient capital to meet our targeted leverage, our results of operations and financial condition may be adversely affected.

***If we are unable to raise substantial funds in our offerings, we will be limited in the number and type of investments we make, and the value of your investment in us will be more dependent on the performance of any of the specific assets we acquire.***

Our offerings are being made on a "best efforts" basis, meaning that the dealer manager for the offerings, EQT Partners BD, LLC (the "Dealer Manager"), is only required to use its best efforts to sell our shares and has no firm commitment or obligation to purchase any shares. As a result, the amount of proceeds we raise in the offerings may be substantially less than the amount we would need to achieve a broader portfolio of investments. If we are unable to raise substantial funds, we will make fewer investments, resulting in less breadth in terms of the type, number, geography and size of investments that we make. In that case, the likelihood that any single asset's performance would adversely affect our profitability will increase. There is a greater risk that you will lose money in your investment if we have less breadth in our portfolio. Further, we will have certain fixed operating expenses, including expenses of being a public reporting company, regardless of whether we are able to raise substantial funds. Our inability to raise substantial funds would increase our fixed operating expenses as a percentage of gross income, reducing our net income and limiting our ability to make distributions.

***We may change our investment and operational policies without stockholder consent.***

Except for changes to the investment restrictions contained in our charter, which require stockholder consent to amend, we may change our investment and operational policies, including our policies with respect to investments, operations, indebtedness, capitalization and distributions, at any time without the consent of our stockholders, which could result in our making investments that are different from, and possibly riskier or more highly leveraged than, the types of investments described in this Annual Report and in our prospectus. Our board of directors has approved very broad investment guidelines with which we must comply, but these guidelines provide our Adviser with broad discretion and can be changed by our board of directors. A change in our investment strategy may, among other things, increase our exposure to real estate market fluctuations, default risk and interest rate risk, all of which could materially affect our results of operations and financial condition. We will notify stockholders of any material change to our investment and operational policies by disclosing such changes in a public filing such as a supplement to the prospectus, a current report on Form 8-K and/or a periodic report on Form 10-Q or Form 10-K, as appropriate.

***The amount and source of distributions we may make to our stockholders is uncertain, and we may be unable to generate sufficient cash flows from our operations to make distributions to our stockholders at any time in the future.***

We have not established a minimum distribution payment level, and our ability to make distributions to our stockholders may be adversely affected by a number of factors, including the risk factors described in this Annual Report. We have a limited operating history, and we may not generate sufficient income to make distributions to our stockholders. Our board of directors will make determinations regarding distributions based upon, among other factors, our financial performance, debt service obligations, debt covenants, REIT qualification and tax requirements and capital expenditure requirements. Among the factors that could impair our ability to make distributions to our stockholders are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our inability to invest the proceeds from sales of our shares on a timely basis in income-producing properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our inability to generate sufficient income from our investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•high levels of expenses or reduced revenues that reduce our cash flow or non-cash earnings; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•defaults in our investment portfolio or decreases in the value of our investments.

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As a result, we may not be able to make distributions to our stockholders at any time in the future, and the level of any distributions we do make to our stockholders may not increase or even be maintained over time, any of which could materially and adversely affect the value of your investment.

***We may pay distributions from sources other than our cash flow from operations, including, without limitation, the sale or repayment of our assets, borrowings, return of capital, offering proceeds or the temporary deferral or waiver of fees and expense reimbursements (including the payment of fees with shares of our stock), and we have no limits on the amounts we may pay from such sources.***

We may not generate sufficient cash flow from operations to fully fund distributions to stockholders. Therefore, we may fund distributions to our stockholders from sources other than cash flow from operations, including, without limitation, the sale or repayment of our assets, borrowings, return of capital, offering proceeds or the temporary deferral or waiver of fees and expense reimbursements (including the payment of fees with shares of our stock). The extent to which we pay distributions from sources other than cash flow from operations will depend on various factors, including the level of participation in our distribution reinvestment plan, the extent to which our Adviser elects to receive its management fee in Class E shares or Class E units, the extent to which the Special Limited Partner elects to receive distributions on its performance participation interest in Class E units, how quickly we invest the proceeds from our offerings and the performance of our investments. Funding distributions from the sale of or repayment of our assets, borrowings, return of capital, offering proceeds or the temporary deferral or waiver of fees and expense reimbursements will result in us having less funds available to acquire properties or other real estate related securities. As a result, the return you realize on your investment may be reduced. Funding distributions from such sources may also negatively impact our ability to generate cash flows. Likewise, funding distributions from the sale of additional securities will dilute your interest in us on a percentage basis and may impact the value of your investment especially if we sell these securities at prices less than the price you paid for your shares. We may be required to continue to fund our regular distributions from a combination of some of these sources if our investments fail to perform, if expenses are greater than our revenues or due to numerous other factors. We have not established a limit on the amount of our distributions that may be paid from any of these sources.

To the extent we borrow funds to pay distributions, we would incur borrowing costs and these borrowings would require a future repayment. The use of these sources for distributions and the ultimate repayment of any liabilities incurred could adversely impact our ability to pay distributions in future periods, decrease our NAV, decrease the amount of cash we have available for operations and new investments and adversely impact the value of your investment.

We may also defer operating expenses or pay expenses (including the fees of our Adviser or distributions to the Special Limited Partner if so requested by them) with shares of our common stock or Operating Partnership units in order to preserve cash flow for the payment of distributions and thereby indirectly support distribution payments. Such temporary deferral or waiver of expenses, which are subject to reimbursement to our Adviser, may have a smoothing effect on our NAV and our distribution rate. The ultimate repayment of these deferred expenses could adversely affect our operations and reduce the future return on your investment. Further, we may repurchase shares or redeem Operating Partnership units from our Adviser or the Special Limited Partner shortly after issuing such shares or units as compensation. The payment of expenses in shares of our common stock or with Operating Partnership units will dilute your ownership interest in our portfolio of assets. Except as discussed in Part III, Item 13, "Certain Relationships and Related Transactions, and Director Independence—Transactions with Related Persons—The Advisory Agreement—Management Fee, Performance Participation and Expense Reimbursements—Adviser Support," there is no guarantee any of our operating expenses will be deferred and our Adviser and Special Limited Partner are under no obligation to receive future fees or distributions in shares of our common stock or Operating Partnership units and may elect to receive such amounts in cash.

***Purchases and repurchases of shares of our common stock are generally made based on the prior month's NAV per share of our common stock.***

Generally, our offering price per share and the price at which we make repurchases of our shares will equal the NAV per share of the applicable class as of the last calendar day of the prior month, plus, in the case of our offering price, applicable upfront selling commissions and dealer manager fees. The NAV per share, if calculated as of the date on which you make your subscription request or repurchase request, may be significantly different than the transaction price you pay or the repurchase price you receive. Certain of our investments or liabilities may be subject to high levels of volatility from time to time and could change in value significantly between the end of the prior month as of which our NAV is determined and the date that you acquire or repurchase our shares; however, the prior month's NAV per share will generally continue to be used as the transaction price per share and repurchase price per share.

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***Valuations and appraisals of our real estate and real estate related securities are estimates of fair value and may not necessarily correspond to realizable value.***

For the purposes of calculating our monthly NAV, our properties will generally initially be valued at cost, which we expect to represent fair value at that time. Each property will then be valued by an independent third-party appraisal firm within the first three full months after acquisition and no less frequently than annually thereafter. Additionally, each month after the initial third-party appraisal, our Independent Valuation Advisor (defined below) will provide a restricted appraisal report for any real property that was not the subject of a third-party appraisal report during that month. All appraisals are reviewed by our Adviser, and our Independent Valuation Advisor will review all annual independent third-party appraisals as described below. We expect our Adviser to calculate the fair value of our other assets and liabilities, though our Adviser may retain additional third parties to assist with our valuations of certain investments. Investments in real estate related securities with readily available market quotations will be valued monthly at fair market value. Certain investments in real estate related securities are unlikely to have market quotations. Each such investment will generally initially be valued at the acquisition price and then be valued by our Adviser within the first three full months after we invest in such investment and no less than quarterly thereafter. Additionally, our Adviser may in its discretion consider material market data and other information that becomes available after the end of the applicable month in valuing our assets and liabilities and calculating our NAV for a particular month.

In conducting their investigations and analyses, our Independent Valuation Advisor and other independent third-party appraisal firms 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 or our Adviser, 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 and other independent third-party appraisal firms may review information supplied or otherwise made available by us or our Adviser for reasonableness, they will assume and rely upon the accuracy and completeness of all such information and of all information supplied or otherwise made available to them 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) other than our real properties.

Within the parameters of our valuation guidelines, the valuation methodologies used to value our properties and certain of our investments will involve subjective judgments and projections and may not be accurate. Valuation methodologies will also involve assumptions and opinions about future events, which may not turn out to be correct. Valuations and appraisals of our properties and other investments will be only estimates of fair value. Ultimate realization of the value of an asset depends to a great extent on economic, market and other conditions beyond our control and the control of our Adviser. Further, valuations do not necessarily represent the price at which an asset would sell, since market prices of assets can only be determined by negotiation between a willing buyer and seller. As such, the carrying value of an asset may not reflect the price at which the asset could be sold in the market, and the difference between carrying value and the ultimate sales price 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. There will be no retroactive adjustment in the valuation of such assets, the offering price of our shares of common stock, the price we paid to repurchase shares of our common stock or NAV-based fees we paid to our Adviser and the Dealer Manager to the extent such valuations prove not to reflect accurately the realizable value of our assets. Even if our valuation estimates are accurate when made, because the offering price to acquire shares of our common stock, and the price at which your shares may be repurchased by us pursuant to our share repurchase plan are generally based on our prior month's NAV per share, you may pay more than realizable value or receive less than realizable value for your investment.

For more information regarding the calculation of our NAV per share of each class and how our properties and real estate related securities will be valued, see "Net Asset Value Calculation and Valuation Guidelines" in our prospectus, as amended and supplemented.

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***It may be difficult to reflect, fully and accurately, material events that may impact our monthly NAV.***

Our Adviser's determination of our monthly NAV per share will be based in part on appraisals of each of our properties provided annually by independent third-party appraisal firms in individual appraisal reports reviewed by our Independent Valuation Advisor, restricted appraisal reports for any real property that was not the subject of a third-party appraisal report during that month provided by our Independent Valuation Advisor, to the extent available monthly valuations of investments in real estate related securities based on readily available market quotations and quarterly valuations of our real estate related securities for which market prices are not readily available provided by our Adviser, each in accordance with valuation guidelines approved by our board of directors. As a result, our published NAV per share in any given month may not fully reflect any or all changes in value that may have occurred since the most recent appraisal or valuation. Our Adviser will review appraisal reports and monitor our properties and real estate related securities, and is responsible for notifying the Independent Valuation Advisor of the occurrence of any property-specific or market-driven event it believes may cause a material valuation change in the real estate valuation, but it may be difficult to reflect fully and accurately rapidly changing market conditions or material events that may impact the value of our real estate and real estate related securities or liabilities between valuations, or to obtain complete information regarding any such events in a timely manner. For example, an unexpected termination or renewal of a material lease, a material increase or decrease in vacancies or an unanticipated structural or environmental event at a property may cause the value of a property to change materially, yet obtaining sufficient relevant information after the occurrence has come to light or analyzing fully the financial impact of such an event may be difficult to do and may require some time. As a result, the NAV per share may not reflect a material event until such time as sufficient information is available and analyzed, and the financial impact is fully evaluated, such that our NAV may be appropriately adjusted in accordance with our valuation guidelines. Depending on the circumstance, the resulting potential disparity in our NAV may be in favor or to the detriment of either stockholders whose shares we repurchase, or stockholders who buy new shares.

***NAV calculations are not governed by governmental or independent securities, financial or accounting rules or standards.***

The methods used by our Adviser and State Street Bank and Trust Company to calculate our NAV, including the components used in calculating our NAV, are not prescribed by rules of the SEC or any other regulatory agency. Further, there are no accounting rules or standards that prescribe which components should be used in calculating NAV, and our NAV is not audited by our independent registered public accounting firm. We calculate and publish our NAV solely for purposes of establishing the price at which we sell and repurchase shares of our common stock, and you should not view our NAV as a measure of our future financial condition or performance. The components and methodology used in calculating our NAV may differ from those used by other companies now or in the future.

In addition, calculations of our NAV, to the extent that they incorporate valuations of our assets and liabilities, are not prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). These valuations may differ from liquidation values that could be realized in the event that we were forced to sell assets.

Additionally, errors may occur in calculating our NAV, which could impact the price at which we sell and repurchase shares of our common stock and the amount of our Adviser's management fee and the Special Limited Partner's performance participation interest.

***If we quickly raise a substantial amount of capital, we may have difficulty investing it in a timely manner.***

If we quickly raise offering proceeds, we may have difficulty identifying and purchasing suitable investments on attractive terms. Therefore, there could be a delay between the time we receive net offering proceeds from the sale of shares of our common stock and the time we invest the net proceeds. This could cause a substantial delay in the time it takes for your investment to generate returns and could adversely affect our ability to pay regular distributions of cash flow from operations to you. If we fail to invest the net offering proceeds of the offerings promptly, our results of operations and financial condition may be adversely affected.

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***Our UPREIT structure may result in potential conflicts of interest with limited partners in our Operating Partnership whose interests may not be aligned with those of our stockholders.***

Our directors and officers have duties to our Company and our stockholders under Maryland law and our charter in connection with their management of our Company. At the same time, we, as general partner, have fiduciary duties under Delaware law to our Operating Partnership and to the limited partners in connection with the management of our Operating Partnership. Our duties as general partner of our Operating Partnership and to its partners may come into conflict with the duties of our directors and officers to our Company and our stockholders. Under Delaware law, a general partner of a Delaware limited partnership owes its limited partners the duties of good faith and fair dealing. Other duties, including fiduciary duties, may be modified or eliminated in the partnership's partnership agreement. The partnership agreement of our Operating Partnership provides that, if we own a controlling interest in our Operating Partnership, any conflict that cannot be resolved in a manner not adverse to either our stockholders or the limited partners may be resolved in favor of our stockholders.Additionally, to the extent permitted by our charter, the partnership agreement expressly limits our liability, and provides for our indemnification, by providing that we and our officers, directors, employees and designees will not be liable to, and will be indemnified by, our Operating Partnership for losses of any nature unless it is established that: (1) the act or omission was material to the matter giving rise to the proceeding and was committed in bad faith, was the result of active and deliberate dishonesty or constituted willful misconduct or gross negligence; (2) the indemnified party received an improper personal benefit in money, property or services; or (3) in the case of a criminal proceeding, the indemnified person had reasonable cause to believe that the act or omission was unlawful.

The provisions of Delaware law that allow the fiduciary duties of a general partner to be modified by a partnership agreement have not been tested in a court of law, and we have not obtained an opinion of counsel covering the provisions set forth in the partnership agreement that purport to waive or restrict our fiduciary duties.

***Payments to our Adviser or the Special Limited Partner in the form of common stock or Operating Partnership units they elect to receive in lieu of fees or distributions will dilute future cash available for distribution to our stockholders.***

Our Adviser or the Special Limited Partner may choose to receive our common stock or Operating Partnership units in lieu of certain fees or distributions. The holders of all Operating Partnership units are entitled to receive cash from operations pro rata with the distributions being paid to us and such distributions to the holder of the Operating Partnership units will reduce the cash available for distribution to us and to our stockholders. Furthermore, under certain circumstances the Operating Partnership units held by our Adviser or held in connection with distributions on the performance participation interest are required to be repurchased, in cash at the holder's election, and there may not be sufficient cash to make such a repurchase payment; therefore, we may need to use cash from operations, borrowings, offering proceeds or other sources to make the payment, which will reduce cash available for distribution to you or for investment in our operations. Repurchases of our shares or Operating Partnership units from our Adviser paid to our Adviser as a management fee are not subject to the monthly and quarterly volume limitations or the Early Repurchase Deduction, and such repurchases receive priority over other shares being put for repurchase during such period. Notwithstanding the foregoing, we have adopted a policy that requires the affiliated-transactions committee to approve any repurchase request of the Adviser for Class E shares received as payment for the management fee that, when combined with any stockholder repurchase requests submitted through our share repurchase plan, would cause us to exceed the 2% monthly or 5% quarterly repurchase limitations of our share repurchase plan. Such approval must find that the repurchase will not impair our capital or operations and is consistent with the fiduciary duties of our independent directors.

In addition, holders of Class E units issued in connection with distributions on the performance participation interest may request the Operating Partnership repurchase such Class E units for Class E shares or cash (at the holder's election) unless our board of directors determines that any such repurchase for cash would be prohibited by applicable law or the partnership agreement of the Operating Partnership, in which case such Class E units will be repurchased for an amount of Class E shares with an aggregate NAV equivalent to the aggregate NAV of such Class E units; provided further, that repurchases of Class E units for cash will be subject to the 2% monthly and 5% quarterly limitations on repurchases in the share repurchase plan treating all outstanding Operating Partnership units held by persons other than us as having been exchanged for our shares as of the respective monthly and quarterly measurement dates for calculation of the 2% monthly and 5% quarterly limitations under the share repurchase plan. In addition, any repurchases of Class E units in respect of distributions on the performance participation interest will not be subject to the Early Repurchase Deduction.

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***The Dealer Manager has a limited operating history. The Dealer Manager may not be able to build and maintain a network of licensed broker-dealers, which failure could have a material adverse effect on our business and our public offering.***

We have retained the Dealer Manager, an affiliate of our Adviser, to conduct our public and private offerings. The Dealer Manager has a limited operating history, and our public offering is the first offering conducted by the Dealer Manager. The success of our public offering, and our ability to implement our business strategy, is dependent upon the ability of the Dealer Manager to build and maintain a network of licensed securities broker-dealers to sell our shares to their clients. If the Dealer Manager is not successful in establishing, operating and managing a sufficient network of selected dealers to distribute shares in our public offering, our ability to raise offering proceeds will be limited and our investment strategy may be adversely affected. In addition, the Dealer Manager serves as a broker-dealer for other issuers that are our affiliates and may do so in the future. As a result, the Dealer Manager may experience conflicts of interest in allocating its time between (i) our public offering and private offerings, on the one hand, and (ii) such other or future offerings, on the other, which could adversely affect our ability to raise proceeds through our public offering and private offerings as well as implement our investment strategy. Further, the selected dealers retained by the Dealer Manager may have numerous competing investment products, some with similar or identical investment strategies and areas of focus as us, which they may elect to emphasize to their retail clients.

***Our stockholders will not have the benefit of an independent due diligence review in connection with our offerings and, if a conflict of interest arises between us and our Adviser or the Dealer Manager, we may incur additional fees and expenses.***

Because our Adviser and the Dealer Manager are affiliates of EQT, our Sponsor, you will not have the benefit of an independent due diligence review and investigation of the type normally performed by an unaffiliated, independent underwriter and its counsel in connection with a securities offering. If any situation arises in which our interests are in conflict with those of our Adviser, the Dealer Manager or its affiliates, and we are required to retain independent counsel, we will incur additional fees and expenses.

***Our board of directors may, in the future, adopt certain measures under Maryland law without stockholder approval that may have the effect of making it less likely that a stockholder would receive a "control premium" for his or her shares.***

Corporations organized under Maryland law with a class of registered securities and at least three independent directors are permitted to elect to be subject, by a charter or bylaw provision or a resolution of its board of directors and notwithstanding any contrary charter or bylaw provision, to any or all of five provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•staggering the board of directors into three classes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•requiring a two-thirds vote of stockholders to remove directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•providing that only the board of directors can fix the size of the board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•providing that all vacancies on the board, regardless of how the vacancy was created, may be filled only by the affirmative vote of a majority of the remaining directors in office and for the remainder of the full term of the class of directors in which the vacancy occurred; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•providing for a majority requirement for the calling by stockholders of a special meeting of stockholders.

These provisions may discourage an extraordinary transaction, such as a merger, tender offer or sale of all or substantially all of our assets, all of which might provide a premium price for stockholders' shares. In our charter, we have elected that vacancies on our board of directors be filled only by the remaining directors and for the remainder of the full term of the directorship in which the vacancy occurred. Through other provisions in our charter and bylaws, we vest in our board of directors the exclusive power to fix the number of directorships, provided that the number is not less than three. We have not elected to be subject to any of the other provisions described above, but our charter does not prohibit our board of directors from opting into any of these provisions in the future.

We will not elect to be subject to any provision of Subtitle 8 of Title 3 of the Maryland General Corporation Law (the "MGCL") if doing so would adversely affect the rights, preferences and privileges of stockholders unless such election would be of no force or effect following a vote of the stockholders to ratify such election if such vote failed to garner the approval of a majority of the outstanding shares entitled to vote on the matter. We will use our best efforts to hold such stockholders' meeting as soon as possible following such election but may adjourn or postpone the meeting to solicit additional votes if at the time of such adjournment or postponement a majority of the shares represented by proxy have indicated support for such election.

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Further, under the Maryland Business Combination Act, we may not engage in any merger or other business combination with an "interested stockholder" (which is defined as (1) any person who beneficially owns, directly or indirectly, 10% or more of the voting power of our outstanding voting stock and (2) an affiliate or associate of ours who, at any time within the two-year period prior to the date in question, was the beneficial owner, directly or indirectly, of 10% or more of the voting power of our then outstanding stock) or any affiliate of that interested stockholder for a period of five years after the most recent date on which the interested stockholder became an interested stockholder. A person is not an interested stockholder if our board of directors approved in advance the transaction by which he would otherwise have become an interested stockholder. In approving a transaction, our board of directors may provide that its approval is subject to compliance, at or after the time of approval, with any terms or conditions determined by our board of directors. After the five-year period ends, any merger or other business combination with the interested stockholder or any affiliate of the interested stockholder must be recommended by our board of directors and approved by the affirmative vote of at least:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•80% of all votes entitled to be cast by holders of outstanding shares of our voting stock; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•two-thirds of all of the votes entitled to be cast by holders of outstanding shares of our voting stock other than those shares owned or held by the interested stockholder with whom or with whose affiliate the business combination is to be effected or held by an affiliate or associate of the interested stockholder.

These supermajority voting provisions do not apply if, among other things, our stockholders receive a minimum price (as defined in the MGCL) for their common stock and the consideration is received in cash or in the same form as previously paid by the interested stockholder.

The statute permits various exemptions from its provisions, including business combinations that are exempted by our board of directors prior to the time the interested stockholder becomes an interested stockholder. Our board of directors has adopted a resolution exempting any business combination involving us and any person, including our Adviser, the Dealer Manager and EQT, from the provisions of this law, provided that such business combination is first approved by our board of directors; however, our board may revoke this exemption at any time.

***Our charter permits our board of directors to authorize us to issue preferred stock on terms that may subordinate the rights of the holders of our current common stock or discourage a third party from acquiring us.***

Our board of directors is permitted, subject to certain restrictions set forth in our charter, to authorize the issuance of shares of preferred stock without stockholder approval. Further, our board of directors may classify or reclassify any unissued shares of common or preferred stock into other classes or series of stock and establish the preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends and other distributions, qualifications, and terms or conditions of redemption of the stock and may amend our charter from time to time to increase or decrease the aggregate number of shares or the number of shares of any class or series that we have authority to issue without stockholder approval. Thus, our board of directors could authorize us to issue shares of preferred stock with terms and conditions that could subordinate the rights of the holders of our common stock or have the effect of delaying, deferring or preventing a change in control of us, including an extraordinary transaction such as a merger, tender offer or sale of all or substantially all of our assets, that might provide a premium price for holders of our common stock.

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***Maryland law and our organizational documents limit our rights and the rights of our stockholders to recover claims against our directors and officers, which could reduce your and our recovery against them if they cause us to incur losses.***

Maryland law provides that a director will not have any liability as a director so long as he or she performs his or her duties in accordance with the applicable standard of conduct. In addition, our charter generally limits the personal liability of our directors and officers for monetary damages subject to the limitations of the North American Securities Administrators Association's Statement of Policy Regarding Real Estate Investment Trusts, as revised and adopted on May 7, 2007 (the "NASAA REIT Guidelines"), and Maryland law. Maryland law and our charter provide that no director or officer shall be liable to us or our stockholders for monetary damages unless the director or officer (1) actually received an improper benefit or profit in money, property or services or (2) was actively and deliberately dishonest as established by a final judgment as material to the cause of action. Moreover, our charter generally requires us to indemnify and advance expenses to our directors and officers for losses they may incur by reason of their service in those capacities unless their act or omission was material to the matter giving rise to the proceeding and was committed in bad faith or was the result of active and deliberate dishonesty, they actually received an improper personal benefit in money, property or services or, in the case of any criminal proceeding, they had reasonable cause to believe the act or omission was unlawful. Further, we have entered into separate indemnification agreements with each of our officers and directors. As a result, you and we may have more limited rights against our directors or officers than might otherwise exist under common law, which could reduce your and our recovery from these persons if they act in a manner that causes us to incur losses. In addition, we are obligated to fund the defense costs incurred by these persons in some cases. However, our charter provides that we may not indemnify our directors or officers, or our Adviser and its affiliates, for any liability or loss suffered by them or hold our directors or officers, our Adviser and its affiliates harmless for any liability or loss suffered by us, unless they have determined, in good faith, that the course of conduct that caused the loss or liability was in our best interests, they were acting on our behalf or performing services for us, the liability or loss was not the result of negligence or misconduct by our non-independent directors, our Adviser and its affiliates, or gross negligence or willful misconduct by our independent directors, and the indemnification or agreement to hold harmless is recoverable only out of our net assets and not from the stockholders.

***Your interest in us will be diluted if we issue additional shares. Your interest in our assets will also be diluted if the Operating Partnership issues additional units.***

Holders of our common stock will not have preemptive rights to any shares we issue in the future. Our charter authorizes us to issue up to 2,300,000,000 shares of capital stock, of which 2,200,000,000 shares are classified as common stock, of which 500,000,000 shares are classified as Class T shares, 500,000,000 shares are classified as Class S shares, 500,000,000 shares are classified as Class D shares, 500,000,000 shares are classified as Class I shares, 100,000,000 shares are classified as Class E shares, 50,000,000 are classified as Class A-I shares and 50,000,000 are classified as Class A-II shares and 100,000,000 shares are classified as preferred stock, of which 220 shares are classified as Class A shares. In addition to our current public and private offerings, we may issue additional shares in future offerings and have and may in the future issue Operating Partnership units to holders other than us. Our board of directors may amend our charter from time to time to increase or decrease the aggregate number of authorized shares of capital stock or the number of authorized shares of capital stock of any class or series without stockholder approval. After you purchase shares of our common stock, our board of directors may elect, without stockholder approval, to: (1) sell additional shares in our current or future public offerings; (2) issue additional shares of our common stock or units in our Operating Partnership in private offerings; (3) issue shares of our common stock or units in our Operating Partnership upon the exercise of the options we may grant to our independent directors or future employees; (4) issue shares of our common stock or units in our Operating Partnership to sellers of properties we acquire, or (5) issue equity incentive compensation to certain employees of affiliated service providers or to third parties as satisfaction of obligations under incentive compensation arrangements. In addition, we may be obligated to issue shares of our common stock or units in our Operating Partnership to our Adviser or the Special Limited Partner, or their successors or assigns, in payment of an outstanding obligation to pay fees for services rendered to us or the performance participation allocation. To the extent we issue additional shares of common stock after your purchase, your percentage ownership interest in us will be diluted. Because we will hold all of our assets through the Operating Partnership, to the extent we issue additional units of our Operating Partnership after your purchase, your percentage ownership interest in our assets will be diluted. Because certain classes of the units of our Operating Partnership may, in the discretion of our board of directors, be exchanged for shares of our common stock, any issuance of units in our Operating Partnership could result in the issuance of a corresponding number of shares of our common stock, thereby diluting the percentage ownership interest of other stockholders. Because of these and other reasons, our stockholders may experience substantial dilution in their percentage ownership of our shares or their interests in the underlying assets held by our Operating Partnership. Operating Partnership units may have different and preferential rights to the claims of common units of our Operating Partnership which correspond to the common stock held by our stockholders. Certain units in our Operating Partnership may have different and preferential rights to the terms of the common Operating Partnership units which correspond to the common stock held by our stockholders.

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***The net tangible book value of your shares will be substantially below the price you pay for them. As a result, on acquiring shares, you will experience immediate dilution in the net tangible book value of your shares, thus increasing the risk of a loss on your investment.***

Net tangible book value per share is a rough approximation of value calculated as total book value of assets (exclusive of certain intangible assets) minus total book value of liabilities, divided by the total number of shares of common stock outstanding. It assumes that the value of real estate assets diminishes predictably over time as shown through the depreciation and amortization of real estate investments. Real estate values have historically risen or fallen with market conditions. Net tangible book value is used generally as a conservative measure of net worth that we do not believe will reflect our net asset value per share. It is not intended to reflect the value of our assets upon an orderly liquidation of the company in accordance with our investment objectives.

We have incurred substantial organization and offering expenses. Although our Adviser has agreed to pay these costs on our behalf through March 19, 2027, we must reimburse our Adviser for them over a five-year period, subject to a cap. Although the net asset value of our shares will only be affected by this liability as it is paid, the net tangible book value of our shares is a GAAP figure and must reflect the full amount of the liability as of March 19, 2024, which is the date on which we broke escrow for our public offering, and thereafter, as incurred. Additionally, our Adviser will advance on our behalf certain of our general and administrative expenses through the earlier of (i) the first date that the aggregate NAV of our outstanding shares of common stock, along with Operating Partnership units held by parties other than us, reaches $1.0 billion and (ii) March 19, 2027, which is the third anniversary of the date on which we broke escrow in our public offering, at which point we will reimburse our Adviser for all such advanced expenses ratably over the 60 months following such date. Although the net asset value of our shares will only be affected by this liability as it is paid, under GAAP the net tangible book value of shares must reflect this liability as of the date on which we broke escrow for the public offering, and thereafter, as incurred. As a result, the net tangible book value of your shares will be less than the amount you paid for them. Moreover, purchasers of Class T, S and D shares have to pay an upfront commission for their shares, further widening the spread between your purchase price and the net tangible book value of your shares. As a result, you will experience immediate dilution in the net tangible book value of your investment.

Further, we may not generate sufficient cash flow from operations to fully fund distributions to stockholders. Funding distributions from sources other than our cash flow from operations may further dilute the net tangible book value of your shares. See "We may pay distributions from sources other than our cash flow from operations, including, without limitation, the sale or repayment of our assets, borrowings, return of capital, offering proceeds or the temporary deferral or waiver of fees and expense reimbursements (including the payment of fees with shares of our stock), and we have no limits on the amounts we may pay from such sources."

These factors increase the risk of loss on your investment.

***Our bylaws designate the Circuit Court for Baltimore City, Maryland or, if that court does not have jurisdiction, the United States District Court for the District of Maryland, Baltimore Division, as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by our stockholders, which could limit our stockholders' ability to obtain a favorable judicial forum for disputes with us or our directors, officers or employees.***

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***We will not be required to comply with certain reporting requirements, including those relating to auditor's attestation reports on the effectiveness of our system of internal control over financial reporting, accounting standards and disclosure about our executive compensation, that apply to other public companies.***

The Jumpstart Our Business Startups Act of 2012 (the "JOBS Act") contains provisions that, among other things, relax certain reporting requirements for emerging growth companies, including certain requirements relating to accounting standards and compensation disclosure. We are classified as an emerging growth company. For as long as we are an emerging growth company, which may be up to five full fiscal years, unlike other public companies, we will not be required to (1) provide an auditor's attestation report on the effectiveness of our system of internal control over financial reporting pursuant to Section 404 of the Sarbanes-Oxley Act, (2) comply with any new or revised financial accounting standards applicable to public companies until such standards are also applicable to private companies under Section 102(b)(1) of the JOBS Act, (3) comply with any new requirements adopted by the Public Company Accounting Oversight Board ("PCAOB") requiring mandatory audit firm rotation or a supplement to the auditor's report in which the auditor would be required to provide additional information about the audit and the financial statements of the issuer, (4) comply with any new audit rules adopted by the PCAOB after April 5, 2012 unless the SEC determines otherwise, (5) provide certain disclosure regarding executive compensation required of larger public companies or (6) hold stockholder advisory votes on executive compensation.

Once we are no longer an emerging growth company, so long as our shares of common stock are not traded on a securities exchange, we will be deemed to be a "non-accelerated filer" under the Exchange Act, and as a non-accelerated filer, we will be exempt from compliance with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act. In addition, so long as we are externally managed by our Adviser and we do not directly compensate our executive officers, or reimburse our Adviser or its affiliates for salaries, bonuses, benefits and severance payments for persons who also serve as one of our executive officers or as an executive officer of our Adviser, we do not have any executive compensation, making the exemptions listed in (5) and (6) above generally inapplicable.

We cannot predict if investors will find our common stock less attractive because we choose to rely on any of the exemptions discussed above.

As noted above, under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards that have different effective dates for public and private companies until such time as those standards apply to private companies. We have elected to opt out of this transition period, and will therefore comply with new or revised accounting standards on the applicable dates on which the adoption of these standards is required for non-emerging growth companies. This election is irrevocable.

***Your investment return may be reduced if we are required to register as an investment company under the Investment Company Act of 1940, as amended (the "Investment Company Act").***

We intend to conduct our operations so that neither we, nor our Operating Partnership nor the subsidiaries of our Operating Partnership are investment companies under the Investment Company Act. However, there can be no assurance that we and our subsidiaries will be able to successfully avoid operating as an investment company.

A change in the value of any of our assets could negatively affect our ability to avoid registration under the Investment Company Act. To avoid registration, we may be unable to sell assets we would otherwise want to sell and may need to sell assets we would otherwise wish to retain. In addition, we may have to acquire additional assets that we might not otherwise have acquired or may have to forego opportunities to acquire assets that we would otherwise want to acquire and would be important to our investment strategy.

If we were required to register as an investment company but failed to do so, we would become subject to substantial regulation with respect to our capital structure (including our ability to use borrowings), management, operations, transactions with affiliated persons (as defined in the Investment Company Act), and portfolio composition, including disclosure requirements and restrictions with respect to diversification and industry concentration, and other matters. Compliance with the Investment Company Act would, accordingly, limit our ability to make certain investments and require us to restructure our business plan, which could materially adversely affect our NAV and our ability to pay distributions to our stockholders.

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***We depend on our Adviser to develop appropriate systems and procedures to control operational risk.***

Operational risks arising from mistakes made in the confirmation or settlement of transactions, from transactions not being properly booked, evaluated or accounted for or other similar disruption in our operations may cause us to suffer financial losses, the disruption of our business, liability to third parties, regulatory intervention or damage to our reputation. We depend on our Adviser and its affiliates to develop the appropriate systems and procedures to control operational risk. We rely heavily on our financial, accounting and other data processing systems. The ability of our systems to accommodate transactions could also constrain our ability to properly manage our portfolio. Generally, our Adviser will not be liable for losses incurred due to the occurrence of any such errors.

We are subject to the risk that our trading orders may not be executed in a timely and efficient manner due to various circumstances, including, without limitation, systems failure or human error. As a result, we could be unable to achieve the market position selected by our Adviser or might incur a loss in liquidating our positions. Since some of the markets in which we may effect transactions are over-the-counter or interdealer markets, the participants in such markets are typically not subject to credit evaluation or regulatory oversight comparable to that which members of exchange-based markets are subject. We are also exposed to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions, thereby causing us to suffer a loss.

***We are dependent on information systems, and systems failures, as well as operating failures, could significantly disrupt our business, which may, in turn, negatively affect our liquidity, financial condition or results of operations.***

Our business is dependent on our and third parties' communications and information systems. Any failure or interruption of those systems, including as a result of the termination of an agreement with any third-party service providers, could cause delays or other problems in our activities. Our financial, accounting, data processing, backup or other operating systems and facilities may fail to operate properly or become disabled or damaged as a result of a number of factors including events that are wholly or partially beyond our control and adversely affect our business. There could be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•sudden electrical or telecommunications outages;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•natural disasters such as earthquakes, tornadoes and hurricanes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•disease pandemics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•events arising from local or larger scale political or social matters, including terrorist acts and war; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•cyber incidents.

In addition to our dependence on information systems, poor operating performance by our service providers could adversely impact us.

These events, in turn, could have a material adverse effect on our operating results and negatively affect the market price of our securities and our ability to pay distributions to our stockholders.

***Compliance with the SEC's Regulation Best Interest by selected dealers may negatively impact our ability to raise capital in our public offering, which could harm our ability to achieve our investment objectives.***

Broker-dealers are required to comply with Regulation Best Interest, which, among other requirements, establishes a standard of conduct for broker-dealers and their associated persons when making a recommendation of any securities transaction or investment strategy involving securities to a retail customer. Regulation Best Interest may negatively impact whether selected dealers and their associated persons recommend our public offering to certain retail customers. In particular, under SEC guidance concerning Regulation Best Interest, a broker-dealer recommending an investment in our shares should consider a number of factors under the care obligation of Regulation Best Interest, including but not limited to cost and complexity of the investment and reasonably available alternatives in determining whether there is a reasonable basis for the recommendation. As a result, high cost, high risk and complex products may be subject to greater scrutiny by broker-dealers. Broker-dealers may recommend a more costly or complex product as long as they have a reasonable basis to believe it is in the best interest of a particular retail customer. However, if broker-dealers choose alternatives to our shares, many of which likely exist, such as an investment in listed entities, which may be a reasonable alternative to an investment in us as such investments may feature characteristics like lower cost, nominal or no commissions at the time of initial purchase, less complexity and lesser or different risks, our ability to raise capital will be adversely affected. If Regulation Best Interest reduces our ability to raise capital in our public offering, it may harm our ability to achieve our objectives.

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***Cybersecurity risks and cyber incidents may adversely affect our business by causing a disruption to our operations, a compromise or corruption of our confidential information and/or damage to our business relationships, all of which could negatively impact our business, financial condition and operating results.***

A cyber incident is considered to be any adverse event that threatens the confidentiality, integrity or availability of our information resources. These incidents may be an intentional attack or an unintentional event and could involve gaining unauthorized access to our information systems for purposes of misappropriating assets, stealing confidential information, corrupting data or causing operational disruption. The result of these incidents may include disrupted operations, misstated or unreliable financial data, liability for stolen assets or information, increased cybersecurity protection and insurance costs, litigation and damage to our business relationships. As our reliance on technology has increased, so have the risks posed to our information and operation systems, both internal and those provided by our Adviser and third-party service providers. Our Adviser may not be able to verify the risks or reliability of such third-party systems. The failure of one or more systems or the inability of such systems to satisfy our growing business could have a material adverse effect on us. The rapid evolution and increased adoption of artificial intelligence technologies, by us, our Adviser or third parties, may also heighten our cybersecurity risks by making cyberattacks more difficult to detect, contain and mitigate. Our Adviser and third-party service providers have implemented processes, procedures and internal controls to help mitigate cybersecurity risks and cyber intrusions, but these measures, as well as our increased awareness of the nature and extent of a risk of a cyber incident, do not guarantee that a cyber incident will not occur and/or that our financial results, operations or confidential information will not be negatively impacted by such an incident.

***We are subject to risks associated with artificial intelligence and machine learning technology.***

Technological developments in artificial intelligence, including machine learning, generative artificial intelligence and similar technologies that collect, aggregate, analyze or generate data or other materials (collectively "AI"), and their current and potential future applications including in the real estate, capital and financial markets, as well as the legal and regulatory frameworks within which they operate, are rapidly evolving.

We and our Adviser intend to avail ourselves of the benefits, insights and efficiencies available through the use of AI. While the Adviser does not currently use AI to make investment recommendations, we and our Adviser currently utilize certain AI tools in a limited manner such as to support data collection, aggregation, storage, organization and summarization, and to assist with other operational, administrative, research and analytical support functions. Such uses are intended to enhance efficiency and are subject to human oversight. We expect to evaluate and selectively deploy AI to support operational and analytical functions.

We and our Adviser may also be exposed to the risks of AI if third-party service providers or any counterparties, whether or not known to us, also use AI in their business activities. We and our Adviser may not be in a position to control the use of AI technology in third-party products or services.

Use of AI could include the input of confidential information in contravention of applicable policies, contractual or other obligations or restrictions, resulting in such confidential information becoming accessible by other third-party AI applications and users. The use of AI could also exacerbate or create new and unpredictable risks to our business and the Adviser's business, including by potentially significantly disrupting the markets in which we operate or subjecting us and our Adviser to increased competition and regulation, which could materially and adversely affect the business, financial condition or results of operations of us and our Adviser. The use of AI by bad actors could heighten the sophistication and effectiveness of cybersecurity attacks experienced by us and our Adviser. Further, AI technology is generally highly reliant on the collection and analysis of large amounts of data, and it is not possible or practicable to incorporate all relevant data into the model that AI technology utilizes to operate. AI's reliance on large data sets and complex, sometimes opaque models may yield inaccurate, incomplete or biased outputs that could diminish the quality of any work product incorporating AI and adversely affect us or our Adviser. Certain data in such models will inevitably contain a degree of inaccuracy and error. As AI technology and its applications continue to develop rapidly, it is impossible to predict the future risks that may arise from such developments to our industry or business.

***We will face risks associated with hedging transactions.***

We may utilize a wide variety of derivative and other hedging instruments for risk management purposes, the use of which is a highly specialized activity that may entail greater than ordinary investment risks. Any such derivatives and other hedging transactions may not be effective in mitigating risk in all market conditions or against all types of risk (including unidentified or unanticipated risks), thereby resulting in losses to us. Engaging in derivatives and other hedging transactions may result in a poorer overall performance for us than if we had not engaged in any such transaction, and our Adviser may not be able to hedge against, or anticipate, certain risks that may adversely affect our investment portfolio. In addition, our investment portfolio will always be exposed to certain risks that cannot be fully or effectively hedged, such as credit risk relating both to particular securities and counterparties as well as interest rate risks. See "General Risks Related to Investments in Real Estate Related Securities—We may invest in derivatives, which involve numerous risks" below.

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## General Risks Related to Investments in Real Estate
***Our operating results will be affected by economic and regulatory changes that impact the real estate market in general.***

We are subject to risks generally attributable to the ownership of real property, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in global, national, regional or local economic, demographic or capital market conditions (including as a result of uncertainties regarding actual and potential shifts in U.S. and foreign policies on trade and other fiscal, monetary and regulatory policies, including with respect to treaties and tariffs, trade disputes between the U.S. and foreign trading partners, ongoing conflicts such as in the Middle East and other geopolitical events generally);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•future adverse national real estate trends, including increasing vacancy rates, declining rental rates and general deterioration of market conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•risk of property obsolescence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in supply of or demand for similar properties in a given market or metropolitan area, which could result in rising vacancy rates or decreasing market rental rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•increased competition for properties targeted by our investment strategy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•bankruptcies, financial difficulties or lease defaults by our tenants, particularly for tenants with net leases for large properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•inflation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•increasing or sustained elevated interest rates and lack of availability of financing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in government rules, regulations and fiscal policies, including changes in tax laws and increases in property taxes, changes in zoning laws, climate-change initiatives, limitations on rental rates and increasing costs to comply with environmental laws.

All of these factors are beyond our control. Any negative changes in these factors could affect our performance and our ability to meet our obligations and make distributions to stockholders.

***Our success is dependent on general market and economic conditions.***

The real estate industry generally and the success of our investment activities in particular will both be affected by global and national economic and market conditions generally and by the local economic conditions where our properties are located. These factors may affect the level and volatility of real estate prices, which could impair our profitability or result in losses. In addition, general fluctuations in the market prices of securities, interest rates and inflation may affect our investment opportunities and the value of our investments. Our Adviser's financial condition may be adversely affected by a significant economic downturn and it may be subject to legal, regulatory, reputational and other unforeseen risks that could have a material adverse effect on our Adviser's businesses and operations.

A depression, recession or slowdown in the U.S. real estate market or one or more regional real estate markets, and to a lesser extent, the global economy (or any particular segment thereof) would have a pronounced impact on us, the value of our assets and our profitability, impede the ability of our assets to perform under or refinance their existing obligations, and impair our ability to effectively deploy our capital or realize upon investments on favorable terms. We would also be affected by any overall weakening of, or disruptions in, the financial markets. Any of the foregoing events could result in substantial losses to our business, which losses will likely be exacerbated by the presence of leverage in our capital structure or our investments' capital structures.

Market disruptions in a single country could cause a worsening of conditions on a regional and even global level, and economic problems in a single country are increasingly affecting other markets and economies. A continuation of this trend could result in problems in one country adversely affecting regional and even global economic conditions and markets. For example, concerns about the fiscal stability and growth prospects of certain European countries in the last economic downturn had a negative impact on most economies of the Eurozone and global markets. The occurrence of similar crises in the future could cause increased volatility in the economies and financial markets of countries throughout a region, or even globally.

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For example, as a result of the 2008 financial crisis, the availability of debt financing secured by commercial real estate was significantly restricted as a result of tightened lending standards for a prolonged period. As a result of the uncertainties in the credit market, real estate investors were unable to obtain debt financing on attractive terms, which adversely affected investment returns on acquisitions or their ability to make acquisitions or property improvements. Any future financial market disruptions may force us to use a greater proportion of our offering proceeds to finance our acquisitions and fund property improvements, reducing the cash available to pay distributions or satisfy repurchase requests and reducing the number of acquisitions we would otherwise make.

The current ongoing conflicts such as in the Middle East and other geopolitical events generally, have resulted in rising geopolitical tensions. As further military conflicts and economic sanctions continue to evolve, it has become increasingly difficult to predict the impact of these events or how long they will last. Depending on direction and timing, such conflicts may exacerbate normal risks associated with the performance of our investments.

Currently, market uncertainty and volatility are heightened for a variety of reasons, including as a result of uncertainties regarding actual and potential shifts in U.S. and foreign policies on trade and other fiscal, monetary and regulatory policies, such as with respect to treaties and tariffs. The U.S. government has imposed, and may in the future impose, tariffs on certain foreign goods, including steel and aluminum, or on goods from particular countries. Some foreign governments have imposed, or may in the future impose, retaliatory tariffs on certain U.S. goods. Global trade disruption, significant introductions of trade barriers and bilateral trade frictions, together with any future downturns in the global economy resulting therefrom, could adversely affect our performance.

The failure of certain financial institutions, namely banks, may increase the possibility of a sustained deterioration of financial market liquidity, or illiquidity at clearing, cash management and/or custodial financial institutions. The failure of a bank (or banks) with which we and/or our tenants have a commercial relationship could adversely affect, among other things, our or our tenant's ability to access deposits or borrow from financial institutions on favorable terms.

Certain countries have been susceptible to epidemics and pandemics, such as the novel coronavirus, known as COVID-19. The outbreak of such epidemics or pandemics, and the uncertainties and disruptions resulting therefrom, have had and may in the future have a negative impact on the economy and business activity globally (including in the markets in which we expect to invest), and thereby could adversely affect the performance of our future investments. Furthermore, the rapid development of epidemics or pandemics could preclude prediction as to their ultimate adverse impact on economic and market conditions, and, as a result, present material uncertainty and risk with respect to us and the performance of our investments. These epidemics or pandemics could have particularly adverse impacts on certain industries and may also have particular negative effects on certain regions in which we may invest.

***Inflation may adversely affect our financial condition and results of operations.***

While the United States inflation rate has decreased from recent peaks, inflation remains elevated, and it remains uncertain whether substantial inflation in the United States will be sustained over an extended period of time or have a significant effect on the United States or other economies. Rising or sustained periods of elevated inflation could have an adverse impact on our operating costs, including any floating rate mortgages and credit facilities, property operating expenses and general and administrative expenses, as these costs could increase at a rate higher than our rental and other revenue. Inflation could also have an adverse effect on consumer spending, which could impact our tenants' revenues and, in turn, our rents, where applicable.

In addition, leases of long-term duration or which include renewal options that specify a maximum rate increase may result in below-market lease rates over time if we do not accurately estimate inflation or market lease rates. Provisions of our leases designed to mitigate the risk of inflation and unexpected increases in market lease rates, such as periodic rental increases, may not adequately protect us from the impact of inflation or unexpected increases in market lease rates. If we are subject to below-market lease rates on a significant number of our properties pursuant to long-term leases and our operating and other expenses are increasing faster than anticipated, our business, financial condition, results of operations, cash flows and/or our ability to satisfy our debt service obligations or to pay distributions on our common stock could be materially adversely affected.

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***We depend on tenants for our revenue, and therefore our revenue is dependent on the success and economic viability of our tenants. Our reliance on single or significant tenants in certain buildings may decrease our ability to lease vacated space and could adversely affect our income, performance, operations and ability to pay distributions.***

Rental income from real property constitutes a significant portion of our income. Delays in collecting accounts receivable from tenants could adversely affect our cash flows and financial condition. In addition, the inability of a single major tenant or a number of smaller tenants to meet their rental obligations would adversely affect our income. Therefore, our financial success is indirectly dependent on the success of the businesses operated by the tenants in our properties. The weakening of the financial condition of or the bankruptcy or insolvency of a significant tenant or a number of smaller tenants and vacancies caused by defaults of tenants or the expiration of leases may adversely affect our operations, performance and our ability to pay distributions.

Generally, under U.S. bankruptcy law, a debtor tenant has 120 days to exercise the option of assuming or rejecting the obligations under any unexpired lease for nonresidential real property, which period may be extended once by the bankruptcy court for an additional 90 days. If the tenant assumes its lease, the tenant must cure all defaults under the lease and may be required to provide adequate assurance of its future performance under the lease. If the tenant rejects the lease, we will have a claim against the tenant's bankruptcy estate. Although rent owing for the period between filing for bankruptcy and rejection of the lease may be afforded administrative expense priority and paid in full, pre-bankruptcy arrears and amounts owing under the remaining term of the lease will be afforded general unsecured claim status (absent collateral securing the claim). Moreover, amounts owing under the remaining term of the lease will be capped. Other than equity and subordinated claims, general unsecured claims are the last claims paid in a bankruptcy, and therefore funds may not be available to pay such claims in full.

Some of our properties may be leased to a single or significant tenant and, accordingly, may be suited to the particular or unique needs of such tenant. We may have difficulty replacing such a tenant if the floor plan of the vacant space limits the types of businesses that can use the space without major renovation. In addition, the resale value of the property could be diminished because the market value of a particular property will depend principally upon the value of the leases of such property.

Similarly, certain types of properties we may invest in, such as industrial warehouses, may be leased out to single tenants or tenants that are otherwise reliant on a single enterprise to remain in business and other properties may be operated by a single operator. Adverse impacts to such tenants, businesses or operators, including as a result of changes in market or economic conditions, natural disasters, outbreaks of an infectious disease, pandemic or any other serious public health concern, political events or other factors that may impact the operation of these properties, may have negative effects on our business and financial results. As a result, such tenants or operators may be required to suspend operations at our properties for what could be an extended period of time. Further, if such tenants default under their leases or such operators are unable to operate our properties, we may not be able to enter into a new lease or operating arrangement for such properties promptly, rental rates or other terms under any new leases or operating arrangement may be less favorable than the terms of the current lease or operating arrangement or we may be required to make capital improvements to such properties for a new tenant or operator, any of which could adversely impact our operating results.

***As of December 31, 2025, we had a concentration of credit risk with respect to our leases with Amazon.com Services LLC and Shoals Technologies Group, LLC.***

As of December 31, 2025, the leases with Amazon.com Services LLC represent approximately 64% of our portfolio's annualized base rent and the lease with Shoals Technologies Group, LLC represents approximately 16% of our portfolio's annualized base rent. The obligations of Amazon.com Services LLC under its leases with us are guaranteed by its parent, Amazon.com, Inc. ("Amazon"). The obligations of Shoals Technologies Group, LLC under its lease with us are guaranteed by its parent, Shoals Technologies Group, Inc. ("Shoals"). Due to this concentration of credit risk, sufficiently adverse developments with respect to Amazon's or Shoals' business such that their respective subsidiaries could not honor their lease obligations or such that Amazon or Shoals could not honor their respective guarantees would adversely affect our results of operations and financial condition and the value of your investment in us could decline substantially.

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***Our portfolio may be concentrated in a limited number of industries, geographies or investments.***

Our portfolio may be heavily concentrated at any time in only a limited number of industries, geographies or investments, and, as a consequence, our aggregate return may be substantially affected by the unfavorable performance of even a single investment. Concentration of our investments in a particular type of asset or geography makes us more susceptible to fluctuations in value resulting from adverse economic or business conditions affecting that particular type of asset or geography. Investors have no assurance as to the degree of diversification in our investments, either by geographic region or asset type.

***We face risks associated with property acquisitions.***

We intend to acquire properties and portfolios of properties, including large portfolios that could result in changes to our capital structure. Our acquisition activities and their success are subject to the following risks:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•we may be unable to complete an acquisition after making a non-refundable deposit or guarantee and incurring certain other acquisition-related costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•we may be unable to obtain financing for acquisitions on commercially reasonable terms or at all;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•acquired properties may fail to perform as expected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•acquired properties may be located in markets in which we may face risks associated with a lack of market knowledge or understanding of the local economy, lack of business relationships in the area and unfamiliarity with local governmental and permitting procedures; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•we may be unable to integrate new acquisitions efficiently, particularly acquisitions of portfolios of properties, into our existing operations.

In addition, while we will invest primarily in stabilized, income-oriented real estate, we may also acquire assets that require some amount of capital investment in order to be renovated or repositioned. These investments are generally subject to higher risk of loss than investments in stabilized real estate, and there is no guarantee that any renovation or repositioning will be successful or that the actual costs will not be greater than our estimates.

***Competition for investment opportunities may reduce our profitability and the return on your investment.***

We face competition from various entities for investment opportunities in properties, including other REITs, real estate operating companies, pension funds, insurance companies, investment funds and companies, partnerships and developers. In addition to third-party competitors, other programs sponsored by our Adviser and its affiliates, particularly those with investment strategies that overlap with ours, may seek investment opportunities in accordance with our Adviser's policies and procedures. Some of these entities, including other REITs, have greater access to capital to acquire properties than we have. Competition from these entities may reduce the number of suitable investment opportunities offered to us, increase the bargaining power of property owners seeking to sell or cause us to pay more for an investment than we otherwise would. Additionally, disruptions and dislocations in the credit markets could have a material impact on the cost and availability of debt to finance real estate acquisitions, which is a key component of our acquisition strategy. The lack of available debt on reasonable terms or at all could result in a further reduction of suitable investment opportunities and create a competitive advantage for other entities that have greater financial resources than we do. In addition, over the past several years, a number of real estate funds and publicly traded and non-traded REITs have been formed and others have been consolidated (and many such existing funds have grown in size) for the purpose of investing in real estate and/or real estate related securities. Additional real estate funds, vehicles and REITs with similar investment objectives are expected to be formed in the future by other unrelated parties and further consolidations may occur (resulting in larger funds and vehicles). Consequently, it is expected that competition for appropriate investment opportunities would reduce the number of investment opportunities available to us and adversely affect the terms, including price, upon which investments can be made. This competition may cause us to acquire properties and other investments at higher prices or by using less-than-ideal capital structures, and in such case our returns will be lower and the value of our assets may not appreciate or may decrease significantly below the amount we paid for such assets. If such events occur, you may experience a lower return on your investment.

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***Acquiring or attempting to acquire multiple properties in a single transaction may adversely affect our operations.***

We may acquire multiple properties in a single transaction. Portfolio acquisitions typically are more complex and expensive than single-property acquisitions, and the risk that a multiple-property acquisition does not close may be greater than in a single-property acquisition. Portfolio acquisitions may also result in us owning investments in geographically dispersed markets, placing additional demands on our Adviser in managing the properties in the portfolio. In addition, a seller may require that a group of properties be purchased as a package and/or also include certain additional investments or transactions even though, were it not part of the overall transaction, we may not want to purchase one or more properties included in such portfolio or participate in additional investments or transactions. In these situations, if we are unable to identify another person or entity to acquire the unwanted properties or investments, or if the seller imposes a lock-out period or other restriction on a subsequent sale, we may be required to operate such properties or attempt to dispose of such properties or investments (if not subject to a lock-out period). We may also share the acquisition of large portfolios of properties with our affiliates, which can result in conflicts of interest, including as to the allocation of properties within the portfolio and the prices attributable to such properties. It may also be difficult for our Adviser to analyze each property thoroughly in a large portfolio, increasing the risk that properties do not perform as anticipated. Therefore, acquiring multiple properties in a single transaction may reduce the overall yield on our portfolio.

***We may incur "dead deal costs" in connection with potential acquisitions.***

We may incur costs in connection with potential acquisitions that ultimately are not acquired. For example, we may enter into contracts with non-refundable deposits to acquire certain properties. The amount deposited, if any, may be surrendered if the property is not purchased and may or may not be credited against the purchase price if the property is purchased. Additionally, we may incur due diligence and other costs when considering whether to acquire an asset, and such costs will not be reduced if the transaction fails to close. Any unreturned deposits, due diligence costs and other "dead deal costs" will reduce the amount of cash available for further investments or distributions to our stockholders.

***In our due diligence review of potential investments, we will rely on third-party consultants and advisors and representations made by sellers of potential properties, and we may not identify all relevant facts that may be necessary or helpful in evaluating potential investments.***

Before making investments, due diligence will typically be conducted in a manner that we deem reasonable and appropriate based on the facts and circumstances applicable to each investment. Due diligence may entail evaluation of important and complex business, financial, tax, accounting, sustainability, real property, regulatory and legal issues. Outside consultants, legal advisors, appraisers, accountants, investment banks and other third parties will be involved in the due diligence process to varying degrees depending on the type of investment, the costs of which will be borne by us. Such involvement of third-party advisors or consultants may present a number of risks primarily relating to our Adviser's reduced control of the functions that are outsourced. In the due diligence process and making an assessment regarding a potential investment, our Adviser will rely on the resources available to it, including information provided by the seller of the investment and, in some circumstances, third-party investigations. The due diligence investigation carried out with respect to any investment opportunity may not reveal or highlight all relevant facts that may be necessary or helpful in evaluating such investment opportunity, particularly for large portfolio investments. Moreover, such an investigation will not necessarily result in the investment being successful. There can be no assurance that attempts to provide downside protection with respect to investments, including pursuant to risk-management procedures described in the prospectus, will achieve their desired effect, and potential investors should regard an investment in us as being speculative and having a high degree of risk.

***There can be no assurance that our Adviser will be able to detect or prevent irregular accounting, employee misconduct or other fraudulent practices or material misstatements or omissions during the due diligence phase or during our efforts to monitor and disclose information about any investment on an ongoing basis or that any risk management procedures implemented by us will be adequate.***

When conducting due diligence and making an assessment regarding an investment, our Adviser will rely on the resources available to it, including information provided or reported by the seller of the investment and, in some circumstances, third-party investigations. The due diligence investigation that our Adviser carries out with respect to any investment opportunity may not reveal or highlight all relevant facts that may be necessary or helpful in evaluating such investment opportunity. Moreover, such an investigation will not necessarily result in the investment being successful. Conduct occurring at the property, even activities that occurred prior to our investment therein, could have an adverse impact on us.

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In the event of fraud by the seller of any property, we may suffer a partial or total loss of capital invested in that property. An additional concern is the possibility of material misrepresentation or omission on the part of the seller. Such inaccuracy or incompleteness may adversely affect the value of our investments in such property. We will rely upon the accuracy and completeness of representations made by sellers of properties in the due diligence process to the extent reasonable when we make our investments, but cannot guarantee such accuracy or completeness.

In addition, we will rely on information, including financial information and non-GAAP metrics, provided by sellers of our investments for disclosure to our investors about potential acquisitions or current assets owned by us. Accordingly, although we may believe such information to be accurate, such information cannot be independently verified by our Adviser, and in some cases such information may not be independently reviewed or audited while under our ownership or control or at all. We cannot assure you that the financial statements or metrics of properties we will acquire would not be materially different if such statements or metrics had been independently audited or reviewed.

***Certain properties may require an expedited transaction, which may result in limited information being available about the property prior to its acquisition.***

Investment analyses and decisions by our Adviser may be required to be undertaken on an expedited basis to take advantage of investment opportunities. In such cases, the information available to our Adviser at the time of making an investment decision may be limited, and our Adviser may not have access to detailed information regarding the investment property or portfolio of properties, such as physical characteristics, environmental matters, zoning regulations or other local conditions affecting such investment. Therefore, no assurance can be given that our Adviser will have knowledge of all circumstances that may adversely affect an investment, and we may make investments which we would not have made if more extensive due diligence had been undertaken. Because large portfolios of properties still generally require diligence to analyze individual properties, these risks are exacerbated in expedited transactions of large portfolios. In addition, our Adviser may use consultants, legal advisors, appraisers, accountants, investment banks and other third parties in connection with its evaluation and/or diligence of certain investments. No assurance can be given as to the accuracy or completeness of the information provided by such third parties.

***We will face risks in effecting operating improvements.***

In some cases, the success of an investment will depend, in part, on our ability to restructure and effect improvements in the operations of a property. The activity of identifying and implementing restructuring programs and operating improvements at properties entails a high degree of uncertainty. There can be no assurance that we will be able to successfully identify and implement such restructuring programs and improvements.

***We may have difficulty selling our properties, which may limit our flexibility and ability to pay distributions.***

Because real estate investments are relatively illiquid, it could be difficult for us to sell one or more of our properties promptly on favorable terms. Additionally, we may agree to lock-out or other provisions when we acquire a property that materially restrict us from selling such property or our interest in such property for a period of time. This may limit our ability to change our portfolio quickly in response to adverse changes in the performance of any such property or economic or market trends. In addition, U.S. federal tax laws that impose a 100% excise tax on gains from sales of dealer property by a REIT (generally, property held for sale, rather than investment) could limit our ability to sell properties and may affect our ability to sell properties without adversely affecting returns to our stockholders. These restrictions could adversely affect our results of operations and financial condition.

***Investments in real properties carry certain litigation risks at the property level that may reduce our profitability and the return on your investment.***

The acquisition, ownership and disposition of real properties carry certain specific litigation risks. Litigation may be commenced with respect to a property acquired by us in relation to activities that took place prior to our acquisition of such property. In addition, at the time of disposition of an individual property, a potential buyer may claim that it should have been afforded the opportunity to purchase the asset or alternatively that such potential buyer should be awarded due diligence expenses incurred or statutory damages for misrepresentation relating to disclosure made, if such buyer is passed over in favor of another as part of our efforts to maximize sale proceeds. Similarly, successful buyers may later sue us under various damages theories, including tort claims, for losses associated with latent defects or other problems not uncovered in due diligence.

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***We may make a substantial amount of joint venture investments, including with affiliates of our Adviser. Joint venture investments could be adversely affected by our lack of sole decision-making authority, our reliance on the financial condition of our joint venture partners and disputes between us and our joint venture partners.***

We may make joint venture investments with third parties and, subject to the requirements in our charter, co-invest in the future with affiliates of our Adviser or third parties in partnerships or other entities that own real properties. We may enter into joint ventures as part of an acquisition with the seller of the properties. We may acquire non-controlling interests or shared control interests in joint ventures. Even if we have some control in a joint venture, we may not be in a position to exercise sole decision-making authority regarding the joint venture. Investments in joint ventures may, under certain circumstances, involve risks not present were another party not involved, including the possibility that joint venture partners might become bankrupt or fail to fund their required capital contributions. Joint venture partners may have economic or other business interests or goals that are inconsistent with our business interests or goals, and may be in a position to take actions contrary to our policies or objectives. Such investments may also have the potential risk of impasses on decisions, such as a sale, because neither we nor the joint venture partner would have full control over the joint venture. Disputes between us and joint venture partners may result in litigation or arbitration that would increase our expenses and prevent our officers and directors from focusing their time and effort on our business. Consequently, actions by or disputes with joint venture partners might result in subjecting properties owned by the joint venture to additional risk. In some cases, our joint venture partner may be entitled to property management fees, promote or other incentive fee payments as part of the arrangement of the joint venture. In addition, we may in certain circumstances be liable for the actions of our joint venture partners.

In addition, in connection with any investments in which we participate alongside any Other EQT Real Estate Accounts, our Adviser may decline to exercise, or delegate to a third party, certain control, foreclosure and similar governance rights relating to such shared investments for legal, tax, regulatory or other reasons. There is no guarantee that we will be able to co-invest with any Other EQT Real Estate Account. We will not participate in joint ventures in which we do not have or share control to the extent that we believe such participation would potentially threaten our status as a non-investment company exempt from the Investment Company Act. This may prevent us from receiving an allocation with respect to certain investment opportunities that are suitable for both us and one or more Other EQT Real Estate Accounts.

If we have a right of first refusal to buy out a joint venture partner, we may be unable to finance such a buy-out if it becomes exercisable or we are required to purchase such interest at a time when it would not otherwise be in our best interest to do so. If our interest is subject to a buy/sell right, we may not have sufficient cash, available borrowing capacity or other capital resources to allow us to elect to purchase an interest of a joint venture partner subject to the buy/sell right, in which case we may be forced to sell our interest as the result of the exercise of such right when we would otherwise prefer to keep our interest. In some joint ventures we may be obligated to buy all or a portion of our joint venture partner's interest in connection with a crystallization event, and we may be unable to finance such a buy-out when such crystallization event occurs, which may result in interest or other penalties accruing on the purchase price. If we buy our joint venture partner's interest we will have increased exposure in the underlying investment. The price we use to buy our joint venture partner's interest or sell our interest will typically be determined by negotiations between us and our joint venture partner, and there is no assurance that such price will be representative of the value of the underlying property or equal to our then-current valuation of our interest in the joint venture that is used to calculate our NAV. Finally, we may not be able to sell our interest in a joint venture if we desire to exit the venture for any reason, or if our interest is subject to a right of first refusal of our joint venture partner, our ability to sell such interest may be adversely impacted by such right. Joint ownership arrangements with affiliates of our Adviser may also entail further conflicts of interest. Joint venture partners may receive ongoing fees in connection with providing service to the joint venture or its properties, including promote payments, beyond their equity investment, which would reduce the amount of our economic interest.

Some additional risks and conflicts related to our joint venture investments (including joint venture investments with affiliates of our Adviser) include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The joint venture partner could have economic or other interests that are inconsistent with or different from our interests, including interests relating to the financing, management, operation, leasing or sale of the assets purchased by such joint venture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our joint venture partners may receive ongoing fees from our joint ventures, including promote payments and potential buyouts of their equity investments, all of which may reduce amounts otherwise payable to us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Tax, Investment Company Act and other regulatory requirements applicable to the joint venture partner could cause it to want to take actions contrary to our interests.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The joint venture partner could have joint control or joint governance of the joint venture even in cases where its economic stake in the joint venture is significantly less than ours.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Under the joint venture arrangement, it is possible that neither we nor the joint venture partner will be in a position to unilaterally control the joint venture, and deadlocks may occur. Such deadlocks could adversely impact the operations and profitability of the joint venture, including as a result of the inability of the joint venture to act quickly in connection with a potential acquisition or disposition. In addition, depending on the governance structure of such joint venture partner, decisions of such vehicle may be subject to approval by individuals who are independent of our Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Under the joint venture arrangement, we and the joint venture partner may have a buy/sell right and, as a result of an impasse that triggers the exercise of such right, we could be forced to sell our investment in the joint venture, or buy the joint venture partner's share of the joint venture at a time when it would not otherwise be in our best interest to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our participation in investments in which a joint venture partner participates will be less than what our participation would have been had such joint venture partner not participated, and because there may be no limit on the amount of capital that such joint venture partner can raise, the degree of our participation in such investments may decrease over time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Under the joint venture arrangement, we and the joint venture partner could each have preemptive rights in respect of future issuances by the joint venture, which could limit a joint venture's ability to attract new third-party capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Under the joint venture arrangement, we and the joint venture partner could be subject to lock-ups, which could prevent us from disposing of our interests in the joint venture at a time we determine it would be advantageous to exit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The joint venture partner could have a right of first refusal, tag-along rights, drag-along rights, consent rights or other similar rights in respect of any transfers of the ownership interests in the joint venture to third parties, which could have the effect of making such transfers more complicated or limiting or delaying us from selling our interest in the applicable investment.

Furthermore, we may have conflicting fiduciary obligations if we acquire properties with our affiliates or other related entities; as a result, in any such transaction we may not have the benefit of arm's-length negotiations of the type normally conducted between unrelated parties.

***We may be subject to expenses and liabilities related to employees of certain portfolio companies owned by us.***

We may acquire portfolio companies with employees and thereby become subject to expenses and liabilities related to such employees. These expenses and liabilities could include compensation, overhead and other administrative costs, as well as potential liabilities that are commonly faced by employers, such as workers' disability and compensation claims, potential labor disputes and other employee-related liabilities and grievances. We may also be subject to other operational risks from such employees, including cybersecurity risks or as a result of employee error or malfeasance. In addition, we may encounter unforeseen costs and expenses associated with acquiring such portfolio companies and such expenses may have an adverse effect on our results of operations.

***If we rely on any third-party management companies to operate any of our properties or third-party leasing agents to lease vacancies in any of our properties, we may be exposed to greater risks.***

Although we currently expect that affiliates of our Adviser will provide property management and leasing services for the properties we acquire, it is possible that from time to time we may engage third-party management companies to manage certain of our properties or third-party leasing agents to lease vacancies in certain properties. These management companies may be our partners in joint ventures that we enter into. These management companies will have significant decision-making authority with respect to the properties they are engaged to manage. To the extent that we engage third-party property managers, our ability and our Adviser's ability to direct and control how our properties are managed on a day-to-day basis may be limited. Any adversity experienced by, or problems in our relationship with, any third-party management companies or third-party leasing agents we engage could adversely impact the operation and profitability of our properties.

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***We may be unable to renew leases as leases expire.***

We may not be able to lease properties that are vacant or become vacant because a tenant decides not to renew its lease or by the continued default of a tenant under its lease. In addition, certain of the properties we acquire may have some level of vacancy at the time of acquisition. Certain other properties may be specifically suited to the particular needs of a tenant and may become vacant after we acquire them. Even if a tenant renews its lease or we enter into a lease with a new tenant, the terms of the new lease may be less favorable than the terms of the old lease. In addition, the resale value of the property could be diminished because the market value may depend principally upon the value of the property's leases. If we are unable to renew or enter into new leases promptly, or if the rental rates are lower than expected, our results of operations and financial condition will be adversely affected. For example, following the termination or expiration of a tenant's lease there may be a period of time before we will begin receiving rental payments under a replacement lease. During that period, we will continue to bear fixed expenses such as interest, real estate taxes, maintenance, security, repairs and other operating expenses. In addition, declining economic conditions may impair our ability to attract replacement tenants and achieve rental rates equal to or greater than the rents paid under previous leases. Increased competition for tenants may require us to make capital improvements to properties that would not have otherwise been planned. Any unbudgeted capital improvements that we undertake may divert cash that would otherwise be available for distributions or for satisfying repurchase requests. Ultimately, to the extent that we are unable to renew leases or relet space as leases expire, decreased cash flow from tenants will result, which could adversely impact our operating results.

We may be required to expend funds to correct defects or to make improvements before a tenant can be found for a property at an attractive lease rate or an investment in a property can be sold. No assurance can be given that we will have funds available to correct those defects or to make those improvements. In acquiring a property, we may agree to lock-out provisions that materially restrict us from selling that property for a period of time or impose other restrictions, such as a limitation on the amount of debt that can be placed on that property. These factors and others that could impede our ability to respond to adverse changes in the performance of our properties could significantly affect our financial condition and operating results.

***Our properties may be leased at below-market rates under long-term leases.***

We may seek to negotiate longer-term leases to reduce the cash flow volatility associated with lease rollovers, provided that contractual rent increases are generally included. In addition, where appropriate, we will seek leases that provide for operating expenses, or expense increases, to be paid by the tenants. These leases may allow tenants to renew the lease with pre-defined rate increases. If we do not accurately judge the potential for increases in market rental rates (including, for example, as a result of increased inflation), or if our negotiated increases provide for a discount to then-current market rental rates (in exchange for lower volatility), we may set the rental rates of these long-term leases at levels such that even after contractual rental increases, the resulting rental rates are less than then-current market rental rates. Further, we may be unable to terminate those leases or adjust the rent to then-prevailing market rates. As a result, our income and distributions to our stockholders could be lower than if we did not enter into long-term leases.

***Short-term leases expose us to the effects of declining market rent and could adversely impact our ability to make cash distributions to you.***

To the extent we invest in any properties with short-term leases, such as multifamily residential properties, we may suffer losses if market rents decline. Thus, our ability to make distributions to you may be less certain than if we were to buy real estate with longer lease terms.

***Certain of our real estate investments may not include title to the underlying land, exposing us to greater risks.***

We have invested in an industrial property that is subject to a ground lease, and we may from time to time in the future invest in real properties without acquiring title to the underlying land. This means that while we would have a right to use the property, we would not hold fee title to the underlying land. Accordingly, we would have no economic interest in the land or, in many instances the improvements located on the land, at the expiration of the ground lease, easement or permit. As the remaining term of a ground lease gets shorter, the prospect of expiration of the ground lease can result in a discount in its value and difficulty in subleasing the property. In addition, a default by us under the ground lease or easement could cause a termination of the ground lease or easement, which may adversely impact our investment performance. Finally, there are complexities associated with financing a ground leasehold or easement interest.

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***Our properties may face significant competition.***

We may face significant competition from owners, operators and developers of properties. Many of our properties will face competition from similar properties in the same market. This competition may affect our ability to attract and retain tenants and may reduce the rents we are able to charge. These competing properties may have vacancy rates higher than our properties, which may result in their owners being willing to lease available space at lower prices than the space in our properties.

***We may experience material losses or damage related to our properties and such losses may not be covered by insurance.***

We may experience material losses related to our properties arising from natural disasters, such as extreme weather events, climate change, earthquakes or floods, and acts of God, vandalism or other crime, faulty construction or accidents, fire, outbreaks of an infectious disease, pandemic or any other serious public health concern, war, acts of terrorism or other catastrophes. We plan to carry insurance covering our properties under policies our Adviser deems appropriate. Our Adviser will select policy specifications and insured limits that it believes to be appropriate and adequate given the relative risk of loss, the cost of the coverage and industry practice. Insurance policies on our properties may include some coverage for losses that are generally catastrophic in nature, such as losses due to terrorism, earthquakes and floods, but we cannot assure you that it will be adequate to cover all losses and some of our policies will be insured subject to limitations involving large deductibles or co-payments and policy limits that may not be sufficient to cover losses. In general, losses related to terrorism are becoming harder and more expensive to insure against. In some cases, the insurers exclude terrorism, in others the coverage against terrorist acts is limited, or available only for a significant price. A similar dynamic has been unfolding with respect to certain weather and fire events, with insurers excluding certain investments that have high risk of weather, earthquake or fire events. If the climate continues to warm, we expect the frequency and impact of weather-related events and conditions will increase as well. As a result, not all investments may be insured against terrorism, weather or fire. If we or one or more of our tenants experience a loss that is uninsured or that exceeds policy limits, we could lose the capital invested in the damaged properties as well as the anticipated future cash flows from those properties. In addition, if the damaged properties are subject to recourse indebtedness, we would continue to be liable for the indebtedness, even if these properties were irreparably damaged. Certain of these events, such as war or an outbreak of an infectious disease, could have a broader negative impact on the global or local economy, thereby affecting us or our Adviser.

***We could become subject to liability for environmental violations, regardless of whether we caused such violations.***

We could become subject to liability in the form of fines or damages for noncompliance with environmental laws and regulations. These laws and regulations generally govern wastewater discharges, air emissions, the operation and removal of underground and above-ground storage tanks, the use, storage, treatment, transportation and disposal of solid hazardous materials, the remediation of contaminated property associated with the disposal of solid and hazardous materials and other health and safety-related concerns. Some of these laws and regulations may impose joint and several liability on tenants, owners or managers for the costs of investigation or remediation of contaminated properties, regardless of fault or the legality of the original disposal. Under various federal, state and local environmental laws, ordinances and regulations, a current or former owner or manager of real property may be liable for the cost to remove or remediate hazardous or toxic substances, wastes or petroleum products on, under, from or in such property. These costs could be substantial and liability under these laws may attach whether or not the owner or manager knew of, or was responsible for, the presence of such contamination. Even if more than one person may have been responsible for the contamination, each liable party may be held entirely responsible for all of the clean-up costs incurred.

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In addition, third parties may sue the owner or manager of a property for damages based on personal injury, natural resources, property damage or for other costs, including investigation and clean-up costs, resulting from the environmental contamination. The presence of contamination on one of our properties, or the failure to properly remediate a contaminated property, could give rise to a lien in favor of the government for costs it may incur to address the contamination, or otherwise adversely affect our ability to sell or lease the property or borrow using the property as collateral. In addition, if contamination is discovered on our properties, environmental laws may impose restrictions on the manner in which the property may be used or businesses may be operated, and these restrictions may require substantial expenditures or prevent us from entering into leases with prospective tenants. There can be no assurance that future laws, ordinances or regulations will not impose any material environmental liability, or that the environmental condition of our properties will not be affected by the operations of the tenants, by the existing condition of the land and/or by operations in the vicinity of the properties. There can be no assurance that these laws, or changes in these laws, will not have a material adverse effect on our business, results of operations or financial condition. We could also suffer losses if reserves or insurance proceeds prove inadequate to cover any such matters. The cost to perform any remediation, and the cost to defend against any related claims, could exceed the value of the relevant investment, and in such cases we could be forced to satisfy the claims from other assets and investments. We may have an indemnity from a third party purporting to cover these liabilities, but there can be no assurance as to the financial viability of any indemnifying party at the time a claim arises. We may also provide such an indemnity to a purchaser of a property, which could adversely affect the profitability of any such disposition. In addition, some environmental laws create a lien on a contaminated asset in favor of governments or government agencies for costs they may incur in connection with the contamination.

***We may be exposed to the risks of investing in industrial properties.***

Although owners of industrial properties are not generally required to expend substantial amounts for general capital improvements, tenant improvements or reletting costs, various other factors may affect the returns from this type of property in addition to the risks generally applicable to real estate, including, among other things, the design and adaptability of the property and the degree to which it is generally functional for industrial purposes, the proximity to highways and other means for the transportation of goods, the number and diversity of tenants among businesses or industries and the cost of converting a previously adapted space to general use. An industrial property may be more likely to have one or only a few tenants, which increases the risk that a decline in their operations or their particular business or industry segments may adversely affect the returns from the property. Additionally, a property designed for a particular use or function may be difficult to relet to another tenant or may become functionally obsolete compared to other properties. Particular uses of industrial properties may increase their risk of environmental problems. In addition, because of unique construction requirements of many industrial properties, many vacant industrial property spaces may not be easily converted to other uses. Thus, if the operations of any industrial property become unprofitable, the liquidation value of that industrial property may be substantially less than would be the case if the industrial property were readily adaptable to other uses.

***Certain of our industrial property investments may be special use and/or build-to-suit and may be difficult to sell or relet upon tenant defaults or lease terminations.***

Certain of our industrial property investments may include special use and/or build-to-suit properties. These types of properties are relatively illiquid compared to other types of real estate and financial assets, and this illiquidity will limit our ability to change our portfolio in response to changes in economic or other conditions. With such properties, if the current lease is terminated or not renewed, we may be required to renovate the property or to make rent concessions in order to lease the property to another tenant, finance the property or sell the property. In addition, in the event we are forced to sell the property, we may have difficulty selling it to a party other than the tenant or borrower due to the special purpose for which the property may have been designed. These and other limitations may affect our ability to sell or relet our industrial properties and adversely affect our results of operations at such properties.

***Industrial tenants may be adversely affected by a decline in manufacturing activity in the United States.***

Fluctuations in manufacturing activity in the United States may adversely affect industrial tenants and therefore the demand for and profitability of any industrial properties we acquire. Trade agreements with foreign countries have given employers the option to utilize less expensive foreign manufacturing workers. Outsourcing manufacturing activities could reduce the demand for U.S. workers, thereby reducing the profitability of industrial tenants and the demand for and profitability of any industrial properties we acquire.

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***Investments in industrial properties may be more dependent on economic activity and trade regulation than other real estate sectors.***

We have invested and expect to continue to invest in industrial properties. The demand for industrial space in the U.S. is more strongly dependent on economic activity and trade regulation than other real estate sectors. For example, customers of industrial properties operate in industries including e-commerce, traditional retail, third-party logistics, warehousing and manufacturing, all of which may be adversely impacted by recently enacted and proposed changes to U.S. foreign trade policies, including tariffs and other impositions on imported goods, trade sanctions imposed on certain countries, the limitation on the importation of certain types of goods or of goods containing certain materials from other countries and other policies. Our performance may be more dependent on economic activity and trade regulation than that of real estate companies that do not invest in industrial properties.

***We may invest in office properties, and the value of any such investment may change based on the diversification of the tenant base, location of the property and other factors.***

A number of factors may affect the value of office properties, including, among other things, diversification of the tenant base, the location, appearance, amenities and other physical attributes of the properties, and competition from other office properties. Office properties generally require their owners to expend significant amounts for general capital improvements, tenant improvements and costs of reletting space. In addition, office properties that are not equipped to accommodate the needs of modern businesses may become functionally obsolete and thus non-competitive, or may require substantial capital investment to upgrade facilities in order to be competitive. Office properties may also be adversely affected if there is an economic decline in the businesses operated by their tenants. The risks of such an adverse effect are increased if the property revenue is dependent on a single tenant or if there is a significant concentration of tenants in a particular business or industry.

***We may be adversely affected by trends in the office real estate industry.***

Some businesses are rapidly evolving to make employee telecommuting, flexible work schedules, open workplaces and teleconferencing increasingly common. These practices enable businesses to reduce their space requirements. A continuation of the movement towards these practices could over time erode the overall demand for office space and, in turn, place downward pressure on occupancy, rental rates and property valuations, each of which could have an adverse effect on our financial position, results of operations, cash flows and ability to make expected distributions to our stockholders. We may also be negatively impacted by competition from other short-term office or shared space leasing companies.

***We may invest in medical office buildings, which may not have efficient alternative uses, so the loss of a tenant may cause us to not be able to find a replacement or cause us to spend considerable capital to adapt the property to an alternative use.***

We may seek to acquire healthcare-related assets that may only be suitable for similar healthcare-related tenants. If we or our tenants terminate the leases for these properties or our tenants lose their regulatory authority to operate such properties, we may not be able to locate suitable replacement tenants to lease the properties for their specialized uses. Alternatively, we may be required to spend substantial amounts to adapt the properties to other uses.

***The healthcare industry is heavily regulated and new laws or regulations, changes to existing laws or regulations, loss of licensure, failure to obtain licensure or other industry developments could result in the inability of the tenants in any healthcare-related assets we acquire from being able to make rent payments to us.***

The healthcare industry is heavily regulated by federal, state and local governmental bodies. Tenants in the healthcare industry generally are subject to laws and regulations covering, among other things, licensure, certification for participation in government programs and relationships with physicians and other referral sources. Changes in these laws and regulations or the tenants' failure to comply with these laws and regulations could negatively affect the ability of these tenants to make lease payments to us. Many healthcare properties and their tenants may require a license or certificate of need ("CON") to operate. Failure to obtain a license or CON, or loss of a required license or CON, would prevent a facility from operating in the manner intended by the tenant. These events could materially adversely affect the ability of the tenants in any healthcare-related assets we acquire to make rent payments to us. We cannot predict the impact of state CON laws or similar laws on any investments we make in medical facilities or the operations of tenants of those assets. In addition, state CON laws often materially impact the ability of competitors to enter into the marketplace of healthcare properties. The repeal of CON laws could allow competitors to freely operate in previously closed markets. This could negatively impact tenants' abilities to make lease payments to us.

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The healthcare industry currently is experiencing rapid regulatory changes and uncertainty; changes in the demand for and methods of delivering healthcare services; changes in third-party reimbursement policies; expansion of insurance providers into patient care; continuing pressure by private and governmental payors to reduce payments to providers of services; and increased scrutiny of billing, referral and other practices by governmental authorities. These factors may adversely affect the economic performance of some or all of the tenants in any healthcare-related assets we acquire and, in turn, our performance.

***Any investments in life sciences properties may be subject to unique risks.***

Life science properties and their tenants may be subject to a number of unique risks. The occurrence of any could adversely affect our results of operations and financial condition. In particular, life science tenants may be subject to a number of risks unique to their industry, including (a) high levels of regulation including increasing government price controls and other healthcare cost containment measures, (b) failures in the safety and efficacy of their products, (c) significant funding requirements for product research and development, and (d) changes in technology, patent expiration, and intellectual property protection. These risks may adversely affect their ability to make rental payments to us or satisfy their other lease obligations and consequently may materially adversely affect property revenue and valuation.

In addition, improvements to life science properties are typically more costly than improvements to traditional office space or other property types. Many life science properties generally contain infrastructure improvements that are significantly more costly than improvements to other property types. Typical improvements include (a) reinforced concrete floors, (b) upgraded roof loading capacity, (c) increased floor-to-ceiling heights, (d) heavy-duty HVAC systems, (e) enhanced environmental control technology, (f) significantly upgraded electrical, gas, and plumbing infrastructure, and (g) laboratory benches.

Further, life science tenants may engage in research and development activities that involve controlled use of hazardous materials, chemicals, and biological and radioactive compounds. In the event of contamination or injury from the use of these hazardous materials, we could be held liable for damages that result. This liability could exceed our resources and any recovery available through any applicable insurance coverage, which could adversely affect our ability to make distributions to our stockholders. Together with our tenants, we must comply with federal, state, and local laws and regulations governing the use, manufacture, storage, handling, and disposal of hazardous materials and waste products. Failure to comply with these laws and regulations, or changes thereto, could adversely affect our business or our tenants' businesses and their ability to make rental payments to us.

***We have invested and expect to continue to invest in commercial properties subject to net leases, which could subject us to losses.***

We have invested and expect to continue to invest in commercial properties subject to net leases. Typically, net leases require the tenants to pay substantially all of the operating costs associated with the properties. As a result, the value of, and income from, investments in commercial properties subject to net leases will depend, in part, upon the ability of the applicable tenant to meet its obligations to maintain the property under the terms of the net lease. If a tenant fails or becomes unable to so maintain a property, we will be subject to all risks associated with owning the underlying real estate. In addition, we may have limited oversight into the operations or the managers of these properties, subject to the terms of the net leases.

We have invested and expect to continue to invest in commercial properties subject to net leases that are occupied by a single tenant. The success of such investments is largely dependent on the financial stability of each such tenant. A default of any such tenant on its lease payments to us would cause us to lose the revenue from the property and cause us to have to find an alternative source of revenue to meet any mortgage payment and prevent a foreclosure if the property is subject to a mortgage. In the event of a default, we may experience delays in enforcing our rights as landlord and may incur substantial costs in protecting our investment and reletting our property. If a lease is terminated, we may also incur significant losses to make the leased premises ready for another tenant and experience difficulty or a significant delay in re-leasing such property.

In addition, net leases typically have longer lease terms, and thus there is an increased risk that contractual rental increases in future years will fail to result in fair market rental rates during those years.

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We may acquire these investments through sale-leaseback transactions, which involve the purchase of a property and the leasing of such property back to the seller thereof. If we enter into a sale-leaseback transaction, we will seek to structure any such sale-leaseback transaction such that the lease will be characterized as a "true lease" for U.S. federal income tax purposes, thereby allowing us to be treated as the owner of the property for U.S. federal income tax purposes. However, we cannot assure you that the IRS will not challenge such characterization. In the event that any such sale-leaseback transaction is challenged and recharacterized as a financing transaction or loan for U.S. federal income tax purposes, deductions for depreciation and cost recovery relating to such property would be disallowed, and the timing of our income inclusion could differ from that of the lease payments. If a sale-leaseback transaction were so recharacterized (or otherwise not respected as a lease), we might fail to satisfy the REIT qualification asset tests or gross income tests and, consequently, lose our REIT status effective with the year of recharacterization. Alternatively, the amount of our REIT taxable income could be recalculated, which might also cause us to fail to meet the REIT distribution requirement for a taxable year.

If a tenant of a net lease defaults and we are unable to find a replacement tenant, we may attempt to hold and operate the relevant property ourselves through a taxable REIT subsidiary, which would subject income on the property to corporate-level taxation and reduce our funds available for distribution. In certain circumstances, depending on how much capacity we have available of the total value we are permitted to hold in taxable REIT subsidiaries under applicable rules, we may not be able to hold and operate the property in a taxable REIT subsidiary, which could result in the property and the related income not satisfying the REIT qualification asset and gross income tests and could jeopardize our REIT status.

***Our costs associated with complying with the Americans with Disabilities Act of 1990 (the "ADA") or the Fair Housing Amendment Act of 1988 (the "FHAA") may affect cash available for distributions.***

Any domestic properties we acquire will generally be subject to the ADA. Under the ADA, all places of public accommodation are required to comply with federal requirements related to access and use by disabled persons. The ADA has separate compliance requirements for "public accommodations" and "commercial facilities" that generally require that buildings and services be made accessible and available to people with disabilities. The ADA's requirements could require removal of access barriers and could result in the imposition of injunctive relief, monetary penalties or, in some cases, an award of damages. We may not acquire properties that comply with the ADA or we may not be able to allocate the burden on the seller or other third party, such as a tenant, to ensure compliance with the ADA in all cases.

The multifamily residential properties in which we may invest must comply with the FHAA, which requires that multifamily communities first occupied after March 13, 1991 be accessible to residents and visitors with disabilities. Compliance with the FHAA could require removal of access barriers to persons with disabilities, including the interiors of apartment units covered under the FHAA. Recently there has been heightened scrutiny of multifamily housing communities for compliance with the requirements of the FHAA and the ADA and an increasing number of substantial enforcement actions and private lawsuits have been brought against multifamily communities to ensure compliance with these requirements. Noncompliance with the FHAA and the ADA could result in the imposition of fines, awards of damages to private litigants, payment of attorneys' fees and other costs to plaintiffs, substantial litigation costs and substantial costs of remediation.

***Rent control and other changes in applicable laws, or noncompliance with applicable laws, could adversely affect our multifamily residential properties.***

Lower revenue growth or significant unanticipated expenditures may result from changes in rent control or rent stabilization laws or other residential landlord/tenant laws. Municipalities may implement, consider or be urged by advocacy groups to consider rent control or rent stabilization laws and regulations or take other actions that could limit our ability to raise rents based on market conditions. These initiatives and any other future enactments of rent control or rent stabilization laws or other laws regulating multifamily housing, as well as any lawsuits against us arising from such rent control or other laws, may reduce rental revenues or increase operating costs. Such laws and regulations may limit our ability to charge market rents, increase rents, evict tenants or recover increases in our operating costs and could make it more difficult for us to dispose of properties in certain circumstances. Expenses associated with investments in residential properties, such as debt service, real estate taxes, insurance and maintenance costs, are generally not reduced when circumstances cause a reduction in rental income from such properties.

***Increased levels of unemployment could adversely affect the occupancy and rental rates of any residential properties we acquire.***

Increased levels of unemployment in residential markets could significantly decrease occupancy and rental rates. In times of increasing unemployment, residential occupancy and rental rates have historically been adversely affected by:

• oversupply or reduced demand for apartment homes;

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• rental residents deciding to share rental units and therefore rent fewer units;

• potential residents moving back into family homes or delaying leaving family homes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a reduced demand for higher-rent units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a decline in household formation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•persons enrolled in college delaying leaving college or choosing to proceed to or return to graduate school in the absence of available employment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•rent control or rent stabilization laws, or other laws regulating housing, that could prevent us from raising rents sufficiently to offset increases in operating costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the inability or unwillingness of residents to pay rent increases; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•increased collection losses.

These factors generally have contributed to lower rental rates. To the extent that we invest in any residential properties, our results of operations, financial condition and ability to make distributions to you may be adversely affected by these factors.

***We may not be able to attract desirable tenants for our residential properties and may have difficulty evicting defaulting tenants.***

Our success with residential rentals will depend, in large part, upon our ability to attract and retain qualified tenants for our residential properties. If we are unable to attract quality tenants our rental revenues will be adversely affected. If certain of our tenants cease paying rent, we may be unable or unwilling to evict such tenants due to legal, regulatory or practical concerns and, as a result, may be unable to enter into a new lease for the applicable unit or property, resulting in lost revenue. In addition, our efforts to evict residential tenants may result in litigation, resulting in increased expenses and potential liability for our residential properties.

***The properties we acquire will be subject to property taxes that may increase in the future, which could adversely affect our cash flow.***

Any properties we acquire will be subject to real and personal property taxes that may increase as property tax rates change and as the properties are assessed or reassessed by taxing authorities. Some of our leases may provide that the property taxes, or increases therein, are charged to the lessees as an expense related to the properties that they occupy. As the owner of the properties, however, we are ultimately responsible for payment of the taxes to the government. If property taxes increase, our tenants may be unable (or may not be obligated) to make the required tax payments, ultimately requiring us to pay the taxes. In addition, we are generally responsible for property taxes related to any vacant space. If we purchase residential properties, the leases for such properties typically will not allow us to pass through real estate taxes and other taxes to residents of such properties. Consequently, any tax increases may adversely affect our results of operations at such properties.

***We may be exposed to third party liability, which can reduce the performance of any associated investment.***

The actions or omissions of any third party operator, employee, guest or resident of our properties may involve criminal or civil liability, which could result in liability to us as owners of such properties, loss of or restrictions on required licenses, fines, litigation, reputational impact and other matters that may adversely affect our performance.

***Risks related to the development of properties may have an adverse effect on our results of operations and returns to our stockholders.***

We may invest in properties on which developments or improvements are to be constructed or completed. As such, we may be subject to the risks associated with development and construction activities including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•long periods of time may elapse between the commencement and the completion of our projects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our original estimates may not be accurate and our actual construction and development costs may exceed those estimates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the level of interest of potential tenants for a recently launched development may be low;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•construction materials and equipment may be unavailable or cost more than expected due to changes in supply and demand;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•construction and sales may not be completed on time, resulting in a cost increase;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•we may not be able to acquire or we may pay too much for the land we acquire for new developments or properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•we may be unable to obtain construction financing for development activities on favorable terms, including but not limited to interest rates, term and/or loan-to-value ratios, or at all, which could cause us to delay or even abandon potential developments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•labor may be in limited availability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•we may abandon development opportunities that we have already begun to explore, and we may fail to recover expenses already incurred in connection with exploring such development opportunities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•availability and timely receipt of zoning, occupancy and other regulatory approvals and required governmental permits and authorizations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in tax, real estate and zoning laws may be unfavorable to us.

In addition, our reputation and the construction quality of our real estate developments, whether operated individually or through partnerships, may be determining factors for our ability to lease space. The timely delivery of real estate projects and the quality of our developments, however, depend on certain factors beyond our full control, including the quality and timeliness of construction materials delivered to us, weather and labor conditions. If one or more problems affect our real estate developments, our reputation and future performance may be negatively affected and we may be exposed to civil liability.

***Delays in the development and construction of properties may have adverse effects on portfolio diversification, results of operations and returns to our stockholders.***

If we experience delays in the development of our real properties, it could adversely affect your return. When properties are acquired prior to the start of construction or during the early stages of construction, it may take several months or longer to complete construction, to rent available space, and for rent payments to commence. Therefore, we may not receive any income from these properties and our ability to pay distributions to you could suffer. If we are delayed in the completion of any such construction project, our tenants may have the right to terminate preconstruction leases for space at such newly developed project. We may incur additional risks when we make periodic progress payments or other advances to builders prior to completion of construction. Each of these factors could result in increased costs of a project or loss of our investment. In addition, we will be subject to normal lease-up risks relating to newly-constructed projects. Furthermore, the price we agree to pay for a property will be based on our projections of rental income and expenses and estimates of the fair market value of the property upon completion of construction. If our projections are inaccurate, we may pay too much for a property.

***Certain of our investments may have additional capital requirements.***

Certain of our investments, including those that may be in a development phase, are expected to require additional financing to satisfy their working capital requirements or development strategies. The amount of such additional financing needed will depend upon the maturity and objectives of the particular asset, and such financings may be only available at an unfavorable rate at such time. Each round of financing (whether from us or other investors) is typically intended to provide enough capital to reach the next major milestone in an asset's lifecycle. If the funds provided are not sufficient, additional capital may be required to be raised at a price unfavorable to the existing investors, including us. In addition, we may make additional debt and equity investments or exercise warrants, options, convertible securities or other rights that were acquired in the initial investment in such property in order to preserve our proportionate ownership when a subsequent financing is planned, or to protect our investment when such property's performance does not meet expectations. The availability of capital is generally a function of capital market conditions that are beyond our control. There can be no assurance that we will be able to predict accurately the future capital requirements necessary for success or that additional funds will be available from any source. Failure to provide sufficient additional capital with respect to an investment could adversely affect our performance.

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***Technological or other innovations may disrupt the markets and sectors in which we operate and subject us to increased competition or negatively impact the tenants of our properties and the value of our properties.***

In this period of rapid technological and commercial innovation, new businesses and approaches may be created that could affect us, tenants of our properties or our investments or alter the market practices that help frame our strategy. For example, our office properties may be affected by competition from shared office spaces (including co-working environments) and our warehouse industrial properties may be affected if supply chains evolve in a way that decreases the need for traditional warehousing. Any of these new approaches could damage our investments, significantly disrupt the market in which we operate and subject us to increased competition, which could materially and adversely affect our business, financial condition and results of operations. Moreover, given the pace of innovation in recent years, the impact on a particular investment may not be foreseeable at the time we make the investment. Furthermore, we could base investment decisions on views about the direction or degree of innovation that prove inaccurate and lead to losses.

***We could be negatively impacted by the condition of the Federal National Mortgage Association ("Fannie Mae") and the Federal Home Loan Mortgage Corporation ("Freddie Mac") and by changes in government support for multifamily housing.***

Fannie Mae and Freddie Mac are a major source of financing for multifamily real estate in the United States. We expect to utilize loan programs sponsored by these entities to finance certain multifamily investments. In September 2008, the U.S. government increased its control of Fannie Mae and Freddie Mac and placed both companies into a government conservatorship under the Federal Housing Finance Agency. In December 2009, the U.S. Treasury increased its financial support for these conservatorships. In February 2011, the Obama administration released its blueprint for winding down Fannie Mae and Freddie Mac and for reforming the system of housing finance. Since that time, members of Congress have introduced and Congressional committees have considered a substantial number of bills that include comprehensive or incremental approaches to winding down Fannie Mae and Freddie Mac or changing their purposes, businesses or operations. A decision by the U.S. government to eliminate or downscale Fannie Mae or Freddie Mac or to reduce government support for multifamily housing more generally may adversely affect interest rates, capital availability, development of multifamily communities and the value of multifamily assets and, as a result, may adversely affect our future growth and operations. Any potential reduction in loans, guarantees and credit-enhancement arrangements from Fannie Mae and Freddie Mac could jeopardize the effectiveness of the multifamily sector's derivative securities market, potentially causing breaches in loan covenants, and through reduced loan availability, impact the value of multifamily assets, which could impair the value of a significant portion of multifamily communities. Specifically, the potential for a decrease in liquidity made available to the multifamily sector by Fannie Mae and Freddie Mac could:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•make it more difficult for us to secure new takeout financing for any multifamily development projects we acquire;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•hinder our ability to refinance any completed multifamily assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•decrease the amount of available liquidity and credit that could be used to broaden our portfolio through the acquisition of multifamily assets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•require us to obtain other sources of debt capital with potentially different terms.

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## General Risks Related to Investments in Real Estate Related Securities
***Investments in real estate debt securities are subject to risks including various credit risks and early redemption features, which may materially adversely affect our results of operations and financial condition.***

The debt securities and other interests in which we may invest may include secured or unsecured debt at various levels of an issuer's capital structure. The real estate debt securities in which we may invest may not be protected by financial covenants or limitations upon additional indebtedness, may be illiquid or have limited liquidity, and may not be rated by a credit rating agency. Real estate debt securities are also subject to other creditor risks, including (i) the possibility that the debt will be uncollectible on account of applicable bankruptcy or similar laws affecting the enforcement of creditors' rights, (ii) so-called lender liability claims by the issuer of the obligation and (iii) environmental liabilities that may arise with respect to collateral securing the obligations. Our investments may be subject to early redemption features, refinancing options, pre-payment options or similar provisions, which could result in the issuer repaying the principal on an obligation held by us earlier than expected, resulting in a lower return to us than anticipated, or reinvesting in a new obligation at a lower return to us.

***Debt-oriented real estate investments face a number of general market-related risks that can affect the creditworthiness of issuers, and modifications to certain loan structures and market terms make it more difficult to monitor and evaluate investments.***

Any deterioration of real estate fundamentals generally, and in the United States in particular, could negatively impact our performance by making it more difficult for issuers to satisfy their debt payment obligations, increasing the default risk applicable to issuers, and making it relatively more difficult for us to generate attractive risk-adjusted returns. Changes in general economic conditions will affect the creditworthiness of issuers and real estate collateral relating to our investments and may include economic and market fluctuations, casualty or condemnation losses, regulatory limitations on rents, decreases in property values, changes in the appeal of properties to tenants, changes in supply and demand for competing properties in an area (as a result, for instance, of overbuilding), fluctuations in real estate fundamentals (including average occupancy, operating income and room rates for hotel properties), the financial resources of tenants, changes in building, environmental, zoning and other laws, energy and supply shortages, various uninsured or uninsurable risks, natural disasters, political events, trade barriers, currency exchange controls, changes in government regulations (such as rent control), changes in real property tax rates and operating expenses, changes in interest rates, changes in the availability of debt financing which may render the sale or refinancing of properties difficult or impracticable, increased mortgage defaults, increases in borrowing rates, changes in consumer spending, outbreaks of an infectious disease, epidemics/pandemics or other serious public health concerns, negative developments in the economy or political climate that depress travel activity (including restrictions on travel or quarantines imposed), environmental liabilities, contingent liabilities on disposition of assets, acts of God, terrorist attacks, war (including the ongoing conflicts such as in the Middle East and other geopolitical events generally), changes in the demand for or real estate values generally and other factors that are beyond the control of our Adviser. Such changes may develop rapidly, and it may be difficult to determine the comprehensive impact of such changes on our investments, particularly for investments that may have inherently limited liquidity. These changes may also create significant volatility in the markets for our investments, which could cause rapid and large fluctuations in the values of such investments. Recent concerns about the real estate market, interest rates, inflation, energy costs, treaties and tariffs and geopolitical issues have contributed to increased volatility and uncertainty in the markets. There can be no assurance that there will be a ready market for the resale of our debt investments because such investments may not be liquid. Illiquidity may result from the absence of an established market for the investments, as well as legal or contractual restrictions on their resale by us. The value of securities of companies which service the real estate business sector may also be affected by such risks.

Our Adviser cannot predict whether economic conditions generally, and the conditions for real estate debt investing in particular, will deteriorate in the future. Declines in the performance of the U.S. and global economies or in the real estate debt markets could have a material adverse effect on our investment activities. In addition, market conditions relating to real estate debt investments have evolved since the global financial crisis of 2008 and 2009, which has resulted in a modification to certain loan structures and market terms. For example, it has become increasingly difficult for real estate debt investors in certain circumstances to receive full transparency with respect to underlying investments because transactions are often effectuated on an indirect basis through pools or conduit vehicles rather than directly with the borrower. These and other similar changes in loan structures or market terms may make it more difficult for us to monitor and evaluate investments.

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***The operating and financial risks of issuers and the underlying default risk across capital structures may adversely affect our results of operations and financial condition.***

Our securities investments will involve credit or default risk, which is the risk that an issuer or borrower will be unable to make principal and interest payments on its outstanding debt when due. The risk of default and losses on real estate debt instruments will be affected by a number of factors, including global, regional and local economic conditions, interest rates, the commercial real estate market in general, an issuer's equity and the financial circumstances of the issuer, as well as general economic conditions. Such default risk will be heightened to the extent we make relatively junior investments in an issuer's capital structure since such investments are structurally subordinate to more senior tranches in such issuer's capital structure, and our overall returns would be adversely affected to the extent one or more issuers is unable to meet its debt payment obligations when due. To the extent we hold an equity or debt interest in any issuer that is unable to meet its debt payment obligations, such equity or debt interest could become subordinated to the rights of such issuer's creditors in a bankruptcy. See "—We may invest in subordinated debt, which is subject to greater credit risk than senior debt" below. Furthermore, the financial performance of one or more issuers could deteriorate as a result of, among other things, adverse developments in their businesses, changes in the competitive environment or an economic downturn. As a result, underlying properties or issuers that we expected to be stable may operate, or expect to operate, at a loss or have significant fluctuations in ongoing operating results, may otherwise have a weak financial condition or be experiencing financial distress and subject our investments to additional risk of loss and default.

***Our debt investments will face prepayment risk and interest rate fluctuations that may adversely affect our results of operations and financial condition.***

During periods of declining interest rates, the issuer of a security or borrower under a loan may exercise its option to prepay principal earlier than scheduled, forcing us to reinvest the proceeds from such prepayment in lower-yielding investments, which may result in a decline in our return. Debt investments frequently have call features that allow the issuer to redeem the security at dates prior to its stated maturity at a specified price (typically greater than par) only if certain prescribed conditions are met. An issuer may choose to redeem debt if, for example, the issuer can refinance the debt at a lower cost due to declining interest rates or an improvement in the credit standing of the issuer. In addition, the market price of our investments will change in response to changes in interest rates and other factors. During periods of declining interest rates, the market price of fixed-rate debt investments generally rises. Conversely, during periods of rising interest rates, the market price of such investments generally declines. The magnitude of these fluctuations in the market price of debt investments is generally greater for securities with longer maturities. Increases in interest rates could negatively impact the price of debt instruments and could adversely affect the value of any debt investments we make and the NAV per share of our common stock.

***Reinvestment risk could affect the price for our shares or their overall returns.***

Reinvestment risk is the risk that income from our portfolio will decline if we invest the proceeds from matured, traded or called securities at market interest rates that are below our real estate debt portfolio's then-current earnings rate. A decline in income could affect the NAV of our shares or their overall returns.

***Some of our securities investments may become distressed, which securities would have a high risk of default and may be illiquid.***

Although it is generally anticipated that our investments in real estate related securities will focus primarily on non-distressed real estate (based on our belief that there is a high likelihood of repayment), our investments may become distressed following our acquisition thereof. Additionally, we may invest in real estate debt instruments that we believe are available to purchase at "discounted" rates or "undervalued" prices. Purchasing real estate debt at what may appear to be "undervalued" or "discounted" levels is no guarantee that these investments will generate attractive returns to us or will not be subject to further reductions in value. There is no assurance that such investments can be acquired at favorable prices, that such investments will not default or that the market for such interests will improve. In addition, the market conditions for real estate debt investments may deteriorate further, which could have an adverse effect on the performance of our investments.

During an economic downturn or recession, securities of financially troubled or operationally troubled issuers are more likely to go into default than securities of other issuers. Securities of financially troubled issuers and operationally troubled issuers are less liquid and more volatile than securities of companies not experiencing financial difficulties. The market prices of such securities are subject to erratic and abrupt market movements and the spread between bid and asked prices may be greater than normally expected. Investment in the securities of financially troubled issuers and operationally troubled issuers involves a high degree of credit and market risk. There is no assurance that our Adviser will correctly evaluate the value of the assets collateralizing such investments or the prospects for a successful reorganization or similar action.

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These financial difficulties may never be overcome and may cause issuers to become subject to bankruptcy or other similar administrative proceedings, or may require a substantial amount of workout negotiations or restructuring, which may entail, among other things, an extension of the term, a substantial reduction in the interest rate, a substantial writedown of the principal of such investment and other concessions, which could adversely affect our returns on the investment. There is a possibility that we may incur substantial or total losses on our investments and in certain circumstances, subject us to certain additional potential liabilities that may exceed the value of our original investment therein.

Under certain circumstances, a lender who has inappropriately exercised control over the management and policies of a debtor may have its claims subordinated or disallowed or may be found liable for damages suffered by parties as a result of such actions. In any reorganization or liquidation proceeding relating to our investments, we may lose our entire investment, may be required to accept cash or securities with a value less than our original investment and may be required to accept different terms, including payment over an extended period of time. In addition, under certain circumstances payments to us may be reclaimed if any such payment or distribution is later determined to have been a fraudulent conveyance, preferential payment or similar transactions under applicable bankruptcy and insolvency laws. Furthermore, bankruptcy laws and similar laws applicable to administrative proceedings may delay our ability to realize on collateral for loan positions we held, or may adversely affect the economic terms and priority of such loans through doctrines such as equitable subordination or may result in a restructure of the debt through principles such as the "cramdown" provisions of the bankruptcy laws.

However, even if a restructuring were successfully accomplished, a risk exists that, upon maturity of such investment, replacement "takeout" financing will not be available, resulting in an inability by the issuer to repay the investment. Although unlikely, it is possible that our Adviser may find it necessary or desirable to foreclose on collateral securing one or more real estate debt instruments we acquire. The foreclosure process varies jurisdiction by jurisdiction and can be lengthy and expensive. Issuers often resist foreclosure actions by asserting numerous claims, counterclaims and defenses against the holder of a real estate loan, including, without limitation, lender liability claims and defenses, even when such assertions may have no basis in fact, in an effort to prolong the foreclosure action, which often prolongs and complicates an already difficult and time-consuming process. In some states or other jurisdictions, foreclosure actions can take up to several years or more to conclude. During the foreclosure proceedings, an issuer may have the ability to file for bankruptcy, potentially staying the foreclosure action and further delaying the foreclosure process. Foreclosure litigation tends to create a negative public image of the collateral property and may result in disrupting ongoing leasing, management, development and other operations of the property. In the event we foreclose on an investment, we will be subject to the risks associated with owning and operating real estate.

***We may invest in subordinated debt, which is subject to greater credit risk than senior debt.***

We may from time to time invest in debt instruments, including junior tranches of CMBS, that are subordinated in an issuer's capital structure. To the extent we invest in subordinated debt of an issuer's capital structure, including subordinated CMBS bonds, such investments and our remedies with respect thereto, including the ability to foreclose on any collateral securing such investments, will be subject to the rights of holders of more senior tranches in an issuer's capital structure and, to the extent applicable, contractual inter-creditor, co-lender and participation agreement provisions.

Investments in subordinated debt involve greater credit risk of default and loss than the more senior classes or tranches of debt in an issuer's capital structure. Subordinated tranches of debt instruments (including CMBS) absorb losses from default before other more senior tranches of such instruments, which creates a risk particularly if such instruments (or securities) have been issued with little or no credit enhancement or equity. As a result, to the extent we invest in subordinate debt instruments (including CMBS), we would likely receive payments or interest distributions after, and must bear the effects of losses or defaults before, the holders of other more senior tranches of debt instruments with respect to such issuer.

***Certain risks associated with CMBS may adversely affect our results of operations and financial condition.***

We may invest a portion of our assets in pools or tranches of CMBS, including horizontal and other risk-retention investments. The collateral underlying CMBS generally consists of commercial mortgages on real property that has a multifamily or commercial use, such as retail space, office buildings, warehouse property and hotels, and which from time to time may include assets or properties owned directly or indirectly by one or more Other EQT Real Estate Accounts. CMBS have been issued in a variety of issuances, with varying structures including senior and subordinated classes. See also the risks described below in "—The CMBS in which we may invest are subject to all of the risks of the underlying commercial mortgage loans."

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Mortgage-backed securities may also have structural characteristics that distinguish them from other securities. The interest rate payable on these types of securities may be set or effectively capped at the weighted-average net coupon of the underlying assets themselves. As a result of this cap, the return to investors in such a security would be dependent on the relevant timing and rate of delinquencies and prepayments of mortgage loans bearing a higher rate of interest. In general, early prepayments will have a greater impact on the yield to investors. Federal and state law may also affect the return to investors by capping the interest rates payable by certain mortgagors. Certain mortgage-backed securities may provide for the payment of only interest for a stated period of time. In addition, in a bankruptcy or similar proceeding involving the originator or the servicer of the CMBS (often the same entity or an affiliate), the assets of the issuer of such securities could be treated as never having been truly sold to the issuer and could be substantively consolidated with those of the originator, or the transfer of such assets to the issuer could be voided as a fraudulent transfer.

The credit markets, including the CMBS market, have periodically experienced decreased liquidity on the primary and secondary markets during periods of market volatility. Such market conditions could re-occur and would impact the valuations of our investments and impair our ability to sell such investments if we were required to liquidate all or a portion of our CMBS investments quickly. Additionally, certain of our securities investments, such as horizontal or other risk-retention investments in CMBS, may have certain holding period and other restrictions that limit our ability to sell such investments.

***Concentrated CMBS investments may pose specific risks beyond the control of our Adviser that may adversely affect our results of operations and financial condition.***

Default risks with respect to CMBS investments may be further pronounced in the case of single-issuer CMBS or CMBS secured by a small or less diverse collateral pool, such as single-asset, single-borrower CMBS. At any one time, a portfolio of CMBS may be backed by commercial mortgage loans disproportionately secured by properties in only a few states, regions or foreign countries. As a result, such investments may be more susceptible to geographic risks relating to such areas, including adverse economic conditions, declining home values, adverse events affecting industries located in such areas and other factors beyond the control of our Adviser relative to investments in multi-issuer CMBS or a pool of mortgage loans having more diverse property locations.

***There are certain risks associated with the insolvency of obligations backing CMBS and other investments.***

The real estate loans backing CMBS and other investments may be subject to various laws enacted in the jurisdiction or state of the borrower for the protection of creditors. If an unpaid creditor files a lawsuit seeking payment, the court may invalidate all or part of the borrower's debt as a fraudulent conveyance, subordinate such indebtedness to existing or future creditors of the borrower or recover amounts previously paid by the borrower in satisfaction of such indebtedness, based on certain tests for borrower insolvency and other facts and circumstances, which may vary by jurisdiction. There can be no assurance as to what standard a court would apply in order to determine whether the borrower was "insolvent" after giving effect to the incurrence of the indebtedness constituting the mortgage backing the CMBS and other investments, or that regardless of the method of valuation, a court would not determine that the borrower was "insolvent" after giving effect to such incurrence. In addition, in the event of the insolvency of a borrower, payments made on such mortgage loans could be subject to avoidance as a "preference" if made within a certain period of time (which may be as long as one year and one day) before insolvency.

***There are certain risks associated with CMBS interest shortfalls.***

Our CMBS investments may be subject to interest shortfalls due to interest collected from the underlying loans not being sufficient to pay accrued interest to all of the CMBS interest holders. Interest shortfalls to the CMBS trust will occur when the servicer does not advance full interest payments on defaulted loans. The servicer in a CMBS trust is required to advance monthly principal and interest payments due on a delinquent loan. Once a loan is delinquent for a period of time (generally 60 days), the servicer is required to obtain a new appraisal to determine the value of the property securing the loan. The servicer is only required to advance interest based on the lesser of the loan amount or 90%, generally, of the appraised value. Interest shortfalls occur when 90%, generally, of the appraised value is less than the loan amount and the servicer does not advance interest on the full loan amount. The resulting interest shortfalls impact interest payments on the most junior class in the trust first. As interest shortfalls increase, more senior classes may be impacted. Over time, senior classes may be reimbursed for accumulated shortfalls if the delinquent loans are resolved, but there is no guarantee that shortfalls will be collected. Interest shortfalls to the CMBS trust may also occur as a result of accumulated advances and expenses on defaulted loans. When a defaulted loan or foreclosed property is liquidated, the servicer will be reimbursed for accumulated advances and expenses prior to payments to CMBS bond holders. If proceeds are insufficient to reimburse the servicer or if a defaulted loan is modified and not foreclosed, the servicer is able to make a claim on interest payments that is senior to the bond holders to cover accumulated advances and expenses. If the claim is greater than interest collected on the loans, interest shortfalls could impact one or more bond classes in an CMBS trust until the servicer's claim is satisfied.

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***The CMBS in which we may invest are subject to all of the risks of the underlying commercial mortgage loans.***

Commercial real estate loans are generally not fully amortizing, which means that they may have a significant principal balance or balloon payment due on maturity. Full satisfaction of the balloon payment by a commercial borrower is heavily dependent on the availability of subsequent financing or a functioning sales market, as well as other factors such as the value of the property, the level of prevailing mortgage rates, the borrower's equity in the property and the financial condition and operating history of the property and the borrower. In certain situations, and during periods of credit distress, the unavailability of real estate financing may lead to default by a commercial borrower. In addition, in the absence of any such takeout financing, the ability of a borrower to repay a loan secured by an income-producing property will depend upon the successful operation of such property rather than upon the existence of independent income or assets of the borrower. If the net operating income of the property is reduced, the borrower's ability to repay the loan may be impaired. Furthermore, we may not have the same access to information in connection with investments in CMBS, either when investigating a potential investment or after making an investment, as compared to investments in direct real estate.

Commercial mortgage loans are usually non-recourse in nature. Therefore, if a commercial borrower defaults on the commercial mortgage loan, then the options for financial recovery are limited in nature. To the extent the underlying default rates increase with respect to the pool or tranche of CMBS in which we invest, the performance of our investments related thereto may be adversely affected. Default rates and losses on commercial mortgage loans will be affected by a number of factors, including global, regional and local economic conditions in the area where the mortgage properties are located, the borrower's equity in the mortgage property, the financial circumstances of the borrower, tenant mix and tenant bankruptcies, property management decisions, including with respect to capital improvements, property location and condition, competition from other properties offering the same or similar services, environmental conditions, real estate tax rates, operating expenses, governmental rules, regulations and fiscal policies, acts of God, terrorism, social unrest and civil disturbances. A continued decline in specific commercial real estate markets and property valuations may result in higher delinquencies and defaults and potentially foreclosures. In the event of default, the lender will have no right, other than customary recourse carveouts, to assets beyond collateral attached to the commercial mortgage loan.

***Our CMBS investments face risks associated with extensions that may adversely affect our results of operations and financial condition.***

Our CMBS and other investments may be subject to extension, resulting in the term of the securities being longer than expected, which could adversely affect our results of operation and financial condition. Extensions are affected by a number of factors, including the general availability of financing in the market, the value of the related mortgaged property, the borrower's equity in the mortgaged property, the financial circumstances of the borrower, fluctuations in the business operated by the borrower on the mortgaged property, competition, general economic conditions and other factors. Such extensions may also be made without our Adviser's consent.

***We may depend on the servicers of commercial real estate loans underlying CMBS and other investments.***

The exercise of remedies and successful realization of liquidation proceeds relating to commercial real estate loans underlying CMBS and other investments may be highly dependent on the performance of the servicer or special servicer. The servicer may not be appropriately staffed or compensated to address issues or concerns with the underlying loans promptly. Such servicers may exit the business and need to be replaced, which could have a negative impact on the portfolio due to lack of focus during a transition. Special servicers frequently are affiliated with investors who have purchased the most subordinate bond classes, and certain servicing actions, such as a loan extension instead of forcing a borrower pay off, may benefit the subordinate bond classes more so than the senior bonds. Although servicers are obligated to service the portfolio subject to a servicing standard and maximize the present value of the loans for all bond classes, servicers with an affiliate investment in the CMBS or other investments may have a conflict of interest. There may be a limited number of special servicers available, particularly those which do not have conflicts of interest. In addition, to the extent any such servicers fail to perform their obligations pursuant to the applicable servicing agreements, such failure may adversely affect our investments.

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***We may find it necessary or desirable to foreclose on certain of the CMBS we acquire, and the foreclosure process may be lengthy and expensive.***

We may find it necessary or desirable to foreclose on certain of the CMBS we acquire, and the foreclosure process may be lengthy and expensive. The protection of the terms of the applicable loan, including the validity or enforceability of the loan and the maintenance of the anticipated priority and perfection of the applicable security interests, may not be adequate. Furthermore, claims may be asserted by lenders or borrowers that might interfere with enforcement of our rights. Borrowers may resist foreclosure actions by asserting numerous claims, counterclaims and defenses against us, including, without limitation, lender liability claims and defenses, even when the assertions may have no basis in fact, in an effort to prolong the foreclosure action and seek to force the lender into a modification of the loan or a favorable buy-out of the borrower's position in the loan. In some states, foreclosure actions can take several years or more to litigate. At any time prior to or during the foreclosure proceedings, the borrower may file for bankruptcy or its equivalent, which would have the effect of staying the foreclosure actions and further delaying the foreclosure process and potentially result in a reduction or discharge of a borrower's debt. Foreclosure may create a negative public perception of the related property, resulting in a diminution of its value, and in the event of any such foreclosure or other similar proceeding, we would also become the subject to the various risks associated with direct ownership of real estate, including environmental liabilities. Even if we are successful in foreclosing on a loan, the liquidation proceeds upon sale of the underlying real estate may not be sufficient to recover our cost basis in the loan, resulting in a loss to us. Furthermore, any costs or delays involved in the foreclosure of the loan or a liquidation of the underlying property will further reduce the net proceeds and, thus, increase the loss.

***Our investments in residential mortgage-backed securities ("RMBS"), which may include government mortgage pass-through securities and non-agency RMBS, will be subject to default and other risks, which may adversely affect our results of operations and financial condition.***

Our investments in RMBS are subject to the risks of defaults, foreclosure timeline extension, fraud, home price depreciation and unfavorable modification of loan principal amount, interest rate and amortization of principal accompanying the underlying residential mortgage loans. To the extent that assets underlying our investments are concentrated geographically, by property type or in certain other respects, we may be subject to certain of the foregoing risks to a greater extent. In the event of defaults on the residential mortgage loans that underlie our investments in RMBS and the exhaustion of any underlying or any additional credit support, we may not realize our anticipated return on our investments and we may incur a loss on these investments. We may also acquire non-agency RMBS, which are backed by residential property but, in contrast to agency RMBS, their principal and interest are not guaranteed by federally chartered entities such as the Fannie Mae and Freddie Mac. In addition, we may invest in government mortgage pass-through securities, which represent participation interests in pools of residential mortgage loans purchased from individual lenders by a federal agency or originated by private lenders and guaranteed by a federal agency, including those issued or guaranteed by Fannie Mae and Freddie Mac. Fannie Mae and Freddie Mac certificates are not backed by the full faith and credit of the United States, but the issuing agency or instrumentality has the right to borrow to meet its obligations from an existing line of credit with the U.S. Treasury. The U.S. Treasury has no legal obligation to provide such line of credit and may choose not to do so.

***We will face risks related to our investments in collateralized debt obligations.***

We may also invest from time to time in collateralized debt obligations ("CDOs"). CDOs include, among other things, collateralized loan obligations ("CLOs") and other similarly structured securities. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. For CLOs, the cash flows from the trust are split into two or more portions, called tranches. CLO tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults and aversion to CLO securities as a class. The risks of an investment in a CDO depend largely on the type of the collateral and the class of the CDO in which we invest.

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Normally, CLOs and other CDOs are privately offered and sold, and thus are not registered under the securities laws. As a result, certain investments in CDOs may be characterized as illiquid securities, and volatility in CLO and CDO trading markets may cause the value of these investments to decline. Moreover, if the underlying mortgage portfolio has been overvalued by the originator, or if the values subsequently decline and, as a result, less collateral value is available to satisfy interest and principal payments and any other fees in connection with the trust or other conduit arrangement for such securities, we may incur significant losses. Also, with respect to the CLOs and CDOs in which we may invest, control over the related underlying loans will be exercised through a special servicer or collateral manager designated by a "directing certificate holder" or a "controlling class representative," or otherwise pursuant to the related securitization documents. We may acquire classes of CLOs or CDOs for which we may not have the right to appoint the directing certificate holder or otherwise direct the special servicing or collateral management. With respect to the management and servicing of those loans, the related special servicer or collateral manager may take actions that could adversely affect our interests. In addition to the risks associated with debt instruments (e.g., interest rate risk and credit risk), CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments, (ii) the quality of the collateral may decline in value or default, (iii) the possibility that we may invest in CDOs that are subordinate to other classes and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.

***We may invest in real estate corporate debt, which consists of secured and unsecured obligations issued by companies in the business of owning and/or operating real estate related businesses.***

We may invest in corporate debt obligations of varying maturities issued by U.S. and foreign corporations and other business entities, which may include loans, corporate bonds, debentures, notes and other similar corporate debt instruments, including convertible securities. Bonds are fixed- or variable-rate debt obligations, including bills, notes, debentures, money market instruments and similar instruments and securities. Corporate debt is generally used by corporations and other issuers to borrow money from investors. The issuer pays the investor a rate of interest and normally must repay the amount borrowed on or before maturity. The rate of interest on corporate debt may be fixed, floating or variable, and may vary inversely with respect to a reference rate. The rate of return or return of principal on some debt obligations may be linked or indexed to the level of exchange rates between the U.S. dollar and a foreign currency or currencies. Debt instruments may be acquired with warrants attached. Certain bonds are "perpetual" in that they have no maturity date.

Our investments in real estate related corporate credit will be subject to a number of risks, including interest rate risk, credit risk, high yield risk, issuer risk, foreign (non-U.S.) investment risk, inflation/deflation risk, liquidity risk, smaller company risk and management risk. We generally will not have direct recourse to real estate assets owned or operated by the issuers of the corporate debt obligations that we invest in and the value of such corporate debt obligations may be impacted by numerous factors and may not be closely tied to the value of the real estate held by the corporate issuer.

***We may invest in structured products or similar products that may include structural and legal risks.***

We may invest from time to time in structured products, including pools of mortgages, loans and other real estate related securities. These investments may include debt securities issued by a private investment fund that invests, on a leveraged basis, in bank loans, high-yield debt or other asset groups, and certificates issued by a structured investment vehicle that holds pools of commercial mortgage loans. We may also invest in credit risk transfer notes that, while not structured products, face similar risks as structured products because they are debt securities issued by governmental agencies but their value depends in part on a pool of mortgage loans. Our investments in structured products will be subject to a number of risks, including risks related to the fact that the structured products will be leveraged, and other structural and legal risks related thereto. Utilization of leverage is a speculative investment technique and will generally magnify the opportunities for gain and risk of loss borne by an investor investing in the subordinated debt securities. Many structured products contain covenants designed to protect the providers of debt financing to such structured products. A failure to satisfy those covenants could result in the untimely liquidation of the structured product and a complete loss of our investment therein. In addition, if the particular structured product is invested in a security in which we are also invested, this would tend to increase our overall exposure to the credit of the issuer of such securities, at least on an absolute, if not on a relative basis. The value of an investment in a structured product will depend on the investment performance of the assets in which the structured product invests and will, therefore, be subject to all of the risks associated with an investment in those assets. These risks include the possibility of a default by, or bankruptcy of, the issuers of such assets or a claim that the pledging of collateral to secure any such asset constituted a fraudulent conveyance or preferential transfer that can be subordinated to the rights of other creditors of the issuer of such asset or nullified under applicable law.

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***We may invest in high-yield debt, which is subject to more risk than higher-rated securities.***

Debt instruments that are, at the time of purchase, rated below investment grade (below Baa by Moody's and below BBB by S&P and Fitch), rated at an equivalent rating assigned by another nationally recognized statistical rating organization or unrated but judged by our Adviser to be of comparable quality are commonly referred to as "high-yield" securities.

Investments in high-yield securities generally provide greater income and increased opportunity for capital appreciation than investments in higher-quality securities, but they also typically entail greater price volatility and principal and income risk, including the possibility of issuer default and bankruptcy. High-yield securities are regarded as predominantly speculative with respect to the issuer's continuing ability to meet principal and interest payments. Debt instruments in the lowest investment grade category also may be considered to possess some speculative characteristics by certain rating agencies. In addition, analysis of the creditworthiness of issuers of high-yield securities may be more complex than for issuers of higher quality securities.

High-yield securities may be more susceptible to real or perceived adverse economic and competitive industry conditions than investment-grade securities. A projection of an economic downturn or of a period of rising interest rates, for example, could cause a decline in high-yield security prices because the advent of a recession could lessen the ability of an issuer to make principal and interest payments on its debt obligations. If an issuer of high-yield securities defaults, in addition to risking non-payment of all or a portion of interest and principal, we may incur additional expenses to seek recovery. The market prices of high-yield securities structured as zero-coupon, step-up or payment-in-kind securities will normally be affected to a greater extent by interest rate changes, and therefore tend to be more volatile than the prices of securities that pay interest currently and in cash.

The secondary market on which high-yield securities are traded may be less liquid than the market for investment grade securities. Less liquidity in the secondary trading market could adversely affect the price at which we could sell a high-yield security, and could adversely affect the NAV of our shares. Adverse publicity and investor perceptions, whether or not based on fundamental analysis, may decrease the values and liquidity of high-yield securities, especially in a thinly traded market. When secondary markets for high-yield securities are less liquid than the market for investment-grade securities, it may be more difficult to value the securities because such valuation may require more research, and elements of judgment may play a greater role in the valuation because there is less reliable, objective data available. During periods of thin trading in these markets, the spread between bid and asked prices is likely to increase significantly, and we may have greater difficulty selling our portfolio securities. We will be more dependent on our Adviser's research and analysis when investing in high-yield securities.

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***We may invest in equity securities of real estate owners, which is subordinate to any indebtedness of such owners.***

We may invest from time to time in non-controlling preferred equity positions, common equity and other equity securities issued by real estate companies. Preferred equity investments generally rank junior to all existing and future indebtedness, including commercial mezzanine and mortgage loans, but rank senior to the owners' common equity. Preferred equity investments typically pay a dividend rather than interest payments and often have the right for such dividends to accrue if there is insufficient cash flow to pay currently. These interests are not secured by the underlying real estate, but upon the occurrence of a default, the preferred equity provider typically has the right to effectuate a change of control with respect to the ownership of the property. In addition, equity investments may be illiquid or have limited liquidity due to lock-out periods, limited trading volume or other limitations or prohibitions against their transfer, sale, pledge or disposition, including any necessary registration with the SEC requiring coordination with the issuer for the sale of such securities. Our investments in equity securities issued by real estate companies will involve risks relating to the particular issuer of the equity securities, including the financial condition and business outlook of the issuer. Issuers of real estate related equity securities are subject to their own operating and other expenses and may be subject to a management fee and performance-based compensation (e.g., promote), which we as equity holders will indirectly bear. Issuers of real estate related equity securities generally invest in real estate or real estate related securities and are subject to the inherent risks associated with real estate discussed in "—General Risks Related to Investments in Real Estate."

***We may invest in equity of other REITs that invest in real estate or real estate debt as one of their core businesses and other real estate related companies, which subjects us to certain risks including those risks associated with an investment in our own common stock.***

REITs that invest primarily in real estate or real estate debt are subject to the risks of the real estate market, the real estate debt market and the securities market. REITs are dependent upon specialized management skills, have limited diversification and are, therefore, subject to risks inherent in financing a limited number of projects. REITs may be subject to management fees and other expenses. When we invest in REITs, we will bear our proportionate share of the costs of the REITs' operations. Investing in REITs and real estate related companies involves certain unique risks in addition to those risks associated with investing in the real estate industry in general. The market value of REIT shares and the ability of the REIT to distribute income may be adversely affected by several factors, including the risks described herein that relate to an investment in our common stock. REITs depend generally on their ability to generate cash flow to make distributions to shareholders, and certain REITs have self-liquidation provisions by which mortgages held may be paid in full and distributions of capital returns may be made at any time. In addition, distributions received by us from REITs may consist of dividends, capital gains and/or return of capital. Generally, dividends received by us from REIT shares and distributed to our stockholders will not constitute "qualified dividend income" eligible for the reduced tax rate applicable to qualified dividend income. In addition, the performance of a REIT may be affected by changes in the tax laws or by its failure to qualify for tax-free pass-through of income.

REITs (especially mortgage REITs) are also subject to interest rate risk. Rising interest rates may cause REIT investors to demand a higher annual yield, which may, in turn, cause a decline in the market price of the equity securities issued by a REIT.

Investing in certain REITs and real estate related companies, which often have small market capitalizations, may also involve the same risks as investing in other small capitalization companies. REITs and real estate related companies may have limited financial resources, and their securities may trade less frequently and in limited volume and may be subject to more abrupt or erratic price movements than larger company securities.

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***We may invest in derivatives, which involve numerous risks.***

The ability to successfully use derivative investments depends on the ability of our Adviser. The skills needed to employ derivatives strategies are different from those needed to select portfolio investments and, in connection with such strategies, our Adviser must make predictions with respect to market conditions, liquidity, market values, interest rates or other applicable factors, which may be inaccurate. The use of derivative investments may require us to sell or purchase portfolio investments at inopportune times or for prices below or above the current market values, may limit the amount of appreciation we can realize on an investment or may cause us to hold a security that we might otherwise want to sell. We will also be subject to credit risk with respect to the counterparties to our derivatives contracts (whether a clearing corporation in the case of exchange-traded instruments or another third party in the case of over-the-counter instruments). In addition, the use of derivatives will be subject to additional unique risks associated with such instruments including a lack of sufficient asset correlation, heightened volatility in reference to interest rates or prices of reference instruments and duration/term mismatch, each of which may create additional risk of loss.

***We may face risks associated with short sales.***

Our use of short sales for investment and/or risk management purposes subjects us to risks associated with selling short. We may engage in short sales where we do not own or have the right to acquire the security sold short at no additional cost. Our loss on a short sale theoretically could be unlimited in a case where we are unable, for whatever reason, to close out a short position.

Our short selling strategies may limit our ability to benefit from increases in the markets. Short selling also involves a form of financial leverage that may exaggerate any losses. Also, there is the risk that the counterparty to a short sale may fail to honor its contractual terms, causing a loss to us. Finally, the SEC, the Financial Industry Regulatory Authority, Inc. ("FINRA") or other regulations relating to short selling may restrict our ability to engage in short selling.

***We may make open market purchases or invest in traded securities.***

We have the ability to invest in securities that are traded (publicly or through other active markets (including through private transactions)) and are, therefore, subject to the risks inherent in investing in traded securities. When investing in traded securities, we may be unable to obtain financial covenants or other contractual governance rights, including management rights that we might otherwise be able to obtain in making privately negotiated investments. Moreover, we may not have the same access to information in connection with investments in traded securities, either when investigating a potential investment or after making the investment, as compared to privately negotiated investments. Furthermore, we may be limited in our ability to make investments, and to sell existing investments, in traded securities because our Adviser may be deemed to have material, non-public information regarding the issuers of those securities or as a result of other internal policies or requirements. The inability to sell traded securities in these circumstances could materially adversely affect the investment results. In addition, securities acquired of a public company may, depending on the circumstances and securities laws of the relevant jurisdiction, be subject to lock-up periods.

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***Failure to obtain and maintain an exemption from being regulated as a commodity pool operator could subject us to additional regulation compliance requirements that could materially adversely affect our business, results of operations and financial condition.***

Registration with the U.S. Commodity Futures Trading Commission (the "CFTC") as a "commodity pool operator" or any change in our operations (including, without limitation, any change that causes us to be subject to certain specified covered statutory disqualifications) necessary to maintain our ability to rely upon the exemption from being regulated as a commodity pool operator could adversely affect our ability to implement our investment program, conduct our operations or achieve our objectives and subject us to certain additional costs, expenses and administrative burdens. Furthermore, any determination by us to cease or to limit entering into hedging transactions that may be treated as "commodity interests" in order to comply with the regulations of the CFTC may have a material adverse effect on our ability to implement our investment objectives and to hedge risks associated with our operations.

## Risks Related to Debt Financing
***We incur mortgage indebtedness and other borrowings, which increases our financial risks, could hinder our ability to make distributions and could decrease the value of your investment.***

The acquisition of investment properties may be financed in substantial part by borrowing, which increases our exposure to loss. Under our charter, we have a limitation that precludes us from borrowing in excess of 300% of our net assets, which approximates borrowing 75% of the cost of our investments (unless a majority of our independent directors approves any borrowing in excess of the limit and we disclose the justification for doing so to our stockholders), but such restriction does not restrict the amount of indebtedness we may incur with respect to any single investment. Our target leverage ratio after our ramp-up period is approximately 50% to 60%. Our leverage ratio is measured by dividing (i) consolidated property-level and entity-level debt net of cash and loan-related restricted cash, by (ii) the asset value of real estate investments (measured using the greater of fair market value and cost) plus the equity in our real estate related securities portfolio. See Item 1, "Business—Borrowing Policies." We may exceed our target leverage ratio, particularly during a market downturn or in connection with a large acquisition. The use of leverage involves a high degree of financial risk and will increase the exposure of the investments to adverse economic factors such as rising interest rates, downturns in the economy or deteriorations in the condition of the investments. Principal and interest payments on indebtedness (including mortgages having "balloon" payments) will have to be made regardless of the sufficiency of cash flow from the properties. Our investments will be impaired by a smaller decline in the value of the properties than would be the case if our properties were owned with a smaller amount of debt.

We may incur or increase our mortgage debt by obtaining loans secured by a portfolio of some or all of the real estate acquired and may borrow under mortgages on properties after they are acquired. Depending on the level of leverage and decline in value, if mortgage payments are not made when due, one or more of the properties may be lost (and our investment therein rendered valueless) as a result of foreclosure by the mortgagee. A foreclosure may also have substantial adverse tax consequences for us.

Many of these same issues also apply to credit facilities which are expected to be in place at various times as well. For example, the loan documents for such facilities may include various coverage ratios, the continued compliance with which may not be completely within our control. If such coverage ratios are not met, the lenders under such credit facilities may declare any unfunded commitments to be terminated and declare any amounts outstanding to be due and payable. We may also rely on short-term financing that would be especially exposed to changes in availability.

Although borrowings by us have the potential to enhance overall returns that exceed our cost of funds, they will further diminish returns (or increase losses on capital) to the extent overall returns are less than our cost of funds. As a result, the possibilities of profit and loss are increased. Borrowing money to purchase properties exposes us to greater market risks and higher current expenses.

***Inability to access funding could have a material adverse effect on our results of operations, financial condition and business.***

Our results of operations, financial condition and business may be impacted by our ability to secure bank credit facilities (including term loans and revolving facilities) and derivative instruments, in addition to transaction or asset specific funding arrangements, on acceptable terms. We may also rely on short-term financing that would be especially exposed to changes in availability. Our access to sources of financing will depend upon a number of factors, over which we have little or no control, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•general economic or market conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the market's view of the quality of our assets;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the market's perception of our growth potential; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our current and potential future earnings and cash distributions.

We may need to periodically access the capital markets to, among other things, raise cash to fund new investments, fund repurchases under our share repurchase plan and for other corporate purposes. Unfavorable economic conditions or capital market conditions may increase our funding costs, limit our access to the capital markets or could result in a decision by our potential lenders not to extend credit. An inability to successfully access the capital markets could limit our ability to grow our business and fully execute our business strategy and could decrease our earnings and liquidity. In addition, any dislocation or weakness in the capital and credit markets could adversely affect our lenders and could cause one or more of our lenders to be unwilling or unable to provide us with financing or to increase the costs of that financing. In addition, as regulatory capital requirements imposed on our lenders are increased, they may be required to limit, or increase the cost of, financing they provide to us. In general, this could potentially increase our financing costs and reduce our liquidity or require us to sell assets at an inopportune time or price. We cannot make assurances that we will be able to obtain financing on favorable terms or at all.

***We may encounter adverse changes in the credit markets.***

Any adverse changes in the global credit markets could make it more difficult for us to obtain favorable financing. Our ability to generate attractive investment returns for our stockholders will be adversely affected to the extent we are unable to obtain favorable financing terms. If we are unable to obtain favorable financing terms, we may not be able to adequately leverage our portfolio, may face increased financing expenses or may face increased restrictions on our investment activities, any of which would negatively impact our performance.

***In certain cases, financings for our properties may be recourse to us.***

Generally, commercial real estate financings are structured as non-recourse to the borrower, which limits a lender's recourse to the property pledged as collateral for the loan, and not the other assets of the borrower or to any parent of borrower, in the event of a loan default. However, lenders customarily will require that a creditworthy parent entity enter into so-called "recourse carveout" guarantees to protect the lender against certain bad-faith or other intentional acts of the borrower in violation of the loan documents. A "bad boy" guarantee typically provides that the lender can recover losses from the guarantors for certain bad acts, such as fraud or intentional misrepresentation, intentional waste, willful misconduct, criminal acts, misappropriation of funds, voluntary incurrence of prohibited debt and environmental losses sustained by lender. In addition, "bad boy" guarantees typically provide that the loan will be a full personal recourse obligation of the guarantor, for certain actions, such as prohibited transfers of the collateral or changes of control and voluntary bankruptcy of the borrower. Financing arrangements with respect to our investments will generally require "bad boy" guarantees from us and in the event that such a guarantee is called, our assets could be adversely affected. Moreover, our "bad boy" guarantees could apply to actions of the joint venture partners associated with our investments. Although our Adviser expects to negotiate indemnities from such joint venture partners to protect against such risks, there remains the possibility that the acts of such joint venture partner could result in liability to us under such guarantees.

***If we draw on a line of credit to fund repurchases or for any other reason, our financial leverage ratio could increase beyond our target.***

We may seek to obtain lines of credit in an effort to provide for a ready source of liquidity for any business purpose, including to fund repurchases of shares of our common stock. There can be no assurances that we will be able to borrow under or maintain our lines of credit or obtain additional lines of credit on financially reasonable terms. In addition, we may not be able to obtain lines of credit of an appropriate size for our business. If we borrow under a line of credit to fund repurchases of shares of our common stock, our financial leverage will increase and may exceed our target leverage ratio. Our leverage may remain at the higher level until we receive additional net proceeds from our continuous offering or generate sufficient operating cash flow or proceeds from asset sales to repay outstanding indebtedness. In connection with a line of credit, distributions may be subordinated to payments required in connection with any indebtedness contemplated thereby.

***If we obtain variable rate financing in the future, increasing or sustained elevated interest rates could increase the amount of our loan payments and adversely affect our ability to make distributions to our stockholders.***

Interest we pay on our loan obligations will reduce cash available for distributions. In the future we will likely obtain variable rate loans, and as a result, increases in interest rates or sustained elevated interest rates could increase our interest costs, which could reduce our cash flows and our ability to make distributions to you. In addition, if we need to repay existing loans during periods of rising interest rates, we could be required to liquidate one or more of our investments at times that may not permit realization of the maximum return on such investments.

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***Volatility in the financial markets and challenging economic conditions could adversely affect our ability to secure debt financing on attractive terms and our ability to service or refinance any indebtedness that we may incur.***

The volatility of the credit markets could make it more difficult to obtain favorable financing for investments. During periods of volatility, which often occur during economic downturns, generally credit spreads widen, interest rates rise and investor demand for high-yield debt declines. These trends result in reduced willingness by investment banks and other lenders to finance new investments and deterioration of available terms. If the overall cost of borrowing increases, either by increases in the index rates or by increases in lender spreads, the increased costs may result in acquisitions generating lower overall economic returns and potentially reducing future cash flow available for distribution. Disruptions in the debt markets negatively impact our ability to borrow monies to finance the purchase of, or other activities related to, real estate assets. If we are unable to borrow monies on terms and conditions that we find acceptable, we likely will have to reduce the number of properties we can purchase, and the return on the properties we do purchase may be lower. In addition, we may find it difficult, costly or impossible to refinance indebtedness that is maturing. Moreover, to the extent that such marketplace events are not temporary, they could have an adverse impact on the availability of credit to businesses generally and could lead to an overall weakening of the U.S. economy.

***Increases in interest rates could increase the amount of our loan payments and adversely affect our ability to make distributions to our stockholders.***

Interest we pay on our loan obligations will reduce cash available for distributions. We have and will likely in the future obtain variable rate loans, and as a result, increases in interest rates could increase our interest costs, which could reduce our cash flows and our ability to make distributions. In addition, if we need to repay existing loans during periods of rising interest rates, we could be required to liquidate one or more of our investments at times that may not permit realization of the maximum return on such investments. There is uncertainty with respect to legal, tax and regulatory regimes in which we and our investments, as well as the Advisor and its affiliates, will operate. Any significant changes in, among other things, economic policy (including with respect to interest rates and foreign trade), the regulation of the investment management industry, tax law, immigration policy or government entitlement programs could have a material adverse impact on us and our investments.

***Lenders may require us to enter into restrictive covenants relating to our operations, which could limit our ability to make distributions to our stockholders.***

When providing financing, a lender may impose restrictions on us that affect our distribution and operating policies and our ability to obtain additional loans. Loan documents we enter into may contain covenants that limit our ability to further mortgage or dispose of the property or discontinue insurance coverage. In addition, loan documents may limit our ability to enter into or terminate certain operating or lease agreements related to the property. Loan documents may also require lender approval of certain actions and as a result of the lender's failure to grant such approval, we may not be able to take a course of action we deem most profitable. These or other limitations may adversely affect our flexibility and our ability to make distributions to you and the value of your investment.

***If we enter into financing arrangements involving balloon payment obligations, it may adversely affect stockholder returns.***

Some of our financing arrangements may require us to make a lump-sum or "balloon" payment at maturity. Our ability to make a balloon payment is uncertain and may depend upon our ability to obtain replacement financing or our ability to sell particular properties. At the time the balloon payment is due, we may or may not be able to refinance the balloon payment on terms as favorable as the original loan or sell the particular property at a price sufficient to make the balloon payment. Such a refinancing would be dependent upon interest rates and lenders' policies at the time of refinancing, economic conditions in general and the value of the underlying properties in particular. The effect of a refinancing or sale could affect the rate of return to stockholders and the projected time of disposition of our assets.

***Failure to hedge effectively against interest rate changes may materially adversely affect our results of operations and financial condition.***

Subject to any limitations required to qualify and maintain our qualification as a REIT, we may seek to manage our exposure to interest rate volatility by using interest rate hedging arrangements, such as interest rate cap or collar agreements and interest rate swap agreements. These agreements involve risks, such as the risk that counterparties may fail to honor their obligations under these arrangements and that these arrangements may not be effective in reducing our exposure to interest rate changes. These interest rate hedging arrangements may create additional assets or liabilities from time to time that may be held or liquidated separately from the underlying property or loan for which they were originally established. Hedging may reduce the overall returns on our investments. Failure to hedge effectively against interest rate changes may materially adversely affect our results of operations and financial condition.

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***We may enter into loans with cross-collateralization provisions, which may heighten the risk of a default on any particular loan and increase the risk of a loss in the value of your investment in us.***

We may enter into loans with cross-collateralization provisions that provide that a default under any obligation of a certain dollar threshold or more by us constitutes a default under the loan. If any of our future investments are foreclosed upon due to a default, our ability to pay distributions may be limited, which would have an adverse effect on your investment in us.

## Risks Related to our Relationship with our Adviser
***We depend on our Adviser to select our investments and otherwise conduct our business, and any material adverse change in its financial condition or our relationship with our Adviser could have a material adverse effect on our business and ability to achieve our investment objectives.***

Our success is dependent upon our relationship with, and the performance of, our Adviser in the acquisition and management of our investments and our corporate operations. Our Adviser may suffer adverse financial or operational problems in connection with its business and activities unrelated to us and over which we have no control. Should our Adviser fail to allocate sufficient resources to perform its responsibilities to us for any reason, we may be unable to achieve our investment objectives.

***The termination or replacement of our Adviser could trigger a repayment event under a mortgage loan for a property or a credit agreement governing a line of credit.***

Lenders may request provisions in mortgage loan documentation that would make the termination or replacement of our Adviser an event requiring the immediate repayment of the full outstanding balance of the loan. The termination or replacement of our Adviser could also trigger repayment of outstanding amounts under credit agreements that may govern lines of credit that we may obtain. If a repayment event occurs with respect to any of our properties, our results of operations and financial condition may be adversely affected.

***Our Adviser's inability to retain the services of key real estate professionals could hurt our performance.***

Our success depends to a significant degree upon the contributions of certain key real estate professionals employed by our Adviser, each of whom would be difficult to replace. There is increasing competition among alternative asset firms, financial institutions, private equity firms, investment advisors, investment managers, real estate investment companies, real estate investment trusts and other industry participants for hiring and retaining qualified investment professionals. Although certain senior executives of our Adviser are covered under key man insurance and/or employment agreements, there can be no assurance that such professionals will continue to be associated with us or our Adviser, particularly in light of our perpetual-life nature, or that replacements will perform well. If any of these persons were to cease their association with our Adviser, our operating results could suffer. Our future success depends, in large part, upon our Adviser's ability to attract and retain highly skilled managerial, operational, investment and marketing professionals. If our Adviser loses or is unable to obtain the services of highly skilled professionals, our ability to implement our investment strategies could be delayed or hindered.

***We do not own the EQT Exeter name, but we may use it as part of our corporate name pursuant to a trademark license agreement with our Sponsor. Use of the name by other parties or the termination of our trademark license agreement may harm our business.***

We have entered into a trademark license agreement ("Trademark License Agreement"), with our Sponsor (the "Licensor"), pursuant to which it grants us a fully paid-up, royalty-free, non-exclusive, non-transferable license to use the name "EQT Exeter Real Estate Income Trust, Inc." and the EQT EXETER trademark. The Trademark License Agreement grants us the right to use the EQT EXETER trademark for a term that continues in perpetuity unless termination occurs pursuant to the terms of the agreement. The parties may terminate the Trademark License Agreement by mutual agreement at any time. Licensor may terminate the Trademark License Agreement at any time upon 90 days' written notice, or upon 15 days' written notice if Licensor deems it necessary in order to settle any claim of infringement, unfair competition or similar claim, against Licensor and/or us, arising out of the use of the marks. Licensor may terminate the Trademark License Agreement if we materially breach any provisions of the agreement, provided that we shall have 30 days after receiving written notice from Licensor to cure such breach, and if we have not accomplished such cure to Licensor's satisfaction, then in Licensor's reasonable discretion, Licensor may terminate the agreement immediately upon further written notice to us. Licensor may immediately terminate the Trademark License Agreement in the event of our voluntary or involuntary insolvency, bankruptcy or liquidation of assets, without need for notice of termination. Licensor may immediately terminate the Trademark License Agreement in the event that the Advisory Agreement expires or is terminated. Licensor and its affiliates will retain the right to continue using the EQT EXETER trademark. We will further be unable to preclude the Licensor from licensing or transferring the ownership of the EQT EXETER trademark to third parties, some of whom may compete with us. Consequently, we will be unable to prevent any damage to goodwill that may occur as a result of the activities of the Licensor, our

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Adviser or others. Furthermore, in the event that the Trademark License Agreement is terminated, we will be required to, among other things, change our name. Any of these events could disrupt our recognition in the marketplace, damage any goodwill we may have generated and otherwise harm our business.

## Risks Related to Conflicts of Interest
***We pay our Adviser, the Dealer Manager and their affiliates fees, which could lead to conflicts of interest.***

Our Adviser, the Dealer Manager and their affiliates receive substantial fees from us, which fees were not negotiated at arm's length. Such fees could influence our Adviser's advice to us as well as the judgment of its affiliates, some of whom also serve as our executive officers and our directors. Among other matters, these compensation arrangements could affect their judgment with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the continuation, renewal or enforcement of our agreements with our Adviser and its affiliates, including the Advisory Agreement, the Dealer Manager Agreement, property management and leasing agreements, and development and construction agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•equity offerings by us, including using our securities to acquire portfolios or other companies, which would entitle our Adviser to additional management fees, which are based on our aggregate NAV irrespective of stockholder returns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the recommendation of higher-yielding but riskier investments, which may be encouraged by the Special Limited Partner's performance participation interest in our Operating Partnership, which is based on our total distributions plus the change in NAV per share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•recommendations to our board of directors with respect to developing, overseeing, implementing, coordinating and determining our NAV and our NAV procedures, the provision of forward-looking property-level information to the Independent Valuation Advisor or the decision to adjust the value of certain of our assets or liabilities in connection with the determination of our NAV, especially given that the advisory fees we pay our Adviser, the Special Limited Partner's performance participation interest and the fees we pay the Dealer Manager are based on our NAV;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•redemptions, which have the effect of reducing management fees payable to our Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•asset sales, which have the effect of reducing management fees if the proceeds are distributed to our stockholders rather than reinvested; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•whether we engage affiliates of our Adviser for other services, which affiliates may receive fees in connection with the services regardless of the quality of the services provided to us.

These conflicts of interest may not be resolved in our favor.

***Our Adviser and its affiliates have interests in other programs or accounts sponsored, advised or managed by our Adviser or its affiliates, which gives rise to conflicts of interest.***

Our Adviser and its affiliates sponsor, advise or manage Other EQT Real Estate Accounts. All of our executive officers and our affiliated directors are also officers, directors, managers and/or key professionals of and/or holders of direct or indirect interests in (i) our Adviser, (ii) other affiliated investment advisers that are the sponsor, adviser or manager of Other EQT Real Estate Accounts, or (iii) Other EQT Real Estate Accounts. Our Adviser and its affiliates have legal and financial obligations with respect to Other EQT Real Estate Accounts sponsored, advised or managed by them. In the future, our Adviser and its affiliates are expected to sponsor, advise and manage Other EQT Real Estate Accounts.

Conflicts of interest may arise between us and the current and future Other EQT Real Estate Accounts sponsored, advised or managed by our Adviser and its affiliates, including with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the allocation of investment opportunities among Other EQT Real Estate Accounts sponsored, advised or managed by our Adviser and its affiliates (see "—Certain Other EQT Real Estate Accounts have similar or overlapping investment objectives and guidelines, and we will not be allocated certain opportunities" below);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the allocation of personnel and time among Other EQT Real Estate Accounts sponsored, advised or managed by our Adviser and its affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the acquisition of assets from, or the sale of assets to, Other EQT Real Estate Accounts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•competition from Other EQT Real Estate Accounts for tenants when leasing a property, for purchasers when selling an asset or for service providers.

These conflicts of interest could result in decisions that are less favorable to us than they otherwise would be.

***Certain Other EQT Real Estate Accounts have similar or overlapping investment objectives and guidelines, and we will not be allocated certain opportunities.***

We rely on our Adviser to present investment opportunities to us. Our Adviser and its affiliates also sponsor, advise and manage Other EQT Real Estate Accounts. While our Adviser believes our investment objectives, guidelines and strategy are generally distinct from Other EQT Real Estate Accounts, there will be overlap of real property and real estate related securities investment opportunities with certain Other EQT Real Estate Accounts that are actively investing and similar overlap with future Other EQT Real Estate Accounts. This overlap could create conflicts of interest, which our Adviser and its affiliates will seek to manage in a fair and reasonable manner in their sole discretion in accordance with their prevailing policies and procedures.

With respect to Other EQT Real Estate Accounts with investment objectives or guidelines that overlap with ours but that do not have priority over us, investment opportunities will be allocated among us and one or more Other EQT Real Estate Accounts in accordance with our Adviser's prevailing policies and procedures on a basis that our Adviser and its affiliates determine to be fair and reasonable in their sole discretion, subject to the following considerations: (i) any applicable investment objectives of ours and such Other EQT Real Estate Accounts (which, for us, includes our primary objective of providing attractive current income in the form of regular, stable cash distributions), (ii) any investment limitations, parameters or contractual provisions of ours and such Other EQT Real Estate Accounts (e.g., a joint venture between us and an Other EQT Real Estate Account must be approved by a majority of our directors (including a majority of our independent directors) as being fair and reasonable to us and on substantially the same, or more favorable, terms and conditions as those received by other joint venture partners), (iii) the sector, geography/location, expected return profile, expected distribution rates, anticipated cash flows, expected stability or volatility of cash flows, leverage profile, risk profile and other features of the applicable investment opportunity and its impact on portfolio concentration and diversification, (iv) maintaining structuring and financing flexibility, (v) legal, tax, accounting and regulatory considerations, (vi) any other requirements or considerations set forth in the governing documents of any Other EQT Real Estate Account and (vii) other considerations deemed relevant by our Adviser and its affiliates (including, without limitation, qualifying and maintaining our qualification as a REIT and our ability to avoid registration as an investment company under the Investment Company Act).

Currently, Other EQT Real Estate Accounts invest in "core+" real estate assets in the United States (which are generally substantially stabilized assets, but typically with shorter lease durations and higher return targets than we will target), with a focus on major U.S. markets. Additionally, in the future, our Adviser may launch Other EQT Real Estate Accounts that will focus on industrial, office and multi-family investments in major U.S. markets (collectively, the current and future accounts with similar investment strategies, the "Private Core+ Accounts").

Our Adviser believes there likely will be limited overlap of investment opportunities for us and the Private Core+ Accounts because of our primary investment objective of providing current income. Further, the Private Core+ Accounts are structured in finite life closed-end vehicles that are intended to aggregate portfolios for sale once value has been achieved through improved operations at the asset level. Accordingly, the success of the Private Core+ Accounts are determined more by equity appreciation than our primary objective of providing less volatile risk-adjusted returns driven by current income.

To the extent an investment satisfies the investment objectives of us and the Private Core+ Accounts on the same terms, such investment will be allocated in accordance with our Adviser's prevailing policies and procedures described above (including maintaining our ability to avoid registration as an investment company under the Investment Company Act). To the extent we acquire properties through joint ventures with Other EQT Real Estate Accounts, such investments will be allocated as described above, and we may be allocated interests in such joint ventures that are smaller than the interests of the Other EQT Real Estate Accounts. Generally, the level of control we have with respect to any joint venture will correspond to our economic interest in such joint venture.

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Furthermore, certain of the Other EQT Real Estate Accounts that invest in "value-add" real estate and real estate related assets in the United States (which often are undermanaged assets and with higher potential for equity appreciation) have priority over us with respect to such investment opportunities (together with future accounts with similar investment strategies, the "Select Value-Add EQT Real Estate Accounts"). As of December 31, 2025, there is one Select Value-Add EQT Real Estate Account currently investing in real estate in the United States. No Other EQT Real Estate Accounts other than the Select Value-Add EQT Real Estate Account have priority over us with respect to investment opportunities.

Our Adviser and its affiliates will calculate available capital, weigh the factors described above (which will not be weighted equally) and make other investment allocation decisions in accordance with their prevailing policies and procedures in their sole discretion. The manner in which our available capital is determined may differ from, or subsequently change with respect to, Other EQT Real Estate Accounts. The amounts and forms of leverage utilized for investments will also be determined by our Adviser and its affiliates in their sole discretion, subject to the limitations of our charter and oversight of our board of directors. There is no assurance that any conflicts arising out of the foregoing will be resolved in our favor. Our Adviser is entitled to amend its policies and procedures at any time without prior notice or our consent.

***Our Adviser faces a conflict of interest because the fees it receives for services performed are based in part on our NAV, which our Adviser is ultimately responsible for determining.***

We (and, to the extent that the Operating Partnership issues Operating Partnership units to parties other than us, the Operating Partnership) will pay our Adviser a management fee based on our NAV, excluding the NAV of the Class E shares and Class E units which are not subject to the management fee. In addition, the Special Limited Partner, an affiliate of our Adviser, is entitled to receive distributions on its performance participation interest in the Operating Partnership based on the Operating Partnership's annualized total return, which is calculated based upon our total distributions paid plus the change in the Operating Partnership's NAV, excluding the distributions and NAV attributable to the Class E units which are not subject to the performance participation. Although third-party appraisals will be utilized in the calculation of our NAV, such appraisals will be based in part on information and estimates provided by our Adviser. Other components of our NAV will also be based on the subjective judgments of personnel of our Adviser. Therefore, there is a risk that conflicts of interest could influence the fees payable to our Adviser and the distributions payable to the Special Limited Partner.

***Our Adviser and its employees and affiliates may invest for their own accounts.***

Our Adviser and its employees and affiliates may engage in investment activities for their personal accounts, which may involve the purchase and sale of securities that are the same as, but in different concentrations or effectuated at different times and prices than, those purchased or sold by us. However, since entering into new or augmented positions of most publicly traded equity and debt securities (and options, futures and derivatives thereon) is generally prohibited under our Adviser's Code of Ethics, the aforementioned activities would generally only occur when there is a sale of a security that was either entered into prior to an employee's start date or previously pre-approved prior to the date when the policy that effected the prohibition was implemented. In addition, they may also involve the purchase and sale of securities that are different from those purchased by us. Additionally, our Adviser's principals, employees and other affiliates may engage in limited investment activities, which may from time to time involve passive investments in companies or funds that may have dealings with our Adviser.

***Our Adviser may come into possession of information that may restrict our trading ability and that may not be provided to us.***

Our Adviser is a global institutional real estate operator and investment fund manager that manages multiple investment strategies for Other EQT Real Estate Accounts. As part of its investment advisory activities, our Adviser and its affiliates sometimes come into possession of material non-public or price-sensitive information regarding other issuers, including both public and private companies, information that it will be prohibited from using for our benefit. This may occur, for example, if our Adviser obtains material, non-public information or enters into a nondisclosure agreement if it is contemplating a transaction in furtherance of certain investment strategies. Our Adviser may therefore be precluded from effecting transactions in issuers for our account as a result of the receipt of confidential or material, non-public information in furtherance of strategies on behalf of Other EQT Real Estate Accounts.

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***The financial or other benefits received by our Adviser from us may be less than such benefits received by our Adviser from Other EQT Real Estate Accounts.***

A conflict of interest arises where the financial or other benefits available to our Adviser or its affiliates differ among the programs and accounts that it manages. If the amount or structure of the management fee, the Special Limited Partner's performance participation interest and/or our Adviser's or its affiliates' compensation differs among programs and accounts (such as where certain funds or accounts pay higher base management fees, incentive fees, performance-based management fees or other fees), our Adviser or its affiliates might be motivated to help certain programs or accounts over others. Similarly, the desire to maintain assets under management or to enhance our Adviser's performance record or to derive other rewards, financial or otherwise, could influence our Adviser or its affiliates in affording preferential treatment to those programs or accounts that could most significantly benefit our Adviser or its affiliates. Our Adviser may, for example, have an incentive to allocate favorable or limited opportunity investments or structure the timing of investments to favor certain programs or accounts. Additionally, our Adviser, our Sponsor or their affiliates might be motivated to favor other programs or accounts in which they have ownership interests. If an investment professional at our Adviser or its affiliates does not personally hold an investment in us but holds investments in other EQT Real Estate-affiliated vehicles, such investment professional's conflicts of interest with respect to us may be more acute.

***The fees we pay in connection with our offerings and the agreements we enter into with our Adviser, the Dealer Manager and their affiliates will not be determined on an arm's-length basis and therefore may not be on the same terms we could achieve from a third party.***

The compensation paid to our Adviser and the Dealer Manager for services they provide us and the Special Limited Partner's performance participation interest were not determined on an arm's-length basis. All service agreements, contracts or arrangements between or among our Adviser, the Dealer Manager and their affiliates and us will not be negotiated at arm's-length. Such agreements include our Advisory Agreement, the Operating Partnership's partnership agreement, the Dealer Manager Agreement, property management and leasing agreements, development and construction agreements and any property-related corporate services and other agreements we may enter into with affiliates of our Adviser from time to time.

***Our Adviser's management fee and the Special Limited Partner's performance participation interest may not create proper incentives or may induce our Adviser and its affiliates to make certain investments, including speculative investments, that increase the risk of our real estate portfolio.***

We (and, to the extent that the Operating Partnership issues Operating Partnership units to parties other than us, the Operating Partnership) will pay our Adviser a management fee based on our NAV, excluding the NAV of the Class E shares and Class E units which are not subject to the management fee, regardless of the performance of our portfolio. We are required to pay our Adviser a management fee in a particular period even if we experienced a net loss or a decline in the value of our portfolio during that period. Our Adviser's entitlement to a management fee, which is not based upon performance metrics or goals, might reduce its incentive to devote its time and effort to seeking investments that provide attractive risk-adjusted returns for our portfolio. Because the management fee is based on our NAV, our Adviser may also be motivated to accelerate acquisitions in order to increase NAV or, similarly, delay or curtail repurchases to maintain a higher NAV.

The Special Limited Partner, an affiliate of our Adviser, is entitled to receive distributions on its performance participation interest in the Operating Partnership based on the Operating Partnership's annualized total return, which is calculated based upon our total distributions paid plus the change in the Operating Partnership's NAV, excluding the distributions and NAV attributable to the Class E units which are not subject to the performance participation. The existence of the Special Limited Partner's performance participation interest in our Operating Partnership may create an incentive for our Adviser to recommend riskier or more speculative investments or to recommend us to use more leverage than it otherwise would. In addition, the change in NAV per share will be based on the value of our investments on the applicable measurement dates and not on realized gains or losses. As a result, the Special Limited Partner may receive distributions based on unrealized gains in certain assets at the time of such distributions and such gains may not be realized when those assets are eventually disposed of.

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***Our Adviser will consider client and other relationships and the reputation of our Adviser in managing us.***

Our Adviser has long-term relationships with many significant participants in the real estate and related financial markets, including institutional investors, tenants, lenders and government agencies. Some of these parties may directly or indirectly compete with us for investment opportunities. Institutional investors with which our Adviser has longstanding relationships may invest in other investment funds or real estate assets. Our Adviser considers these relationships in its management of us. In this regard, there may be certain investment opportunities or certain investment strategies that our Adviser does not undertake on our behalf in view of these relationships or refers to clients instead of referring to us. Our Adviser's advice and actions, with respect to any of its clients or proprietary accounts, may differ from the advice given, or may involve a different timing or nature of action taken, than with respect to us. Because of different objectives or other factors, a particular investment may be bought or sold by our Adviser or its investment funds, clients or the employees of our Adviser at a time when another one of these persons or entities is selling or purchasing such investment. Further, because of the importance of our Adviser's reputation, our Adviser may or may not take certain actions in order to protect or preserve such reputation. Our Adviser's consideration of these and other related factors give rise to various conflicts of interest, which may not be resolved in our favor.

***We may sell or purchase assets to or from our Adviser and its affiliates, and the conflicts of interest inherent in such transactions could result in terms that are less favorable to us than they would be if the transactions were not with a related party.***

We may sell or purchase assets to or from our Adviser and its affiliates. Although such transactions will be subject to the approval of a majority of our directors (including a majority of our independent directors) not otherwise interested in the transaction, there is still a risk that the conflicts of interest inherent in such transactions could result in terms that are less favorable to us than they would be if the transactions were not with a related party. This risk is heightened on account of our directors' reliance, at least in part, on our Adviser and its affiliates for information regarding the proposed and alternative transactions. The possibility of such related-party transactions makes an investment in our shares more speculative than it otherwise would be.

***Our Adviser will engage consultants, advisors and service providers on our behalf.***

Our Adviser and entities affiliated with our Adviser will provide certain accounting, administrative and other services to us, and may charge expenses to us for the provision of such services by their internal staff that will be in addition to the management fee payable by us to our Adviser.

Individual consultants or advisors (some of whom may be former employees of our Adviser) may be engaged by our Adviser on our behalf to provide consulting or advisory services to us. These consultants or advisors may not work exclusively for our Adviser or us. Compensation paid to these consultants or advisors for consulting/advisory services is generally borne by us, is not offset against the management fee paid to our Adviser and may include an annual fee and a discretionary performance-related bonus.

Our Adviser, on behalf of us and our investments, expects to engage service providers (including attorneys and consultants), some of which may also provide services to our Adviser and other programs or accounts managed by our Adviser or its affiliates. In addition, certain service providers to our Adviser, us and our investments may also be affiliates of our Adviser. These service providers may have business, financial, or other relationships with our Adviser or its employees, which may influence our Adviser's selection of these service providers for us or our investments.

***Our Adviser's personnel work on other projects and conflicts may arise in the allocation of personnel and personnel time between us and other projects.***

Our Adviser and its affiliates will devote such time as they determine to be necessary to conduct our business affairs in an appropriate manner. However, our Adviser's personnel, including members of the advisory committee, will work on other projects, serve on other committees (including boards of directors) and source potential investments for and otherwise assist other programs and accounts, including other programs and accounts to be developed in the future. Time spent on these other initiatives diverts attention from our activities, which could negatively impact us. Furthermore, our Adviser and our Adviser's personnel derive financial benefit from these other activities, including fees and performance-based compensation. Our Adviser's personnel share in the fees and performance-based compensation generated by other programs and accounts. These and other factors create conflicts of interest in the allocation of time by such personnel.

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***Our Adviser may have interests in recommending that we invest alongside Other EQT Real Estate Accounts and such interests could cause us to make acquisitions that we otherwise would not make.***

Our Adviser and its affiliates may become aware of investment opportunities that are too big for us or any Other EQT Real Estate Account to take on individually but which we and Other EQT Real Estate Accounts could acquire collectively. Our Adviser may have incentives to recommend that we invest in such an opportunity even if it would not be in our best interest in order that the Other EQT Real Estate Accounts not miss out on the opportunity and in order that our Adviser and its affiliates not miss out on the opportunity for higher fee income. The existence of Other EQT Real Estate Accounts and the possibility of investments alongside them, therefore, increases the risk that we may participate in an acquisition that is not in our best interest.

***Our board of directors has adopted a resolution that renounces our interest or expectancy with respect to business opportunities and competitive activities.***

Our board of directors has adopted a resolution that provides, subject to certain exceptions, that none of our Adviser or its affiliates, our directors or any person our directors control will be required to refrain directly or indirectly from engaging in any business opportunities, including any business opportunities in the same or similar business activities or lines of business in which we or any of our affiliates may from time to time be engaged or propose to engage, or from competing with us, and that we renounce any interest or expectancy in, or in being offered an opportunity to participate in, any such business opportunities, unless offered to a person expressly and solely in his or her capacity as one of our directors or officers. As a result, our potential investment opportunities may be reduced.

***Our Adviser will receive various kinds of information and data from us, which it may use without benefit to us.***

Our Adviser will receive or obtain various kinds of data and information from us, Other EQT Real Estate Accounts and portfolio companies, including data and information relating to business operations, trends, budgets, customers and other metrics, some of which is sometimes referred to as "big data." Our Adviser may enter into arrangements regarding information sharing and use with us, Other EQT Real Estate Accounts, portfolio companies, related parties and service providers which will give our Adviser access to (and rights regarding) data that it would not otherwise obtain in the ordinary course. Although our Adviser believes that these activities improve our Adviser's investment management activities on our behalf and on behalf of Other EQT Real Estate Accounts, information obtained from us also provides material benefits to our Adviser or Other EQT Real Estate Accounts without compensation or other benefit accruing to us or our stockholders.

Furthermore, except for contractual obligations to third parties to maintain confidentiality of certain information, and regulatory limitations on the use of material nonpublic information, our Adviser will generally be free to use data and information from our activities to assist in the pursuit of our Adviser's various other activities, including to trade for the benefit of our Adviser or an Other EQT Real Estate Account.

The sharing and use of "big data" and other information presents potential conflicts of interest, and any benefits received by our Adviser or its personnel (including fees, costs and expenses) will not offset our Adviser's management fee or otherwise be shared with investors. As a result, our Adviser has an incentive to pursue investments that generate data and information that can be utilized in a manner that benefits our Adviser or Other EQT Real Estate Accounts.

***We may be subject to potential conflicts of interest as a consequence of family relationships that our Adviser's employees have with other real estate professionals.***

Certain personnel and other professionals of our Adviser may have family members or relatives that are actively involved in industries and sectors in which we invest or may have business, personal, financial or other relationships with companies in such industries and sectors (including the advisors and service providers described herein) or other industries, which gives rise to potential or actual conflicts of interest. For example, such family members or relatives might be officers, directors, personnel or owners of companies or assets that are actual or potential investments of ours or our other counterparties and properties. Moreover, in certain instances, we may purchase or sell companies or assets from or to, or otherwise transact with, companies that are owned by such family members or relatives or in respect of which such family members or relatives have other involvement. In most such circumstances, we will not be precluded from undertaking any of these investment activities or transactions.

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***Other potential or actual conflicts of interest may arise, and these conflicts may not be identified or resolved in a manner favorable to us.***

Our Adviser has conflicts of interest, or conflicting loyalties, as a result of the numerous activities and relationships of our Adviser and the affiliates, partners, members, shareholders, officers, directors and employees of the foregoing, some of which are described herein. However, not all potential, apparent and actual conflicts of interest are included herein, and additional conflicts of interest could arise as a result of new activities, transactions or relationships commenced in the future. There can be no assurance that our board of directors or our Adviser will identify or resolve all conflicts of interest in a manner that is favorable to us.

*In addition to the risks related to conflicts of interests in this section, see "—Risks Related to Our Organizational Structure—The Dealer Manager has a limited operating history. The Dealer Manager may not be able to build and maintain a network of licensed broker-dealers, which failure could have a material adverse effect on our business and our public offering" and "—Risks Related to Our Organizational Structure—Our stockholders will not have the benefit of an independent due diligence review in connection with our offerings and, if a conflict of interest arises between us and our Adviser or the Dealer Manager, we may incur additional fees and expenses."*

## Risks Related to our REIT Status and Certain Other Tax Items
***If we do not qualify as a REIT, we will be subject to tax as a regular corporation and could face a substantial tax liability.***

We elected to be taxed as a real estate investment trust ("REIT") under the Internal Revenue Code of 1986, as amended (the "Code"), commencing with the taxable year ended December 31, 2024. However, qualification as a REIT involves the application of highly technical and complex Code provisions for which only a limited number of judicial or administrative interpretations exist. Notwithstanding the availability of cure provisions in the Code, we may fail to meet various compliance requirements, which could jeopardize our REIT status. Furthermore, new tax legislation, administrative guidance or court decisions, in each instance potentially with retroactive effect, could make it more difficult or impossible for us to qualify as a REIT. If we fail to qualify as a REIT in any tax year, then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•we would be taxed as a regular domestic corporation, which under current laws, among other things, means being unable to deduct distributions to stockholders in computing taxable income and being subject to federal income tax on our taxable income at regular corporate income tax rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any resulting tax liability could be substantial and could have a material adverse effect on our book value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•unless we were entitled to relief under applicable statutory provisions, we would be required to pay taxes, and therefore, our cash available for distribution to stockholders would be reduced for each of the years during which we did not qualify as a REIT and for which we had taxable income; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•we generally would not be eligible to requalify as a REIT for the subsequent four full taxable years.

***To qualify and maintain our qualification as a REIT, we may have to borrow funds on a short-term basis during unfavorable market conditions.***

To qualify and maintain our qualification as a REIT, we generally must distribute annually to our stockholders a minimum of 90% of our net taxable income, determined without regard to the dividends-paid deduction and excluding net capital gains. We will be subject to regular corporate income taxes on any undistributed REIT taxable income each year. Additionally, we will be subject to a 4% nondeductible excise tax on any amount by which distributions paid by us in any calendar year are less than the sum of 85% of our ordinary income, 95% of our capital gain net income and 100% of our undistributed income from previous years. Payments we make to our stockholders under our share repurchase plan will not be taken into account for purposes of these distribution requirements. If we do not have sufficient cash to make distributions necessary to preserve our REIT status for any year or to avoid taxation, we may be forced to borrow funds or sell assets even if the market conditions at that time are not favorable for these borrowings or sales. These options could increase our costs or reduce our equity.

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***Compliance with REIT requirements may cause us to forego otherwise attractive opportunities, which may hinder or delay our ability to meet our investment objectives and reduce your overall return.***

To qualify and maintain our qualification as a REIT, we are required at all times to satisfy tests relating to, among other things, the sources of our income, the nature and diversification of our assets, the ownership of our stock and the amounts we distribute to our stockholders. Compliance with the REIT requirements may impair our ability to operate solely on the basis of maximizing profits. For example, we may be required to make distributions to stockholders at disadvantageous times or when we do not have funds readily available for distribution.

***Compliance with REIT requirements may force us to liquidate or restructure otherwise attractive investments.***

To qualify and maintain our qualification as a REIT, at the end of each calendar quarter, at least 75% of the value of our assets must consist of cash, cash items, government securities and qualified real estate assets. The remainder of our investments in securities (other than qualified real estate assets and government securities) generally cannot include more than 10% of the voting securities (other than securities that qualify for the straight debt safe harbor) of any one issuer or more than 10% of the value of the outstanding securities of more than any one issuer unless we and such issuer jointly elect for such issuer to be treated as a "taxable REIT subsidiary" under the Code. Debt will generally meet the "straight debt" safe harbor if the debt is a written unconditional promise to pay on demand or on a specified date a certain sum of money, the debt is not convertible, directly or indirectly, into stock and the interest rate and the interest payment dates of the debt are not contingent on the profits, the borrower's discretion or similar factors. Additionally, no more than 5% of the value of our assets (other than government securities and qualified real estate assets) can consist of the securities of any one issuer, no more than 20% of the value of our assets may be represented by securities of one or more taxable REIT subsidiaries for taxable years ending on or before December 31, 2025 (for taxable years beginning after December 31, 2025, that percentage limit is increased from 20% to 25%), and no more than 25% of our assets may be represented by "nonqualified publicly offered REIT debt instruments." If we fail to comply with these requirements at the end of any calendar quarter, we must dispose of a portion of our assets within 30 days after the end of the calendar quarter or qualify for certain statutory relief provisions in order to avoid losing our REIT qualification and suffering adverse tax consequences. In order to satisfy these requirements and qualify and maintain our qualification as a REIT, we may be forced to liquidate assets from our portfolio or not make otherwise attractive investments. These actions could reduce our income and amounts available for distribution to our stockholders.

***Our charter does not permit any person or group to own more than 9.9% in value or number of shares, whichever is more restrictive, of our outstanding common stock or of our outstanding capital stock of all classes or series, and attempts to acquire our common stock or our capital stock of all other classes or series in excess of these 9.9% limits would not be effective without an exemption (prospectively or retroactively) from these limits by our board of directors.***

For us to qualify and maintain our qualification as a REIT under the Code, not more than 50% of the value of our outstanding stock may be owned, directly or indirectly, by five or fewer individuals (including certain entities treated as individuals for this purpose) during the last half of a taxable year. For the purpose of assisting our qualification as a REIT for U.S. federal income tax purposes, among other purposes, our charter prohibits beneficial or constructive ownership by any person or group of more than 9.9%, in value or number of shares, whichever is more restrictive, of the outstanding shares of our outstanding common stock, or 9.9% in value or number of shares, whichever is more restrictive, of our outstanding capital stock of all classes or series, which we refer to as the "Ownership Limit." The constructive ownership rules under the Code and our charter are complex and may cause shares of the outstanding common stock owned by a group of related persons to be deemed to be constructively owned by one person. As a result, the acquisition of less than 9.9% of our outstanding common stock or our capital stock by a person could cause another person to constructively own in excess of 9.9% of our outstanding common stock or our capital stock, respectively, and thus violate the Ownership Limit. There can be no assurance that our board of directors, as permitted in the charter, will not decrease this Ownership Limit in the future. Any attempt to own or transfer shares of our common stock or capital stock in excess of the Ownership Limit without the consent of our board of directors will result either in the shares in excess of the limit being transferred by operation of our charter to a charitable trust, and the person who attempted to acquire such excess shares not having any rights in such excess shares, or in the transfer being void.

The Ownership Limit may have the effect of precluding a change in control of us by a third party, even if such change in control would be in the best interests of our stockholders or would result in receipt of a premium to the price of our common stock (and even if such change in control would not reasonably jeopardize our REIT status). The exemptions to the ownership limit granted to date may limit our board of directors' power to increase the ownership limit or grant further exemptions in the future.

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***Non-U.S. holders may be subject to U.S. federal income tax upon their disposition of shares of our common stock or upon their receipt of certain distributions from us.***

A "non-U.S. holder" is a beneficial owner of our common stock that is neither a U.S. holder nor a partnership (or an entity treated as a partnership for U.S. federal income tax purposes). The term "U.S. holder" means a beneficial owner of our common stock that is for U.S. federal income tax purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a citizen or resident of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a corporation (or an entity treated as a corporation for U.S. federal income tax purposes) created or organized in or under the laws of the United States, any State thereof or the District of Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•an estate the income of which is subject to U.S. federal income taxation regardless of its source; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a trust if it (i) is subject to the primary supervision of a court within the United States and one or more U.S. persons have the authority to control all substantial decisions of the trust or (ii) has a valid election in effect under applicable Treasury regulations to be treated as a U.S. person.

If a partnership (or an entity treated as a partnership for U.S. federal income tax purposes) holds our common stock, the tax treatment of a partner will generally depend upon the status of the partner and the activities of the partnership. Partners of a partnership holding common stock should consult their advisors.

In addition to any potential withholding tax on ordinary dividends, a non-U.S. holder, other than a "qualified shareholder" or a "qualified foreign pension fund," that disposes of a "U.S. real property interest" ("USRPI") (which includes shares of stock of a U.S. corporation whose assets consist principally of USRPIs), is generally subject to U.S. federal income tax under the Foreign Investment in Real Property Tax Act of 1980, as amended ("FIRPTA"), on the amount received from such disposition. A qualified shareholder is a non-U.S. person that (i) either is eligible for the benefits of a comprehensive income tax treaty which includes an exchange of information program and whose principal class of interests is listed and regularly traded on one or more recognized stock exchanges (as defined in such comprehensive income tax treaty), or is a foreign partnership that is created or organized under foreign law as a limited partnership in a jurisdiction that has an agreement for the exchange of information with respect to taxes with the United States and has a class of limited partnership units representing greater than 50% of the value of all the partnership units that is regularly traded on the NYSE or NASDAQ markets, (ii) is a "qualified collective investment vehicle" (within the meaning of Section 897(k)(3)(B) of the Code), and (iii) maintains records on the identity of each person who, at any time during the foreign person's taxable year, is the direct owner of 5% or more of the class of interests or units (as applicable) described in (i), above. A qualified foreign pension fund is any trust, corporation, or other organization or arrangement (i) which is created or organized under the law of a country other than the United States, (ii) which is established (a) by such country (or one or more political subdivisions thereof) to provide retirement or pension benefits to participants or beneficiaries that are current or former employees (including self-employed individuals) or persons designated by such employees, as a result of services rendered by such employees to their employers or (b) by one or more employers to provide retirement or pension benefits to participants or beneficiaries that are current or former employees (including self-employed individuals) or persons designated by such employees in consideration for services rendered by such employees to such employers, (iii) which does not have a single participant or beneficiary with a right to more than 5% of its assets or income, (iv) which is subject to government regulation and with respect to which annual information reporting about its beneficiaries is provided, or is otherwise available, to the relevant tax authorities in the country in which it is established or operates, and (v) with respect to which, under the laws of the country in which it is established or operates, (a) contributions to such organization or arrangement that would otherwise be subject to tax under such laws are deductible or excluded from the gross income of such entity or arrangement or taxed at a reduced rate, or (b) taxation of any investment income of such organization or arrangement is deferred or such income is excluded from the gross income of such entity or arrangement or is taxed at a reduced rate.

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Such tax does not apply, however, to the disposition of stock in a REIT that is "domestically controlled." Generally, a REIT is domestically controlled if less than 50% of its stock, by value, has been owned directly or indirectly by non-U.S. persons during a continuous five-year period ending on the date of disposition or, if shorter, during the entire period of the REIT's existence. We cannot assure you that we will qualify as a domestically controlled REIT. Final Treasury regulations effective April 25, 2024 (the "Final Regulations") modify the existing prior tax guidance relating to the manner in which we determine whether we are a domestically controlled REIT. These regulations provide a look-through rule for our stockholders that are non-publicly traded partnerships, non-public REITs, non-public regulated investment companies, or domestic "C" corporations owned 50% or more directly or indirectly by foreign persons ("foreign-controlled domestic corporations") and treat "qualified foreign pension funds" and "international organizations" as foreign persons for this purpose. The look-through rule in the Final Regulations applicable to foreign-controlled domestic corporations will not apply to a REIT for a period of up to ten years if the REIT is able to satisfy certain requirements during that time, including not undergoing a significant change in its ownership and not acquiring a significant amount of new U.S. real property interests, in each case since April 24, 2024, the date the Final Regulations were issued. If a REIT fails to satisfy such requirements during the ten-year period, the look-through rule in the Final Regulations applicable to foreign-controlled domestic corporations will apply to such REIT beginning on the day immediately following the date of such failure. We cannot predict when we will commence being subject to such look-through rule in the Final Regulations and we may not be able to satisfy the applicable requirements for the duration of the ten-year period. Prospective investors are urged to consult with their tax advisors regarding the application and impact of these rules. If we were to fail to so qualify, amounts received by a non-U.S. holder on certain dispositions of shares of our common stock (including a redemption) would be subject to tax under FIRPTA, unless (i) our shares of common stock were "regularly traded" on an established securities market and (ii) the non-U.S. holder did not, at any time during a specified testing period, hold more than 10% of our common stock. However, it is not anticipated that our common stock will be "regularly traded" on an established market.

On October 20, 2025, the Treasury and the IRS released proposed regulations ("2025 Proposed Regulations") that would reverse the domestic "C" corporation look-through rule in the Final Regulations. The 2025 Proposed Regulations would apply to transactions on or after the date they are finalized. However, taxpayers would be allowed to apply the 2025 Proposed Regulations to transactions occurring on or after the effective date of the Final Regulations (April 25, 2024), but before finalization of the 2025 Proposed Regulations. Taxpayers are also permitted to rely on the 2025 Proposed Regulations pending finalization. We may choose to rely on the 2025 Proposed Regulations prior to their finalization and, if finalized, may choose to apply them to prior periods. The 2025 Proposed Regulations may be withdrawn prior to their finalization, or may never be finalized. If finalized, final regulations may differ, possibly materially, from proposed regulations. Prospective investors are urged to consult with their tax advisors regarding the application and possible impact of these rules.

A non-U.S. holder other than a "qualified shareholder" or a "qualified foreign pension fund" that receives a distribution from a REIT that is attributable to gains from the disposition of a USRPI as described above, including in connection with a repurchase of our common stock, is generally subject to U.S. federal income tax under FIRPTA to the extent such distribution is attributable to gains from such disposition, regardless of whether the difference between the fair market value and the tax basis of the USRPI giving rise to such gains is attributable to periods prior to or during such non-U.S. holder's ownership of our common stock. In addition, a repurchase of our common stock, to the extent not treated as a sale or exchange, may be subject to withholding as an ordinary dividend.

We seek to act in the best interests of our Company as a whole and not in consideration of the particular tax consequences to any specific holder of our stock. Potential non-U.S. holders should inform themselves as to the U.S. tax consequences, and the tax consequences within the countries of their citizenship, residence, domicile and place of business, with respect to the purchase, ownership and disposition of shares of our common stock.

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***We may incur tax liabilities that would reduce our cash available for distribution to you.***

Even if we qualify and maintain our status as a REIT, we may become subject to U.S. federal income taxes and related state and local taxes. For example, net income from the sale of properties that are "dealer" properties sold by a REIT (a "prohibited transaction" under the Code) will be subject to a 100% tax. We may not make sufficient distributions to avoid excise taxes applicable to REITs. Similarly, if we were to fail a gross income test (and did not lose our REIT status because such failure was due to reasonable cause and not willful neglect) we would be subject to tax on the income that does not meet the gross income test requirements. We also may decide to retain net capital gain we earn from the sale or other disposition of our investments and pay income tax directly on such income. In that event, our stockholders would be treated as if they earned that income and paid the tax on it directly. However, stockholders that are tax-exempt, such as charities or qualified pension plans, would have no benefit from their deemed payment of such tax liability unless they file U.S. federal income tax returns and thereon seek a refund of such tax. We also may be subject to state and local taxes on our income or property, including franchise, payroll, mortgage recording and transfer taxes, either directly or at the level of the other companies through which we indirectly own our assets, such as our taxable REIT subsidiaries, which are subject to full U.S. federal, state, local and foreign corporate-level income taxes. Any taxes we pay directly or indirectly will reduce our cash available for distribution to you.

***Our board of directors is authorized to revoke our REIT election without stockholder approval, which may cause adverse consequences to our stockholders.***

Our charter authorizes our board of directors to revoke or otherwise terminate our REIT election, without the approval of our stockholders, if it determines that changes to U.S. federal income tax laws and regulations or other considerations mean it is no longer in our best interests to qualify as a REIT. Our board of directors has fiduciary duties to us and our stockholders and could only cause such changes in our tax treatment if it determines in good faith that such changes are in our best interests and in the best interests of our stockholders. In this event, we would become subject to U.S. federal income tax on our taxable income and we would no longer be required to distribute most of our net income to our stockholders, which may cause a reduction in the total return to our stockholders.

***You may have current tax liability on distributions you elect to reinvest in our common stock.***

If you participate in our distribution reinvestment plan, you will be deemed to have received, and for U.S. federal income tax purposes will be taxed on, the amount reinvested in shares of our common stock to the extent the amount reinvested was not a tax-free return of capital. Therefore, unless you are a tax-exempt entity, you may be forced to use funds from other sources to pay your tax liability on the reinvested dividends.

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***Generally, ordinary dividends payable by REITs do not qualify for reduced U.S. federal income tax rates.***

Currently, the maximum tax rate applicable to qualified dividend income payable to certain non-corporate U.S. stockholders is 20%. Dividends payable by REITs, however, generally are not eligible for the reduced rate. Although this does not adversely affect the taxation of REITs or dividends payable by REITs, the more favorable rates applicable to regular corporate qualified dividends could cause certain non-corporate investors to perceive investments in REITs to be relatively less attractive than investments in the stocks of non-REIT corporations that pay dividends, which could adversely affect the value of the shares of REITs, including our common stock. However, subject to certain limitations and requirements, taxpayers that are individuals, trusts or estates may generally be entitled to claim a deduction in determining their taxable income of 20% of ordinary REIT dividends (dividends other than capital gain dividends and dividends attributable to certain qualified dividend income received by us). The deduction, if allowed in full, equates to a maximum effective U.S. federal income tax rate on ordinary REIT dividends of 29.6%.

***We may be subject to adverse legislative or regulatory tax changes that could increase our tax liability, reduce our operating flexibility and reduce the price of our common stock.***

In recent years, numerous legislative, judicial and administrative changes have been made in the provisions of U.S. federal income tax laws applicable to investments similar to an investment in shares of our common stock.

Additional changes to the tax laws are likely to continue to occur. We cannot assure you that any such changes will not adversely affect the taxation of our stockholders. Any such changes could have an adverse effect on an investment in our shares or on the market value or the resale potential of our assets. You are urged to consult with your tax advisor with respect to the impact of the recent legislation on your investment in our shares and the status of legislative, regulatory or administrative developments and proposals and their potential effect on an investment in our shares. Although REITs generally receive certain tax advantages compared to entities taxed as regular corporations, it is possible that future legislation would result in a REIT having fewer tax advantages, and it could become more advantageous for a company that invests in real estate to elect to be treated for U.S. federal income tax purposes as a corporation. As a result, our charter authorizes our board of directors to revoke or otherwise terminate our REIT election, without the approval of our stockholders, if it determines that it is no longer in our best interests to qualify as a REIT. The impact of tax reform on an investment in our shares is uncertain. Prospective investors should consult their own tax advisors regarding changes in tax laws.

***The failure of a mezzanine loan to qualify as a real estate asset could adversely affect our ability to qualify as a REIT.***

We may acquire mezzanine loans, for which the Internal Revenue Service ("IRS") has provided a safe harbor but not rules of substantive law. Pursuant to the safe harbor, if a mezzanine loan meets certain requirements, it will be treated by the IRS as a real estate asset for purposes of the REIT asset tests, and interest derived from the mezzanine loan will be treated as qualifying mortgage interest for purposes of the REIT 75% gross income test. We may acquire mezzanine loans that do not meet all of the requirements of this safe harbor. In the event we own a mezzanine loan that does not meet the safe harbor, the IRS could challenge such loan's treatment as a real estate asset for purposes of the REIT asset and gross income tests and, if such a challenge were sustained, we could fail to qualify as a REIT.

***If the Operating Partnership failed to qualify as a partnership or is not otherwise disregarded for U.S. federal income tax purposes, we would cease to qualify as a REIT.***

If the IRS were to successfully challenge the status of our Operating Partnership as a partnership or disregarded entity for U.S. federal income tax purposes, it would be taxable as a corporation. In the event that this occurs, it would reduce the amount of distributions that our Operating Partnership could make to us. This would also result in our failing to qualify as a REIT and becoming subject to a corporate-level tax on our income, which would substantially reduce our cash available to pay distributions and the yield on your investment.

***We may not be able to recoup the costs associated with increased property taxes, which would adversely affect our performance and the value of your investment in us.***

We may be responsible for paying real property taxes applicable to properties owned by us. The property taxes may increase as property tax rates change and as the properties are assessed or reassessed by taxing authorities. We may be unable to recoup such increased costs, which could have a material adverse effect on our operations and the value of your investment.

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***Recharacterization of sale-leaseback transactions may cause us to lose our REIT status.*** 

We may purchase real properties and lease them back to the sellers of such properties. We cannot guarantee that the IRS will not challenge our characterization of any sale-leaseback transactions. In the event that any such sale-leaseback transaction is challenged and recharacterized as a financing transaction or loan for U.S. federal income tax purposes, deductions for depreciation and cost recovery relating to such property would be disallowed. If a sale-leaseback transaction were so recharacterized, we might fail to satisfy the REIT qualification asset tests or the gross income tests and, consequently, lose our REIT status. Alternatively, the amount of our REIT taxable income could be recalculated, which might also cause us to fail to meet the distribution requirements for a taxable year.

## Retirement Plan Risks
***If the fiduciary of an employee benefit plan subject to the Employee Retirement Income Security Act of 1974, as amended, or ERISA, fails to meet the fiduciary and other standards under ERISA, the Code or common law as a result of an investment in our stock, the fiduciary could be subject to civil penalties.***

There are special considerations that apply to investing in our shares on behalf of a trust, pension, profit sharing or 401(k) plans, health or welfare plans, trusts, individual retirement accounts, or IRAs or Keogh plans. If you are investing the assets of any such benefit plans in our common stock, you should satisfy yourself that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the investment is consistent with your fiduciary obligations under applicable law, including common law, ERISA and the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the investment is made in accordance with the documents and instruments governing the trust, plan or IRA, including a plan's investment policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the investment satisfies the prudence and diversification requirements of Sections 404(a)(1)(B) and 404(a)(1)(C) of ERISA and other applicable provisions of ERISA and the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the investment will not impair the liquidity of the trust, plan or IRA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the investment will not produce "unrelated business taxable income" for the plan or IRA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our stockholders will be able to value the assets of the plan annually in accordance with ERISA requirements and applicable provisions of the plan or IRA; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the investment will not constitute a non-exempt prohibited transaction under Title I of ERISA or Section 4975 of the Code.

Failure to satisfy the fiduciary standards of conduct and other applicable requirements of ERISA, the Code or other applicable statutory or common law may result in the imposition of civil penalties and can subject the fiduciary to equitable remedies. In addition, if an investment in our shares constitutes a non-exempt prohibited transaction under Title I of ERISA or Section 4975 of the Code, the fiduciary that authorized or directed the investment may be subject to the imposition of excise taxes with respect to the amount invested.

***If our assets at any time are deemed to constitute "plan assets" under ERISA, that may lead to the rescission of certain transactions, tax or fiduciary liability and our being held in violation of certain ERISA and Code requirements.***

Stockholders subject to ERISA should consult their own advisors as to the effect of ERISA on an investment in the shares. If our assets are deemed to constitute "plan assets" of stockholders that are Covered Plans (as defined below), (i) certain transactions that we might enter into in the ordinary course of our business might have to be rescinded and may give rise to certain excise taxes and fiduciary liability under Title I of ERISA and Section 4975 of the Code, (ii) our management, as well as various providers of fiduciary or other services to us (including our Adviser), and any other parties with authority or control with respect to us or our assets, may be considered fiduciaries or otherwise parties in interest or disqualified persons for purposes of the fiduciary responsibility and prohibited transaction provisions of Title I of ERISA and Section 4975 of the Code, and (iii) the fiduciaries of stockholders that are Covered Plans would not be protected from "co-fiduciary liability" resulting from our decisions and could be in violation of certain ERISA requirements.

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Under ERISA and the United States Department of Labor regulations, as modified by Section 3(42) of ERISA (the "Plan Assets Regulation"), generally when a Covered Plan acquires an "equity interest" in an entity that is neither a "publicly-offered security" (within the meaning of the Plan Assets Regulation) nor a security issued by an investment company registered under the Investment Company Act, the Covered Plan's assets include both the equity interest and an undivided interest in each of the underlying assets of the entity, unless it is established either that less than 25% of the total value of each class of equity interest in the entity is held by "benefit plan investors" within the meaning of the Plan Assets Regulation (the "25% Test") or that the entity is an "operating company" as defined in the Plan Assets Regulation. The Plan Assets Regulation defines an "equity interest" as any interest in an entity other than an instrument that is treated as indebtedness under applicable local law and which has no substantial equity features.

The definition of an "operating company" in the Plan Assets Regulation includes, among other things, a "venture capital operating company" (a "VCOC"). Generally, in order to qualify as a VCOC, an entity must demonstrate on its "initial valuation date" and on at least one day within each "annual valuation period," at least 50% of its assets, valued at cost (other than short-term investments pending long-term commitment or distribution to investors), are invested in operating companies (other than VCOCs) (i.e., operating entities that (x) are primarily engaged directly, or through a majority owned subsidiary or subsidiaries, in the production or sale of a product or service other than the investment of capital, or (y) qualify as "real estate operating companies," as defined in the Plan Assets Regulation) in which such entity has direct contractual management rights. In addition, to qualify as a VCOC, an entity must, in the ordinary course of its business, actually exercise such management rights with respect to at least one of the operating companies in which it invests. Similarly, the term "operating company" in the Plan Assets Regulation includes an entity that qualifies as a "real estate operating company" ("REOC"). An entity should qualify as a REOC if (i) on its "initial valuation date" and on at least one day within each "annual valuation period," at least 50% of the entity's assets, valued at cost (other than short-term investments pending long-term commitment or distribution to investors) are invested in real estate that is managed or developed and with respect to which such entity has the right to substantially participate directly in management or development activities; and (ii) such entity in the ordinary course of its business is engaged directly in the management and development of real estate during specified periods. The "initial valuation date" is the date on which the entity first makes an investment that is not a short-term investment of funds pending long-term commitment. An entity's "annual valuation period" is a pre-established period not exceeding 90 days in duration, which begins no later than the anniversary of the entity's initial valuation date. The Plan Assets Regulation does not provide specific guidance regarding what rights will qualify as management rights, and the U.S. Department of Labor has consistently taken the position that such determination can only be made in light of the surrounding facts and circumstances of each particular case, substantially limiting the degree to which it can be determined with certainty whether particular rights will satisfy this requirement.

In order to prevent the application of ERISA to our company, we may seek to qualify as either a VCOC or a REOC. In order to qualify as a VCOC we must make our first investment in an operating company, which may include an investment in a REOC, and with respect to which we retain the right to substantially participate in management activities. In addition, to maintain our status as a VCOC, during each subsequent annual valuation period at least 50% of our assets valued at cost much be invested in operating companies with respect to which we retain the direct right to participate in management or development activities and we must have exercised our participation rights with respect to at least one qualifying investment. In order to qualify as a REOC we must make our first investment in real estate, which is managed or developed, and with respect to which we retain the direct right to participate in management and development activities. To maintain our status as a REOC, during each subsequent annual valuation period at least 50% of our assets valued at cost much be invested in real estate which is managed or developed and with respect to which we retain the direct right to participate in management or development activities. If we fail to make a proper first investment or fail to meet the test during any subsequent annual valuation period, we will fail to qualify as a VCOC or REOC, as applicable, and our assets could be considered plan assets subject to the requirements of ERISA unless another exception applies. During any period in which we cannot qualify or either cannot or choose not to continue to qualify as either a VCOC or REOC, we may seek to avoid the application of ERISA pursuant to the 25% Test or the publicly offered securities exemptions from the application of ERISA.

For purposes of the 25% Test, the assets of an entity will not be treated as "plan assets" if, immediately after the most recent acquisition of any equity interest in the entity, less than 25% of the total value of each class of equity interest in the entity is held by "benefit plan investors," excluding equity interests held by persons (other than benefit plan investors) with discretionary authority or control over the assets of the entity or who provide investment advice for a fee (direct or indirect) with respect to such assets, and any affiliates thereof. The term "benefit plan investors" is generally defined to include employee benefit plans subject to Title I of ERISA or Section 4975 of the Code (including "Keogh" plans and IRAs), as well as any entity whose underlying assets include plan assets by reason of a plan's investment in such entity (e.g., an entity of which 25% or more of the total value of any class of equity interests is held by benefit plan investors and which does not satisfy another exception under ERISA). Our decision to comply with the 25% Test may result in limiting the availability of our securities with respect to benefit plan investors and/or require the redemption of securities held by benefit plan investors in order to avoid the application of ERISA.

We will not be an investment company under the Investment Company Act.

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Under the Plan Assets Regulation, a "publicly-offered security" is a security that is (a) "freely transferable," (b) part of a class of securities that is "widely held," and (c) (i) sold to the Covered Plan as part of an offering of securities to the public pursuant to an effective registration statement under the Securities Act of 1933, as amended, and the class of securities to which such security is a part is registered under the Exchange Act within 120 days after the end of the fiscal year of the issuer during which the offering of such securities to the public has occurred, or (ii) is part of a class of securities that is registered under Section 12 of the Exchange Act.

Accordingly, prospective investors that are (i) "employee benefit plans" (within the meaning of Section 3(3) of ERISA), which are subject to Title I of ERISA, (ii) "plans" defined in Section 4975 of the Code, which are subject to Section 4975 of the Code (including "Keogh" plans and "individual retirement accounts"), or (iii) entities whose underlying assets are deemed to include plan assets within the meaning of Section 3(42) of ERISA and the regulations thereunder (e.g., an entity of which 25% or more of the total value of any class of equity interests is held by "benefit plan investors") (each such plan, account and entity described in clauses (i), (ii) and (iii) we refer to as "Covered Plans") should consult with their own legal, tax, financial and other advisors prior to investing to review these implications in light of such investor's particular circumstances. The sale of our common stock to any Covered Plan is in no respect a representation by us or any other person associated with the offering of our shares of common stock that such an investment meets all relevant legal requirements with respect to investments by plans generally or any particular plan, or that such an investment is appropriate for plans generally or any particular plan.

# Item 1B. Unresolved Staff Comments
None.

# Item 1C. Cybersecurity

## Risk Management and Strategy
As an externally managed company, our day-to-day operations are managed by our Adviser and our executive officers under the oversight of our board of directors. We rely on IT systems, data hosting and other hardware and software platforms which are hosted by EQT, the parent company of our Advisor. As such, we are reliant on EQT for assessing, identifying and managing cybersecurity risk as part of its and our overall Risk Management Framework.

Cybersecurity risk is an important and continuously evolving focus for us, EQT, and EQT's affiliates. EQT maintains a cybersecurity program as part of its and our Risk Management Framework, including policies and procedures designed to protect its systems, operations, and the data utilized and entrusted to it, including by EQRT, from anticipated threats or hazards. EQT utilizes a variety of protective measures as a part of its and our cybersecurity program. These measures include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Risk Identification: EQT utilizes a combination of internal processes and third-party services to identify potential information security vulnerabilities and threats. This includes threat intelligence, vulnerability management and various security assessments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Risk Assessment: Identified risks are assessed and ranked on at least an annual basis using a likelihood and impact assessment as part of EQT's enterprise risk framework. In addition, the security team has an information security risk management process in place, through which risks are continuously assessed, managed and reported upon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Risk Management: Risks are managed based on their severity in relation to the established risk appetite. EQT has in place several risk-mitigating controls, blending preventative, detective, and reactive measures with an emphasis on identity verification, least privilege, micro-segmentation, and a strong security culture. To this foundation, EQT adds critical components like data protection endpoint security, secure configurations, advanced monitoring and threat detection, robust incident and business continuity plans for effective response. EQT continuously modifies its controls in line with its and our current risk landscape.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Incident Management: EQT has implemented a security incident response plan for prompt and effective handling of cyber incidents. This plan is executed by a tiered response team: a 24/7 Security Operations Center serves as the first line of defense, followed by EQT's internal security team as the second tier, and an expert incident response and forensics firm as the third. Additional support from external legal counsel is available when necessary. The strategy ensures collaboration with key functions like Risk, Regulatory & Compliance, Corporate Legal and Communications. Detailed playbooks within the plan outline specific actions for various security incident types. At the corporate level, an incident reporting and management process involves EQT's Chief Information Security Officer ("CISO") and EQT's Risk, Regulatory and Compliance team. Should an incident pertain to cybersecurity, it activates the security incident response plan.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•IT General Controls ("ITGCs"): EQT has implemented an ITGC framework to ensure the integrity and security of its systems. This framework ensures that access to systems is appropriately granted, monitored and maintained. It also ensures that changes to systems are reviewed, approved and implemented in a controlled manner. Additionally, the framework encompasses other critical security measures including data backup procedures and ongoing monitoring to safeguard operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Ongoing Testing: EQT's comprehensive program encompasses a range of measures and enterprise-level drills. This includes conducting phishing test campaigns, mandatory annual training, annual penetration tests, and disaster recovery tests to ensure EQT's systems resilience. At the enterprise level, EQT also holds an annual tabletop exercise for EQT's core and extended crisis management teams, simulating various hypothetical scenarios to assess our preparedness and response strategies.

EQT's technology systems and those of its, the Adviser's and our third-party service providers are vital for sustaining our operations and strategic initiatives. To manage the risks inherent in these vendor relationships effectively, EQT has established a series of processes. EQT and the Adviser engage only with third parties that align with our stringent cybersecurity standards, demanding that these providers demonstrate strong capabilities in key areas such as data protection, incident preparedness, continuity, and vendor risk management. Adopting a risk-based strategy allows EQT to prioritize its efforts, focusing on the most critical vendors to ensure its attention is directed where it is most needed. In regards to EQT's most critical vendors, EQT requires substantial and credible third-party assurances, such as Service Organization Control Type 2 certifications ("SOC 2") and International Organization for Standardization ("ISO") certifications, ensuring they meet its high cybersecurity standards.

Further, the contracts for EQRT, the Adviser and EQT include stringent data protection and liability clauses in the event of a breach.

## Governance and Oversight
EQT's cybersecurity governance structure is led by the CISO, responsible for EQT's cybersecurity program. The CISO has many years of experience working with cybersecurity, business continuity, risk management and technology across several industries. The CISO reports to the Information Security Steering Committee (the "Steering Committee"), comprised of select Executive Committee members of EQT. The Steering Committee receives quarterly updates from the CISO. Furthermore, the CISO also reports annually to EQT's Audit Committee and twice a year to a member of EQT's board appointed to oversee cybersecurity risk. In addition, the Group Risk Function reports to the Risk Committee at least three times per year.

At the EQRT level, oversight of cybersecurity is the responsibility of our board of directors, receiving at least annual updates on EQT's cybersecurity program and receiving prompt notice regarding any material cybersecurity incidents that are relevant to EQRT, as well as ongoing updates regarding such incidents. EQT's cybersecurity program and processes also provide incident escalation to our Chief Financial Officer for any security incidents that meet pre-established reporting thresholds. EQRT's Chief Financial Officer determines if any cybersecurity events have taken place at the EQRT level and assesses whether those events are material to EQRT based on quantitative and qualitative criteria determined by EQRT's management, supported by external advisors. When determining the materiality of a cybersecurity event, EQRT considers the actual and potential impact on EQRT's operations, strategy, performance, cash flows and financial condition. EQRT adheres to EQT's Incident Handling Playbook and employee awareness training requirements.

Both EQT and our Adviser remain committed to adopting the highest cybersecurity standards and practices, continuously enhancing their cybersecurity capabilities, and prioritizing the safeguarding of company and customer data from potential threats. In the last fiscal year, EQT and EQRT have not experienced any cybersecurity incidents that have materially affected us or are reasonably likely to have materially affected our operations, strategy, performance, cash flows or financial health. See Part I, Item 1A, "Risk Factors—Risks Related to Our Organization Structure—Cybersecurity risks and cyber incidents may adversely affect our business by causing a disruption to our operations, a compromise or corruption of our confidential information and/or damage to our business relationships, all of which could negatively impact our business, financial condition and operating results."

# Item 2. Properties
As of December 31, 2025, we owned five industrial properties. For an overview of our real estate investments, see Part II, Item 7 — "Management's Discussion and Analysis of Financial Condition and Results of Operations."

**<u>Principal Executive Offices</u>**

Our principal executive offices are located at Five Radnor Corporate Center, 100 Matsonford Road, Suite 250, Radnor, Pennsylvania 19087.

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# Item 3. 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 December 31, 2025, we were not involved in any material legal proceedings.

# Item 4. Mine Safety Disclosures
Not applicable.

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**Part II**

# Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

## Stockholder Information
As of March 20, 2026, we had five stockholders of record of Class E common shares, 92 stockholders of record of Class I common shares, 242 stockholders of record of Class A-I common shares, 401 stockholders of record of Class A-II common shares, two stockholders of record of Class T common shares and no holders of record of Class S or Class D common shares. In addition, there were 19,628,251.46 Class E units of our Operating Partnership outstanding, held by EQT Real Estate Holdings.

## Market Information
We are conducting a public offering of our common stock on a "best efforts" basis through EQT Partners BD, LLC (the "Dealer Manager"), a registered broker-dealer affiliated with the Adviser. We are offering to the public four classes of shares of our common stock, Class T shares, Class S shares, Class D shares and Class I shares. The differences among the share classes in the public offering relate to upfront selling commissions, dealer manager fees and ongoing distribution fees. No upfront selling commissions, dealer manager fees or distribution fees are paid with respect to Class I shares.

We are also conducting private offerings of our Class A-I shares and Class A-II shares to accredited investors. The primary offering of Class A-I shares terminated on January 2, 2025 and the distribution reinvestment plan offering for Class A-I shares is ongoing. We commenced the separate private offering of our Class A-II shares to accredited investors in January 2025 and the offering is ongoing. Both private offerings are being conducted pursuant to Rule 506(c) of Regulation D and other applicable exemptions. No upfront selling commissions, dealer manager fees or distribution fees are paid with respect to any purchases of Class A-I or Class A-II shares. Class A-I and Class A-II shares are subject to a lower management fee than Class T, Class S, Class D and Class I shares and the same performance participation allocation to the Special Limited Partner as the Class T, Class S, Class D and Class I shares.

Ongoing distribution fees, management fees and the performance participation allocation accrue on a class-specific basis, and such class-specific accruals will normally result in different amounts of distributions with respect to certain share classes and may lower the NAV of a share class. Other than class-specific accruals, the classes of shares of our common stock have identical rights and privileges, including with respect to voting rights.

Shares of our common stock are not listed for trading on a stock exchange or other securities market and there is no established public trading market for our common stock.

The following table presents the upfront selling commissions and dealer manager fees payable at the time the shares are acquired in the primary component of our offerings:

---

| | | |
|:---|:---|:---|
|  | **Maximum Upfront** | **Maximum Upfront** |
|  | **Selling Commissions** | **Dealer Manager Fees** |
|  | **as a % of Transaction<br>Price** | **as a % of Transaction<br>Price** |
| Class T <sup>(1)</sup> shares | up to 3.0% | 0.50% |
| Class S shares | up to 3.5% |  |
| Class D shares | up to 1.5% |  |
| Class I shares |  |  |
| Class A-I shares |  |  |
| Class A-II shares |  |  |

---

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<sup>(1)</sup> Such amounts may vary at certain selected dealers, provided that the sum will not exceed 3.5% of the transaction price.

The Dealer Manager anticipates that all or a portion of the upfront selling commissions and dealer manager fees will be retained by, or reallowed (paid) to, selected dealers. No upfront selling commissions or dealer manager fees are paid with respect to shares of any class sold pursuant to our distribution reinvestment plan.

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The following table shows the distribution fees we pay the Dealer Manager with respect to each class of our common shares available for sale in our offerings on an annualized basis as a percentage of our NAV for such class. The distribution fees will be paid monthly in arrears.

---

| | |
|:---|:---|
|  | **Distribution Fee as<br>a % of NAV** |
| Class T <sup>(1)</sup> shares | 0.85% <sup>(1)</sup> |
| Class S shares | 0.85% |
| Class D shares | 0.25% |
| Class I shares |  |
| Class A-I shares |  |
| Class A-II shares |  |

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<sup>(1)</sup> Consists of a representative distribution fee and a dealer distribution fee.

The Dealer Manager reallows (pays) all or a portion of the distribution fees to selected dealers and servicing broker-dealers, and will rebate distribution fees to us to the extent a broker-dealer is not eligible to receive them. All outstanding Class T, Class S and Class D shares, including those purchased under the distribution reinvestment plan, are subject to ongoing distribution fees. We will cease paying the distribution fee with respect to any Class T share, Class S share or Class D share held in a stockholder's account at the end of the month in which the Dealer Manager in conjunction with the transfer agent determines that total upfront selling commissions, dealer manager fees and distribution fees paid with respect to the shares held by such stockholder within such account would equal or exceed, in the aggregate, 8.75% (or a lower limit as set forth in the applicable agreement between the Dealer Manager and a selected dealer at the time such shares were issued) of the gross proceeds from the sale of such shares and purchased in a primary offering (i.e., an offering other than a distribution reinvestment plan) (collectively, the "Fee Limit"). At the end of such month, each such Class T share, Class S share or Class D share in such account (including shares in such account purchased through the distribution reinvestment plan or received as a stock dividend) will convert into a number of Class I shares (including any fractional shares) with an equivalent aggregate NAV as such share.

## Purchase Price
During the escrow period (described below), the per share purchase price for shares of our common stock was $10.00, plus applicable upfront selling commissions and dealer manager fees. After the close of the escrow period, each class of shares is sold at the then-current transaction price, which will generally be the prior month's NAV per share for such class, plus applicable upfront selling commissions and dealer manager fees.

The determination of our NAV per share is conducted in accordance with our valuation policies and procedures. For a detailed discussion of the methodology and assumptions used in determining the NAV per share, please refer to "Net Asset Value" below and the "Net Asset Value Calculation and Valuation Guidelines" section of our prospectus.

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The following table presents our monthly NAV per share for each of the seven classes of our common stock as of the last calendar day of each month since we commenced calculating our NAV through December 31, 2025:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class T** | **Class S** | **Class D** | **Class I** | **Class E** | **Class A-I** | **Class A-II** |
|  | **Shares** | **Shares** | **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| March 31, 2024 | $— | $— | $— | $— | $9.99 | $— | $— |
| April 30, 2024 |  |  |  |  | 10.00 |  |  |
| May 31, 2024 |  |  |  |  | 10.03 |  |  |
| June 30, 2024 |  |  |  |  | 10.05 |  |  |
| July 31, 2024 |  |  |  |  | 10.09 |  |  |
| August 31, 2024 |  |  |  |  | 10.05 |  |  |
| September 30, 2024 |  |  |  | 10.01 | 10.01 |  |  |
| October 31, 2024 |  |  |  | 10.66 | 10.75 | 10.70 |  |
| November 30, 2024 |  |  |  | 10.55 | 10.88 | 10.29 |  |
| December 31, 2024 |  |  |  | 10.61 | 10.94 | 10.46 |  |
| January 31, 2025 |  |  |  | 10.65 | 11.03 | 10.45 |  |
| February 28, 2025 |  |  |  | 10.61 | 11.00 | 10.41 | 10.42 |
| March 31, 2025 |  |  |  | 10.50 | 10.89 | 10.31 | 10.32 |
| April 30, 2025 |  |  |  | 10.61 | 11.02 | 10.41 | 10.48 |
| May 31, 2025 |  |  |  | 10.68 | 11.14 | 10.50 | 10.52 |
| June 30, 2025 |  |  |  | 10.74 | 11.23 | 10.56 | 10.57 |
| July 31, 2025 |  |  |  | 10.73 | 11.25 | 10.57 | 10.56 |
| August 31, 2025 |  |  |  | 10.77 | 11.33 | 10.62 | 10.61 |
| September 30, 2025 |  |  |  | 10.77 | 11.35 | 10.62 | 10.60 |
| October 31, 2025 |  |  |  | 10.83 | 11.44 | 10.68 | 10.67 |
| November 30, 2025 |  |  |  | 10.84 | 11.47 | 10.70 | 10.67 |
| December 31, 2025 | 10.86 |  |  | 10.87 | 11.53 | 10.73 | 10.70 |

---

## Escrow Period
The terms of the public offering required us to hold investors' funds from the public offering in an interest-bearing escrow account until we received purchase orders for at least $25,000,000 of our common stock or units of the Operating Partnership in the public offering or in separate private transactions (including purchase orders by the Adviser, the Sponsor, their affiliates and our directors and officers, which purchases were not limited in amount) and our board of directors authorized the release of funds in the escrow account to us. On March 19, 2024, the Operating Partnership issued 6,220,000 Class E units to EQT Real Estate Holdings for an aggregate purchase price of $62,200,000, or $10.00 per unit. See Item 1, "Business—Sponsor Commitment." As such, as of March 19, 2024, we satisfied the minimum offering requirement for all jurisdictions other than Pennsylvania and our board of directors authorized us to break escrow in the public offering. No shares were issued or sold in the public offering in connection with breaking escrow. As of August 14, 2024, we also satisfied the minimum offering requirement for Pennsylvania.

## Class E Stock or Units
Class E shares of our common stock and Class E units of the Operating Partnership are not available for purchase in our public offering. Class E shares and Class E units are only available for purchase in private transactions by (i) our Adviser, our Sponsor and their affiliates, (ii) employees of our Adviser, our Sponsor and their affiliates and (iii) our officers and directors. During the escrow period, the per share purchase price for shares of our Class E common stock and Class E units of the Operating Partnership was $10.00. After the close of the escrow period, Class E shares and Class E units are sold at the then-current transaction price, which will generally be the prior month's NAV per share or unit for such class.

## Net Asset Value
The NAV for each class of shares is based on the net asset values of our investments (including real estate related securities), the addition of any other assets (such as cash on hand), and the deduction of any liabilities, including class-specific accruals, in all cases as described in our valuation guidelines.

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Our board of directors, including a majority of our independent directors, has adopted valuation guidelines that contain a comprehensive set of methodologies to be used by our Adviser and our independent valuation advisor in connection with estimating the fair 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. From time to time, our board of directors, including a majority of our independent directors, may adopt changes to the valuation guidelines if it (i) determines that such changes are likely to result in a more accurate reflection of our NAV or a more efficient or less costly procedure for the determination of our NAV without having a material adverse effect on the accuracy of such determination or (ii) otherwise reasonably believes a change is appropriate for the determination of our NAV.

The calculation of our NAV is intended to be a calculation of the fair value of our assets less our outstanding liabilities 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 U.S. generally accepted accounting principles ("GAAP"). To calculate our NAV for the purpose of establishing a purchase and repurchase price for our shares, we have adopted a model 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 FASB Accounting Standards Codification Topic 820, Fair Value Measurements. Our Adviser will utilize independent third parties to calculate the fair value of our real estate properties. We expect our Adviser to calculate the fair value of our other assets and liabilities, though our Adviser may retain additional third parties to assist with our valuations of certain investments.

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 our independent valuation advisor is responsible for providing monthly restricted appraisal reports of our real estate properties and reviews of third-party appraisals, our independent valuation advisor is not responsible for, nor does it prepare or calculate, our monthly NAV. Our Adviser is ultimately responsible for the determination of our monthly NAV. While we believe our NAV calculation methodologies are consistent with standard industry practices, there is no rule or regulation that requires we calculate our NAV in a certain way. As a result, other public non-traded 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.

Our NAV per share for each class of shares will be calculated monthly by State Street Bank and Trust Company based on information obtained from our independent valuation advisor, third-party real property appraisals and other information provided by our Adviser, and such calculation will be reviewed and confirmed by our Adviser.

The following valuation methods are used for purposes of calculating the significant components of our NAV.

*Consolidated Properties* - For the purposes of calculating our monthly 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 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. As such, the initial value of acquisitions that qualify as asset acquisitions will include transaction costs. Each property will then be valued by an independent third-party appraisal firm within the first three full months after acquisition and no less frequently than annually thereafter. Additionally, each month after the initial third-party appraisal, our independent valuation advisor will provide a restricted appraisal report for any real property that was not the subject of a third-party appraisal report during that month. All appraisals are reviewed by our Adviser, and our independent valuation advisor will review and provide an opinion as to the reasonableness of each appraisal report from a third-party appraisal firm. The primary methodology used to value properties is the income approach (discounted cash flow analysis), whereby a property's value is calculated by determining the present value of an asset's stream of future cash flows. 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 cost approaches.

*Unconsolidated Properties Held Through Joint Ventures -* Unconsolidated properties held through joint ventures generally will be valued in a manner and frequency that is consistent with the method described above and in our valuation guidelines for consolidated properties. Once the value of a property held by the joint venture is determined by an independent appraisal and our Adviser determines 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 our Adviser, which would be a percentage of the joint venture's NAV.

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*Valuation of Real Estate Related Securities* - In general, real estate related securities will be valued by our Adviser 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.

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 related securities. 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 as of the date of the valuation.

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 our Adviser. 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).

The initial value of preferred equity investments and non-controlling investments in private companies will generally be the acquisition price of such investment. Each such investment will then be valued by our Adviser within the first three full months after we make such investment and no less frequently than quarterly thereafter. Our Adviser may utilize generally accepted valuation methodologies, which may include, but are not limited to, the market approach, cost approach and income approach, to value such preferred equity investments or non-controlling investments in private companies. These methodologies generally include inputs such as the multiples of comparable companies, the value and performance of underlying assets, select financial statement metrics, the stock price of the investment, volatility, strike price, risk-free interest rate, dividend yield and expected term, as applicable. For each month that our Adviser 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. The valuation of our real estate related securities will not be reviewed or appraised by our independent valuation advisor.

*Liabilities* - We will generally include the fair value of our liabilities as part of our NAV calculation. We expect that these liabilities will include fees payable to our Adviser and the Dealer Manager, any accrued performance participation allocation to the Special Limited Partner, accounts payable, operating expenses, property-level mortgages, interest rate hedges, any portfolio-level credit facilities and other liabilities. All liabilities will be valued by our Adviser using widely accepted methodologies specific to each type of liability. Our debt will typically be valued at fair value in accordance with GAAP, net of deferred financing costs. Liabilities related to distribution fees, management fees payable to our Advisor and any performance participation allocation to the Special Limited Partner will accrue to a specific class of shares and will only be included in the NAV calculation for that class as described below. Our Adviser's valuation of our liabilities and each investment's liabilities, including any third-party incentive fee payments or investment-level debt, deal terms and structure will not be reviewed or appraised by our independent valuation advisor.

Our Adviser has agreed to several support measures. For purposes of calculating our NAV, the organization and offering expenses advanced, waived or paid by our Adviser will not be recognized as expenses or as a component of equity and reflected in our NAV until we pay our Adviser for these costs. In addition, for purposes of calculating our NAV, the general and administrative expenses paid by the Adviser through the earlier of (i) the first date that the aggregate NAV of our outstanding shares of common stock, along with the Operating Partnership units held by parties other than us, reaches $1.0 billion and (ii) March 19, 2027, which is the third anniversary of the date on which we broke escrow in our public offering, are not recognized as expenses or as a component of equity and are not reflected in our NAV until we reimburse the Adviser for these expenses.

Under GAAP, we record liabilities for distribution fees (i) that we currently owe the Dealer Manager under the terms of our dealer manager agreement and (ii) for an estimate that we may pay to our Dealer Manager in future periods. However, in keeping with standard industry practice, we do not deduct the liability for estimated future distribution fees in our calculation of NAV, which fees are not payable under certain circumstances such as in the event of our liquidation.

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*NAV and NAV Per Share Calculation*

Each month, before taking into consideration accrued dividends or other class-specific accruals, any change in the aggregate NAV (the "Aggregate Fund NAV") of our outstanding shares of each class of common stock, along with the Operating Partnership units held by parties other than us, will be allocated among each class of common stock and Operating Partnership unit held by parties other than us based on each such class's relative percentage of the previous month's NAV, adjusted for issuances, including issuances under our distribution reinvestment plan, repurchases and vesting of prior restricted shares and units during such month. Changes in our monthly Aggregate Fund NAV include, without limitation, accruals of our net portfolio income, interest expense, unrealized/realized gains and losses on assets, any applicable organization and offering costs, expense reimbursements and any non-class-specific accruals. Changes in our monthly Aggregate Fund NAV also include material non-recurring events, such as capital expenditures and material property acquisitions and dispositions occurring during the month. Notwithstanding anything herein to the contrary, our Adviser may in its discretion consider material market data and other information that becomes available after the end of the applicable month in valuing our assets and liabilities and calculating our NAV for a particular month. On an ongoing basis, our Adviser will adjust the accruals to reflect actual operating results and the outstanding receivable, payable and other account balances resulting from the accumulation of monthly accruals for which financial information is available.

Following the allocation of the changes in our Aggregate Fund NAV as described above, the NAV for each class of common stock and Operating Partnership unit held by parties other than us is adjusted for additional issuances, repurchases and vesting of our shares and units, class-specific accruals for distributions, ongoing distribution fees, management fees payable to our Adviser, and any performance participation allocation to the Special Limited Partner to determine the monthly NAV for each class. These accruals are allocated on a class-specific basis and borne by all holders of the applicable class. These class-specific accruals may differ for each class, even when the NAV per share of each class is the same. These class-specific accruals will impact the distributions and/or NAV of a share class. We normally expect that the accrual of ongoing distribution fees on a class-specific basis will result in different amounts of distributions being paid with respect to certain classes of shares. In other words, the per share amount of distributions on Class T, Class S and Class D shares generally differs from other classes of shares because of class-specific distribution fees that are deducted from the gross distributions of Class T, Class S and Class D shares. Specifically, we expect distributions on Class T and Class S shares will be lower than Class D shares and distributions on Class D shares will be lower than Class A-I, Class A-II, Class I and Class E shares. However, if no distributions are authorized for a certain period, or if they are authorized in an amount less than the class-specific accruals of distribution fees with respect to such period, then pursuant to our valuation guidelines, the class-specific accruals of distribution fees may lower the NAV per share of a share class. With respect to class-specific accruals of the management fee, we expect these accruals will normally result in a higher NAV per share for Class A-I, Class A-II and Class E shares than those of other share classes. With respect to class-specific accruals of the performance participation allocation, we expect these accruals will normally result in a higher NAV per share for Class E shares than those of other share classes. When the NAV per share of our classes are different, then changes to our assets and liabilities that are allocable based on NAV are also different for each class. Because the purchase price of shares in our primary offerings is equal to the transaction price, which generally equals the most recently disclosed monthly NAV per share, plus the upfront selling commissions and dealer manager fees, which are effectively paid by purchasers of shares at the time of purchase, the upfront selling commissions and dealer manager fees have no effect on the NAV of any class. At the close of business of 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 such class.

The 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 month. Restricted Class E shares that remain unvested at the end of the month are excluded from the NAV per share calculation.

Our valuation guidelines include the following methodology to determine the monthly NAV of our Operating Partnership and its units. Our Operating Partnership has classes of units that are each economically equivalent to our corresponding classes of shares. Accordingly, on the last day of each month, the NAV per Operating Partnership unit of such units equals the NAV per share of the corresponding class. Classes of units of our Operating Partnership that do not correspond to a class of our shares will be valued in a manner consistent with these guidelines. The NAV of our Operating Partnership on the last day of each month equals the sum of the NAVs of each outstanding Operating Partnership unit on such day.

For more information regarding the calculation of our NAV per share of each class and how our properties and real estate related securities will be valued, see the "Net Asset Value Calculation and Valuation Guidelines" section in our prospectus, as amended and supplemented.

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*December 31, 2025 NAV*

Our total NAV presented in the following tables includes the NAV of our outstanding classes of common stock as of December 31, 2025 as well as Class E units of our Operating Partnership held by an affiliate of our Sponsor. The following table provides a breakdown of the major components of our total NAV as of December 31, 2025 ($ and shares/units in thousands):

---

| | |
|:---|:---|
| **Components of NAV** | **December 31, 2025** |
| Investments in real estate at fair value | $469309 |
| Cash and cash equivalents | 13248 |
| Restricted cash | 5596 |
| Other assets | 1463 |
| Mortgage notes at fair value, net of deferred financing costs | (194719) |
| Other liabilities | (3292) |
| Management fee payable | (40) |
| Accrued performance participation allocation | (535) |
| Accrued distribution fees <sup>(1)</sup> | 0 |
| Preferred stock | (220) |
| Net asset value | $290810 |
| Number of outstanding shares/units | 25632 |

---

The table is presented with dollars shown in thousands and amounts that round to less than $1 thousand are reflected as $0 rather than as a dash.

<sup>(1)</sup> Distribution fees only apply to Class T, Class S and Class D common shares. For purposes of calculating our NAV, we recognize the distribution fees as a reduction of our NAV on a monthly basis as such fee is paid. Under accounting principles generally accepted in the United States of America ("GAAP"), we accrue the lifetime cost of the distribution fees as an offering cost at the time we sell Class T, Class S or Class D common shares. As of December 31, 2025, we had accrued $132 of distribution fees under GAAP payable to the Dealer Manager related to the sale of Class T shares. The Dealer Manager does not retain any of these fees. The Dealer Manager will reallow (pay) all or a portion of the distribution fees to selected dealers and servicing broker-dealers, and will rebate distribution fees to us to the extent a broker-dealer is not eligible to receive them.

The following table sets forth our total NAV and NAV per share/unit by class as of December 31, 2025 ($ and shares/units in thousands, except per share/unit data):

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **NAV Per Share/Unit** | **Class T Shares** | **Class I Shares** | **Class A-I Shares** | **Class A-II Shares** | **Class E Shares** | **Class E Units** | **Total** | **Total** |
| Net asset value | 2 | 5848 | 29595 | 27922 | 1148 | 226295 | $— | 290810 |
| Number of outstanding shares/units <sup>(1)</sup> | 0 | 538 | 2757 | 2609 | 100 | 19628 |  | 25632 |
| NAV per share/unit as of December 31, 2025 | $10.86 | $10.87 | $10.73 | $10.70 | $11.53 | $11.53 |  |  |

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The table is presented with dollars shown in thousands and amounts that round to less than $1 thousand are reflected as $0 rather than as a dash.

<sup>(1)</sup> There were 223.03 shares of Class T common stock outstanding as of December 31, 2025.

Consistent with our valuation guidelines, our investments in real estate are initially valued at cost, which we expect to represent fair value at that time. In the future, as we establish new values for our newly acquired real estate investments, we will provide information on key assumptions used in the valuation methodology and a sensitivity analysis related thereto.

The valuation of our investments in real estate as of December 31, 2025 was provided by our independent valuation advisor, except that the recently acquired Torrance Property was valued at cost in accordance with our valuation guidelines. The weighted averages for certain key assumptions that were used by our independent valuation advisor in the discounted cash flow analysis are set forth in the following table.

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| | | |
|:---|:---|:---|
| **Property Type** | **Discount Rate** | **Exit Capitalization Rate** |
| Industrial | 7.40% | 5.95% |

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A change in these assumptions would impact the calculation of the value of the investments in real estate. For example, assuming all other factors remain unchanged, the changes listed below would result in the following effects on the value of the investments in real estate:

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| | | |
|:---|:---|:---|
| **Input** | **Hypothetical Change** | **Industrial Property Values** |
| Discount Rate | 0.25% decrease | 1.92% |
| (weighted average) | 0.25% increase | (1.83%) |
| Exit Capitalization Rate | 0.25% decrease | 2.62% |
| (weighted average) | 0.25% increase | (2.38%) |

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The following table reconciles equity and redeemable non-controlling interest per our Consolidated Balance Sheets as of December 31, 2025 to our NAV ($ shown in thousands):

---

| | |
|:---|:---|
| **Reconciliation of Equity and Redeemable Non-controlling Interest to NAV** | **December 31, 2025** |
| Total equity under GAAP | $5252 |
| Redeemable non-controlling interest | 226295 |
| Total equity and redeemable non-controlling interest under GAAP | $231547 |
| Adjustments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued distribution fees | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stock and accumulated dividends | (220) |
| &nbsp;&nbsp;&nbsp;&nbsp;Organization, offering and operating expenses | 14343 |
| &nbsp;&nbsp;&nbsp;&nbsp;Straight-line rent receivable | (7647) |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized real estate and borrowings appreciation, net | 39351 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated depreciation and amortization | 16536 |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance lease-related assets and liabilities recognized under ASC 842 | (3100) |
| NAV | $290810 |

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The table is presented with dollars shown in thousands and amounts that round to less than $1 thousand are reflected as $0 rather than as a dash.

The following describes the adjustments to reconcile GAAP equity and redeemable non-controlling interest per our Consolidated Balance Sheet to our NAV:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Adviser has agreed to advance all of our organization and offering expenses on our behalf (other than upfront selling commissions, dealer manager fees and the distribution fees) through March 19, 2027, the third anniversary of the date on which we broke escrow for the Offering. We will reimburse our Adviser for all such advanced expenses ratably over the 60 months following March 19, 2027. For purposes of calculating our NAV, the organization and offering expenses advanced, waived or paid by our Adviser will not be recognized as expenses or as a component of equity and are not reflected in our NAV until we pay our Adviser for these costs. Our Adviser will advance on our behalf certain of our general and administrative expenses through the earlier of (i) the first date that the aggregate NAV of our outstanding shares of common stock, along with the Operating Partnership units held by parties other than us, reaches $1.0 billion and (ii) March 19, 2027, the third anniversary of the date on which we broke escrow for the Offering, at which point we will reimburse our Adviser for all such advanced expenses ratably over the 60 months following such date. These advanced general and administrative expenses are not recognized as expenses or as a component of equity and are not reflected in our NAV until we reimburse the Adviser for these expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We record straight-line rent in accordance with GAAP. Any resulting straight-line rent receivable or liability is excluded for purposes of determining our NAV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•In accordance with GAAP, we depreciate our investments in real estate and amortize certain other assets and liabilities. Such depreciation and amortization is not recorded for purposes of determining our NAV.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our investments in real estate are presented at historical cost, net of depreciation expense, in our GAAP consolidated financial statements. Additionally, our mortgage notes are presented at their carrying values in our consolidated financial statements. As such, any changes in the fair market values of our investments in real estate or our mortgage notes are not included in our GAAP results. For purposes of determining our NAV, our investments in real estate and mortgage notes are recorded at fair value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•In accordance with GAAP, we recognize right-of-use assets and corresponding lease liabilities for finance leases on our Consolidated Balance Sheet. Such assets and liabilities are not recorded for purposes of determining our NAV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Accrued distribution fees represent the accrual for the cost of the distribution fees for Class T, Class S and Class D common shares. Under GAAP, we accrue the lifetime cost, up to the applicable fee limit, of the distribution fees as an offering cost at the time we sell Class T, Class S or Class D common shares. Refer to Note 7 to our consolidated financial statements for further details of the GAAP treatment regarding the distribution fees. For purposes of calculating NAV, we recognize the distribution fees as a reduction to NAV on a monthly basis when such fees are paid.

## Distribution Policy
We intend to declare monthly distributions as authorized by our board of directors (or a committee of the board of directors) and to pay such distributions on a monthly basis. Our distribution policy is set by our board of directors. Any distributions we make are at the discretion of our board of directors, considering factors such as our earnings, cash flow, capital needs and general financial condition and the requirements of Maryland law. As a result, our distribution rates and payment frequency may vary from time to time.

To qualify as a REIT, we are required to pay distributions sufficient to satisfy the requirements for qualification as a REIT for tax purposes. We intend to distribute sufficient income so that we satisfy the requirements for qualification as a REIT. In order to qualify as a REIT, we are required to distribute 90% of our annual REIT taxable income, determined without regard to the dividends-paid deduction and excluding net capital gains, to our stockholders.

There is no assurance we will pay distributions in any particular amount, if at all. We may fund any distributions from sources other than cash flow from operations, including, without limitation, the sale of or repayment of our assets, borrowings, return of capital, offering proceeds or the temporary deferral or waiver of fees and expense reimbursements (including the payment of fees with shares of our stock), and we have no limits on the amounts we may pay from such sources. The extent to which we pay distributions from sources other than cash flow from operations will depend on various factors, including the level of participation in our distribution reinvestment plan, the extent to which our Adviser elects to receive its management fee in Class E shares or Class E units and the Special Limited Partner elects to receive distributions on its performance participation interest in Class E units, how quickly we invest offering proceeds and the performance of our investments. Funding distributions from the sale of or repayment of our assets, borrowings, return of capital, offering proceeds or the temporary deferral or waiver of fees and expense reimbursements will result in us having less funds available to acquire properties or other real estate related securities. As a result, the return investors realize on their investment may be reduced. Doing so may also negatively impact our ability to generate cash flows. Likewise, funding distributions from the sale of additional securities will dilute an investor's interest in us on a percentage basis and may impact the value of their investment especially if we sell these securities at prices less than the price they paid for their shares.

Share repurchases under our share repurchase plan will be effectuated as of the opening of the last calendar day of each month and we expect to declare monthly distributions with a record date as of the close of business of the last calendar day of each month. Stockholders will not be entitled to receive a distribution if their shares are repurchased prior to the applicable time of the record date for such distribution.

Beginning in April 2024, we have declared monthly distributions for each outstanding class of our common stock with a record date as of the close of business as of the last calendar day of each month. The tax characterization of our distributions paid in 2025 is 100% return of capital. The distributions declared as of the December 31, 2025 record date were paid in January 2026 and are excluded from the analysis as they are considered a 2026 tax event. See Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations - Distributions." for details on the distributions declared for each of our share classes for the year ended December 31, 2025.

## Unregistered Sales of Equity Securities
All sales of unregistered securities during the year ended December 31, 2025 were previously reported in a Quarterly Report on Form 10-Q or a Current Report on Form 8-K.

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## Use of Proceeds
On August 1, 2023, our Registration Statement on Form S-11 (File No. 333-273163) with respect to the Offering was declared effective under the Securities Act. We commenced the Offering on August 1, 2023 upon retaining the Dealer Manager, an affiliate of our Adviser, as the dealer manager for the Offering. We are offering on a continuous basis up to $5,000,000,000 in shares of common stock, consisting of up to $4,000,000,000 in shares in our primary offering and up to $1,000,000,000 in shares pursuant to our distribution reinvestment plan. We are offering to sell any combination of four classes of shares of our common stock, Class T shares, Class S shares, Class D shares and Class I shares, with a dollar value up to the maximum offering amount. Each class of shares is sold at the then-current transaction price, which will generally be the prior month's NAV per share for such class, plus applicable upfront selling commissions and dealer manager fees.

The terms of the Offering required us to hold investors' funds from the Offering in an interest-bearing escrow account until we received purchase orders for at least $25,000,000 of our common stock or units of the Operating Partnership in the Offering or in separate private transactions (including purchase orders by the Adviser, the Sponsor, their affiliates and our directors and officers, which purchases were not limited in amount) and our board of directors authorized the release of funds in the escrow account to us. On March 19, 2024, the Operating Partnership issued 6,220,000 Class E units to EQT Real Estate Holdings, an affiliate of our Sponsor, for an aggregate purchase price of $62,200,000, or $10.00 per unit. As such, as of March 19, 2024, we satisfied the minimum offering requirement for all jurisdictions other than Pennsylvania and our board of directors authorized us to break escrow in the Offering. As of August 14, 2024, we also satisfied the minimum offering requirement for Pennsylvania.

Through December 31, 2025, we had sold the following shares of common stock and raised the following proceeds in connection with our Offering (in thousands, except share data):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Gross offering proceeds** | **Upfront selling commissions and dealer manager fees** | **Net offering proceeds** |
| **Primary Offering** |  |  |  |  |
| Class I Shares | 534431 | $5629 | $-<br> <sup>(1)</sup> | $5629 |
| Class T Shares | 223 | 3 | 0<br> <sup>(2)</sup> | 3 |
| **Distribution Reinvestment Plan** |  |  |  |  |
| Class I Shares | 10296 | 110 | - | 110 |
| **Total** | 544950 | $5742 | $0 | $5742 |

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The table is presented with dollars shown in thousands and amounts that round to less than $1 thousand are reflected as $0 rather than as a dash.

<sup>(1)</sup> No upfront selling commissions, dealer manager fees or distribution fees are paid with respect to the purchase of Class I shares.

<sup>(2)</sup> We also pay the Dealer Manager selling commissions over time as distribution fees. See "Market Information" above.

As of December 31, 2025, we have not sold any Class S or Class D shares in the Offering. We intend to offer and sell shares in our public offering on a monthly basis.

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From the commencement of our Offering through December 31, 2025, we incurred the following offering expenses related thereto (in thousands):

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| | |
|:---|:---|
|  | **Offering Expenses** |
| Upfront selling commissions <sup>(1)</sup> | $0 |
| Dealer manager fees <sup>(1)</sup> | 0 |
| Distribution fees <sup>(1)</sup> | 0 |
| Other offering expenses <sup>(2)</sup> | 7322 |
| Total offering expenses | $7322 |

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The table is presented with dollars shown in thousands and amounts that round to less than $1 thousand are reflected as $0 rather than as a dash.

<sup>(1)</sup> From the commencement of our Offering through December 31, 2025, we incurred $84.54 of upfront selling commissions and dealer manager fees, and $1.75 of distribution fees. Under GAAP, we accrue the lifetime cost of the distribution fees as an offering cost at the time we sell Class T, Class S or Class D shares. As of December 31, 2025, we had accrued $132 of distribution fees under GAAP payable to the Dealer Manager related to the sale of Class T shares.

<sup>(2)</sup> Our Adviser agreed to advance all of our organization and offering expenses on our behalf (excluding upfront selling commissions, dealer manager fees and distribution fees) through March 19, 2027, the third anniversary of the date on which we broke escrow for the Offering. We will reimburse our Adviser for all such advanced expenses ratably over the 60 months following March 19, 2027.

As of December 31, 2025, we have primarily used the net proceeds from unregistered sales of Class E units of the Operating Partnership, the net proceeds from unregistered sales of Class A-I and Class A-II shares of our common stock, the net proceeds from the Offering and debt financings to acquire $428.2 million of investments in real estate.

## Share Repurchases
We have adopted a share repurchase plan whereby, on a monthly basis, stockholders may request that we repurchase all or any portion of their shares. However, we are not obligated to repurchase any shares and may choose to repurchase only some, or even none, of the shares that have been requested to be repurchased in any particular month in our discretion. In addition, our ability to fulfill repurchase requests is subject to a number of limitations. As a result, share repurchases may not be available each month. Under our share repurchase plan, to the extent we choose to repurchase shares in any particular month, we 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, except that shares that have not been outstanding for at least one year will be repurchased at 98% 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 Operating Partnership units may include the period of time such stockholder held such Operating Partnership units for purposes of calculating the holding period for such shares of our common stock. This Early Repurchase Deduction will not apply to shares acquired through our distribution reinvestment plan nor will it apply in the following circumstances (subject to the conditions described herein and in our share repurchase plan): repurchases resulting from death, qualifying disability or divorce; in the event that a stockholder's shares are repurchased because the stockholder has failed to maintain the $500 minimum account balance; or due to trade or operational error. To have your shares repurchased, your repurchase request and required documentation must be received in good order by 4:00 p.m. (Eastern time) on the second to last business day of the applicable month. Settlements of share repurchases will generally be made within three business days of the Repurchase Date. Investors may withdraw their repurchase requests by notifying the transfer agent before 4:00 p.m. (Eastern time) on the last business day of the applicable month.

The aggregate NAV of total repurchases of Class T, Class S, Class D, Class I, Class E, Class A-I and Class A-II shares (including repurchases at certain non-U.S. investor access funds primarily created to hold shares of our common stock, if any, but excluding any Early Repurchase Deduction applicable to the repurchased shares) is limited to no more than 2% of our aggregate NAV per month (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 (measured using the average aggregate NAV attributable to stockholders as of the end of the immediately preceding three months). In the event that we determine 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 plan, as applicable.

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EQT Real Estate Holdings and affiliates of our Sponsor and their officers and employees purchasing Class E shares and Class E units in satisfaction of the Sponsor Committed Amount must agree to hold all such shares and units they acquire until the earlier of (i) the first date that the aggregate NAV of our outstanding shares of common stock, along with Operating Partnership units held by parties other than us, reaches $1.0 billion and (ii) March 19, 2027, which is three years from the date of the initial investment by EQT Real Estate Holdings. Following such date, holders of Class E shares and Class E units purchased in connection with the Sponsor Committed Amount may request that we repurchase such Class E shares or Class E units; provided, that (1) we will only process repurchases of such Class E shares or Class E units for cash after all other stockholder repurchase requests have been processed, (2) such repurchases of Class E shares for cash will be subject to the 2% monthly and 5% quarterly limitations on repurchases and (3) upon a repurchase request, the Operating Partnership will repurchase Class E units for Class E shares or cash (at the holder's election) unless our board of directors determines that any such repurchase for cash would be prohibited by applicable law or the partnership agreement of the Operating Partnership, in which case such Class E units will be repurchased for an amount of Class E shares with an aggregate NAV equivalent to the aggregate NAV of such Class E units; provided further, that repurchases of Class E units for cash will be subject to the 2% monthly and 5% quarterly limitations on repurchases in our share repurchase plan treating all outstanding Operating Partnership units held by persons other than us as having been exchanged for shares as of the respective monthly and quarterly measurement dates for calculation of the 2% monthly and 5% quarterly limitations in our share repurchase plan. For the avoidance of doubt, repurchases of Class E units for Class E shares will not be subject to the requirement that all other stockholder repurchase requests submitted through our share repurchase plan have been processed and will not be subject to the 2% monthly and 5% quarterly limitations on repurchases. Repurchases of Class E shares and Class E units acquired in connection with the Sponsor Committed Amount will not be subject to the Early Repurchase Deduction.

Shares held by our Adviser acquired as payment of our Adviser's management fee will not be subject to our share repurchase plan, including with respect to any repurchase limits or the Early Repurchase Deduction, and will not be included in the calculation of our aggregate NAV for purposes of the 2% monthly or 5% quarterly limitations on repurchases. Notwithstanding the foregoing, we have adopted a policy that requires the affiliated-transactions committee of our board of directors to approve any repurchase request of the Adviser for Class E shares received as payment for the management fee that, when combined with any stockholder repurchase requests submitted through our share repurchase plan, would cause us to exceed the 2% monthly or 5% quarterly repurchase limitations of our share repurchase plan. Such approval must find that the repurchase will not impair our capital or operations and is consistent with the fiduciary duties of our independent directors.

In addition, holders of Class E units issued in connection with distributions on the performance participation interest may request the Operating Partnership repurchase such Class E units for Class E shares or cash (at the holder's election) unless our board of directors determines that any such repurchase for cash would be prohibited by applicable law or the partnership agreement of the Operating Partnership, in which case such Class E units will be repurchased for an amount of Class E shares with an aggregate NAV equivalent to the aggregate NAV of such Class E units; provided further, that repurchases of Class E units for cash will be subject to the 2% monthly and 5% quarterly limitations on repurchases in our share repurchase plan treating all outstanding Operating Partnership units held by persons other than us as having been exchanged for our shares as of the respective monthly and quarterly measurement dates for calculation of the 2% monthly and 5% quarterly limitations under the share repurchase plan. In addition, any repurchases of Class E units in respect of distributions on the performance participation interest will not be subject to the Early Repurchase Deduction.

Should repurchase requests, in our judgment, place an undue burden on our liquidity, adversely affect our operations or risk having an adverse impact on our Company as a whole, or should we otherwise determine that investing our liquid assets in real estate or other investments rather than repurchasing our shares is in the best interests of our Company as a whole, then we may choose to repurchase fewer shares than have been requested to be repurchased, or none at all. Further, our board of directors may make exceptions to, modify or suspend our share repurchase plan if it deems in its reasonable judgment such action to be in our best interest. Our board of directors will not terminate our share repurchase plan absent a liquidity event which results in our stockholders receiving cash or securities listed on a national securities exchange or where otherwise required by law. 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.

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For the three months ended December 31, 2025, we repurchased shares of our common stock in the following amounts:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Month of:** | **Total Number of Shares Repurchased** <sup>(1)</sup> | **Average Price Paid per Share** | **Total Number of Shares Repurchased as Part of Publicly Announced Plans or Programs** | **Repurchases as a Percentage of NAV**<sup>(2)</sup> | **Maximum Number (or Approximate Dollar Value) of Shares That May Yet Be Purchased under the Plans or Programs**<sup>(2)</sup> |
| October 2025 | - | - | - | - |  |
| November 2025 | - | - | - | - |  |
| December 2025 | 15105 | $10.69 | 15105 | 0.07% |  |
| Total | 15105 | $10.69 | 15105 | 0.07% |  |

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<sup>(1)</sup> All shares repurchased were repurchased through our share repurchase plan and all repurchase requests for the three months ended December 31, 2025 were satisfied. We funded our repurchases with cash flow from operations.

<sup>(2)</sup> Represents aggregate NAV of the shares repurchased under our share repurchase plan over aggregate NAV of all common stock outstanding, in each case, based on the NAV as of the last calendar day of the prior month.

# Item 6. [Reserved]

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**ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations.**

*The following discussion should be read in conjunction with the consolidated financial statements and notes thereto appearing elsewhere in this Annual Report. In addition to historical data, this discussion contains forward-looking statements about our business, operations and financial performance based on current expectations that involve risks, uncertainties and assumptions. Our actual results may differ materially from those in this discussion as a result of various factors, including but not limited to those discussed in Part I, Item 1A, "Risk Factors" in this Annual Report on Form 10-K. We do not undertake to revise or update any forward-looking statements except as otherwise required by federal securities laws.*

**Overview**

We are a Maryland corporation formed on September 2, 2022. We were formed to invest primarily in stabilized, income-oriented commercial real estate in the United States in a range of asset types. To a lesser extent, we also plan to invest in real estate related securities to provide a source of liquidity for our share repurchase plan, cash management and other purposes. We are an externally advised, perpetual-life corporation. We are externally managed by EQT Real Estate, LLC (our "Adviser" or "EQT Real Estate"), an affiliate of EQT AB (our "Sponsor").

Our investment objectives are to invest in assets that will enable us to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•generate current income in the form of regular stable cash distributions to achieve an attractive cash yield;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•preserve and protect invested capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•provide a source of potential inflation protection and realize appreciation in net asset value from proactive investment management and asset management; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•provide an investment alternative for stockholders seeking to allocate a portion of their long-term investment portfolios to commercial real estate with lower volatility than listed public real estate companies.

We cannot assure you that we will achieve our investment objectives. In particular, we note that the net asset value ("NAV") of non-traded REITs may be subject to volatility related to the values of their underlying assets, and appraisal-based valuations are estimates of fair value and may not necessarily correspond to realizable value.

We plan to own all or substantially all of our assets through our operating partnership, EQT Exeter REIT Operating Partnership LP, a Delaware limited partnership (the "Operating Partnership"), of which we are the sole general partner.

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Our board of directors 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 among us, the Operating Partnership and our Adviser, however, we have delegated to our Adviser 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 of directors. Affiliates of our Adviser also have extensive experience in providing responsive and professional property management and leasing services as well as development and construction services. We have retained and expect to continue to retain an affiliate of our Adviser 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. We believe our most compelling potential competitive strength is our relationship with EQT Real Estate, a premier investment manager and, of crucial importance, a vertically integrated operator built on the talent and experience of an extensive network of "hyper-local" real estate professionals.

From September 2, 2022 (the date of our formation) to March 18, 2024, our activity had been to prepare for our fundraising through our initial public offering of our common stock. We have registered with the SEC an offering of up to $5.0 billion in shares of common stock (the "public offering" or the "Offering"), consisting of up to $4.0 billion in shares in our primary offering and up to $1.0 billion in shares pursuant to our distribution reinvestment plan. The terms of the Offering required us to hold investors' funds from the Offering in an interest-bearing escrow account until we received purchase orders for at least $25.0 million of our common stock or units of the Operating Partnership in the Offering or in separate private transactions (including purchase orders by the Adviser, the Sponsor, their affiliates and our directors and officers, which purchases were not limited in amount) and our board of directors authorized the release of funds in the escrow account to us. On March 19, 2024, the Operating Partnership issued approximately 6.2 million Class E units to EQT Real Estate Holdings US, Inc. ("EQT Real Estate Holdings", formerly known as EQT Exeter Holdings US, Inc.), an affiliate of our Sponsor, for an aggregate purchase price of $62.2 million, or $10.00 per unit. As such, as of March 19, 2024, we satisfied the minimum offering requirement for all jurisdictions other than Pennsylvania and our board of directors authorized us to break escrow in the Offering. As of August 14, 2024, we also satisfied the minimum offering requirement for Pennsylvania.

We conducted a primary private offering of our Class A-I shares to accredited investors. The primary private offering of Class A-I shares to accredited investors terminated on January 2, 2025 and the distribution reinvestment plan offering for Class A-I shares is ongoing. We commenced a separate private offering of our Class A-II shares to accredited investors in January 2025 and the offering is ongoing. Both private offerings are being conducted pursuant to Rule 506(c) of Regulation D and other applicable exemptions.

As of March 20, 2026, we had received cumulative gross proceeds from our public and private offerings of $67.1 million from the sale of approximately 6.4 million shares of our common stock, including the shares issued pursuant to our distribution reinvestment plan. We intend to continue selling shares of our common stock on a monthly basis through our continuous public offering and our private offerings. Additionally, as of March 20, 2026, EQT Real Estate Holdings had purchased approximately 19.6 million Class E units of the Operating Partnership for an aggregate purchase price of approximately $197.1 million as part of the Sponsor Committed Amount. See the discussion of the Sponsor Committed Amount under "—Liquidity and Capital Resources" below.

The number and type of properties or real estate-related securities that we acquire will depend upon real estate market conditions, the amount and timing of offering proceeds we raise and other circumstances existing at the time we acquire such assets. As of March 20, 2026 we owned five industrial properties.

We are not aware of any material trends or uncertainties, favorable or unfavorable, other than regional or global economic conditions affecting real estate generally, 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, other than those referred to in our Annual Report.

The U.S. real estate market experienced improving conditions during 2025, reflecting greater macroeconomic stability, moderating inflation, and a gradual recovery in investor confidence. Following the aggressive monetary tightening cycle of 2022 and 2023, the Federal Reserve maintained a more measured policy stance, holding the federal funds rate in a target range of approximately 4.25% to 4.50% through much of 2025 (Source: Federal Reserve, 2025). This period of interest rate stability contributed to improved visibility around borrowing costs and underwriting assumptions, supporting increased transaction activity across commercial real estate markets.

Inflation continued to moderate during 2025, with headline consumer price inflation trending closer to the Federal Reserve's long-term target and remaining well below peak levels observed in 2022 (Source: U.S. Bureau of Labor Statistics, 2025). As inflation expectations stabilized, capital markets participants demonstrated increased willingness to transact, particularly for assets with durable cash flows and long-term demand fundamentals.

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Against this backdrop, commercial real estate investment activity improved meaningfully in 2025 compared to the prior year. According to industry data, U.S. commercial real estate transaction volumes increased by more than 20% year-over-year, with full-year volumes estimated at approximately $545 billion, and quarterly investment activity reaching its highest levels since 2022 (Source: Altus Group, 2025; Seeking Alpha, 2025). Industrial, residential, and digital infrastructure assets accounted for a significant share of total investment volumes, reflecting continued investor preference for property types supported by secular demand drivers.

We believe these market conditions have continued to create a favorable environment for disciplined buyers with access to capital and without legacy balance-sheet constraints. During 2025, we continued to expand our industrial asset exposure with the acquisition of an in-fill located, last-mile facility in a major U.S. urban market. For an overview of our real estate investments, see "— Portfolio" below for additional details.

Our Adviser, in its experience as the third-largest owner of industrial real estate by global portfolio square footage (Source: CoStar, 2025) and the third-largest U.S. industrial owner and manager by U.S. domestic portfolio square footage (Source: Green Street, 2025), believes that assets such as those we have acquired are well positioned to benefit over the long term from structural tailwinds, including continued e-commerce adoption, supply chain reconfiguration, and sustained demand for modern logistics infrastructure. These investments align with our core investment thesis focused on supply-chain industrial. Our Adviser remains well positioned to capitalize on opportunities across the industrial spectrum, including distribution and storage facilities (such as big-box warehouses, last-mile facilities, and cold storage), as well as light industrial, flex/office-warehouse, industrial service facilities, and industrial outdoor storage properties.

We may also invest in specialized office assets (research-oriented properties including research and development campuses, laboratory space, and biomanufacturing facilities – all of which are less sensitive to "hybrid work" trends and more correlated to growth and innovation in the healthcare sector), consumer-oriented property types, including for-rent residential, self-storage, grocery-anchored retail, and hospitality assets, as well as other digital infrastructure properties such as cell-tower ground leases. Where applicable, our Adviser will continue to target markets characterized by strong demographic trends, research activity, and ongoing investment in manufacturing, life sciences, healthcare, and higher education.

Our Adviser believes there is a growing opportunity for core real estate capital to take advantage of secular tailwinds behind the data center or digital infrastructure space. Demand for data center assets remained strong in 2025, driven by continued growth in cloud computing, artificial intelligence workloads, and enterprise digitalization. Investment activity in the sector has increasingly favored scaled platforms and infrastructure-adjacent locations with access to power, connectivity, and long-term tenant demand, areas which align with the Adviser's national industrial footprint and deep expertise in the data center space.

Looking ahead, while macroeconomic conditions in 2025 have provided greater clarity around interest rates, inflation, and pricing expectations, uncertainty remains. The trajectory of the real estate market will continue to be influenced by future Federal Reserve policy decisions, capital market liquidity, and leasing fundamentals across major property sectors. We will continue to actively monitor economic and industry-specific developments to adjust our investment strategy as appropriate.

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**2025 Highlights**

*Operating Results:*

• Beginning in April 2024, we have declared monthly distributions. Monthly net distributions declared totaled $12.0 million for the year ended December 31, 2025, including $9.8 million of net distributions related to Class E units of the Operating Partnership owned by EQT Real Estate Holdings. The details of the annualized distribution rates and total returns as of December 31, 2025 are shown in the following table.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class I<br>Shares** | **Class T<br>Shares** | **Class E<br>Shares** | **Class A-I<br>Shares** | **Class A-II<br>Shares** |
| Annualized Distribution Rate<sup>(1)</sup> | 4.79% | 3.93% | 4.53% | 4.85% | 4.87% |
| Year-to-Date Total Return, without upfront selling commissions<sup>(2)</sup> | 7.31% | 0.51% | 10.17% | 7.53% | 6.94% |
| Year-to-Date Total Return, assuming maximum upfront selling commissions<sup>(2)</sup> | n/a | -2.89% | n/a | n/a | n/a |
| Inception-to-Date Total Return, without upfront selling commissions<sup>(2)(3)</sup> | 10.75% | 0.51% | 13.10% | 10.74% | 6.94% |
| Inception-to-Date Total Return, assuming maximum upfront selling commissions<sup>(2)(3)</sup> | n/a | -2.89% | n/a | n/a | n/a |

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<sup>(1)</sup> The annualized distribution rate is calculated as the December 31, 2025 monthly net distribution (which represents the gross distribution less distribution fees for the applicable class of common stock) annualized and divided by the prior month's NAV, which is inclusive of all fees and expenses.

<sup>(2)</sup> Total return is calculated as the change in NAV per share during the respective periods plus any distributions per share declared in the period, and assumes any net distributions are reinvested in accordance with our distribution reinvestment plan. Total return for periods greater than one year are annualized. We believe total return is a useful measure of the overall investment performance of our shares.

<sup>(3)</sup> The inception date was September 3, 2024 for Class I shares, October 1, 2024 for Class A-I shares, February 3, 2025 for Class A-II shares, and December 1, 2025 for Class T shares. For purposes of this performance illustration, the Class E inception date is March 20, 2024, the date we commenced principal operations in connection with the acquisition of our first real estate investment.

*Investment:*

• On December 23, 2025, we acquired a 76,007 square foot last mile industrial facility on approximately 9.6 acres of land in Torrance, California (the "Torrance Property"). Construction was completed on the Torrance Property in 2000, and the Torrance Property is 100% leased to a single tenant. The purchase price of the Torrance Property was approximately $51.5 million, exclusive of closing costs. We funded the acquisition of the Torrance Property with cash on hand, which primarily consists of proceeds from the offerings of our shares of common stock.

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**Portfolio**

*Investments in Real Estate*

As of December 31, 2025, we owned five industrial properties encompassing, in the aggregate, approximately 2.6 million rentable square feet. We acquired each of these properties from third parties unaffiliated with us or our Adviser. The following table is a summary of our real estate portfolio as of December 31, 2025:

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Property** | **Location** | **Rentable Square Feet** | **Date Acquired** | **Property Type** | **Purchase Price**<sup>(1)</sup> | **Annualized Base Rent**<sup>(2)</sup> | **Average Annualized Base Rent** | **Average Remaining Lease Term** | **Occupancy** |
|  |  |  |  |  | **(in thousands)** | **(in thousands)** | **per Sq. Ft.** <sup>(3)</sup> | **in Years** |  |
| Georgetown Property | Georgetown, TX | 449642 | 3/20/2024 | Industrial | $60933 | $3809 | $8.47 | 7.92 | 100% |
| Middletown Property | Middletown, PA | 1219021 | 8/14/2024 | Industrial | $170500 | $11130 | $9.13 | 8.83 | 100% |
| Nashville Property | Portland, TN | 638330 | 8/15/2024 | Industrial | $75000 | $5742 | $9.00 | 9.83 | 100% |
| Washington Property<sup>(4)</sup> | Tukwila, WA | 202464 | 10/16/2024 | Industrial | $81500 | $11787 | $58.22 | 10.33 | 100% |
| Torrance Property | Torrance, CA | 76007 | 12/23/2025 | Industrial | $51500 | $2979 | $39.19 | 10.00 | 100% |

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<sup>(1)</sup> Purchase price is exclusive of closing costs.

<sup>(2)</sup> Annualized base rent represents annualized contractual base rental income adjusted to straight-line any contractual tenant concessions (including free rent), rent increases and rent decreases from the lease's inception through the balance of the lease term ("Annualized Base Rent").

<sup>(3)</sup> Average annualized base rent per square foot is calculated as the Annualized Base Rent divided by the leased rentable square feet.

<sup>(4)</sup> The Washington Property is subject to a ground lease through which we hold a leasehold interest in the land parcel.

As our real estate investments are comprised 100% of industrial properties as of December 31, 2025, a diversification chart by property type is not presented, as it would not provide any additional meaningful insight into the composition of the portfolio.

The following chart further describes the geographic diversification of our real estate investments as of December 31, 2025 (percentage is based on the December 31, 2025 fair value of the real estate investments).

![img146704155_0.jpg](img146704155_0.jpg)

We believe that our real estate investments are suitable for their intended purpose and are adequately insured. Our real estate investments will face competition from similarly situated properties in and around their submarkets. We do not intend to make significant renovations or improvements to our real estate investments in the near term. For federal income tax purposes, the depreciable basis of our real estate investments, excluding the basis attributable to land, is depreciated in accordance with the methods and useful lives prescribed by the Internal Revenue Code of 1986, as amended (the "Code") and applicable regulations.

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*Significant Tenants*

As of December 31, 2025, we had a concentration of credit risk related to the following tenant leases that represented more than 10% of our Annualized Base Rent. The following table is a summary of our significant tenants as of December 31, 2025:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | **Annualized Base Rent Statistics** | **Annualized Base Rent Statistics** | **Annualized Base Rent Statistics** |  |
| **Tenant** | **Property** | **Tenant Industry** | **Square Feet** | **% of Portfolio Rentable Sq. Ft. Leased** | **Annualized Base Rent<br>(in thousands)** | **% of Portfolio Annualized Base Rent** | **Average Annualized Base Rent per Square Foot**<sup>(1)</sup> | **Lease Expiration**<sup>(2)</sup> |
| Amazon.com Services LLC <sup>(3)</sup> | Middletown Property | E-commerce | 1219021 | 47% | $11130 | 31% | $9.13 | 10/31/2034 |
| Amazon.com Services LLC <sup>(3)</sup> | Washington Property | E-commerce | 202464 | 8% | $11787 | 33% | $58.22 | 4/30/2036 |
| Shoals Technologies Group, LLC | Nashville Property | Renewable energy | 638330 | 25% | $5742 | 16% | $9.00 | 10/31/2035 |
| GAF Energy LLC | Georgetown Property | Renewable energy | 449642 | 17% | $3809 | 11% | $8.47 | 11/30/2033 |

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<sup>(1)</sup> Average annualized base rent per square foot is calculated as the Annualized Base Rent divided by the leased rentable square feet.

<sup>(2)</sup> Represents the expiration date of the leases and does not take into account any tenant renewal or termination options.

<sup>(3)</sup> As of December 31, 2025, the leases with Amazon.com Services LLC represent approximately 64% of our portfolio Annualized Base Rent. The obligations of Amazon.com Services LLC under its leases with us are guaranteed by its parent, Amazon.com, Inc. ("Amazon"). Amazon is a public company that is subject to the filing requirements of the Securities and Exchange Act of 1934, as amended. Amazon is required to file its audited financial statements in its Annual Reports on Form 10-K and its unaudited interim financial statements in its Quarterly Reports on Form 10-Q, which can be found on the SEC's website at www.sec.gov. Reference to Amazon's filings with the SEC is solely for the information of investors. Amazon's filings with the SEC should not be considered a part of or as incorporated by reference in this Annual Report.

***Portfolio Lease Expirations***

The following table sets forth a schedule of expiring leases for our real estate portfolio by number of leases, Annualized Base Rent and rentable square feet as of December 31, 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Year of Expiration**<sup>(1)</sup> | **Number of Leases Expiring** | **Annualized Base Rent <br>(in thousands)** | **% of Portfolio Annualized Base Rent** | **Leased Rentable Square Feet Expiring** | **% of Portfolio Rentable Square Feet Expiring** |
| 2026 | - | - | - | - | - |
| 2027 | - | - | - | - | - |
| 2028 | - | - | - | - | - |
| 2029 | - | - | - | - | - |
| 2030 | - | - | - | - | - |
| 2031 | - | - | - | - | - |
| 2032 | - | - | - | - | - |
| 2033 | 1 | 3809 | 11% | 449642 | 17% |
| 2034 | 1 | 11130 | 31% | 1219021 | 47% |
| 2035 | 2 | 8721 | 25% | 714337 | 28% |
| Thereafter | 1 | 11787 | 33% | 202463 | 8% |
| Total | 5 | $35447 | 100% | 2585463 | 100% |

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<sup>(1)</sup> Represents the expiration date of the leases and does not take into account any tenant renewal or termination options.

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**Results of Operations**

From September 2, 2022 (the date of our formation) to March 18, 2024, our activity had been to prepare for our fundraising through our initial public offering of our common stock and we had not commenced principal operations. As such, comparative results for the years ended December 31, 2024 and 2023 have not been presented. On March 20, 2024, we commenced principal operations with the acquisition of the Georgetown Property, which represented our initial real estate investment. We acquired three additional properties on August 14, 2024, August 15, 2024 and October 16, 2024, respectively. As such, our results of operations for the year ended December 31, 2024 reflect operating activity for a partial year and limited periods of ownership for these properties. Comparatively, we owned five real estate investments as of December 31, 2025 with the fifth real estate investment acquired on December 23, 2025. Consequently, comparisons of our results of operations for the years ended December 31, 2025 and 2024 may not provide meaningful insights for investors evaluating our business performance or financial condition.

*Comparison of the year ended December 31, 2025 versus the year ended December 31, 2024*

The following table sets forth information regarding our consolidated results of operations for the years ended December 31, 2025 and 2024 ($ in thousands):

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| | | | |
|:---|:---|:---|:---|
|  | **For the Years Ended** | **For the Years Ended** |  |
|  | **December 31,** | **December 31,** |  |
|  | **2025** | **2024** | **Change** |
| **Revenues** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rental revenue | $36888 | $13338 | $23550 |
| **Total Revenues** | 36888 | 13338 | 23550 |
| **Expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rental property operating expenses | 4325 | 1564 | 2761 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses | 3540 | 3733 | (193) |
| &nbsp;&nbsp;&nbsp;&nbsp;Organization expenses |  | 1187 | (1187) |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fee | 315 | 15 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp;Performance participation allocation | 535 | 71 | 464 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 14208 | 4905 | 9303 |
| **Total Expenses** | 22923 | 11475 | 11448 |
| **Other Income (Expense)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | 1992 | 398 | 1594 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (17842) | (5211) | (12631) |
| **Total Other Income (Expense)** | (15850) | (4813) | (11037) |
| **Net (Loss)** | $(1885) | $(2950) | $1065 |
| Dividends to preferred stockholders | $(22) | $(22) | $— |
| Net loss attributable to redeemable non-controlling interest | 892 | 2781 | (1889) |
| Net (loss) attributable to common stockholders | $(1015) | $(191) | $(824) |

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*Rental revenue*

Rental revenue primarily consists of base rent from tenant leases at our properties.

For the years ended December 31, 2025 and 2024, we earned $36.9 million and $13.3 million of rental income from our real estate investments, respectively. The $23.6 million increase in rental revenue was primarily attributable to the longer period of ownership of our real estate investments during the year ended December 31, 2025, compared to the year ended December 31, 2024, as a result of the timing of property acquisitions and the absence of a full year of operations in 2024.

*Rental property operating expenses*

Rental property operating expenses consist of the costs of ownership and operation of our real estate investments. Rental property operating expenses include, among other expenses, insurance, utilities, real estate taxes and repair and maintenance expenses.

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For the years ended December 31, 2025 and 2024, rental property operating expenses were $4.3 million and $1.6 million, respectively. The $2.8 million increase in rental property operating expenses was primarily attributable to the longer period of ownership of our real estate investments during the year ended December 31, 2025, compared to the year ended December 31, 2024, which reflected only partial-year operating activity due to the timing of property acquisitions.

*General and administrative and organization expenses*

General and administrative expenses include but are not limited to corporate-level expenses such as audit fees, legal expenses, transfer agent expenses and fund administration expenses.

For the years ended December 31, 2025 and 2024, general and administrative expenses were $3.5 million and $3.7 million, respectively. The $0.2 million decrease was due to a one-time expense recognition upon us breaking escrow in the Offering during the year ended December 31, 2024, whereas the year ended December 31, 2025 reflect only normal, recurring general and administrative expenses. As a result, the years ended December 31, 2025 and 2024 are not directly comparable with respect to general and administrative expenses.

For the year ended December 31, 2025, we did not record any organization expenses and we do not expect to incur additional material organization expenses in the future as our formation is complete and we have commenced principal operations. For the year ended December 31, 2024, organization expenses were $1.2 million, which represented a one-time expense recognition upon us breaking escrow in the Offering. As a result, the years ended December 31, 2025 and 2024 are not directly comparable with respect to organizational expenses.

For a discussion of our Adviser's support measures, see "—Liquidity and Capital Resources" below.

*Management fees*

Management fees are earned by our Adviser for providing services pursuant to the Advisory Agreement.

For the years ended December 31, 2025 and 2024, we incurred $0.3 million and $15,000 of management fees, respectively. The increase of $0.3 million in management fees was primarily attributable to the expiration of the management fee waiver on September 30, 2024. As the Adviser waived its management fee through September 30, 2024, no management fees were incurred for the first three quarters of 2024. By contrast, the year ended December 31, 2025 reflects a full year of fees.

*Performance participation allocation*

The performance participation allocation relates to the Special Limited Partnership's performance participation interest in the Operating Partnership that entitles the Special Limited Partner to receive an allocation from the Operating Partnership equal to 12.5% of the annual Total Return of the Operating Partnership, subject to a 5% annual Hurdle Amount and a High-Water Mark, with a Catch-Up (each term as defined in the Operating Partnership's Second Amended and Restated Limited Partnership Agreement). Accordingly, the performance participation allocation is recognized as an expense in the Consolidated Statements of Operations in the period in which the related performance is achieved.

For the years ended December 31, 2025 and 2024, we accrued $0.5 million and $71,000 for the performance participation allocation, respectively. The increase of $0.5 million in the performance participation allocation was primarily attributable to a higher Total Return (as defined in the Operating Partnership's Second Amended and Restated Limited Partnership Agreement) for the year ended December 31, 2025 as compared to the year ended December 31, 2024.

*Depreciation and amortization*

Depreciation and amortization expenses are primarily impacted by the fair values assigned to buildings and building improvements, land improvements, in-place lease intangibles and tenant origination costs as part of the initial purchase price allocation of our real estate investments as well as the depreciation of the right-of-use assets obtained under our finance lease.

For the years ended December 31, 2025 and 2024, we recorded $14.2 million and $4.9 million in depreciation and amortization expenses, respectively. The $9.3 million increase in depreciation and amortization expenses was primarily attributable to the longer period of ownership of our real estate investments during the year ended December 31, 2025, compared to the year ended December 31, 2024, which reflected only partial-year depreciation and amortization expenses due to the timing of property acquisitions.

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*Interest income*

Interest income primarily consists of interest earned from a short-term investment account.

For the years ended December 31, 2025 and 2024, we recorded $2.0 million and $0.4 million of interest income, respectively. The $1.6 million increase in interest income was primarily attributable to the higher average short-term investment account balances during the year ended December 31, 2025 as compared to the year ended December 31, 2024.

*Interest expense*

Interest expense primarily consists of interest on mortgage notes, including amortization of deferred financing costs, and interest on finance lease liabilities.

For the year ended December 31, 2025, we recognized interest expense of $11.0 million related to our outstanding mortgage notes, which includes amortization of deferred financing costs of $90,000, and $6.9 million related to interest on our finance lease liabilities. For the year ended December 31, 2024, we recognized interest expense of $3.7 million related to our outstanding mortgage notes, which includes amortization of deferred financing costs of $32,000, and $1.4 million related to interest on our finance lease liabilities. The $7.3 million increase in interest expense related to our mortgage notes was primarily attributable to a higher outstanding principal balance and the mortgage notes being outstanding for a full year during 2025, as compared to 2024. The $5.5 million increase in interest expense related to our finance lease liabilities was primarily attributable to the establishment of the finance lease obligations in October 2024, resulting in a partial-year of interest expense in 2024, as compared to a full year of interest expense during 2025.

*Net loss attributable to redeemable non-controlling interest*

As of December 31, 2025 and 2024, the Operating Partnership had issued approximately 19.6 million Class E units to EQT Real Estate Holdings for aggregate consideration of approximately $197.1 million. Class E units include an embedded redemption feature that is considered to be outside our sole control. As a result, we have classified the Class E units as redeemable non-controlling interest in mezzanine equity on our Consolidated Balance Sheets.

For the years ended December 31, 2025 and 2024, net loss attributable to redeemable non-controlling interest was $0.9 million and $2.8 million, respectively. The $1.9 million decrease in net loss attributable to redeemable non-controlling interest for the year ended December 31, 2025 compared to the year ended December 31, 2024 was primarily due to (i) an increase in the number of the weighted-average common shares outstanding, which reduced the percentage of net loss allocated to redeemable non-controlling interest, and (ii) a reduction in total net loss from $3.0 million in 2024 to $1.9 million in 2025, resulting in a smaller loss available for allocation.

**Liquidity and Capital Resources**

Our primary needs for liquidity and capital resources are to fund our investments, to make distributions to our stockholders, to repurchase shares of our common stock pursuant to our share repurchase plan, to pay our offering and operating fees and expenses and to pay interest on our outstanding indebtedness. We anticipate our offering and operating fees and expenses will include, among other things, the management fee we pay to our Adviser, distribution fees we will pay to the Dealer Manager, legal, audit and valuation expenses, federal and state filing fees, printing expenses, administrative fees, transfer agent fees, marketing and distribution expenses and fees related to acquiring, financing, appraising and managing our properties. In addition, the Operating Partnership will make distributions on the performance participation allocation to the Special Limited Partner. We do not have any office or personnel expenses as we do not have any employees. We will reimburse our Adviser for certain out-of-pocket expenses it incurs in connection with our operations.

Our Adviser has agreed to several support measures. Our Adviser agreed to waive its management fee for the first six full calendar months following March 19, 2024, the date on which we broke escrow for the Offering. We commenced accruing the management fee on October 1, 2024. Our Adviser has also agreed to advance all of our organization and offering expenses on our behalf (excluding upfront selling commissions, dealer manager fees and the distribution fees) through March 19, 2027, the third anniversary of the date on which we broke escrow for the Offering. We will reimburse our Adviser for all such advanced expenses ratably over the 60 months following March 19, 2027.

In addition, our Adviser will advance on our behalf certain of our general and administrative expenses through the earlier of (a) the first date that the aggregate NAV of our outstanding shares of common stock, along with Operating Partnership units held by parties other than us, reaches $1.0 billion and (b) March 19, 2027, the third anniversary of the date on which we broke escrow in our public offering, at which point we will reimburse our Adviser for all such advanced expenses ratably over the 60 months following such date.

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As of December 31, 2025, we had accrued approximately $7.8 million of organization and offering expenses and $6.5 million of general and administrative related costs that are payable to the Adviser, and that are included in Due to affiliates on our Consolidated Balance Sheets as of December 31, 2025.

As of December 31, 2024, we had accrued approximately $7.1 million of organization and offering expenses and $3.4 million of general and administrative related costs that are payable to the Adviser, and that are included in Due to affiliates on our Consolidated Balance Sheets as of December 31, 2024.

EQT Real Estate Holdings has committed to purchase a total of $200.0 million in Class E shares of our common stock or Class E units of our Operating Partnership, or a combination thereof (the "Sponsor Committed Amount"); provided that EQT Real Estate Holdings may invest a smaller amount to the extent the reduction is offset by an investment by other affiliates of the Sponsor or their officers and employees. As of March 20, 2026, EQT Real Estate Holdings had purchased approximately 19.6 million Class E units of the Operating Partnership for an aggregate purchase price of approximately $197.1 million as part of the Sponsor Committed Amount.

Class E shares and Class E units are only available for purchase in private transactions by (i) the Adviser, the Sponsor and their affiliates, (ii) employees of the Adviser, the Sponsor and their affiliates and (iii) our officers and directors. The Class E shares and Class E units are not subject to any upfront selling commissions, dealer manager fees, distribution fees, management fees payable to our Adviser or the performance participation allocation to the Special Limited Partner.

As of December 31, 2025, we had received cumulative net proceeds from our public and private offerings of approximately $59.9 million from the sale of approximately 5.8 million shares of our common stock, excluding proceeds from shares issued under our distribution reinvestment plan. We intend to continue selling shares of our common stock on a monthly basis through our continuous public offering and our private offerings. If we are unable to raise substantial funds in our offerings, we will be limited in the number and type of investments we make, and the value of an investment in us will be dependent on the performance of the specific assets we acquire. We will have certain fixed operating expenses, including expenses of being a public reporting company, regardless of whether we are able to raise substantial funds. Our inability to raise substantial funds would increase our fixed operating expenses as a percentage of gross income, reducing our net income and limiting our ability to make distributions.

No new mortgage indebtedness was incurred during the year ended December 31, 2025. During the year ended December 31, 2024, in connection with certain of our real estate acquisitions, we incurred mortgage indebtedness in an aggregate principal amount of approximately $194.9 million. These mortgage notes are secured by four of our real estate investments and bear interest at fixed rates ranging from 5.35% to 5.75%. The notes have maturity dates of March 1, 2032 and September 1, 2034. We intend to meet our obligations related to these mortgage notes through a combination of cash flows generated by our operations, proceeds from property dispositions, and refinancing activities, as appropriate. We evaluate our debt obligations to optimize our capital structure and reduce the cost of capital. As of December 31, 2025, we were in compliance with all covenants related to our mortgage notes, including net worth and liquidity, among others. We believe that our existing cash balance, cash flows from operations and cash flows from financing activities are sufficient to meet our debt service obligations and other liquidity needs in the foreseeable future.

The following table details the mortgage notes as of December 31, 2025 and December 31, 2024 ($ in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | **Principal Balance Outstanding** | **Principal Balance Outstanding** |
|  |  |  | **December 31,** | **December 31,** |
| **Indebtedness** | **Interest Rate** | **Maturity Date** | **2025** | **2024** |
| Fixed rate mortgage notes |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Middletown Mortgage Loan <sup>(1)</sup> | 5.35% | March 1, 2032 | $85250 | $85250 |
| &nbsp;&nbsp;&nbsp;&nbsp;State Farm Portfolio Mortgage Loan <sup>(2)</sup> | 5.75% | September 1, 2034 | 109600 | 109600 |
| Total loans secured by real estate |  |  | 194850 | 194850 |
| Deferred financing costs, net |  |  | (850) | (940) |
| Mortgage notes, net |  |  | $194000 | $193910 |

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<sup>(1)</sup> The Middletown Mortgage Loan is secured by the Middletown Property.

<sup>(2)</sup> The State Farm Portfolio Mortgage Loan is secured by the Georgetown Property, the Nashville Property and the Washington Property.

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As of December 31, 2025, our leverage ratio was 38%. Our leverage ratio is measured by dividing (i) consolidated property-level and entity-level debt net of cash and loan-related restricted cash, by (ii) the asset value of real estate investments (measured using the greater of fair market value or cost) plus the equity in our real estate related securities portfolio. There is, however, no limit on the amount we may borrow with respect to any individual property or portfolio. Our target leverage ratio after our ramp-up period is approximately 50% to 60%. We will consider our ramp-up period to end after we have raised substantial offering proceeds and acquired a broad portfolio of equity real estate investments. Prior to that time, we will balance the goal of achieving our target leverage ratio with the goal of carefully evaluating and selecting investment opportunities to maximize risk-adjusted returns. We cannot predict how long our ramp-up period will last and cannot provide assurances that we will be able to raise substantial offering proceeds.

We elected to be taxed as a REIT under Sections 856 through 860 of the Code, commencing with our taxable year ended December 31, 2024. In order to qualify and 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. No assurances can be provided regarding our qualification as a REIT.

Over time, we generally intend to fund our cash needs for items other than asset acquisitions from operations. We expect our cash needs for acquisitions will be funded primarily from the sale of shares of our common stock and units of the Operating Partnership and through the assumption or incurrence of debt. Other potential future sources of capital include proceeds from the sale of assets.

In addition, we expect to fund capital expenditures required under our leases, including tenant improvements and capital improvements, primarily from (i) tenant improvement allowances and other reserves acquired as part of property acquisitions and (ii) cash flow from operations, borrowings, offering proceeds or the sale or repayment of our assets, and we have no limits on the amounts we may pay from such sources.

Although we have not received any commitments from lenders to fund a line of credit to date, we may decide to obtain a line of credit to fund acquisitions, to repurchase shares pursuant to our share repurchase plan and for any other corporate purpose. If we decide to obtain a line of credit, we would expect that it would afford us borrowing availability to fund repurchases. As our assets increase, however, it may not be commercially feasible or we may not be able to secure an adequate line of credit to fund share repurchases. Moreover, actual availability may be reduced at any given time if we use borrowings under the line of credit to fund share repurchases or for other corporate purposes.

We may also fund repurchase requests under our share repurchase plan from sources other than cash flow from operations, including, without limitation, the sale or repayment of our assets, borrowings or offering proceeds, and we have no limits on the amounts we may pay from such sources.

For the year ended December 31, 2025, we fulfilled $0.2 million of repurchase requests pursuant to our share repurchase plan, which represented all repurchase requests received for the year ended December 31, 2025. There were no repurchase requests for the year ended December 31, 2024.

We continue to believe that our current liquidity position is sufficient to meet the needs of our business.

**Distributions** 

Distributions are authorized at the discretion of our board of directors, in accordance with our earnings, cash flows and general financial condition. Because we may receive income from interest or rents at various times during our fiscal year, distributions may not reflect our income earned in that particular distribution period but may be made in anticipation of cash flows which we expect to receive during a later quarter and may be made in advance of actual receipt of funds in an attempt to make distributions relatively uniform.

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Beginning in April 2024, we have declared monthly distributions for each outstanding class of our common stock with a record date as of the close of business as of the last calendar day of each month. Such distributions are generally paid 10 days after month-end. The following table summarizes the aggregate distributions declared for each class of our common stock for the years ended December 31, 2025 and 2024:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** |
|  | **Class T Common Stock** | **Class I Common Stock** | **Class A-I Common Stock** | **Class A-II Common Stock** | **Class E Common Stock** |
| Aggregate gross distributions declared per share of common stock | $0.04326 | $0.49684 | $0.49684 | $0.45915 | $0.49684 |
| Distribution fee per share of common stock <sup>(1)</sup> | (0.0078) | - | - | - | - |
| Net distributions declared per share of common stock | $0.03546 | $0.49684 | $0.49684 | $0.45915 | $0.49684 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** |
|  | **Class T Common Stock** | **Class I Common Stock** | **Class A-I Common Stock** | **Class A-II Common Stock** | **Class E Common Stock** |
| Aggregate gross distributions declared per share of common stock | $- | $0.15076 | $0.11307 | $- | $0.33864 |
| Distribution fee per share of common stock <sup>(1)</sup> | - | - | - | - | - |
| Net distributions declared per share of common stock | $- | $0.15076 | $0.11307 | $- | $0.33864 |

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<sup>(1)</sup> Distribution fees only apply to Class T, Class S and Class D common shares. For purposes of calculating NAV, we recognize the distribution fees as a reduction of NAV on a monthly basis as such fee is paid. Under GAAP, we accrue the lifetime cost of the distribution fees as an offering cost at the time we sell Class T, Class S or Class D common shares. As of December 31, 2025, we had accrued $132 of distribution fees under GAAP payable to the Dealer Manager related to the sale of Class T shares. As of December 31, 2024, we had not accrued any distribution fees.

As of December 31, 2025, we did not have any outstanding shares of Class S or Class D common stock. As of December 31, 2024, we did not have any outstanding shares of Class T, Class S or Class D common stock.

Distributions for the years ended December 31, 2025 and 2024 were characterized, for federal income tax purposes, as 100% return of capital.

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The following tables summarize distributions paid on our shares of common stock, shares of Class A preferred stock and Class E units of our Operating Partnership held by an affiliate of our Sponsor during the years ended December 31, 2025 and 2024 ($ in thousands):

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| | | |
|:---|:---|:---|
|  | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** |
|  | **Amount** | **Percentage** |
| **Distributions** |  |  |
| Paid in cash | $9994 | 85.4% |
| Reinvested in shares | 1687 | 14.4% |
| Dividends to preferred stockholders | 22 | 0.2% |
| **Total distributions** | $11703 | 100.0% |
| **Source of Distributions** |  |  |
| Paid from cash flow from current period operating activities | $11703 | 100.0% |
| **Total source of distributions** | $11703 | 100.0% |
| Net cash provided by operating activities | $13948 |  |
|  | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** |
|  | **Amount** | **Percentage** |
| **Distributions** |  |  |
| Paid in cash | $3797 | 98.1% |
| Reinvested in shares | 49 | 1.3% |
| Dividends to preferred stockholders | 22 | 0.6% |
| **Total distributions** | $3868 | 100.0% |
| **Source of Distributions** |  |  |
| Paid from cash flow from current period operating activities | $3868 | 100.0% |
| **Total source of distributions** | $3868 | 100.0% |
| Net cash provided by operating activities | $3868 |  |

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For the years ended December 31, 2025 and 2024, our net loss was $1.9 million and $3.0 million, respectively.

In addition to the distributions paid during the year ended December 31, 2025 as shown in the table above, we declared aggregate net distributions of $1.1 million on our outstanding classes of common stock and Class E units of our Operating Partnership as of the close of business on December 30, 2025. The distributions were paid on January 12, 2026 and were paid in cash or reinvested in shares of our common stock for stockholders participating in our distribution reinvestment plan. Such amounts are recorded in accounts payable and accrued expenses on the Consolidated Balance Sheets as of December 31, 2025.

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**Fees and Expenses Payable to Our Adviser and its Affiliates**

The tables below provide information regarding fees and expenses payable to our Adviser and its affiliates in connection with our offerings and our operations. The tables include amounts incurred for the years ended December 31, 2025 and 2024 and related amounts payable as of December 31, 2025 and 2024 ($ in thousands):

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| | | |
|:---|:---|:---|
|  | **Year Ended December 31, 2025** | **As of December 31, 2025** |
| **Form of Compensation** | **Incurred** | **Payable** |
| *Offering* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced organization and offering expenses <sup>(1)</sup> | $703 | $7821 |
| &nbsp;&nbsp;&nbsp;&nbsp;Upfront selling commissions and dealer manager fees | 0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution fees | 0 | 0 |
| *Operational* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced general and administrative expenses <sup>(2)</sup> | 3104 | 6522 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition related <sup>(3)</sup> | 43 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Property management fee | 307 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fee | 315 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Performance participation allocation | 535 | 535 |
| Total | $5007 | $14945 |
|  | **Year Ended December 31, 2024** | **As of December 31, 2024** |
| **Form of Compensation** | **Incurred** | **Payable** |
| *Offering* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced organization and offering expenses <sup>(1)</sup> | $7118 | $7118 |
| *Operational* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced general and administrative expenses <sup>(2)</sup> | 3418 | 3418 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition related <sup>(3)</sup> | 8048 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Property management fee | 109 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fee | 15 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Performance participation allocation | 71 | 71 |
| Total | $18779 | $10641 |

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The table is presented with dollars shown in thousands and amounts that round to less than $1 thousand are reflected as $0 rather than as a dash.

<sup>(1)</sup> Our Adviser has agreed to advance all of our organization and offering expenses on our behalf (excluding upfront selling commissions, dealer manager fees and distribution fees) through March 19, 2027, the third anniversary of the date on which we broke escrow for the Offering. We will reimburse our Adviser for all such advanced expenses ratably over the 60 months following March 19, 2027.

<sup>(2)</sup> Our Adviser will advance on our behalf certain of our general and administrative expenses through the earlier of (i) the first date that the aggregate NAV of our outstanding shares of common stock, along with the Operating Partnership units held by parties other than us, reaches $1.0 billion and (ii) March 19, 2027, the third anniversary of the date on which we broke escrow for the Offering, at which point we will reimburse our Adviser for all such advanced expenses ratably over the 60 months following such date.

<sup>(3)</sup> In connection with our acquisition of a real estate investment during the year ended December 31, 2025, our Adviser initially entered into the purchase and sale agreement. Our Adviser later assigned the purchase and sale agreement to us for $1.00. In connection with the acquisition, our Adviser also advanced $43,000 of closing costs on our behalf, which we repaid to our Adviser upon assignment of the purchase and sale agreement to us. In connection with our acquisitions of four real estate investments during the year ended December 31, 2024, our Adviser initially entered into the purchase and sale agreements for each property and funded the related deposits under the purchase and sale agreements. Our Adviser later assigned the purchase and sale agreements to us, and we repaid our Adviser for the deposits under the agreements, which totaled $7.8 million in the aggregate. In connection with those four acquisitions, our Adviser also advanced $0.2 million of closing costs on our behalf, which we repaid to our Adviser upon assignment of the respective purchase and sale agreements to us.

We do not reimburse our Adviser or its affiliates for the salaries or benefits of our named executive officers.

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**Cash Flows**

The following table provides a breakdown of the net change in our cash, cash equivalents and restricted cash ($ in thousands):

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| | | | |
|:---|:---|:---|:---|
|  | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Cash flows provided by/(used in) operating activities | $13948 | $3868 | $(3) |
| Cash flows (used in) investing activities | (60920) | (375376) |  |
| Cash flows provided by financing activities | 33358 | 403561 | 208 |
| Net (decrease)/increase in cash, cash equivalents and restricted cash | $(13614) | $32053 | $205 |

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Cash flows provided by operating activities increased by $10.1 million for the year ended December 31, 2025 compared to the year ended December 31, 2024 primarily due to an increase in cash flows from operations from our investments in real estate as a result of the timing of property acquisitions in 2024 and a full year of operations in 2025.

Cash flows used in investing activities decreased by $314.5 million for the year ended December 31, 2025 compared to the year ended December 31, 2024 primarily due to fewer real estate acquisitions in 2025.

Cash flows provided by financing activities decreased by $370.2 million for the year ended December 31, 2025 compared to the year ended December 31, 2024, primarily due to the absence of contributions by redeemable non-controlling interest and no mortgage financing proceeds in 2025, partially offset by higher proceeds from the issuance of common stock.

**Contractual Obligations and Commitments**

The following table aggregates our contractual obligations and commitments with payments due subsequent to December 31, 2025 ($ in thousands):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Obligations** | **Total** | **Less than 1 year** | **1-3 years** | **3-5 years** | **More than 5 years** |
| Advanced general and administrative expenses <sup>(1)</sup> | $6522 | $- | $2609 | $2609 | $1304 |
| Advanced organization and offering expenses <sup>(1)</sup> | 7821 | - | 3128 | 3128 | 1565 |
| Mortgage indebtedness <sup>(2)</sup> | 278499 | 10863 | 21726 | 21726 | 224184 |
| Ground lease | 505345 | 4880 | 9759 | 11223 | 479483 |
| Total | $798187 | $15743 | $37222 | $38686 | $706536 |

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<sup>(1)</sup> For the terms of reimbursement of advanced general and administrative expenses and organization and offering expenses, see above under "Fees and Expenses Payable to Our Adviser and its Affiliates." For purposes of this table, we have assumed that advanced general and administrative expenses will be reimbursed ratably over the 60 months following March 19, 2027.

<sup>(2)</sup> Our mortgage indebtedness includes both principal and interest payments. Monthly payments are interest only during the respective terms of the mortgage loans.

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**Off-Balance Sheet Arrangements**

As of December 31, 2025, we did not have any off-balance sheet arrangements that are reasonably likely to have a material current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

**Critical Accounting Policies and Estimates**

The preparation of the financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP") involves significant judgments and assumptions about matters that are inherently uncertain. These judgments will affect our reported amounts and our disclosures of contingent assets and liabilities as of the dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. With different estimates or assumptions, materially different amounts could be reported in our financial statements.

The following is a summary of our significant accounting policies that we believe are the most affected by our judgments, estimates, and assumptions. See Note 2, "Summary of Significant Accounting Policies," to our consolidated financial statements for further descriptions of the below accounting policies.

*Principles of Consolidation and Variable Interest Entities*

The Financial Accounting Standards Board has issued guidance that clarifies the methodology for determining whether an entity is a variable interest entity ("VIE"), and the methodology for assessing who is the primary beneficiary of a VIE. VIEs are defined as entities in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. A VIE is required to be consolidated by its primary beneficiary, and only by its primary beneficiary, which is defined as the party with both the power to direct the activities of the VIE that most significantly impact the entity's economic performance and the obligation to absorb losses or the right to receive benefits from the entity that could potentially be significant to the VIE.

There are judgments and estimates involved in determining if an entity in which we will make an investment will be a VIE and if so, if we will be the primary beneficiary. The entity will be evaluated to determine if it is a VIE by, among other things, calculating the percentage of equity at risk compared to the total equity of the entity. The minimum equity at risk percentage can vary depending upon the industry or the type of operations of the entity and it will be up to us to determine that minimum percentage as it relates to our business and the facts surrounding each of our acquisitions. In addition, even if the entity's equity at risk is a very low percentage, we will be required to evaluate the equity at risk compared to the entity's expected future losses to determine if there could still in fact be sufficient equity at the entity. Determining expected future losses involves assumptions of various possibilities of the results of future operations of the entity, assigning a probability to each possibility and using a discount rate to determine the net present value of those future losses. A change in the judgments, assumptions and estimates outlined above could result in consolidating an entity that had not been previously consolidated or accounting for an investment on the equity method that had been previously consolidated, the effects of which could be material to our results of operations and financial condition.

*Investments in Real Estate and Lease Intangibles*

Acquisitions are accounted for using the acquisition method, with acquired properties included in our results from their acquisition dates. We allocate the purchase price to tangible and intangible assets (including: land, buildings, tenant improvements, in-place leases, above-/below-market leases) and assumed liabilities based on fair value.

Tangible asset fair value reflects a vacant property scenario. The fair value of in-place leases includes estimated leasing costs, legal fees, and other direct expenses required to reach existing occupancy levels. These leases are amortized over their remaining terms, with amortization recorded as depreciation expense.

Above-/below-market lease values are based on the present value of the difference between contractual rents and market rates. These are amortized as rental revenue adjustments over the lease term, including bargain renewal options. If a lease terminates, unamortized in-place lease values are expensed, and above-/below-market lease adjustments are recognized in rental revenue.

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*Impairment of Real Estate Portfolio*

We review our real estate portfolio to ascertain if there are any indicators of impairment in the value of any of our real estate assets, including deferred costs and intangibles, in order to determine if there is any need for an impairment charge. For each real estate asset owned for which indicators of impairment exist, if the undiscounted cash flow analysis yields an amount which is less than the asset's carrying amount, an impairment loss will be recorded to the extent that the fair value is lower than the asset's carrying amount. Real estate assets that are held for sale are valued at the lower of carrying amount or fair value less costs to sell on an individual asset basis. Any impairment charge taken with respect to any part of our real estate portfolio will reduce our earnings and assets to the extent of the amount of any impairment charge, but it will not affect our cash flow or our distributions until such time as we dispose of the property.

**Recent Accounting Pronouncements**

See Note 2, "Summary of Significant Accounting Policies," to our consolidated financial statements in this Annual Report for a discussion of recent accounting pronouncements.

**Subsequent Events**

*Distributions*

On January 30, 2026, we declared a gross distribution of $0.04326 per share for our Class E, Class I, Class T, Class A-I and Class A-II common stock and a gross distribution of $0.04326 per unit for the Class E units of the Operating Partnership for stockholders and unitholders, respectively, as of the close of business on January 31, 2026. The net distribution varies for each class based on the applicable distribution fee, which is deducted from the monthly distribution per share and paid to the Dealer Manager. The distributions were paid on February 10, 2026 and were paid in cash or reinvested in shares of our common stock for stockholders participating in our distribution reinvestment plan.

On February 27, 2026, we declared a gross distribution of $0.04326 per share for our Class E, Class I, Class T, Class A-I and Class A-II common stock and a gross distribution of $0.04326 per unit for the Class E units of the Operating Partnership for stockholders and unitholders, respectively, as of the close of business on February 28, 2026. The net distribution varies for each class based on the applicable distribution fee, which is deducted from the monthly distribution per share and paid to the Dealer Manager. The distributions were paid on March 10, 2026 and were paid in cash or reinvested in shares of our common stock for stockholders participating in our distribution reinvestment plan.

*Capital Raising* 

Below is a table summarizing capital raising activities in our primary offerings subsequent to December 31, 2025, through the date of this filing (in thousands, except share and per share data).

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| | | | | |
|:---|:---|:---|:---|:---|
| **Trade Date** | **Share Class** | **Shares Issued** | **Aggregate Gross Purchase Price** | **Price per Share** |
| January 2, 2026 | Class I | 18911 | $205 | $10.84 |
| January 2, 2026 | Class A-II <sup>(1)</sup> | 106987 | $1142 | $10.67 |
| February 2, 2026 | Class I | 24839 | $270 | $10.87 |
| February 2, 2026 | Class A-II <sup>(1)</sup> | 203668 | $2179 | $10.70 |
| February 2, 2026 | Class T | 2224 | $25 | $10.86 |
| March 2, 2026 | Class A-II <sup>(1)</sup> | 83445 | $896 | $10.74 |
| March 2, 2026 | Class I | 9174 | $100 | $10.90 |

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Below is a table summarizing shares issued pursuant to the distribution reinvestment plan that occurred subsequent to December 31, 2025, through the date of this filing (in thousands, except share and per share data).

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| | | | | |
|:---|:---|:---|:---|:---|
| **Trade Date** | **Share Class** | **Shares Issued** | **Aggregate Gross Purchase Price** | **Price per Share** |
| January 12, 2026 | Class I | 1237 | $13 | $10.84 |
| January 12, 2026 | Class E <sup>(2)</sup> | 221 | $3 | $11.47 |
| January 12, 2026 | Class A-I <sup>(1)</sup> | 10163 | $109 | $10.70 |
| January 12, 2026 | Class A-II <sup>(1)</sup> | 8878 | $95 | $10.67 |
| January 12, 2026 | Class T | 1 | $0 | $10.84 |
| February 10, 2026 | Class I | 1296 | $14 | $10.87 |
| February 10, 2026 | Class E <sup>(2)</sup> | 221 | $3 | $11.53 |
| February 10, 2026 | Class A-I <sup>(1)</sup> | 10175 | $109 | $10.73 |
| February 10, 2026 | Class A-II <sup>(1)</sup> | 9280 | $99 | $10.70 |
| February 10, 2026 | Class T | 1 | $0 | $10.86 |
| March 10, 2026 | Class I | 1320 | $14 | $10.90 |
| March 10, 2026 | Class E <sup>(2)</sup> | 220 | $3 | $11.59 |
| March 10, 2026 | Class A-I <sup>(1)</sup> | 10178 | $110 | $10.77 |
| March 10, 2026 | Class A-II <sup>(1)</sup> | 10024 | $108 | $10.74 |
| March 10, 2026 | Class T | 8 | $0 | $10.89 |

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The table is presented with dollars shown in thousands and amounts that round to less than $1 thousand are reflected as $0 rather than as a dash.

<sup>(1)</sup> The offer and sale of Class A-I and Class A-II shares to accredited investors in private placements is exempt from the registration provisions of the Securities Act of 1933, as amended (the "Securities Act") by virtue of Section 4(a)(2) thereof and Rule 506(c) of Regulation D promulgated thereunder.

<sup>(2)</sup> The Class E shares were issued to our independent directors pursuant to our distribution reinvestment plan. These shares were issued in private transactions exempt from registration under Section 4(a)(2) of the Securities Act.

*Second Amendment of Advisory Agreement*

On February 24, 2026, we, the Operating Partnership and the Adviser entered into an amendment (the "Amendment") to the Amended and Restated Advisory Agreement, dated March 19, 2024, as renewed and extended pursuant to the Renewal Agreement of Amended and Restated Advisory Agreement, dated July 31, 2024, as amended pursuant to Amendment No. 1 to the Amended and Restated Advisory Agreement, dated February 27, 2025, and as further renewed and extended pursuant to the Second Renewal Agreement of Amended and Restated Advisory Agreement, dated July 31, 2025 (collectively, the "Advisory Agreement").

Under the Advisory Agreement, the Adviser agreed to advance all of our organization and offering expenses on our behalf (excluding upfront selling commissions, dealer manager fees and distribution fees) through March 19, 2026, the second anniversary of the date on which we broke escrow in our public offering. We were to reimburse the Adviser for all such advanced expenses ratably over the 60 months following March 19, 2026. In addition, the Adviser agreed to advance on our behalf certain of our general and administrative expenses through the earlier of (a) the first date that the aggregate net asset value ("NAV") of our outstanding shares of common stock, along with Operating Partnership units held by parties other than us, reached $1.0 billion and (b) March 19, 2026, the second anniversary of the date on which we broke escrow for our public offering, at which point we were to reimburse the Adviser for all such advanced expenses ratably over the 60 months following such date.

The Amendment extends the period over which the Adviser will advance such expenses and makes a corresponding adjustment to our obligation to reimburse such advanced expenses. Pursuant to the Amendment, the Adviser will advance the organization and offering expenses described above through March 19, 2027, the third anniversary of the date on which we broke escrow in our public offering, at which point we will reimburse the Adviser for all such expenses ratably over the 60 months following March 19, 2027. In addition, under the Amendment, the Adviser will advance on our behalf certain of our general and administrative expenses through the earlier of (a) the first date that the aggregate NAV of our outstanding shares of common stock, along with Operating Partnership units held by parties other than us, reaches $1.0 billion and (b) March 19, 2027, the third anniversary of the date on which we broke escrow for our public offering, at which point we will reimburse the Adviser for all such advanced expenses ratably over the 60 months following such date.

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# Item 7A. Quantitative and Qualitative Disclosures about Market Risk
We may be exposed to interest rate changes primarily as a result of long-term debt used to maintain liquidity, fund capital expenditures and expand our investment portfolio and operations. Market fluctuations in real estate financing may affect the availability and cost of funds needed to expand our investment portfolio. In addition, restrictions upon the availability of real estate financing or high interest rates for real estate loans could adversely affect our ability to dispose of real estate in the future. We will seek to limit the impact of interest rate changes on earnings and cash flows and to lower our overall borrowing costs. We may use derivative financial instruments to hedge exposures to changes in interest rates on loans secured by our assets.

All of our mortgage indebtedness as of December 31, 2025 was fixed rate debt. Interest rate fluctuations will generally not affect our future earnings or cash flows on our fixed rate debt, unless such instruments mature or are otherwise terminated. However, interest rate changes will affect the fair value of our fixed rate debt.

As of December 31, 2025, the fair value of our fixed rate debt was $195.57 million and the outstanding principal balance of our fixed rate debt was $194.85 million. The fair value of our fixed rate debt is estimated using a discounted cash flow analysis that considers the following factors: (1) differences between the contract rate and market rates as of the date of value, (2) the implied equity discount rate given the unleveraged discount rate and indicated leverage, and (3) impact of the debt from the perspective of market participants in the context of a sale of the property and concurrent transfer of the debt. As we expect to hold our fixed rate instruments to maturity (unless the property securing the debt is sold and the loan is repaid or assumed) and the amounts due under such instruments would be limited to the outstanding principal balance and any accrued and unpaid interest, we do not expect that fluctuations in interest rates, and the resulting change in fair value of our fixed rate instruments, would have a significant impact on our operations.

Also, we may be exposed to both credit risk and market risk.

Credit risk is the failure of the counterparty to perform under the terms of the derivative contract. If the fair value of a derivative contract is positive, the counterparty will owe us, which creates credit risk for us. If the fair value of a derivative contract is negative, we will owe the counterparty and, therefore, do not have credit risk. We will seek to minimize the credit risk in derivative instruments by entering into transactions with high-quality counterparties.

Market risk is the adverse effect on the value of a financial instrument that results from a change in interest rates. The market risk associated with interest-rate contracts is managed by establishing and monitoring parameters that limit the types and degree of market risk that may be undertaken. With regard to variable rate financing, we will assess our interest rate cash flow risk by continually identifying and monitoring changes in interest rate exposures that may adversely impact expected future cash flows and by evaluating hedging opportunities. We will maintain risk management control systems to monitor interest rate cash flow risk attributable to both our outstanding and forecasted debt obligations as well as our potential offsetting hedge positions. While this hedging strategy will be designed to minimize the impact on our net income and funds from operations from changes in interest rates, the overall returns on your investment may be reduced.

Real estate property values are subject to volatility and may be adversely affected by a number of factors, including but not limited to national, regional and local economic conditions (which may be adversely affected by industry slowdowns and other factors); local real estate conditions; changes or continued weakness in specific industry segments; construction quality, age and design; demographic factors; and retroactive changes to building or similar codes.

# Item 8. Financial Statements and Supplementary Data
The financial statements required by this item and the reports of the independent accountants thereon appear in the accompanying Consolidated Financial Statements beginning on page F-1.

# Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosures
None.

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# Item 9A. 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 Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")), as of the end of the period covered by this annual report on Form 10-K was made under the supervision and with the participation of our management, including our Principal Executive Officer ("PEO") and Principal Financial Officer ("PFO"). Based upon this evaluation, our PEO and PFO 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 PEO and PFO, as appropriate to allow timely decisions regarding required disclosure.

## Changes in Internal Controls over Financial Reporting
There have been no changes in our "internal control over financial reporting" (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) that occurred during the quarter ended December 31, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

## Management's Report on Internal Control over Financial Reporting
Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rules 13a-15(f) and 15d-15(f). Our management, including our PEO and PFO, evaluated as of December 31, 2025, the effectiveness of our internal control over financial reporting based on the framework in "Internal Control-Integrated Framework" issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013). Based on its evaluation, our management has concluded that we maintained effective internal control over financial reporting as of December 31, 2025.

The rules of the SEC do not require, and this Annual Report on Form 10-K does not include, an attestation report of an independent registered public accounting firm regarding internal control over financial reporting.

# Item 9B. Other Information
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)None.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)During the quarterly period ended December 31, 2025, none of our directors or officers (as defined in Rule 16a-1(f) promulgated under the Exchange Act) adopted or terminated any "Rule 10b5-1 trading arrangement" or any "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408 of Regulation S-K.

# Item 9C. Disclosure Regarding Foreign Jurisdiction that Prevent Inspections.
Not applicable.

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**Part III**

# Item 10. Directors, Executive Officers and Corporate Governance
Our directors and officers are set forth below.

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| | | |
|:---|:---|:---|
| **Name** | **Age \*** | **Position** |
| Henry Steinberg | 51 | Chairman of the Board and Director |
| J. Peter Lloyd | 55 | Chief Financial Officer and Director |
| Ali Houshmand | 48 | President, Portfolio Manager and Director |
| Brian Fogarty | 49 | Chief Legal Officer and Secretary |
| Yangyang Nezin | 34 | Controller and Treasurer |
| Jake Sauerteig | 47 | Chief Operating Officer |
| Matthew Brodnik | 51 | Executive Director |
| Mary Beth Morrissey | 65 | Independent Director |
| Peter Rodriguez | 58 | Independent Director |
| Gary Reiff | 66 | Independent Director |
| Alan Feldman | 62 | Independent Director |

---

\* As of March 1, 2026

***Henry Steinberg*** has been our Chairman of the Board and a director since October 2024. He assumed the role as the Global Head of our Adviser in September 2024 and oversees EQT's global real estate business, spanning industrial, data center, and residential strategies across the Americas, Europe, and Asia. Prior to this role, Mr. Steinberg served as President of EQT Real Estate North America (then known as EQT Exeter North America) from January 2020 until September 2024. He has also served as a Partner of EQT since April 2021 and serves on EQT Real Estate's advisory committee. As President of EQT Exeter North America, Mr. Steinberg was responsible for managing our Adviser's industrial real estate leasing and asset management activities and for sourcing lease transactions nationally. Prior to this role, from September 2009 to January 2020, he served as Investment/Leasing Officer responsible for the Northeast region, with a specific focus on the Metro NYC/Philadelphia area. Prior to joining EQT Real Estate, he worked for Liberty Property Trust from 2003 to 2008, where as a Director of Leasing & Development he was responsible for a 5.5 million square foot warehouse, flex and office portfolio located in the Northeast region. Prior to Liberty Property Trust, Mr. Steinberg worked at Arthur Andersen as a Senior Consultant in their Strategy, Finance and Economics Practice. Mr. Steinberg earned a BA in Economics from the University of Pennsylvania and an MBA with a concentration in Finance from the Stern School of Business of New York University. Mr. Steinberg is a valuable member of our board of directors because of his extensive experience in the real estate industry.

***J. Peter Lloyd*** has been our Chief Financial Officer since June 2023 and has served as our director since September 2022. From June 10, 2024 through August 12, 2024, Mr. Lloyd served as our interim Principal Accounting Officer. He was also our initial Secretary and Treasurer from September 2022 through June 2023. Since September 2020, Mr. Lloyd has been a Managing Principal and Global Chief Financial Officer of EQT Real Estate. In that role, Mr. Lloyd is responsible for managing accounting, tax, financial reporting, budgeting, legal, operations, human resources, and asset financings for EQT Real Estate. Immediately prior to joining EQT Real Estate, from January 2016 to August 2020, Mr. Lloyd was the Chief Financial Officer and Chief Compliance Officer for the private equity firms Milestone Partners and PeakEquity Partners, which collectively managed over $1.0 billion in assets focused on the financial services and technology sectors. From September 2001 to December 2015, Mr. Lloyd served as Partner and Chief Financial Officer at KTR Capital Partners ("KTR"), one the largest private real estate fund managers specializing in industrial real estate, until its sale to Prologis in 2015. At KTR, Mr. Lloyd was integral in the execution of a $5.9 billion sale of three real estate funds in one of the largest industrial portfolio transactions to date. He also oversaw over $3.1 billion in financings for all facets of the real estate portfolio and played a leadership role in raising capital from pension plans, foundations and other institutional investors. Prior to joining KTR, Mr. Lloyd served as Chief Accounting Officer for the NYSE publicly traded REIT, Keystone Property Trust ("Keystone"), where he oversaw capital-raising initiatives including several common equity offerings under a $500 million shelf registration. He was heavily involved in the sale of the Keystone organization to Prologis in 2004. Prior to Keystone, Mr. Lloyd served as Vice President & Controller for Morgan Stanley Asset Management, where he led a 20-person Asset Management Financial Accounting team. He started his career with Arthur Andersen. Mr. Lloyd is a Certified Public Accountant. He also has previously held the Series 6, 27 and 63 licenses. Mr. Lloyd graduated with a Bachelor of Science in Accountancy degree from Villanova University. Mr. Lloyd is a valuable member of our board of directors because of his extensive experience in the real estate industry and with accounting and financial reporting matters.

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***Ali Houshmand*** has served as our President since December 2022. He has served as our Portfolio Manager and a director since June 2023. Since June 2022, Ali Houshmand has served as the Global Head of Non-Traded REITs for EQT Real Estate. He has also served as Chairman of the Board of Directors of our Dealer Manager since February 2023. Mr. Houshmand is responsible for managing the formation, strategy and portfolio management of EQT Real Estate's non-traded REIT initiatives. Prior to joining EQT Real Estate, from December 2014 to June 2022, Mr. Houshmand served as a Senior Portfolio Manager with the Texas Permanent School Fund ("TPSF"), a $50 billion endowment serving the public school system of Texas. In his role as Senior Portfolio Manager, Mr. Houshmand helped develop and execute the investment strategy of the real estate allocation of the TPSF, leading investments of more than $2 billion in commitments to real estate funds, co-investments and separate accounts, while serving on multiple investment advisory boards on behalf of TPSF. From February 2008 to March 2014, Mr. Houshmand served as a Principal with Arcapita, a global private equity firm, where he focused on structuring real estate joint venture investments and asset management of existing investments. From April 2007 to February 2008, Mr. Houshmand worked as a Development Manager with Sama Dubai, a sovereign wealth fund backed developer in Dubai, and from June 2006 to March 2007, he worked as an Acquisitions Associate with Gladstone Commercial, a triple net leased focused U.S. REIT. From June 2001 to June 2004, Mr. Houshmand started his career as an analyst in the diversified industrials corporate banking group of JPMorgan. Mr. Houshmand holds an MBA from Darden at the University of Virginia and a BA in Economics and International Studies from Texas A&M University. Mr. Houshmand is a valuable member of our board of directors because of his extensive experience with real estate investments.

***Brian Fogarty*** has served as our Secretary since June 2023 and as our Chief Legal Officer since May 2025. Since September 2024, Mr. Fogarty has served as the Global Head of Legal Real Estate of EQT Real Estate, which has been the real estate division of EQT since EQT acquired our Adviser and its affiliates in April 2021. Prior to that, he served as Fund Real Estate Counsel for EQT Real Estate since November 2012. Mr. Fogarty is responsible for legal matters for EQT Real Estate, which (in coordination with internal and external counsel) includes fund formation, entity structuring, property acquisitions, development, leasing and dispositions. Mr. Fogarty was instrumental in closing the acquisition between EQT and EQT Real Estate and its affiliates. Prior to joining EQT Real Estate, from September 2003 to November 2012, Mr. Fogarty was an attorney in the real estate and financial services group at Blank Rome, LLP where he maintained a national practice counseling clients in all facets of real estate investment and development. Mr. Fogarty earned a BS degree in Biobehavioral Health, Minor Neuroscience from Pennsylvania State University and a JD, magna cum laude, from the Villanova University School of Law.

***Yangyang Nezin*** has served as our Controller and Treasurer since August 2024. Ms. Nezin also serves as the Non-Traded REIT Controller and Treasurer for EQT Real Estate and is primarily responsible for managing the financial reporting and overall accounting responsibilities for EQT Real Estate's non-traded REIT initiatives, a position she has held since June 2024. Prior to joining our Adviser, Ms. Nezin was the Controller from September 2023 to June 2024; Assistant Controller from February 2021 to September 2023 and a Senior Accountant from June 2020 to February 2021, at Garrison Investment Group LP, where she managed comprehensive fund reporting processes for private equity funds and co-investments, capital calls and distributions, and prepared all annual financial statements that were subject to audit. Prior to joining Garrison Investment Group LP, Ms. Nezin was a Finance Associate at Benefit Street Partners, an asset management firm, from July 2018 to January 2020, where she created quarterly NAV packages and assisted in SEC filings for Benefit Street Partner's non-traded REIT. From September 2016 to July 2018, Ms. Nezin was a member of the real estate audit team at Ernst & Young LLP. Ms. Nezin began her career in June 2014 as an accountant at Two Sigma Investments, a New York City-based hedge fund. Ms. Nezin is a Certified Public Accountant and holds a BBA and an MS in Accounting from Baruch College, City University of New York.

***Jake Sauerteig*** has served as our Chief Operating Officer since May 2025. Mr. Sauerteig has also served as EQT Real Estate's Managing Director of Fund Operations and Investor Relations since September 2022. Mr. Sauerteig is primarily responsible for overseeing the operational infrastructure and investor relations functions for EQT Real Estate's private wealth initiatives, while also focusing on business development opportunities. Prior to joining EQT Real Estate, from January 2021 and until its sale in May 2022, Mr. Sauerteig served as Senior Vice President, Director of Operations and Communications for Resource REIT, a non-traded REIT with over $3 billion in multifamily assets. Mr. Sauerteig was central to the original fundraise efforts for Resource REIT, in addition to overseeing its day-to-day fund operations, communications and investor services teams. Prior to Resource REIT, Mr. Sauerteig served in a similar role at Resource Real Estate Opportunity REIT from September 2020 through January 2021, prior to its merger into Resource REIT. Mr. Sauerteig additionally held various senior roles with Resource Real Estate, the real estate division of Resource America, a NYSE publicly traded alternative asset management company with approximately $20 billion in assets. Beginning in 2009, Mr. Sauerteig participated in the launch, fundraise and eventual liquidation of 15 private real estate investment vehicles, raising approximately $300 million in equity in addition to the launch, fundraise, management and eventual sale of two interval funds, totaling over $1 billion in equity raised. Mr. Sauerteig began his career in 2007 as a wholesaler for Resource Real Estate. Mr. Sauerteig graduated with a BA degree in American History from the University of Pennsylvania.

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***Matthew Brodnik*** has served as our Executive Director since May 2025. Mr. Brodnik also has served as EQT Real Estate's Global Chief Investment Officer since September 2024 where he leads EQT Real Estate's industrial real estate acquisitions and dispositions teams across the globe. Prior to this role, Mr. Brodnik served as the Chief Investment Officer of EQT Real Estate North America beginning in April 2019. He has also served as Partner, EQT AB since April 2021. As the Chief Investment Officer of EQT Real Estate North America, Mr. Brodnik worked closely with the regional investment and leasing officers and their team of analysts and associates. Mr. Brodnik has transacted on over $14 billion in over 400 acquisitions encompassing more than 230 million square feet of industrial and office properties. Additionally, he has collaborated on over $10 billion in portfolio dispositions, recapitalizations and co-investments. Prior to this role, from August 2008 to April of 2019, Mr. Brodnik was Head of Industrial Acquisition and Portfolio Manager for EQT Real Estate's Value Add Industrial fund series. Prior to joining EQT Real Estate in 2008, he served as Director of Acquisitions and Finance at Preferred Real Estate Investments, where he, over a four-year period, was involved in closing a series of industrial, office and land investments totaling over $1 billion. Mr. Brodnik began his real estate career at Milwaukee, Wisconsin-based consultancy, Hammes Company. He completed his undergraduate studies at Villanova University and earned an MBA from the Kellogg School of Management at Northwestern University with a concentration in Finance.

***Mary Beth Morrissey*** has served as one of our independent directors since June 2023. From June 2016 to February 2020, Ms. Morrissey served as Senior Vice President, Chief Accounting Officer of Liberty Property Trust (NYSE:LPT, "Liberty"), a $12 billion listed real estate investment trust that developed, acquired, leased and managed industrial properties within the United States and the United Kingdom. Liberty was acquired by Prologis, Inc. in February 2020. From 1994 to 2016, Ms. Morrissey served in a series of positions including Director of Financial Reporting and Analysis, Vice President – Accounting and Reporting and Senior Vice President – Accounting. During her time at Liberty, Ms. Morrissey led a real estate accounting and financial planning and analysis team of over 35 accountants responsible for the operational, development, acquisition and disposition accounting for Liberty's 100 million square foot portfolio, along with related financial analysis and internal and external reporting and planning. Ms. Morrissey was also responsible for internal control processes and compliance and was the company's primary liaison with their external auditors to support the company's annual audit, quarterly and internal control reviews. From 1986 to 1994, she was a financial analyst at Rouse & Associates, predecessor to Liberty. From 1984 to 1986, Ms. Morrissey was an auditor with Price Waterhouse, and from 1982 to 1984, she was an auditor with Alexander Grant. She was previously a Certified Public Accountant (since lapsed). From September 2021 to April 2022, Ms. Morrissey was interim executive director of the Fund for Women and Girls. Ms. Morrissey received a Bachelor of Arts degree in accounting and business from Mount Saint Mary's College. Ms. Morrissey was selected as an independent director because of her extensive experience in the real estate industry and with accounting and financial reporting matters.

***Peter Rodriguez*** has served as one of our independent directors since June 2023. Since July 2016, Mr. Rodriguez has served as the Dean of the Jones Graduate School of Business at Rice University and as Professor of Strategy there. Mr. Rodriguez has also been a member of the board of directors of the Federal Reserve Bank of Dallas, Houston Branch since January 2022, and he is currently serving his second three-year term, which extends through 2027. From June 2011 to June 2016, he was the Senior Associate Dean for Degree Programs and the Chief Diversity Officer at the Darden Graduate School of Business at the University of Virginia ("Darden"). He was also the Director of the Tayloe Murphy International Center at Darden from June 2008 through 2011, and he served as the Associate Dean for International Affairs and Director at Darden from June 2008 to June 2011. Mr. Rodriguez was an Associate Professor at the Darden Graduate School of Business Administration from September 2003 through 2008. He was a visiting professor at the School of Business and Economics, Universidad de las Americas, Puebla, Mexico, during the summer of 2003. From September 1997 to May 2003, he was an assistant professor in the Department of Management, International Business and Public Policy Group, at Texas A&M University, where he was also an adjunct professor at the George Bush School of Government and Public Service from May 2001 to July 2003. From June 1996 to June 1997, he was a lecturer at Princeton University. Mr. Rodriguez began his career as an associate at Chase (now JP Morgan Chase), working in the Global Energy Group, Syndications and Relationship Management, from June 1992 to August 1994.

Since 2019 he has been a member of the boards of directors of Good Reason Houston and Texas 2036, and a member of the board of directors of Strake Jesuit College Preparatory since 2018. Mr. Rodriguez serves as chair of the audit committee of Texas 2036 and on the executive committees of Good Reason Houston, Texas 2036 and Strake Jesuit College Preparatory. Mr. Rodriguez received his Bachelor of Science in Economics, Cum Laude, from Texas A&M University, a Master of Arts in Economics from Princeton University, and his Ph.D. in Economics from Princeton University. Mr. Rodriguez was selected as an independent director for his expertise in economics and strategic management as well as his extensive leadership experience, including as Dean of the Jones Graduate School of Business at Rice University.

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***Gary Reiff*** has served as one of our independent directors since June 2023. Since October 2021, Mr. Reiff has served as senior advisor to the chief executive officer of University of Colorado Health, a nationally recognized, nonprofit healthcare system which includes 15 Colorado hospitals and with over $9 billion in revenue. From June 2018 to October 2021, Mr. Reiff was the chief legal officer of University of Colorado Health, with oversight of the healthcare system's legal, government affairs and compliance departments.

Mr. Reiff served, from February 2007 to June 2018, in various capacities at Black Creek Group LLC, a Denver-based real estate investment firm, its predecessor and/or their affiliates, including as Managing Director, Chief Administrative Officer, Chief Legal Officer, General Counsel, Chief Operating Officer, Chief Compliance Officer and Executive Vice President. From 1985 until 1986, and from 1989 until 2007, Mr. Reiff was an attorney with Brownstein Hyatt Farber Schreck, P.C., and was a shareholder from 1991 until 2007.

Throughout his career, Mr. Reiff has served, and continues to serve, on both for-profit, non-profit and governmental boards. He also previously had been an Adjunct Professor at the University of Colorado Law School and at the University of Denver, Daniels College of Business. Mr. Reiff previously had been an arbitrator for the American Arbitration Association. Mr. Reiff received his B.A., with distinction, and his M.A. from Stanford University, and his law degree, magna cum laude, from Harvard Law School. Mr. Reiff was selected as an independent director for his vast real estate experience.

***Alan Feldman*** has served as one of our independent directors since June 2023. Mr. Feldman currently serves as a senior fellow of the Zell-Lurie Real Estate Center at The Wharton School, University of Pennsylvania, where he has also taught since 2013. Mr. Feldman served as the chief executive officer and chairman of the board of directors of Resource REIT from October 2012 to May 2022, and as Resource REIT's president from September 2020 to May 2022. Resource REIT was a non-traded REIT which was acquired by Blackstone Real Estate Income Trust, Inc. ("BREIT") in May 2022 in a transaction valued at $3.7 billion. At Resource REIT, Mr. Feldman was responsible for overseeing the strategy for the company and its real estate investment strategy. Prior to Resource REIT's mergers with Resource Real Estate Opportunity REIT, Inc. ("REIT I") and Resource Apartment REIT III, Inc. ("REIT III") in January 2021, he was also chief executive officer and chairman of the board of REIT I from June 2009 and REIT III from June 2017. He also served as the president of REIT I and REIT III from September 2020 until the mergers. Mr. Feldman served as a senior vice president of Resource America from August 2002 to September 2020 and as chief executive officer of its wholly owned subsidiary, Resource Real Estate (Resource REIT's founding sponsor) from May 2004 to September 2020. From 1998 to 2002, Mr. Feldman was a vice president at Lazard Freres & Co., an investment banking firm specializing in real estate matters. From 1992 through 1998, Mr. Feldman was an executive vice president of the Pennsylvania Real Estate Investment Trust and its predecessor, The Rubin Organization. From 1990 to 1992, Mr. Feldman was a director at Strouse, Greenberg & Co., a regional full-service real estate company. From 1986 through 1988, Mr. Feldman was an engineer at Bristol-Myers Squibb Corporation. Since January 2026, Mr. Feldman has served as a director of IPC Alternative Real Estate Income Trust, Inc. ("ALT REIT"), a non-traded REIT focused on alternative real estate sectors. He is a member of its audit, affiliate transaction, and nominating and corporate governance committees, and serves as the chair of ALT REIT's affiliate transaction committee. Mr. Feldman received Bachelor of Science and Master of Science degrees in chemical engineering from Tufts University, and a Master of Business Administration degree from The Wharton School, University of Pennsylvania. Mr. Feldman was selected as an independent director for his vast real estate experience.

***Audit Committee and Audit Committee Financial Expert***

Our board of directors has established an audit committee, which consists of Alan Feldman, Mary Beth Morrissey and Gary Reiff. Mary Beth Morrissey serves as the chairperson of the audit committee and qualifies as an "audit committee financial expert" as that term is defined by the SEC. The SEC has determined that the audit committee financial expert designation does not impose on a person with that designation any duties, obligations or liability that are greater than the duties, obligations or liability imposed on such person as a member of the audit committee of the board of directors in the absence of such designation. The audit committee assists the board of directors in overseeing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our accounting and financial reporting processes,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the integrity and audits of our financial statements,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our compliance with legal and regulatory requirements,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the qualifications and independence of our independent auditors and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the performance of our internal and independent auditors.

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In addition, the audit committee selects the independent auditors to audit our annual financial statements and reviews with the independent auditors the plans and results of the audit engagement. The audit committee also approves the audit and non-audit services provided by the independent public accountants and the fees we pay for these services.

The audit committee has adopted procedures for the processing of complaints relating to accounting, internal control and auditing matters. The audit committee oversees the review and handling of any complaints submitted pursuant to the forgoing procedures and of any whistleblower complaints subject to Section 21F of the Exchange Act.

***Corporate Governance***

***Code of Business Conduct and Ethics***. We have adopted a Code of Business Conduct and Ethics that applies to all of our directors, officers and employees (if any), and to all of the officers and employees of our Adviser acting on our behalf, including our principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions ("Covered Persons"). Our Code of Business Conduct and Ethics, as it relates to those also covered by our Adviser's code of conduct, operates in conjunction with, and in addition to, our Adviser's code of conduct. Our Code of Business Conduct and Ethics is designed to comply with SEC regulations relating to codes of conduct and ethics. Our Code of Business Conduct and Ethics is available on our website, eqrt.com, and is also filed as an exhibit to this Annual Report on Form 10-K. Any amendment to, or a waiver from, a provision of the Code of Business Conduct and Ethics that would require disclosure under Item 5.05 of Form 8-K will be posted on our website.

***Insider Trading Policies.*** We have adopted insider trading policies and procedures governing the purchase, sale and/or other dispositions of our securities by Covered Persons that are reasonably designed to promote compliance with insider trading laws, rules and regulations, and any listing standards applicable to us. These policies are contained within our Code of Business Conduct and Ethics, a copy of which is filed as an exhibit to this Annual Report on Form 10-K.

While there is no insider trading policy with respect to the Company itself, the Company follows repurchase procedures and complies with all applicable securities laws when transacting in its own securities.

We currently do not grant stock options and as such we have not adopted a policy regarding the timing of awards of options.

***Corporate Governance Guidelines.*** We have also adopted corporate governance guidelines to advance the functioning of our board of directors and its committees and to set forth our board of directors' expectations as to how it and they should perform its and their respective functions.

# Item 11. Executive Compensation
We are externally managed and have no employees. Our executive officers serve as officers of the Adviser and are employees of the Adviser or one or more of its affiliates. The Advisory Agreement provides that the Adviser is responsible for managing our investment activities, as such our executive officers do not receive any cash compensation from us or any of our subsidiaries for serving as our executive officers but, instead, receive compensation from the Adviser or its affiliates. In addition, we do not reimburse the Adviser or its affiliates for compensation they pay to our executive officers. The Advisory Agreement does not require our executive officers to dedicate a specific amount of time to fulfilling the Adviser's obligations to us under the Advisory Agreement. Accordingly, the Adviser has informed us that it cannot identify the portion of the compensation it awards to our executive officers that relates solely to such executives' services to us, as the Adviser does not compensate its employees specifically for such services. Furthermore, we do not have employment agreements with our executive officers, we do not provide pension or retirement benefits, perquisites or other personal benefits to our executive officers, our executive officers have not received any nonqualified deferred compensation and we do not have arrangements to make payments to our executive officers upon their termination or in the event of a change in control of us.

Although we do not pay our executive officers any cash compensation, we pay our Adviser the fees described in Item 13, "Certain Relationships and Related Transactions, and Director Independence" below.

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**Compensation Committee Interlocks and Insider Participation**

We currently do not expect to have a compensation committee of our board of directors because we do not directly compensate our executive officers or reimburse the Adviser for their compensation. Further, our directors who are affiliated with our Adviser or our Sponsor do not receive compensation for service on the board of directors or committees thereof. Certain of our executive officers and directors who are affiliated with our Adviser or our Sponsor are also officers and/or directors of our Adviser, our Sponsor and/or their affiliates and through these entities, these individuals may be involved in recommending the compensation to be paid to our independent directors.

## Independent Director Compensation
We compensate each of our independent directors with an annual retainer of $175,000, consisting of approximately $78,750 in cash and $96,250 in the form of an annual grant of restricted stock. The restricted stock will generally vest one year from the date of grant and will be based on the then-current per share transaction price of our Class E shares at the time of grant. We do not intend to pay our directors additional fees for attending board meetings, but we intend to reimburse each of our directors for reasonable out-of-pocket expenses incurred in attending board and committee meetings (including, but not limited to, airfare, hotel and food). Our directors who are affiliated with our Adviser or our Sponsor will not receive additional compensation for service on the board of directors or committees thereof.

The following table sets for the compensation to our directors for the fiscal year ended December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Fees Earned or Paid in Cash** <sup>(1)</sup> | **Stock Awards** <sup>(2)</sup> | **All Other Compensation** <sup>(3)</sup> | **Total** |
| Henry Steinberg | $— | $— | $— | $— |
| J. Peter Lloyd |  |  |  |  |
| Ali Houshmand |  |  |  |  |
| Mary Beth Morrissey | 78857 | 96250 | 12072 | 187179 |
| Peter Rodriguez | 78857 | 96250 | 11657 | 186765 |
| Gary Reiff | 78857 | 96250 | 11657 | 186765 |
| Alan Feldman | 78857 | 96250 | 12072 | 187179 |

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<sup>(1)</sup> Fees Earned or Paid in Cash in 2025 include fees earned in 2024 but paid in the first quarter of 2025 as follows: Mary Beth Morrissey $19,795, Peter Rodriguez $19,795, Gary Reiff $19,795 and Alan Feldman $19,795.

<sup>(2)</sup> Represents the grant date fair value of restricted stock issued to each of the independent directors during the year ended December 31, 2025. The annual award of restricted stock is rounded down to the nearest whole share of restricted stock and any amount not taken into account for the award due to rounding will be paid in cash on or as soon as practicable after the vesting date of the restricted stock. The grants of Class E shares were made on June 26, 2025 and vest (i) on the one-year anniversary of the grant date, provided that the independent director remains on the board of directors on such vesting date, or (ii) upon the earlier occurrence of his or her termination of service due to his or her death, disability or, if approved by the board of directors, upon a change of control of us or for "good reason."

<sup>(3)</sup> Amounts reflect the dollar value of any dividends or other earnings paid on the stock awards during the year ended December 31, 2025. Amounts differ depending upon whether the independent director elected to participate in the distribution reinvestment plan.

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# Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

## Equity Compensation Plan Information
The following table summarizes information as of December 31, 2025 relating to our independent director compensation plan:

---

| | | | |
|:---|:---|:---|:---|
| **Plan Category** | **(a) Number of securities to be issued upon exercise of outstanding options, warrants and rights** | **(b) Weighted average exercise price of outstanding options, warrants and rights** | **(c) Number of securities remaining available for future issuance under equity compensation plans** |
| Equity compensation plans approved by the security holders | N/A | N/A | N/A |
| Equity compensation plans not approved by the security holders |  | $— | 388784 |
| Total |  | $— | 388784 |

---

Our board of directors, upon the recommendation of its nominating and corporate governance committee, has approved an independent director compensation plan, pursuant to which we compensate each independent director (i.e., a director who meets the independence criteria as specified in our charter) with an annual retainer of $175,000, consisting of approximately $78,750 in cash and $96,250 in the form of an annual grant of restricted stock.

On September 3, 2024, we issued an aggregate of 38,156 shares of restricted Class E common stock, with a grant date fair value of $10.09 per share, to our four independent directors as compensation for their services pursuant to the independent director compensation plan. The issuance of restricted shares to the four independent directors amounted to an award of approximately $96,249 to each director, or approximately $384,996 in the aggregate. These shares became fully vested on September 3, 2025, upon the one-year anniversary of the grant date.

On June 26, 2025, we issued an aggregate of 34,560 shares of restricted Class E common stock, with a grant date fair value of $11.14 per share, to our four independent directors as compensation for their services pursuant to the independent director compensation plan. The issuance of restricted shares to the four independent directors amounted to an award of approximately $96,250 to each director, or approximately $384,998 in the aggregate.

The annual grant is based on the most recently established NAV of a share of our Class E common stock at the time of grant. Restricted stock grants will generally vest (i) on the one-year anniversary of the grant date, provided that the independent director remains on the board of directors on such vesting date, or (ii) upon the earlier occurrence of his or her termination of service due to his or her death, disability or, if approved by the board of directors, upon a change of control of us or for "good reason." Unvested awards remain subject to forfeiture until vested. Holders of restricted stock awards have full voting rights; provided that, in compliance with our charter, each independent director has agreed that such director will not vote their shares of common stock regarding (i) the removal of our Adviser, a director or any affiliate, or (ii) any transaction between our Adviser, a director or any affiliate and us.

Holders of restricted stock awards also have full dividend rights; provided that, unless our board of directors determines otherwise in its sole discretion, any dividends or distributions (other than regular monthly cash dividends) paid with respect to unvested shares of restricted stock will be subject to the same restrictions as the shares of restricted stock to which such dividends or distributions relate.

The maximum number of shares that will be available for issuance under the plan is 500,000.

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## Security Ownership of Certain Beneficial Owners and Management
The following tables set forth, as of March 20, 2026, information regarding (i) the number and percentage of shares of our common stock or Class A preferred stock owned by each director, our named executive officers and all directors and executive officers as a group, and (ii) the number and percentage of shares of our common stock owned by any person known to us to be the beneficial owner of more than 5% of outstanding shares of our voting securities. Beneficial ownership is determined in accordance with the rules of the SEC and includes securities that a person has the right to acquire within 60 days. The address for each of the persons named below is in care of our principal executive offices at Five Radnor Corporate Center, 100 Matsonford Road, Suite 250, Radnor, Pennsylvania 19087.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class E Common Stock** | **Class E Common Stock** | **Class A Preferred Stock** | **Class A Preferred Stock** |
| **Name of Beneficial Owner** | **Amount and Nature of Beneficial Ownership** | **Percent of Class** | **Amount and Nature of Beneficial Ownership** | **Percent of Class** |
| **Directors and Officers** |  |  |  |  |
| Henry Steinberg |  | —% |  | —% |
| J. Peter Lloyd |  | —% | 118 | 53.64% |
| Ali Houshmand |  | —% | 10 | 4.55% |
| Brian Fogarty |  | —% | 20 | 9.09% |
| Yangyang Nezin |  | —% |  | —% |
| Jake Sauerteig |  | —% | 15 | 6.82% |
| Matthew Brodnik |  | —% |  | —% |
| Mary Beth Morrissey | 29612 | 21.96% |  | —% |
| Peter Rodriguez | 27804 | 20.62% |  | —% |
| Gary Reiff | 27804 | 20.62% |  | —% |
| Alan Feldman | 29612 | 21.96% |  | —% |
| All directors and executives as a group | 114832 | 85.16% | 163 | 74.10% |

---

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| | | | |
|:---|:---|:---|:---|
| **Other 5% Beneficial Owners by Class** | **Other 5% Beneficial Owners by Class** | **Other 5% Beneficial Owners by Class** | **Other 5% Beneficial Owners by Class** |
| **Share Class** | **Name of Beneficial Owner** | **Amount and Nature of Beneficial Ownership** | **Percent of Class of Shares** |
| Class E Common Stock | EQT Real Estate, LLC | 20000 | 14.84% |
| Class I/T Common Stock | Michael G Simpson Irrevocable Trust | 37915 | 6.35% |
| Class I/T Common Stock | Robert B Stephenson Revocable Trust | 30384 | 5.09% |

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In addition, as of March 20, 2026, the Operating Partnership had issued 19,628,251.46 Class E units to EQT Real Estate Holdings. See Item 1, "Business—Sponsor Commitment." EQT Real Estate Holdings and affiliates of our Sponsor and their officers and employees purchasing Class E shares and Class E units in satisfaction of the Sponsor Committed Amount must agree to hold all such shares and units they acquire until the earlier of (i) the first date that the aggregate NAV of our outstanding shares of common stock, along with Operating Partnership units held by parties other than us, reaches $1.0 billion and (ii) March 19, 2027, which is three years from the date of the initial investment by EQT Real Estate Holdings. Following such date, holders of Class E shares and Class E units purchased in connection with the Sponsor Committed Amount may request that we repurchase such Class E shares or Class E units; provided, that (1) we will only process repurchases of such Class E shares or Class E units for cash after all other stockholder repurchase requests have been processed under our share repurchase plan, (2) such repurchases of Class E shares for cash will be subject to the 2% monthly and 5% quarterly limitations on repurchases in our share repurchase plan and (3) upon a repurchase request, the Operating Partnership will repurchase Class E units for Class E shares or cash (at the holder's election) unless our board of directors determines that any such repurchase for cash would be prohibited by applicable law or the partnership agreement of the Operating Partnership, in which case such Class E units will be repurchased for an amount of Class E shares with an aggregate NAV equivalent to the aggregate NAV of such Class E units; provided further, that repurchases of Class E units for cash will be subject to the 2% monthly and 5% quarterly limitations on repurchases in our share repurchase plan treating all outstanding Operating Partnership units held by persons other than us as having been exchanged for shares as of the respective monthly and quarterly measurement dates for calculation of the 2% monthly and 5% quarterly limitations in our share repurchase plan. For the avoidance of doubt, repurchases of Class E units for Class E shares will not be subject to the requirement that all other stockholder repurchase requests submitted through our share repurchase plan have been processed and will not be subject to the 2% monthly and 5% quarterly limitations on repurchases. Repurchases of Class E shares and Class E units acquired in connection with the Sponsor Committed Amount will not be subject to the Early Repurchase Deduction (defined herein).

Based on 19,763,083.19 shares of Class E common stock and Class E units of our Operating Partnership held by parties other than us as of March 20, 2026, composed of 134,831.73 shares of Class E common stock and 19,628,251.46 shares of Class E common stock issuable upon exchange or conversion of outstanding Class E units of our Operating Partnership: (i) EQT Real Estate Holdings would beneficially own 99.32% of the outstanding Class E common stock; (ii) each of the Company's directors and executive officers, individually and as a group, would beneficially own less than 1% of the outstanding Class E common stock; and (iii) EQT Real Estate, LLC also would beneficially own less than 1% of the outstanding Class E common stock.

# Item 13. Certain Relationships and Related Transactions, and Director Independence

## Director Independence
A majority of our board of directors, Messrs. Feldman, Rodriguez and Reiff and Ms. Morrissey, meet the independence criteria as specified in our charter. Our charter provides that a majority of our directors must be independent directors. Our charter defines an independent director as a director who is not and has not for the last two years been associated, directly or indirectly, with EQT or our Adviser. Pursuant to our charter, a director is deemed to be associated with EQT or our Adviser if he or she owns any interest in, is employed by, is an officer or director of, or has any material business or professional relationship with EQT, our Adviser or any of their affiliates, performs services (other than as a director) for us, or serves as a director or trustee for more than three REITs sponsored by EQT or advised by our Adviser. A business or professional relationship will be deemed material per se if the gross income derived by the director from EQT, our Adviser or any of their affiliates during either of the last two years exceeds 5% of (1) the director's annual gross income derived from all sources or (2) the director's net worth on a fair market value basis. An indirect association is defined to include circumstances in which the director's spouse, parents, children, siblings, mothers- or fathers-in-law, sons- or daughters-in-law or brothers- or sisters-in-law is or has been associated with us, EQT, our Adviser or any of their affiliates. Our charter requires that a director have at least three years of relevant experience demonstrating the knowledge required to successfully acquire and manage the type of assets that we intend to acquire. Our charter also requires that at all times at least one of our independent directors must have at least three years of relevant real estate experience.

In addition, although our shares are not listed for trading on any national securities exchange, a majority of our directors, and all of the members of the audit committee, the affiliated-transactions committee and the nominating and corporate governance committee are "independent" as defined by the New York Stock Exchange. The New York Stock Exchange standards provide that to qualify as an independent director, in addition to satisfying certain bright-line criteria, our board of directors must affirmatively determine that a director has no material relationship with us (either directly or as a partner, stockholder or officer of an organization that has a relationship with us). Our board of directors has affirmatively determined that each of Messrs. Feldman, Rodriguez and Reiff and Ms. Morrissey satisfies the New York Stock Exchange independence standards.

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## Board of Directors
We operate under the direction of our board of directors, the members of which are accountable to us and our stockholders as fiduciaries. We have a seven-member board. Our board of directors may change the number of directors, but not to fewer than three directors nor, unless we amend our bylaws, more than 15. Our charter provides that a majority of our directors must be independent directors as described above.

Each director will serve until the next annual meeting of stockholders and until his or her successor is duly elected and qualifies. Although the number of directors may be increased or decreased, a decrease may not shorten the term of any incumbent director. Any director may resign at any time or may be removed with or without cause by the stockholders upon the affirmative vote of stockholders entitled to cast at least a majority of all the votes entitled to be cast generally in the election of directors. The notice of a special meeting called to remove a director must indicate that the purpose, or one of the purposes, of the meeting is to determine if the director shall be removed. A vacancy on our board of directors may be filled only by a vote of a majority of the remaining directors, or in the case of election of an independent director, after nomination by a majority of the remaining independent directors (if any remaining directors are independent directors). Any director elected to fill a vacancy will serve for the remainder of the full term of the directorship in which the vacancy occurred.

## Policies and Procedures for Related-Party Transactions and the Affiliated-Transactions Committee
Our charter contains policies on transactions with affiliated persons. Under the charter, these transactions, if permitted, must be approved by a majority of our directors, including a majority of our independent directors, not otherwise interested in such transaction.

The affiliated-transactions committee is responsible for ensuring the fair application of any reasonable method for the allocation of the acquisition of properties by two or more programs of our Sponsor, our Adviser and their affiliates seeking to acquire similar types of assets. The affiliated-transactions committee is also responsible for reviewing and approving the terms of all transactions between us and our Sponsor, our Adviser and their affiliates or any member of our board of directors, including (when applicable) the economic, structural and other terms of all acquisitions and dispositions.

In addition, the affiliated-transactions committee is responsible for reviewing our Adviser's performance and the fees and expenses paid by us to our Adviser and any of its affiliates. The affiliated-transactions committee will evaluate at least annually whether the compensation that we contract to pay to our Adviser is reasonable in relation to the nature and quality of services performed and that such compensation is within the limits prescribed by our charter and the NASAA REIT Guidelines. Our affiliated-transactions committee supervises the performance of our Adviser and the compensation we pay to it to determine that the provisions of the Advisory Agreement are being carried out. This evaluation is based on the factors set forth below, as well as any other factors deemed relevant by the affiliated-transactions committee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the amount of fees paid to our Adviser in relation to the size, composition and performance of our investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the success of our Adviser in generating investments that meet our investment objectives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•rates charged to other externally advised REITs and other similar investment entities by advisors performing similar services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•additional revenues realized by our Adviser and its affiliates through their advisory relationship with us (including the performance participation allocation paid to the Special Limited Partner);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the quality and extent of the services and advice furnished by our Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the performance of the assets, including income, conservation or appreciation of capital, frequency of problem investments and competence in dealing with distress situations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the quality of our portfolio in relationship to the investments generated by our Adviser for its own account.

In addition to the management fee, performance participation and expense reimbursements discussed below, we have agreed to indemnify and hold harmless our Adviser and its affiliates performing services for us from specific claims and liabilities arising out of the performance of their obligations under the Advisory Agreement, subject to certain limitations. See "Transactions with Related Persons—Indemnification Agreements with Directors and Officers" below.

## Transactions with Related Persons
The following describes all transactions during the fiscal years ended December 31, 2025 and December 31, 2024, and currently proposed transactions, involving us, our directors, our Sponsor or our Adviser or any of their affiliates.

***The Advisory Agreement***

Our board of directors at all times has oversight and policy-making authority, including responsibility for governance, financial controls, compliance and disclosure with respect to our company and our Operating Partnership. Pursuant to the Advisory Agreement, our board of directors has delegated to our Adviser 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 of directors. Our Adviser will also oversee our other service providers. We or our Adviser may retain other service providers in connection with our operations, including, without limitation, administration, legal and accounting support. Our Adviser has contractual and fiduciary responsibilities to us and our stockholders. We believe that our Adviser currently has sufficient staff and resources so as to be capable of fulfilling the duties set forth in the Advisory Agreement.

***Services***

Pursuant to the terms of the Advisory Agreement, our Adviser is responsible for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•serving as an advisor to us and the Operating Partnership with respect to the establishment and periodic review of our investment guidelines as well as our and the Operating Partnership's investments, financing activities and operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•sourcing, evaluating and monitoring our and the Operating Partnership's investment opportunities and executing the acquisition, management, financing and disposition of our and the Operating Partnership's assets, in accordance with our investment guidelines, policies and objectives and limitations, subject to oversight by our board of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•with respect to prospective acquisitions, purchases, sales, exchanges or other dispositions of investments, conducting negotiations on our and the Operating Partnership's behalf with sellers, purchasers, and other counterparties and, if applicable, their respective agents, advisors and representatives, and determining the structure and terms of such transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•providing us with portfolio management and other related services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•serving as our advisor with respect to decisions regarding any of our financings, hedging activities or borrowings; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•engaging and supervising, on our and the Operating Partnership's behalf and at our and the Operating Partnership's expense, various service providers.

The above summary is provided to illustrate the material functions which our Adviser performs for us and it is not intended to include all of the services which may be provided to us by our Adviser or third parties.

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***Term and Termination Rights***

The term of the Advisory Agreement is for one year, subject to renewals by our board of directors for an unlimited number of successive one-year periods. Our independent directors will evaluate the performance of our Adviser before renewing the Advisory Agreement. The Advisory Agreement may be terminated:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•immediately by us (1) for "cause," (2) upon the bankruptcy of our Adviser or (3) upon a material breach of the Advisory Agreement by our Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•upon 60 days' written notice by us without cause or penalty upon the vote of a majority of our independent directors; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•upon 60 days' written notice by our Adviser.

"Cause" is defined in the Advisory Agreement to mean fraud, criminal conduct, willful misconduct or willful or grossly negligent breach of fiduciary duty by our Adviser under the Advisory Agreement.

In the event the Advisory Agreement is terminated, our Adviser will be entitled to receive its prorated management fee through the date of termination. In addition, upon the termination or expiration of the Advisory Agreement, our Adviser will cooperate with us and take all reasonable steps requested to assist our board of directors in making an orderly transition of the advisory function.

***Management Fee, Performance Participation and Expense Reimbursements***

*Management Fee*. Subject to the limitations described below under "—Adviser Support" and "—Reimbursement by our Adviser," as compensation for its services provided pursuant to the Advisory Agreement, we pay our Adviser an annual management fee (payable monthly in arrears) of 1.25% of the aggregate NAV represented by our Class T shares, Class S shares, Class D shares and Class I shares, 0.90% of the aggregate NAV represented by our Class A-II shares and 0.50% of the aggregate NAV represented by our Class A-I shares. Additionally, to the extent that our Operating Partnership issues Operating Partnership units to parties other than us, our Operating Partnership will pay our Adviser a management fee equal to 1.25% of the aggregate NAV of the Operating Partnership attributable to such Operating Partnership units not held by us per annum payable monthly in arrears. No management fee will be paid with respect to Class E shares or Class E units of our Operating Partnership. The management fee is allocated on a class-specific basis and borne by all holders of the applicable class. In calculating the management fee, we use the aggregate NAV of the applicable share class and the NAV of the applicable class of Operating Partnership units not held by us before giving effect to monthly accruals for the management fee, the performance participation allocation, distribution fees, or distributions payable on our outstanding shares or Operating Partnership units.

The management fee may be paid, at our Adviser's election, in cash, Class E shares or Class E units of our Operating Partnership. Our Adviser's ability to elect to receive Class E shares of our common stock or Class E units of our Operating Partnership serves as a benefit to us for cash management purposes and further aligns our Adviser's interests with our stockholders. Any repurchase requests by our Adviser will be consistent with our Adviser's fiduciary duties to us and our stockholders. Shares held by our Adviser acquired as payment of our Adviser's management fee will not be subject to our share repurchase plan, including with respect to any repurchase limits or the Early Repurchase Deduction, and will not be included in the calculation of our aggregate NAV for purposes of the 2% monthly or 5% quarterly limitations on repurchases. Notwithstanding the foregoing, we have adopted a policy that requires the affiliated-transactions committee to approve any repurchase request of the Adviser for Class E shares received as payment for the management fee that, when combined with any stockholder repurchase requests submitted through our share repurchase plan, would cause us to exceed the 2% monthly or 5% quarterly repurchase limitations of our share repurchase plan. Such approval must find that the repurchase will not impair our capital or operations and is consistent with the fiduciary duties of our independent directors. With respect to any Class E units issued to our Adviser in lieu of management fees, any holder of such Class E units may request that we repurchase such Class E units and upon a repurchase request, the Operating Partnership will repurchase any such Class E units for Class E shares or cash (at the holder's election) unless our board of directors determines that any such repurchase for cash would be prohibited by applicable law or the partnership agreement of the Operating Partnership, in which case such Class E units will be repurchased for an amount of Class E shares with an aggregate NAV equivalent to the aggregate NAV of such Class E units.

Our Adviser waived its management fee for the first six full calendar months following March 19, 2024, the date on which we broke escrow for our public offering. For the years ended December 31, 2025 and 2024, we incurred $0.3 million and $15,000 of management fees, respectively. As of December 31, 2025 and 2024, $40,000 and $8,000 of management fees remained unpaid to the Adviser, respectively.

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*Performance Participation*. So long as the Advisory Agreement has not been terminated (including by means of non-renewal), the Special Limited Partner holds a performance participation interest in the Operating Partnership that entitles it to receive an allocation from our Operating Partnership equal to 12.5% of the Total Return, subject to a 5% Hurdle Amount and a High-Water Mark, with a Catch-Up (each term as defined below). Such allocation will be made annually and accrue monthly. The performance participation allocation will accrue on a class-specific basis. Because the portion of the Total Return attributable to Class E units of the Operating Partnership will be excluded from all performance participation calculations, no portion of the allocation will accrue to Class E shares or Class E units of the Operating Partnership.

Specifically, the Special Limited Partner will be allocated a performance participation in an amount equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*First*, if the Total Return for the applicable period exceeds the sum of (i) the Hurdle Amount for that period and (ii) the Loss Carryforward Amount (any such excess, "Excess Profits"), 100% of such annual Excess Profits until the total amount allocated to the Special Limited Partner equals 12.5% of the sum of (x) the Hurdle Amount for that period and (y) any amount allocated to the Special Limited Partner pursuant to this clause (this is commonly referred to as a "Catch-Up"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Second*, to the extent there are remaining Excess Profits, 12.5% of such remaining Excess Profits.

"Total Return" for any period since the end of the prior calendar year shall equal the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)all distributions accrued or paid (without duplication) on the Class T units, Class S units, Class D units, Class I units, Class A-I units and Class A-II units of the Operating Partnership (collectively referred to as, the "Performance Participation OP Units") outstanding at the end of such period since the beginning of the then-current calendar year *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the change in aggregate NAV of the Performance Participation OP Units since the beginning of the year, before giving effect to (x) changes resulting solely from the proceeds of issuances of Performance Participation OP Units, (y) any allocation/accrual to the performance participation interest related to the Performance Participation OP Units and (z) applicable distribution fee expenses related to the Performance Participation OP Units (including any payments made to us for payment of such expenses).

For the avoidance of doubt, the calculation of Total Return will (i) include any appreciation or depreciation in the NAV of the Performance Participation OP Units issued during the then-current calendar year but (ii) exclude the proceeds from the initial issuance of such Performance Participation OP Units.

"Hurdle Amount" for any period during a calendar year means that amount that results in a 5% annualized internal rate of return on the NAV of the Performance Participation OP Units outstanding at the beginning of the then-current calendar year and all Performance Participation OP Units issued since the beginning of the then-current calendar year, taking into account the timing and amount of all distributions accrued or paid (without duplication) on all such Performance Participation OP Units and all issuances of Performance Participation OP Units over the period and calculated in accordance with recognized industry practices. The ending NAV of the Performance Participation OP Units used in calculating the internal rate of return will be calculated before giving effect to any allocation/accrual to the performance participation interest related to the Performance Participation OP Units and applicable distribution fee expenses related to the Performance Participation OP Units. For the avoidance of doubt, the calculation of the Hurdle Amount for any period will exclude any Performance Participation OP Units repurchased during such period, which units will be subject to the performance participation allocation upon repurchase as described below.

Except as described in "Loss Carryforward Amount" below, any amount by which the Total Return falls below the Hurdle Amount will not be carried forward to subsequent periods.

"Loss Carryforward Amount" shall initially equal zero and shall cumulatively increase by the absolute value of any negative annual Total Return and decrease by any positive annual Total Return, provided that the Loss Carryforward Amount shall at no time be less than zero and provided further that the calculation of the Loss Carryforward Amount will exclude the Total Return related to any Performance Participation OP Units repurchased during such year, which units will be subject to the performance participation allocation upon repurchase as described below. The effect of the Loss Carryforward Amount is that the recoupment of past annual Total Return losses will offset the positive annual Total Return for purposes of the calculation of the Special Limited Partner's performance participation. This is referred to as a "High-Water Mark."

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The Special Limited Partner will also be allocated a performance participation with respect to all Performance Participation OP Units that are repurchased at the end of any month (in connection with repurchases of our shares in our share repurchase plan) 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 on the performance participation interest may be distributable in cash or Class E units at the election of the Special Limited Partner. If the Special Limited Partner elects to receive such distributions in Class E units, holders of Class E units issued in connection with distributions on the performance participation interest may request the Operating Partnership repurchase such Class E units at a later date. Holders of Class E units issued in connection with distributions on the performance participation interest may request the Operating Partnership repurchase such Class E units for Class E shares or cash (at the holder's election) unless our board of directors determines that any such repurchase for cash would be prohibited by applicable law or the partnership agreement of the Operating Partnership, in which case such Class E units will be repurchased for an amount of Class E shares with an aggregate NAV equivalent to the aggregate net asset value of such Class E units; provided further, that repurchases of Class E units for cash will be subject to the 2% monthly and 5% quarterly limitations on repurchases of our share repurchase plan treating all outstanding Operating Partnership units held by persons other than us as having been exchanged for shares of our common stock as of the respective monthly and quarterly measurement dates for calculation of the 2% monthly and 5% quarterly limitations under our share repurchase plan. Further, if we determine to repurchase fewer shares under our share repurchase plan than have been requested in any particular month, or none at all, then corresponding limitations (including pro rations) will apply to the repurchase of Class E units issued in connection with distributions on the performance participation interest. In addition, any repurchases of Class E units in respect of distributions on the performance participation interest will not be subject to the Early Repurchase Deduction and such repurchases of Class E units for shares of our Class E common stock will not be subject to the limitations above.

The NAV of the Operating Partnership calculated on the last trading day of a calendar year shall be the amount against which changes in NAV is measured during the subsequent calendar year.

The measurement of the foregoing net assets change is also subject to adjustment by our board of directors to account for any unit dividend, unit split, recapitalization or any other similar change in the Operating Partnership's capital structure or any distributions made after the commencement of our public offering that the board of directors deems to be a return of capital (if such changes are not already reflected in the Operating Partnership's net assets).

The Special Limited Partner will not be obligated to return any portion of performance participation paid based on our subsequent performance.

Changes in our Operating Partnership's NAV per unit of each class will generally correspond to changes in our NAV per share of the corresponding class of our common stock. Distributions with respect to the performance participation interest are calculated from the Operating Partnership's Total Return over a calendar year. As a result, the Special Limited Partner may be entitled to receive compensation under the performance participation for a given year even if some of our stockholders who purchased shares during such year experienced a decline in NAV per share. Similarly, stockholders whose shares are repurchased during a given year may have their shares repurchased at a lower NAV per share as a result of an accrual for the estimated performance participation at such time, even if no performance participation allocation for such year is ultimately payable to the Special Limited Partner at the end of such calendar year.

In the event the Advisory Agreement is terminated, the Special Limited Partner will be allocated any accrued performance participation with respect to all Operating Partnership units as of the date of such termination.

For the year ended December 31, 2025, we accrued $0.5 million for the performance participation allocation. In February 2026, we distributed $0.5 million to the Special Limited Partner for the 2025 performance participation allocation.

For the year ended December 31, 2024, we accrued $71,000 for the performance participation allocation. In February 2025, we distributed $71,000 to the Special Limited Partner for the 2024 performance participation allocation.

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*Expense Reimbursement*. Subject to the limitations described below under "—Adviser Support" and "—Reimbursement by our Adviser," our Adviser is entitled to reimbursement of all costs and expenses incurred by it or its affiliates on our behalf, provided that our Adviser is currently responsible for the expenses related to any and all personnel of our Adviser who provide investment advisory services to us pursuant to the Advisory Agreement (including, without limitation, each of our executive officers and any directors who are also directors, officers or employees of our Adviser or any of its affiliates), including, without limitation, salaries, bonus and other wages, payroll taxes and the cost of employee benefit plans of such personnel, and costs of insurance with respect to such personnel. Without limiting the generality of the foregoing, costs eligible for reimbursement include for out-of-pocket costs and expenses our Adviser incurs in connection with the services it provides to us related to (1) legal, accounting, printing, mailing and subscription processing fees and other expenses attributable to our organization, preparation of the registration statement, registration and qualification of our common stock for sale with the SEC and in the various states and filing fees incurred by our Adviser (as described further below), (2) the actual cost of goods and services used by us and obtained from third parties, including fees paid to administrators, consultants, attorneys, technology providers and other services providers, and brokerage fees paid in connection with the purchase and sale of investments and securities, (3) expenses of managing and operating our properties, whether payable to an affiliate or a non-affiliated person, and (4) out-of-pocket expenses in connection with the selection and acquisition of properties and real estate related securities, whether or not such investments are acquired. Such out-of-pocket costs and expenses will include expenses relating to compliance-related matters and regulatory filings relating solely to our activities. We may change our expense reimbursement arrangements with our Adviser in the future.

Subject to the limitations described below under "—Adviser Support," our Adviser may require us to reimburse it for any organization and offering expenses associated with our offerings that it incurs on our behalf (including legal, accounting, printing, mailing, subscription processing and filing fees and expenses, reasonable bona fide due diligence expenses of selected dealers supported by detailed and itemized invoices, costs in connection with preparing sales materials, design and website expenses, fees and expenses of our escrow agent and transfer agent, fees to attend retail seminars sponsored by selected dealers and reimbursements to selected dealers for customary travel, lodging, and meals, but excluding upfront selling commissions, dealer manager fees and distribution fees) as and when incurred. Our Adviser currently intends to pay wholesaling compensation expenses of persons associated with the Dealer Manager without reimbursement from us. After the termination of the primary component of the public offering and again after termination of the distribution reinvestment plan component of our public offering, our Adviser has agreed to reimburse us to the extent that the organization and offering expenses that we incur exceed 15% of our gross proceeds from the applicable public offering.

In connection with our acquisition of the Georgetown Property, on March 20, 2024, the Middletown Property, on August 14, 2024, the Nashville Property, on August 15, 2024, and the Washington Property, on October 16, 2024, the Adviser assigned the respective purchase and sale agreements to our subsidiaries for $1,500,000, $4,000,000, $1,500,000, and $815,000, respectively, representing the deposit amounts under the purchase and sale agreements. In connection with our acquisition of the Torrance Property, on December 23, 2025 the Adviser assigned the purchase and sale agreement to our subsidiary for $1.00. The Adviser also advanced $103,602 in closing costs for the Georgetown Property, $29,991 in closing costs for the Middletown Property, $50,387 in closing costs for the Nashville Property, $49,213 in closing costs for the Washington Property and $42,601 in closing costs for the Torrance Property. We repaid the Adviser for the deposits and all of the closing costs on the respective acquisition dates. The sellers of all acquisitions during the years ended December 31, 2025 and 2024 were not affiliated with us or the Adviser.

*Adviser Support*. Our Adviser has agreed to the following support measures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our Adviser waived its management fee for the first six full calendar months following March 19, 2024, the date on which we broke escrow for our public offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our Adviser has agreed to advance all of our organization and offering expenses on our behalf (including legal, accounting, printing, mailing and filing fees and expenses, due diligence expenses of selected dealers supported by detailed and itemized invoices, costs in connection with preparing sales materials, design and website expenses, fees and expenses of our escrow agent and transfer agent, fees to attend retail seminars sponsored by selected dealers and reimbursements to selected dealers for customary travel, lodging, and meals, but excluding upfront selling commissions, dealer manager fees and the distribution fees) through March 19, 2027, the third anniversary of the date on which we broke escrow for our public offering. We will reimburse our Adviser for all such advanced expenses ratably over the 60 months following March 19, 2027. Wholesaling compensation expenses of persons associated with the Dealer Manager will be paid by our Adviser without reimbursement from us. After March 19, 2027, we will reimburse our Adviser for any organization and offering expenses that it incurs on our behalf as and when incurred other than the wholesaling compensation expenses.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our Adviser will advance on our behalf certain of our general and administrative expenses through the earlier of (i) the first date that the aggregate NAV of our outstanding shares of common stock, along with the Operating Partnership units held by parties other than us, reaches $1.0 billion and (ii) March 19, 2027, the third anniversary of the date on which we broke escrow in our public offering, at which point we will reimburse our Adviser for all such advanced expenses ratably over the 60 months following such date.

As of December 31, 2025 and 2024, the Adviser and its affiliates have incurred organization and offering costs on our behalf of $7.8 million and $7.1 million, respectively. As of December 31, 2025 and 2024, the Adviser has advanced $6.5 million and $3.4 million, respectively, for advanced general and administrative expenses.

*Reimbursement by our Adviser.* Commencing four fiscal quarters after March 20, 2024, our Adviser will reimburse us for any expenses that cause our Total Operating Expenses in any four consecutive fiscal quarters to exceed the greater of: (1) 2% of our Average Invested Assets or (2) 25% of our Net Income.

"Total Operating Expenses" are all costs and expenses paid or incurred by us, as determined under GAAP, including the management fee and the performance participation, but excluding: (i) the expenses of raising capital such as organization and offering expenses, legal, audit, accounting, underwriting, brokerage, listing, registration and other fees, printing, and other such expenses and taxes incurred in connection with the issuance, distribution, transfer, registration and listing of our capital stock, (ii) interest payments, (iii) taxes, (iv) non-cash expenditures such as depreciation, amortization and bad debt reserves, (v) incentive fees paid in compliance with our charter, (vi) acquisition fees and acquisition expenses related to the selection and acquisition of assets, whether or not a property is actually acquired, (vii) real estate commissions on the sale of property and (viii) other fees and expenses connected with the acquisition, disposition and ownership of real estate interests, mortgage loans or other property including the costs of foreclosure, insurance premiums, legal services, maintenance, repair and improvement of property.

"Average Invested Assets" means, for any period, the average of the aggregate book value of our assets, invested, directly or indirectly, in equity interests in and loans secured by real estate, including all properties, mortgages and real estate related securities and consolidated and unconsolidated joint ventures or other partnerships, before deducting depreciation, amortization, impairments, bad debt reserves or other non-cash reserves, computed by taking the average of such values at the end of each month during such period.

"Net Income" means, for any period, total revenues applicable to such period, less the total expenses applicable to such period other than additions to, or allowances for, non-cash charges such as depreciation, amortization, impairments and reserves for bad debt or other similar non-cash reserves.

Notwithstanding the foregoing, to the extent that our Total Operating Expenses exceed these limits and the affiliated-transactions committee determines that the excess expenses were justified based on unusual and nonrecurring factors that it deems sufficient, our Adviser would not be required to reimburse us. Within 60 days after the end of any fiscal quarter for which our Total Operating Expenses for the four consecutive fiscal quarters then ended exceed these limits and our affiliated-transactions committee approves such excess amount, we will send our stockholders a written disclosure of such fact, or will include such information in our next quarterly report on Form 10-Q or in a current report on Form 8-K filed with the SEC, together with an explanation of the factors our affiliated-transactions committee considered in arriving at the conclusion that such excess expenses were justified. In addition, our affiliated-transactions committee will review at least annually the total fees and expense reimbursements for operating expenses paid to our Adviser and the Special Limited Partner to determine if they are reasonable in light of our performance, our net assets and our net income and the fees and expenses of other comparable unaffiliated REITs. Each such determination will be recorded in the minutes of a meeting of the affiliated-transactions committee.

Our Total Operating Expenses for the year ended December 31, 2025, were 1.02% and 31.98% of our Average Invested Assets and our Net Income, respectively.

***Sub-Advisor***

On July 11, 2023, our Adviser and the Operating Partnership entered into the Investment Management Agreement with JP Morgan. Pursuant to the Investment Management Agreement, JP Morgan will serve as a sub-advisor to our Adviser and act as the investment manager for our portfolio of short-term investments, which may include real estate related securities. Under the terms of the Investment Management Agreement, JP Morgan's fee for its services shall be paid entirely by our Adviser and not by us.

As of December 31, 2025 and 2024, our Adviser had not incurred any fees in connection with investment advisory services provided by JP Morgan to us.

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***Dealer Manager Agreement***

EQT Partners BD, LLC (the "Dealer Manager"), an affiliate of the Adviser, serves as the dealer manager for our public offering. The Dealer Manager registered as a broker dealer with the SEC and FINRA on May 16, 2023. We entered into an agreement (the "Dealer Manager Agreement") with the Dealer Manager in connection with our public offering on August 1, 2023.

The Dealer Manager is entitled to receive upfront selling commissions of up to 3.0%, and upfront dealer manager fees of 0.5%, of the transaction price of each Class T share sold in the primary offering; however, such amounts may vary for certain selected dealers provided that the sum will not exceed 3.5% of the transaction price. The Dealer Manager is entitled to receive upfront selling commissions of up to 3.5% of the transaction price of each Class S share sold in the primary offering. The Dealer Manager is entitled to receive upfront selling commissions of up to 1.5% of the transaction price of each Class D share sold in the primary offering. The Dealer Manager anticipates that all or a portion of the upfront selling commissions and dealer manager fees will be retained by, or reallowed (paid) to, selected dealers. No upfront selling commissions or dealer manager fees are paid with respect to purchases of Class I shares, Class E shares, Class A-I shares, Class A-II shares or shares of any class sold pursuant to our distribution reinvestment plan.

During the year ended December 31, 2025, we paid $85 in upfront selling commissions and dealer manager fees to the Dealer Manager. There were no upfront selling commissions or dealer manager fees paid during the year ended December 31, 2024.

Subject to FINRA limitations on underwriting compensation and certain other limitations and subject to the provisions for the conversion of Class T shares, Class S shares and Class D shares into Class I shares, the Dealer Manager also receives a distribution fee of 0.85%, 0.85% and 0.25% per annum of the aggregate NAV of our outstanding Class T shares, Class S shares and Class D shares, respectively. There is no distribution fee with respect to Class I shares, Class E shares, Class A-I shares or Class A-II shares. The distribution fees are paid monthly in arrears. The Dealer Manager reallows (pays) all or a portion of the distribution fees to selected dealers and servicing broker-dealers, and rebates distribution fees to us to the extent a broker-dealer is not eligible to receive them. We will cease paying the distribution fee with respect to any Class T share, Class S share or Class D share held in a stockholder's account at the end of the month in which the Dealer Manager in conjunction with the transfer agent determines that total upfront selling commissions, dealer manager fees and distribution fees paid with respect to the shares held by such stockholder within such account would equal or exceed, in the aggregate, 8.75% (or a lower limit as set forth in the applicable agreement between the Dealer Manager and a selected dealer at the time such shares were issued) of the gross proceeds from the sale of such shares and purchased in a primary offering (i.e., an offering other than a distribution reinvestment plan) (collectively, the "Fee Limit"). At the end of such month, each such Class T share, Class S share or Class D share in such account (including shares in such account purchased through the distribution reinvestment plan or received as a stock dividend) will convert into a number of Class I shares (including any fractional shares) with an equivalent aggregate NAV as such share. Under GAAP, we accrue the lifetime cost of the distribution fee as an offering cost at the time each Class T, Class S and Class D share is sold during the primary offering.

In addition, we will cease paying the distribution fee on the Class T shares, Class S shares and Class D shares on the earlier to occur of the following: (i) a listing of Class I shares, (ii) our merger or consolidation with or into another entity in which we are not the surviving entity or (iii) the sale or other disposition of all or substantially all of our assets. Further, after termination of a primary offering registered under the Securities Act of 1933, as amended, each Class T, Class S or Class D share sold in that primary offering, each Class T, Class S or Class D share sold under a distribution reinvestment plan pursuant to the same registration statement that was used for that primary offering, and each Class T, Class S or Class D share received as a stock dividend with respect to such shares sold in such primary offering or distribution reinvestment plan, shall automatically and without any action on the part of the holder thereof convert into a number of Class I shares (including fractional shares) with an equivalent NAV as such share, at the end of the month in which we, with the assistance of the Dealer Manager, determine that all underwriting compensation paid or incurred with respect to the offerings covered by that registration statement from all sources, determined pursuant to the rules and guidance of FINRA, would equal or exceed 10% of the aggregate purchase price of all shares sold for our account through that primary offering.

During the year ended December 31, 2025, we paid $2 of distribution fees to the Dealer Manager. There were no distribution fees paid to the Dealer Manager during the year ended December 31, 2024.

In connection with the private offerings of the Class A-I and Class A-II shares, we also entered into a separate dealer manager agreement with the Dealer Manager (the "Private Offering Dealer Manager Agreement"). Under the Private Offering Dealer Manager Agreement, no fees or other compensation (other than the customary reimbursement of expenses and indemnification) are payable to the Dealer Manager.

We or our Adviser may also pay directly, or reimburse the Dealer Manager if the Dealer Manager pays on our behalf, any organization and offering expenses (other than upfront selling commissions, dealer manager fees and distribution fees). These expenses may include fees paid to platform service providers. See "—The Advisory Agreement—Management Fee, Performance Participation and Expense Reimbursements—Adviser Support."

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During the year ended December 31, 2025, the ratio of the cost of raising capital during the period to the gross amount of capital raised inclusive of all offerings was 1.10%.

***Property Management, Leasing and Development and Construction Services by Affiliates of our Adviser***

We have retained, and expect to retain in the future, an affiliate of our Adviser 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. Property management fees, leasing commissions, development and construction fees and expense reimbursements for these services will be at or below market rates for the specific market and type of property acquired or particular project under development.

We expect property management, leasing and development and construction services provided by affiliates of our Adviser to include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•tenant relations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•energy management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•preventive maintenance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•vendor selection and contracting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•parking management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•marketing plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•broker relations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•tenant prospecting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•lease negotiation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•project planning and budgeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•architectural and engineering design preparation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•design development;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•entitlement and permitting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•construction and development of the project.

In connection with each real estate acquisition during the years ended December 31, 2025 and 2024, we, through indirect subsidiaries, entered into property management and leasing services agreements with EQT Real Estate Advisors, LLC (the "Property Manager"), an affiliate of the Adviser (the "Property Management Agreements"). The Property Management Agreements have terms through the end of the calendar year and will be renewed automatically for successive one-year periods unless terminated by either party giving the other party notice not less than thirty (30) days prior to the expiration of the then-current term. Pursuant to the Property Management Agreements, we pay the Property Manager management fees equal to the lesser of the then-current market rate for services provided and the amount of such fee per the terms of the tenant lease. We will pay the Property Manager leasing commissions based on the then-current market rate; provided if the tenant is represented by a broker, the aggregate commissions would be no more than the then-current market rate. We will reimburse the Property Manager for all reasonable and actual expenditures.

For the years ended December 31, 2025 and 2024, we incurred $0.3 million and $15,000 of property management fees, respectively. As of December 31, 2025 and 2024, $27,000 and $26,000 of property management fees remained unpaid to the Property Manager, respectively. We did not incur any leasing commissions, development and construction fees or expense reimbursements for the years ended December 31, 2025 or 2024.

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***Other Services by Affiliates of our Adviser***

In addition, we may retain certain of the Adviser's affiliates for necessary services relating to our investments or our operations, including accounting services, valuation support services, account management services, corporate secretarial services, data management services, directorship services, information technology services, finance/ budget services, human resources, judicial processes, legal services, operational services, risk management services, tax services, treasury services, loan management services, property, title and/or other types of insurance and related services, transaction support services, transaction consulting services and other similar operational matters. The Adviser's affiliates may charge fees and expenses to us for the provision of such services. The Operating Partnership may also issue equity incentive compensation to certain employees of such affiliates for services provided. Any compensation paid to the Adviser's affiliates for any such services will not reduce the management fee nor the performance participation allocation.

We did not incur such services during the years ended December 31, 2025 or 2024.

***Investments by Our Adviser and Affiliates of our Sponsor and Their Employees***

Our Adviser has invested $200,000 in us through the purchase of 20,000 shares of our common stock at $10.00 per share. These shares were reclassified as Class E shares of common stock on June 21, 2023. The Adviser may not sell, transfer or dispose of these 20,000 shares to any party other than an affiliate of the Adviser while the Sponsor or any affiliate serves as our sponsor.

Additionally, EQT Real Estate Holdings, an affiliate of the Sponsor, has committed to purchase $200,000,000 in Class E shares of our common stock or Class E units of the Operating Partnership, or a combination thereof (the "Sponsor Committed Amount"); provided that EQT Real Estate Holdings may invest a smaller amount to the extent the reduction is offset by an investment by other affiliates of our Sponsor and their officers and employees. As of December 31, 2025, EQT Real Estate Holdings had purchased 19,628,251.46 Class E units of the Operating Partnership for an aggregate purchase price of approximately $197.10 million as part of the Sponsor Committed Amount. Class E shares and Class E units are not available for purchase in the public offering. Class E shares and Class E units are only available for purchase in private transactions by (i) the Adviser, the Sponsor and their affiliates, (ii) employees of the Adviser, the Sponsor and their affiliates and (iii) our officers and directors. During the escrow period for the public offering, the per share purchase price for Class E shares and Class E units was $10.00 per share or unit. After the close of the escrow period for the public offering, Class E shares and Class E units are sold at the then-current transaction price, which will generally be the prior month's NAV per share or unit for such class. The Class E shares and Class E units are not subject to any upfront selling commissions, dealer manager fees, distribution fees, management fees payable to our Adviser or the performance participation allocation to the Special Limited Partner.

EQT Real Estate Holdings and affiliates of our Sponsor and their officers and employees purchasing Class E shares and Class E units in satisfaction of the Sponsor Committed Amount must agree to hold all such shares and units they acquire until the earlier of (i) the first date that the aggregate NAV of our outstanding shares of common stock, along with the Operating Partnership units held by parties other than us, reaches $1.0 billion and (ii) March 19, 2027, which is three years from the date of the initial investment by EQT Real Estate Holdings. Following such date, holders of Class E shares and Class E units purchased in connection with the Sponsor Committed Amount may request that we repurchase such Class E shares or Class E units; provided, that (1) we will only process repurchases of such Class E shares or Class E units for cash after all other stockholder repurchase requests have been processed under our share repurchase plan, (2) such repurchases of Class E shares for cash will be subject to the 2% monthly and 5% quarterly limitations on repurchases in our share repurchase plan and (3) upon a repurchase request, the Operating Partnership will repurchase Class E units for Class E shares or cash (at the holder's election) unless our board of directors determines that any such repurchase for cash would be prohibited by applicable law or the partnership agreement of the Operating Partnership, in which case such Class E units will be repurchased for an amount of Class E shares with an aggregate NAV equivalent to the aggregate NAV of such Class E units; provided further, that repurchases of Class E units for cash will be subject to the 2% monthly and 5% quarterly limitations on repurchases in our share repurchase plan treating all outstanding Operating Partnership units held by persons other than us as having been exchanged for shares as of the respective monthly and quarterly measurement dates for calculation of the 2% monthly and 5% quarterly limitations in our share repurchase plan. For the avoidance of doubt, repurchases of Class E units for Class E shares will not be subject to the requirement that all other stockholder repurchase requests submitted through our share repurchase plan have been processed and will not be subject to the 2% monthly and 5% quarterly limitations on repurchases. Repurchases of Class E shares and Class E units acquired in connection with the Sponsor Committed Amount will not be subject to the Early Repurchase Deduction (defined herein).

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On June 9, 2023, we issued 220 shares of Class A preferred stock to eight officers and employees of our Adviser and its affiliates at a price of $1,000 per share for total proceeds of $220,000. The shares of Class A preferred stock pay a 10% annual dividend and have a $1,000 per share liquidation preference. The Class A preferred stock may be redeemed at any time in our discretion by payment of $1,000 per share plus a $50 per share redemption premium in the event of redemption prior to December 31, 2024. No shares of Class A preferred stock had been redeemed as of December 31, 2025. The shares of Class A preferred stock have no voting rights and may not be converted into any other class of security. During each of the years ended December 31, 2025 and 2024, we paid aggregate dividends of $22,000 to the Class A preferred stockholders.

***Registration Rights Agreements***

The Advisory Agreement provides that with respect to any Class E shares of our common stock paid as a management fee (or received upon conversion of Class E units paid as a management fee), within six months after a listing of the shares on a national securities exchange, we will enter into a registration rights agreement with our Adviser for the shares received as payment for the management fee (or received upon conversion of Class E units paid as a management fee), with terms mutually agreeable to us and our Adviser. This obligation survives the termination of the Advisory Agreement.

Similarly, our Operating Partnership's partnership agreement provides that with respect to any Class E shares of our common stock that were issued (or are issuable) upon exchange of Class E units issued in connection with the performance participation interest, within six months after a listing of the shares on a national securities exchange, we will enter into a registration rights agreement with the Special Limited Partner for these shares, with terms mutually agreeable to us and the Special Limited Partner.

We have also agreed to enter into similar registration rights agreements with EQT Real Estate Holdings and affiliates of our Sponsor and their employees purchasing Class E shares and Class E units in satisfaction of the Sponsor Committed Amount.

***Indemnification Agreements with Directors and Officers***

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

To the extent consistent with the limitations in our charter, our Operating Partnership must also indemnify us, our directors, our officers, our Adviser and other persons we may designate against losses of any nature that relate to the operations of the Operating Partnership and must also advance expenses relating to the foregoing.

***Currently Proposed Transactions with Related Persons***

There are no currently proposed material transactions with related persons other than those covered by the terms of the agreements described above.

***Report of the Affiliated-Transactions Committee*** 

Our affiliated-transactions committee has reviewed the policies described in this Annual Report and our registration statement related to our ongoing public offering, as amended and supplemented to date, and determined that such policies are in the best interest of our stockholders because: (1) they increase the likelihood that we will be able to implement and execute our business strategies; (2) our executive officers, directors and affiliates of the Adviser have expertise with the type of real estate investments we seek; (3) borrowings enable us to purchase additional investments, thereby increasing portfolio diversification and our ability to achieve investment objectives; (4) there are sufficient property acquisition opportunities with the attributes that we seek; and (5) corporate governance best practices and high ethical standards help promote our long-term performance, thereby increasing our likelihood of generating income for our stockholders and preserving stockholder capital.

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Our affiliated-transactions committee has examined the material terms, factors and circumstances surrounding any related party transactions or arrangements described herein. On the basis of such examination, our affiliated-transactions committee has determined that such transactions are fair and reasonable to us.

The Affiliated-Transactions Committee of the Board of Directors is as follows:

Alan Feldman (Chair)

Mary Beth Morrissey

Peter Rodriguez

Gary Reiff

# Item 14. Principal Accounting Fees and Services

## Independent Auditors
During the years ended December 31, 2025 and 2024, KPMG LLP ("KPMG") served as our independent auditor.

## Audit and Non-Audit Fees
Aggregate fees that we were billed for the years ended December 31, 2025 and 2024 by our independent registered public accounting firm, KPMG, were as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Audit fees <sup>(1)</sup> | 527200 | 570000 |
| Audit-related fees |  |  |
| Tax fees |  |  |
| All other fees |  |  |
| Total | $527200 | $570000 |

---

<sup>(1)</sup> Audit fees include amounts billed to us related to annual financial statement audit work, quarterly financial statement reviews and reviews of SEC registration statements. Also included in the audit fees are the subscriptions to KPMG's Accounting Research Online, an online library of accounting, auditing and financial reporting literature and related guidance and the automated Accounting Disclosure Checklist, which is a filterable, web-based tool to identify required financial statement disclosures.

Our audit committee was advised that there were no services provided by KPMG that were unrelated to the audit of the annual fiscal year-end financial statements and the review of interim financial statements and reviews of SEC registration statements that could impair KPMG from maintaining its independence as our independent auditor and concluded that it was independent.

## Audit Committee Pre-Approval Policies and Procedures
In accordance with our Audit Committee pre-approval policy, all audit services performed for us by KPMG were pre-approved by the Audit Committee.

The pre-approval policy provides for categorical pre-approval of specified audit and permissible non-audit services. Services to be provided by KPMG that are not within the category of pre-approved services must be approved by the Audit Committee prior to engagement, regardless of the service being requested or the dollar amount involved.

Requests or applications for services that require specific separate approval by the Audit Committee are required to be submitted to the Audit Committee, and must include a description of the services to be provided and a statement by KPMG and our principal accounting officer confirming that the provision of the proposed services does not impair the independence of KPMG.

The Audit Committee may delegate pre-approval authority to one or more of its members. The member or members to whom such authority is delegated shall report any pre-approval decisions to the Audit Committee at its next scheduled meeting. The Audit Committee does not delegate to management its responsibilities to pre-approve services to be performed by KPMG.

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**Part IV**

# Item 15. Exhibits and Financial Statements Schedules.

## (a)(1) Financial Statements
See Item 8 above.

## (a)(2) Financial Statement Schedules
The following financial statement schedule is included herein beginning on page F-30 of this Report:

Schedule III - Real Estate and Accumulated Depreciation as of December 31, 2025.

## (a)(3) Exhibits

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| | |
|:---|:---|
| **Exhibit<br>Number** | **Description** |
| 3.1 | [<u>Articles of Amendment and Restatement of the Company (incorporated by reference to Exhibit 3.1 to the Company's Registration Statement on Form S-11, Commission File No. 333-273163, filed July 7, 2023)</u>](https://www.sec.gov/Archives/edgar/data/1946997/000110465923079072/tm2228050d12_ex3-1.htm) |
| 3.2 | [<u>Articles of Amendment of the Company (incorporated by reference to Exhibit 3.1 to the Company's Form 8-K, filed March 25, 2024)</u>](https://www.sec.gov/Archives/edgar/data/1946997/000194699724000011/exhibit31-articlesofamendm.htm) |
| 3.3 | [<u>Articles Supplementary of the Company (incorporated by reference to Exhibit 3.2 to the Company's Form 8-K, filed March 25, 2024)</u>](https://www.sec.gov/Archives/edgar/data/1946997/000194699724000011/exhibit32-articlessuppleme.htm) |
| 3.4 | [<u>Amended and Restated Bylaws of the Company (incorporated by referenced to Exhibit 3.2 to the Company's Form 10-Q, filed August 31, 2023)</u>](https://www.sec.gov/Archives/edgar/data/1946997/000194699723000008/eqtamendedandrestatedbylaws.htm) |
| 4.1 | [<u>Amended and Restated Distribution Reinvestment Plan (incorporated by reference to Appendix A to the Company's prospectus, filed April 21, 2025)</u>](https://www.sec.gov/Archives/edgar/data/1946997/000110465925036672/tm2512236-3_424b3.htm#tAAFO) |
| 10.1 | [<u>Amended and Restated Advisory Agreement by and among the Company, EQT Exeter REIT Operating Partnership LP and Exeter Property Group, LLC, dated March 19, 2024 (incorporated by reference to Exhibit 10.1 to the Company's Annual Report on Form 10-K, filed March 29, 2024)</u>](https://www.sec.gov/Archives/edgar/data/1946997/000194699724000021/exhibit101eqtexeteradvisor.htm) |
| 10.1.1 | [<u>Renewal Agreement of Amended and Restated Advisory Agreement by and among the Company, EQT Exeter REIT Operating Partnership LP and Exeter Property Group, LLC, dated July 31, 2024 (incorporated by reference to Exhibit 10.1.1 to the Company's Post-Effective Amendment No. 8 to Form S-11, Commission File No. 333-273163, filed October 23, 2024)</u>](https://www.sec.gov/Archives/edgar/data/1946997/000110465924110826/tm2426217d2_ex10-1d1.htm) |
| 10.1.2 | [<u>Amendment No. 1, dated February 27, 2025, to the Amended and Restated Advisory Agreement by and among the Company, EQT Exeter REIT Operating Partnership LP and Exeter Property Group, LLC (incorporated by reference to Exhibit 10.1 to the Company's Form 8-K filed February 28, 2025)</u>](https://www.sec.gov/Archives/edgar/data/1946997/000110465925019040/tm257727d1_ex10-1.htm) |
| 10.1.3 | [<u>Second Renewal Agreement of Amended and Restated Advisory Agreement by and among the Company, EQT Exeter Operating Partnership LP and EQT Real Estate, LLC, dated July 31, 2025 (incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q, filed November 13, 2025)</u>](https://www.sec.gov/Archives/edgar/data/1946997/000194699725000158/exhibit101-secondrenewalag.htm) |
| 10.1.4 | [<u>Amendment No. 2, dated February 24, 2026, to the Amended and Restated Advisory Agreement, dated March 19, 2024, as renewed and extended pursuant to the Renewal Agreement of Amended and Restated Advisory Agreement, dated July 31, 2024, as amended pursuant to Amendment No. 1 to the Amended and Restated Advisory Agreement, dated February 27, 2025, and as further renewed and extended pursuant to the Second Renewal Agreement of Amended and Restated Advisory Agreement, dated July 31, 2025 (incorporated by reference to Exhibit 10.1 to the Company's Form 8-K, filed February 27, 2026)</u>](https://www.sec.gov/Archives/edgar/data/1946997/000119312526080857/ck0001946997-ex10_1.htm) |
| 10.2 | [<u>Second Amended and Restated Limited Partnership Agreement of EQT Exeter REIT Operating Partnership, LP dated March 19, 2024 (incorporated by reference to Exhibit 10.2 to the Company's Annual Report on Form 10-K, filed March 29, 2024)</u>](https://www.sec.gov/Archives/edgar/data/1946997/000194699724000021/exhibit102eqtexeteroparlim.htm) |
| 10.3 | [<u>Trademark License Agreement by and among EQT AB, the Company and EQT Exeter REIT Operating Partnership LP, dated August 1, 2023 (incorporated by reference to Exhibit 10.4 to the Company's Form 10-Q, filed August 31, 2023)</u>](https://www.sec.gov/Archives/edgar/data/1946997/000194699723000008/exhibit104eqrtreittrademar.htm) |
| 10.4 | [<u>Form of Indemnification Agreement (incorporated by reference to Exhibit 10.5 to the Company's Registration Statement on Form S-11, Commission File No. 333-273163, filed July 7, 2023)</u>](https://www.sec.gov/Archives/edgar/data/1946997/000110465923079072/tm2228050d12_ex10-5.htm) |
| 10.5 | [<u>Independent Director Compensation Plan, effective as of January 17, 2024 (incorporated by reference to Exhibit 10.6 to the Company's Annual Report on Form 10-K, filed March 29, 2024)</u>](https://www.sec.gov/Archives/edgar/data/1946997/000194699724000021/exhibit106eqrtindependentd.htm) |
| 10.6 | [<u>Form of Restricted Stock Award (incorporated by reference to Exhibit 10.7 to the Company's Registration Statement on Form S-11, Commission File No. 333-273163, filed July 7, 2023)</u>](https://www.sec.gov/Archives/edgar/data/1946997/000110465923079072/tm2228050d12_ex10-7.htm) |

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10.7 [<u>Subscription Agreement by EQT Exeter Holdings US, Inc., dated March 19, 2024 (incorporated by reference to Exhibit 10.8 to the Company's Annual Report on Form 10-K, filed March 29, 2024)</u>](https://www.sec.gov/Archives/edgar/data/1946997/000194699724000021/exhibit108eqtexetersponsor.htm)

10.8 [<u>Investment Management Agreement by and among J.P. Morgan Investment Management, Inc., EQT Exeter REIT Operating Partnership LP and Exeter Property Group, LLC dated July 11, 2023 (incorporated by reference to Exhibit 10.9 to the Company's Form 10-Q, filed August 31, 2023)</u>](https://www.sec.gov/Archives/edgar/data/1946997/000194699723000008/exhibit109jpmorganinvestme.htm)

10.9 [<u>Dealer Manager Agreement, with Selected Dealer Agreement, dated August 1, 2023 (incorporated by reference to Exhibit 10.10 to the Company's Form 10-Q, filed August 31, 2023)</u>](https://www.sec.gov/Archives/edgar/data/1946997/000194699723000008/exhibit1010eqrtdealermanag.htm)

10.10 [<u>Agreement for Purchase and Sale of Real Property and Escrow Instructions by and between Frito-Lay Sales, Inc. and EQT Real Estate, LLC, dated December 19, 2025</u>](ck0001946997-ex10_10.htm)

10.10.1 [<u>Assignment and Assumption of Agreement for Purchase and Sale of Real Property by and between EQT Real Estate, LLC and EQRT 1500 Francisco, L.P., dated as of December 23, 2025</u>](ck0001946997-ex10_101.htm)

10.11 [<u>Loan Agreement by and between EQRT 3327 Harrisburg, L.P. and New York Life Insurance Company dated August 14, 2024 (incorporated by reference to Exhibit 10.13 to the Company's Post-Effective Amendment No. 8 to Form S-11, Commission File No. 333-273163, filed October 23, 2024)</u>](https://www.sec.gov/Archives/edgar/data/1946997/000110465924110826/tm2426217d2_ex10-13.htm)

10.11.1 [<u>Promissory Note by EQRT 3327 Harrisburg, L.P., to New York Life Insurance Company, dated August 14, 2024 (incorporated by reference to Exhibit 10.13.1 to the Company's Post-Effective Amendment No. 8 to Form S-11, Commission File No. 333-273163, filed October 23, 2024)</u>](https://www.sec.gov/Archives/edgar/data/1946997/000110465924110826/tm2426217d2_ex10-13d1.htm)

10.11.2 [<u>Guaranty of Recourse Obligations by EQT Exeter REIT Operating Partnership LP for the benefit of New York Life Insurance Company, dated August 14, 2024 (incorporated by reference to Exhibit 10.13.2 to the Company's Post-Effective Amendment No. 8 to Form S-11, Commission File No. 333-273163, filed October 23, 2024)</u>](https://www.sec.gov/Archives/edgar/data/1946997/000110465924110826/tm2426217d2_ex10-13d2.htm)

10.12 [<u>Promissory Note by EQRT 110 Southeast Inner Loop, L.P. and EQRT 1500 Shoals, L.P. to State Farm Life Insurance Company, dated August 15, 2024 (incorporated by reference to Exhibit 10.14 to the Company's Post-Effective Amendment No. 8 to Form S-11, Commission File No. 333-273163, filed October 23, 2024)</u>](https://www.sec.gov/Archives/edgar/data/1946997/000110465924110826/tm2426217d2_ex10-14.htm)

10.12.1 [<u>Deed of Trust, Security Agreement and Fixture Filing by EQRT 1500 Shoals, L.P. for the benefit of State Farm Life Insurance Company, dated August 15, 2024 (incorporated by reference to Exhibit 10.14.1 to the Company's Post-Effective Amendment No. 8 to Form S-11, Commission File No. 333-273163, filed October 23, 2024)</u>](https://www.sec.gov/Archives/edgar/data/1946997/000110465924110826/tm2426217d2_ex10-14d1.htm)

10.12.2 [<u>Deed of Trust, Security Agreement and Fixture Filing by EQRT 110 Southeast Inner Loop, L.P. for the benefit of State Farm Life Insurance Company, dated August 15, 2024 (incorporated by reference to Exhibit 10.14.2 to the Company's Post-Effective Amendment No. 8 to Form S-11, Commission File No. 333-273163, filed October 23, 2024)</u>](https://www.sec.gov/Archives/edgar/data/1946997/000110465924110826/tm2426217d2_ex10-14d2.htm)

10.12.3 [<u>Agreement regarding Second Funding, Permitted Releases, Substitutions and Transfers by and among EQRT 110 Southeast Inner Loop, L.P., EQRT 1500 Shoals, L.P. and State Farm Life Insurance Company, dated August 15, 2024 (incorporated by reference to Exhibit 10.14.3 to the Company's Post-Effective Amendment No. 8 to Form S-11, Commission File No. 333-273163, filed October 23, 2024)</u>](https://www.sec.gov/Archives/edgar/data/1946997/000110465924110826/tm2426217d2_ex10-14d3.htm)

10.12.4 [<u>Allonge to Promissory Note, dated as of August 15, 2024, made by EQRT 110 Southeast Inner Loop, L.P., and EQRT 1500 Shoals, L.P., to State Farm Life Insurance Company, dated October 16, 2024 (incorporated by reference to Exhibit 10.14.4 to the Company's Post-Effective Amendment No. 8 to Form S-11, Commission File No. 333-273163, filed October 23, 2024)</u>](https://www.sec.gov/Archives/edgar/data/1946997/000110465924110826/tm2426217d2_ex10-14d4.htm)

10.12.5 [<u>Master Joinder Agreement by and among EQRT 110 Southeast Inner Loop, L.P., EQRT 1500 Shoals, L.P., EQRT 2871 102nd, L.P., and State Farm Life Insurance Company, dated October 16, 2024 (incorporated by reference to Exhibit 10.14.5 to the Company's Post-Effective Amendment No. 8 to Form S-11, Commission File No. 333-273163, filed October 23, 2024)</u>](https://www.sec.gov/Archives/edgar/data/1946997/000110465924110826/tm2426217d2_ex10-14d5.htm)

10.12.6 [<u>Leasehold Deed of Trust, Security Agreement and Fixture Filing with Assignment of Leases and Rents by EQRT 2871 102nd, L.P., for the benefit of State Farm Life Insurance Company, dated October 16, 2024 (incorporated by reference to Exhibit 10.14.6 to the Company's Post-Effective Amendment No. 8 to Form S-11, Commission File No. 333-273163, filed October 23, 2024)</u>](https://www.sec.gov/Archives/edgar/data/1946997/000110465924110826/tm2426217d2_ex10-14d6.htm)

14.1 [<u>Code of Business Conduct and Ethics, effective July 10, 2023 (incorporated by reference to Exhibit 14.1 to the Company's Annual Report on Form 10-K, filed March 28, 2025)</u>](https://www.sec.gov/Archives/edgar/data/1946997/000141057825000524/eqt-20241231xex14d1.htm)

21.1 [<u>Subsidiaries of the Company</u>](ck0001946997-ex21_1.htm)

24.1 [<u>Power of Attorney (included in signature page to this Annual Report on Form 10-K)</u>](#power_of_attorney)

31.1 [<u>Certification of Principal Executive Officer, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</u>](ck0001946997-ex31_1.htm)

31.2 [<u>Certification of Principal Financial Officer, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</u>](ck0001946997-ex31_2.htm)

32.1 [<u>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</u>](ck0001946997-ex32_1.htm)

32.2 [<u>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</u>](ck0001946997-ex32_2.htm)

99.1 [<u>Share Repurchase Plan, effective as of March 18, 2024 (incorporated by reference to Exhibit 99.1 to the Company's Form 8-K, filed March 25, 2024)</u>](https://www.sec.gov/Archives/edgar/data/1946997/000194699724000011/exhibit991sharerepurchasep.htm)

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| 101.SCH | Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents |
| 104 | Cover Page Interactive Data File (embedded within Inline XBRL document) |

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# Item 16. Form 10-K Summary
None.

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**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) 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.

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| | |
|:---|:---|
|  | **EQT EXETER REAL ESTATE INCOME TRUST, INC.** |
| March 20, 2026 | /s/ Ali Houshmand |
| Date | Ali Houshmand<br>President, Portfolio Manager and Director (principal executive officer) |

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**POWER OF ATTORNEY**

We, the undersigned officers and directors of EQT Exeter Real Estate Income Trust, Inc., hereby severally constitute Ali Houshmand, J. Peter Lloyd, and Yangyang Nezin, and each of them singly, our true and lawful attorneys with full power to them, and each of them singly, to sign for us and in our names in the capacities indicated below, the Annual Report on Form 10-K filed herewith and any and all amendments to said Annual Report, and generally to do all such things in our names and in our capacities as officers and directors to enable EQT Exeter Real Estate Income Trust, Inc. to comply with the provisions of the Securities Exchange Act of 1934, as amended, and all requirements of the SEC, hereby ratifying and confirming our signature as they may be signed by our said attorneys, or any of them, to said Annual Report and any and all amendments thereto.

Pursuant to the requirements of the Securities Exchange Act of 1934, this report was signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| March 20, 2026 | /s/ Ali Houshmand |
| Date | Ali Houshmand |
|  | President, Portfolio Manager and Director (Principal Executive Officer) |
| March 20, 2026 | /s/ J. Peter Lloyd |
| Date | J. Peter Lloyd |
|  | Chief Financial Officer and Director (Principal Financial Officer) |
| March 20, 2026 | /s/ Yangyang Nezin |
| Date | Yangyang Nezin |
|  | Controller and Treasurer (Principal Accounting Officer) |
| March 20, 2026 | /s/ Henry Steinberg |
| Date | Henry Steinberg |
|  | Chairman of the Board and Director |
| March 20, 2026 | /s/ Alan Feldman |
| Date | Alan Feldman |
|  | Independent Director |
| March 20, 2026 | /s/ Mary Beth Morrissey |
| Date | Mary Beth Morrissey |
|  | Independent Director |
| March 20, 2026 | /s/ Gary Reiff |
| Date | Gary Reiff |
|  | Independent Director |
| March 20, 2026 | /s/ Peter Rodriguez |
| Date | Peter Rodriguez |
|  | Independent Director |

---

**Supplemental Information to be Furnished With Reports Filed Pursuant to Section 15(d) of the Act by Registrants Which Have Not Registered Securities Pursuant to Section 12 of the Act**

No annual report has been sent to our stockholders for the period covered by this Annual Report on Form 10-K. In connection with our 2025 annual meeting of stockholders, a proxy statement was delivered to more than ten of our stockholders and copies of such materials have been furnished to the SEC. If a proxy statement is delivered to more than ten of our stockholders with respect to an annual or other meeting of stockholders in 2026, copies of such materials will be furnished to the SEC at that time. We will deliver to our stockholders a copy of this Annual Report on Form 10-K.

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**INDEX TO THE CONSOLIDATED FINANCIAL STATEMENTS AND FINANCIAL STATEMENT SCHEDULES**

---

| | |
|:---|:---|
| [<u>Report of Independent Registered Public Accounting Firm (PCAOB No.</u> 185<u>)</u>](#report_of_independent_registered_public) | F-2 |
| [<u>Consolidated Balance Sheets as of December 31, 2025 and 2024</u>](#consolidated_balance_sheets) | F-3 |
| [<u>Consolidated Statements of Operations for the Years Ended December 31, 2025, 2024 and 2023</u>](#consolidated_statements_of_operations) | F-4 |
| [<u>Consolidated Statements of Changes in Equity (Deficit) and Redeemable Non-Controlling Interest for the Years Ended</u>](#changes_in_equity)[<u>December 31, 2025, 2024 and 2023</u>](#consolidated_statements_of_operations) | F-5 |
| [<u>Consolidated Statements of Cash Flows for the Years Ended</u>](#statements_of_cash_flows)[<u>December 31, 2025, 2024 and 2023</u>](#consolidated_statements_of_operations) | F-6 |
| [<u>Notes to the Consolidated Financial Statements</u>](#notes_to_consolidated_financia) | F-7 |
| Financial Statement Schedules |  |
| [<u>Schedule III - Real Estate and Accumulated Depreciation as of December 31, 2025</u>](#schedule_iii_real_estate) | F-30 |

---

All other schedules are omitted because they are not applicable or the required information is shown in the financial statements or notes thereto.

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**Report of Independent Registered Public Accounting Firm**

To the Board of Directors and Stockholders of EQT Exeter Real Estate Income Trust, Inc.:

## *Opinion on the Consolidated Financial Statements* 
We have audited the accompanying consolidated balance sheets of EQT Exeter Real Estate Income Trust, Inc. and subsidiaries (the Company) as of December 31, 2025 and 2024, the related consolidated statements of operations, changes in equity (deficit) and redeemable non-controlling interest, and cash flows for each of the years in the three-year period ended December 31, 2025, and the related notes and financial statement schedule III (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles.

## *Basis for Opinion* 
These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ KPMG LLP

We have served as the Company's auditor since 2022.

New York, New York

March 20, 2026

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**EQT Exeter Real Estate Income Trust, Inc.**

**Consolidated Balance Sheets**

**(in thousands - except share data)**

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
| **Assets** | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in real estate, net | 476325 | 430717 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 13248 | 19555 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 5596 | 12903 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate related intangibles, net | 36969 | 35696 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 9193 | 5065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | $541331 | $503936 |
| **Liabilities and Equity (Deficit)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage notes, net | 194000 | 193910 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease liability - finance lease | 97573 | 95564 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 1687 | 1797 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due to affiliates | 14945 | 10641 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 1579 | 1304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 309784 | 303216 |
| Redeemable non-controlling interests | 226295 | 214744 |
| **Equity (Deficit)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred stock, $0.01 par value per share, 100,000,000 shares authorized and 220 shares of Class A ($1,000 liquidation preference per share, callable on or before December 31, 2024 at $50 redemption premium per share) issued and outstanding at December 31, 2025 and December 31, 2024, respectively | 220 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock - Class T Shares, $0.01 par value per share, 500,000,000 shares authorized and 223 shares and 0 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively | 0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock - Class S Shares, $0.01 par value per share, 500,000,000 shares authorized and 0 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock - Class D Shares, $0.01 par value per share, 500,000,000 shares authorized and 0 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock - Class I Shares, $0.01 par value per share, 500,000,000 shares authorized and 538,117 shares and 142,266 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively | 5 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock - Class A-I Shares, $0.01 par value per share, 50,000,000 shares authorized and 2,756,989 shares and 1,457,776 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively | 28 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock - Class A-II Shares, $0.01 par value per share, 50,000,000 shares authorized and 2,608,875 shares and 0 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively | 26 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock - Class E Shares, $0.01 par value per share, 100,000,000 shares authorized and 134,170 shares and 97,447 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively (including 34,560 unvested restricted shares at December 31, 2025) | 1 | 1 |
| Additional paid-in capital | 22481 |  |
| Accumulated deficit | (17509) | (14261) |
| **Total Equity (Deficit)** | 5252 | (14024) |
| **Total Liabilities, Redeemable non-controlling interest and Equity (Deficit)** | $541331 | $503936 |

---

The financial statements are presented with dollars shown in thousands and amounts that round to less than $1 thousand are reflected as $0 rather than as a dash.

*The accompanying notes are an integral part of these consolidated financial statements.*

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**EQT Exeter Real Estate Income Trust, Inc.**

**Consolidated Statements of Operations** 

**(in thousands - except share and per share data)**

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| **Revenues** |  |  |  |
| &nbsp;&nbsp;Rental revenue | $36888 | $13338 | $- |
| **Total Revenues** | 36888 | 13338 | - |
| **Expenses** |  |  |  |
| &nbsp;&nbsp;Rental property operating expenses | $4325 | $1564 | $- |
| &nbsp;&nbsp;General and administrative expenses | 3540 | 3733 | 131 |
| &nbsp;&nbsp;Organization expenses | - | 1187 | - |
| &nbsp;&nbsp;Management fee | 315 | 15 | - |
| &nbsp;&nbsp;Performance participation allocation | 535 | 71 | - |
| &nbsp;&nbsp;Depreciation and amortization | 14208 | 4905 | - |
| **Total Expenses** | $22923 | $11475 | $131 |
| **Other Income (Expense)** |  |  |  |
| &nbsp;&nbsp;Interest income | 1992 | 398 | - |
| &nbsp;&nbsp;Interest expense | (17842) | (5211) | - |
| **Total Other Income (Expense)** | (15850) | (4813) | - |
| **Net (Loss)** | $(1885) | $(2950) | $(131) |
| &nbsp;&nbsp;Dividends to preferred stockholders | $(22) | $(22) | $(12) |
| &nbsp;&nbsp;Net loss attributable to redeemable non-controlling interest | 892 | 2781 | - |
| **Net (loss) attributable to common stockholders** | $(1015) | $(191) | $(143) |
| **Net (loss) per share of common stock - basic and diluted** | $(0.23) | $(0.66) | $(7.16) |
| **Weighted-average shares of common stock outstanding - basic and diluted** | 4394064 | 289411 | 20000 |

---

*The accompanying notes are an integral part of these consolidated financial statements.*

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**EQT Exeter Real Estate Income Trust, Inc.**

**Consolidated Statements of Changes in Equity (Deficit) and Redeemable Non-Controlling Interest**

**(in thousands - except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Common Stock** | **Common Stock** |  |  |  |  |
|  | **Preferred Stock Class A** | **Shares** | **$ Amount** | **Additional Paid-In Capital** | **Accumulated Deficit** | **Total Equity (Deficit)** | **Redeemable Non-controlling Interest** |
| **Balance at January 1, 2023** | $- | 20000 | $- | $200 | $- | $200 | $- |
| Net loss | - | - | - | - | (131) | (131) | - |
| Issuance of preferred stock | 220 | - | - | - | - | 220 | - |
| Preferred stock dividend | - | - | - | - | (12) | (12) | - |
| Stock based compensation | - | - | - | 128 |  | 128 | - |
| Issuance of restricted stock awards | - | 38500 | 1 | - | - | 1 | - |
| **Balance at December 31, 2023** | $220 | 58500 | $1 | $328 | $(143) | $406 | $- |
| Net loss | - | - | - | - | (169) | (169) | (2781) |
| Offering costs | - | - | - | (5856) | - | (5856) | (75) |
| Distribution reinvestments | - | 4750 | 0 | 49 | - | 49 | - |
| Issuance of common stock | - | 1596083 | 16 | 16318 | - | 16334 | - |
| Adjust redeemable non-controlling interest to redemption value | - | - | - | (11224) | (13785) | (25009) | 25008 |
| Contributions from non-controlling interest | - | - | - | - | - | - | 197100 |
| Preferred stock dividend | - | - | - | - | (22) | (22) | - |
| Distributions to non-controlling interest | - | - | - | - | - | - | (4508) |
| Distributions declared on common stock | - | - | - | - | (142) | (142) | - |
| Stock based compensation | - | - | - | 385 | - | 385 | - |
| Issuance of restricted stock awards | - | 38156 | 0 | - | - | - | - |
| **Balance at December 31, 2024** | $220 | 1697489 | $17 | $- | $(14261) | $(14024) | $214744 |
| Net loss | - | - | - | - | (993) | (993) | (892) |
| Offering costs | - | - | - | (793) | - | (793) | - |
| Distribution reinvestments | - | 160155 | 2 | 1685 | - | 1687 | - |
| Issuance of common stock | - | 4165041 | 41 | 43534 | - | 43575 | - |
| Repurchase of common stock | - | (18871) | 0 | (201) | - | (201) | - |
| Adjust redeemable non-controlling interest to redemption value | - | - | - | (22194) | - | (22194) | 22194 |
| Preferred stock dividend | - | - | - | - | (22) | (22) | - |
| Distributions to non-controlling interest | - | - | - | - | - | - | (9751) |
| Distributions declared on common stock | - | - | - | - | (2233) | (2233) | - |
| Stock based compensation | - | - | - | 450 | - | 450 | - |
| Issuance of restricted stock awards | - | 34560 | 0 | - | - | - | - |
| **Balance at December 31, 2025** | $220 | 6038374 | $60 | $22481 | $(17509) | $5252 | $226295 |

---

The financial statements are presented with dollars shown in thousands and amounts that round to less than $1 thousand are reflected as $0 rather than as a dash.

*The accompanying notes are an integral part of these consolidated financial statements.*

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**EQT Exeter Real Estate Income Trust, Inc.**

**Consolidated Statements of Cash Flows**

**(in thousands)**

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| **CASH FLOWS FROM OPERATING ACTIVITIES** |  |  |  |
| &nbsp;&nbsp;Net (loss) | (1885) | (2950) | (131) |
| &nbsp;&nbsp;**Adjustments to reconcile net (loss) to net cash provided by/(used in) operating activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 14208 | 4905 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 90 | 32 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Straight-line rent amortization | (3968) | (3679) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash finance lease interest expense | 2009 | 413 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash compensation expense | 450 | 385 | 128 |
| &nbsp;&nbsp;**Changes in assets and liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | 105 | 365 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to affiliates | 3179 | 4320 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | (517) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 277 | 77 |  |
| &nbsp;&nbsp;**Net cash provided by/(used in) operating activities** | 13948 | 3868 | (3) |
| **CASH FLOWS FROM INVESTING ACTIVITIES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisitions of real estate | (53552) | (373698) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital improvements to real estate | (109) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures for construction in progress | (7259) | (1678) |  |
| &nbsp;&nbsp;**Net cash (used in) investing activities** | (60920) | (375376) |  |
| **CASH FLOWS FROM FINANCING ACTIVITIES** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of common stock | 43575 | 16334 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of preferred stock |  |  | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contributions from redeemable non-controlling interest |  | 197100 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchase of common stock | (201) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends paid on preferred stock | (22) | (22) | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions paid on common stock | (351) | (29) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions paid on redeemable non-controlling interest | (9643) | (3768) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment of deferred financing costs |  | (904) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from mortgages notes |  | 194850 |  |
| &nbsp;&nbsp;**Net cash provided by financing activities** | 33358 | 403561 | 208 |
| &nbsp;&nbsp;**Net change in cash, cash equivalents and restricted cash** | (13614) | 32053 | 205 |
| &nbsp;&nbsp;**Cash, cash equivalents and restricted cash, beginning of year** | 32458 | 405 | 200 |
| &nbsp;&nbsp;**Cash, cash equivalents and restricted cash, end of year** | $18844 | $32458 | $405 |
| **Supplemental disclosure of cash flow information:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest paid - finance lease | 4880 | 1023 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest paid - mortgage notes | 10863 | 3743 |  |
| **Non-cash investing and financing activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued offering costs due to affiliate | 703 | 5931 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other accrued costs due to affiliates | 837 | 390 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued acquisition costs | 11 | 107 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Working capital assumed | 146 | 662 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued deferred financing costs |  | 67 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution reinvestments | 1687 | 49 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions accrued and not paid — redeemable non-controlling interest | 848 | 740 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions accrued and not paid — common stock | 259 | 64 |  |

---

*The accompanying notes are an integral part of these consolidated financial statements.*

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**EQT Exeter Real Estate Income Trust, Inc.**

**Notes to Consolidated Financial Statements**

**December 31, 2025**

**1. Organization and Business Purpose**

EQT Exeter Real Estate Income Trust, Inc. (the "Company") was formed on September 2, 2022, as a Maryland corporation. The Company was organized to invest primarily in stabilized, income-oriented commercial real estate in the United States. The Company is the sole general partner of EQT Exeter REIT Operating Partnership LP, a Delaware limited partnership (the "Operating Partnership"). EQRT Special Limited Partner LLC, a Delaware limited liability company (the "Special Limited Partner") and an affiliate of the Company's advisor, owns a special limited partner interest in the Operating Partnership. Substantially all of the Company's business is conducted through the Operating Partnership. The Company commenced its principal operations with the acquisition of its first real estate investment on March 20, 2024. The Company and the Operating Partnership are externally managed by EQT Real Estate, LLC (the "Adviser", formerly known as Exeter Property Group, LLC), an affiliate of EQT AB (the "Sponsor").

The Company made an election to be taxed as a real estate investment trust ("REIT") under the Internal Revenue Code of 1986, as amended (the "Code"), commencing with its taxable year ended December 31, 2024. In order to qualify and to maintain qualification as a REIT, the Company is required to, among other things, distribute as dividends at least 90% of its REIT taxable income, determined without regard to the dividends-paid deduction and excluding net capital gains, to stockholders and meet certain tests regarding the nature of its income and assets.

As of December 31, 2025, the Company owned five industrial properties.

**2. Summary of Significant Accounting Policies**

**Basis of Presentation**

The accompanying consolidated financial statements include the accounts of the Company and the Company's subsidiaries and in the opinion of management, include all necessary adjustments, consisting of only normal and recurring items, necessary for a fair statement of the Company's financial position and results of operations. These financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America ("GAAP") and the applicable rules and regulations of the Securities and Exchange Commission ("SEC"). All intercompany balances and transactions have been eliminated in consolidation.

The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ from those estimates.

There is no comprehensive income (loss) therefore the Consolidated Statement of Comprehensive Income (Loss) is not presented.

**Principles of Consolidation**

The Company consolidates all entities that it controls through either majority ownership or voting rights. In addition, the Company consolidates all variable interest entities ("VIEs") of which it is considered the primary beneficiary. VIEs are defined as entities in which equity investors (i) do not have the characteristics of a controlling financial interest and/or (ii) do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The entity that consolidates a VIE is known as the primary beneficiary and is generally the entity with (i) the power to direct the activities that most significantly affect the VIE's economic performance, and (ii) the right to receive benefits from the VIE or the obligation to absorb losses of the VIE that could be significant to the VIE.

The Operating Partnership is considered to be a VIE. The Company consolidates this entity as it has the ability to direct the most significant activities of the entity such as purchases, dispositions, financings, budgets, and overall operating plans. The share of assets, liabilities and operations of the Company related to Operating Partnership units held by parties other than the Company are included in redeemable non-controlling interest in the mezzanine equity section on the Company's Consolidated Balance Sheets.

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**Cash and Cash Equivalents**

Cash and cash equivalents represent cash held in banks, cash on hand, and liquid investments with original maturities of three months or less. The Company may at times have bank balances in excess of federally insured amounts. The Company held $13.2 million and $19.6 million in cash and cash equivalents as of December 31, 2025 and 2024, respectively.

**Restricted Cash**

Restricted cash primarily consists of amounts in escrow related to tenant improvement reimbursements at certain of the Company's properties. The Company held $5.6 million and $12.9 million in restricted cash as of December 31, 2025 and 2024, respectively.

**Deferred Financing Costs**

Deferred financing costs include legal, structuring and other loan costs incurred by the Company for its financing agreements.

Deferred financing costs related to the Company's mortgage notes are recorded as an offset to the related liability and amortized over the term of the applicable financing instruments as interest expense. The Company had net deferred financing costs of $0.9 million and $0.9 million as of December 31, 2025 and 2024, respectively.

**Fair Value Measurements**

Under normal market conditions, the fair value of an investment is the amount that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). Additionally, there is a hierarchal framework that prioritizes and ranks the level of market price observability used in measuring investments at fair value. Market price observability is impacted by a number of factors, including the type of investment and the characteristics specific to the investment and the state of the marketplace, including the existence and transparency of transactions between market participants. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Investments measured and reported at fair value are classified and disclosed in one of the following levels within the fair value hierarchy:

Level 1 - quoted prices are available in active markets for identical investments as of the measurement date. The Company does not adjust the quoted price for these investments.

Level 2 - quoted prices are available in markets that are not active or model inputs are based on inputs that are either directly or indirectly observable as of the measurement date.

Level 3 - pricing inputs are unobservable and include instances where there is minimal, if any, market activity for the investment. These inputs require significant judgment or estimation by management or third parties when determining fair value and generally represent anything that does not meet the criteria of Levels 1 and 2. Due to the inherent uncertainty of these estimates, these values may differ materially from the values that would have been used had a ready market for these investments existed.

*Valuation of assets measured at fair value on a nonrecurring basis*

Certain of the Company's assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments, such as when there is evidence of impairment, and therefore these assets are measured at fair value on a nonrecurring basis. The Company reviews its real estate properties for impairment each quarter or when there is an event or change in circumstances that could indicate the carrying amount of the real estate value may not be recoverable. See below "Impairment of Real Estate Portfolio." There were no impairments recognized for the years ended December 31, 2025 and 2024.

*Valuation of assets and liabilities not measured at fair value*

The fair values of financial instruments (other than mortgage notes), including cash and cash equivalents, restricted cash, accounts receivable and other financial instruments, included in other assets, accounts payable, accrued expenses and other liabilities approximate their respective carrying values at December 31, 2025 and 2024.

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The fair value of the Company's mortgage notes is estimated by modeling the cash flows required by the Company's debt agreements and discounting them back to their present value using an appropriate discount rate. Additionally, the Company considers current market rates and conditions by evaluating similar borrowing agreements with comparable loan-to-value ratios and credit profiles. The Company utilizes third party service providers to assist with the Company's determination of these valuations. The inputs used in determining the fair value of the Company's indebtedness are considered Level 3.

The following table presents the carrying value and fair value of financial instruments that are not carried at fair value on the Consolidated Balance Sheets as of December 31, 2025 and 2024 ($ in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2025** | **2024** | **2024** |
|  | **Carrying Value** | **Fair Value** | **Carrying Value** | **Fair Value** |
| Mortgage notes<sup>(1)</sup> | $194850 | $195568 | $194850 | $193528 |
| Total | $194850 | $195568 | $194850 | $193528 |

---

<sup>(1)</sup> Carrying value excludes net deferred financing costs.

**Investments in Real Estate and Lease Intangibles**

Acquisitions of properties are accounted for utilizing the acquisition method and, accordingly, the operations of acquired properties are included in the Company's results of operations from their respective dates of acquisition. The Company allocates the purchase price to acquired tangible and intangible assets (including land, buildings, tenant improvements, "above-market" and "below-market" leases, acquired in-place leases, other identified intangible assets and assumed liabilities) based on their respective fair values at the date of acquisition.

The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. The fair value of acquired in-place leases is the cost the Company would have incurred to lease the properties to the occupancy level of the properties at the date of acquisition. Such costs include (i) leasing commissions, legal fees and other direct leasing expenses, which are capitalized as tenant origination costs, and (ii) net market-based rental revenues and net operating costs (primarily consisting of real estate taxes, insurance and utilities) that would be incurred during the lease-up period, which are capitalized as in-place lease intangibles. Lease intangibles as of the date of acquisition are amortized over the remaining lease term. The amortization of lease intangibles is recorded in depreciation and amortization expense on the Company's Consolidated Statements of Operations.

Acquired above- and below-market lease values are recorded based on the present value of the difference between the contractual amounts to be paid pursuant to the in-place leases and the Company's estimate of fair value lease rates for the corresponding in-place leases. The capitalized above- and below-market rentals are amortized as adjustments to rental revenue over the remaining terms of the respective leases, which include periods covered by bargain renewal options. Should a tenant terminate its lease, the unamortized portion of the in-place lease value will be charged to amortization expense and the unamortized portion of above-market or below-market lease value will be charged to rental revenue.

The Company's investments in real estate are stated at cost and are generally depreciated on a straight-line basis over the estimated useful lives of the assets as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Description** | **Depreciable Life** | **Depreciable Life** | **Depreciable Life** |
| Building and building improvements | 10 |  | 40 years |
| Furniture, fixtures and equipment | 5 |  | 10 years |
| Leasehold improvements | Shorter of the lease term or the useful life of the improvement | Shorter of the lease term or the useful life of the improvement | Shorter of the lease term or the useful life of the improvement |
| Lease intangibles | Lease term | Lease term | Lease term |

---

Significant improvements to properties are capitalized, whereas repairs and maintenance expenses at the Company's properties are expensed as incurred and included in rental property operating expenses on the Company's Consolidated Statements of Operations.

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**Impairment of Real Estate Portfolio**

The Company reviews its real estate portfolio to ascertain if there are any indicators of impairment in the value of any of its real estate assets, including deferred costs and intangibles. For each real estate asset owned for which indicators of impairment exist, if the undiscounted cash flow analysis yields an amount which is less than the asset's carrying amount, an impairment loss will be recorded for the difference between the asset's fair value and its carrying amount. Real estate assets that are held for sale are valued at the lower of carrying amount or fair value less costs to sell on an individual asset basis. Impairment charges taken will reduce the Company's earnings and assets to the extent of the amount of any impairment charge, but it will not affect the Company's cash flow or its distributions until such time as the Company disposes of the property.

**Revenue Recognition**

The Company's rental revenue consists of base rent and tenant reimbursement income arising from tenants' operating leases. Base rent is recognized on a straight-line basis over the life of the lease, including any rent step-ups or abatements. The Company accounts for base rental revenue (lease component) and common area expense reimbursement (non-lease component) as one lease component. Expenses paid by the lessee directly to a third party on behalf of the Company under triple-net lease arrangements, where the tenant is solely responsible for property-related costs such as real estate taxes, are excluded from non-lease components and from recognition in the Company's Consolidated Statements of Operations. Conversely, tenant reimbursements for non-lease components, such as utilities, insurance, and real estate taxes, are classified within this lease component.

The Company evaluates the collectability of receivables related to rental revenue on an individual lease basis. Management exercises judgment in assessing collectability and considers the length of time a receivable has been outstanding, tenant creditworthiness, payment history, available information about the financial condition of the tenant, and current economic trends, among other factors. Tenant receivables that are deemed uncollectible are recognized as a reduction to rental revenue. Any future cash receipt on leases that were previously deemed uncollectible will be recorded as income on a cash basis.

**Ground Leases**

Ground leases are classified as either operating leases or finance leases based on the characteristics of each lease. Lease expense for payments related to the Company's finance leases is recognized as interest expense using the interest method over the related lease term. Lease expense for payments related to the Company's operating leases is recognized on a straight-line basis over the related lease term, which includes options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. None of the Company's lease agreements contain any material residual value guarantees or material restrictive covenants.

Right-of-use assets represent the Company's right to use an underlying asset during the lease term and lease liabilities represent the Company's obligation to make lease payments as specified in the lease. Right-of-use assets and lease liabilities related to the Company's finance leases are recognized at the lease commencement date based on the present value of the remaining lease payments over the lease term. As the Company's leases usually do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available regarding the U.S. Treasury yield curve and an applicable credit spread at the lease commencement date in determining the present value of lease payments. The right-of-use asset also includes any lease payments made at or before lease commencement less any lease incentives.

**Income Taxes**

The Company made an election to be taxed as, and intends to continue to operate in a manner that will allow it to qualify as, a REIT under Sections 856 through 860 of the Code commencing with its taxable year ended December 31, 2024. If the Company qualifies for taxation as a REIT, the Company generally will not be subject to federal corporate income tax to the extent it distributes 100% of its taxable income to its stockholders. REITs are subject to a number of other organizational and operational requirements. 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 federal income and excise taxes on its undistributed income.

**Organization and Offering Expenses**

Pursuant to the Advisory Agreement among the Company, the Operating Partnership, and the Adviser, the Adviser or its affiliates have agreed to pay for all organization and offering expenses on behalf of the Company (including legal, accounting, and other expenses attributable to the Company's organization, but excluding upfront selling commissions, dealer manager fees and distribution fees) through March 19, 2027, which is the third anniversary of the date the Company broke escrow for its initial public offering (the "Offering"). The Company will reimburse the Adviser for all such advanced expenses ratably over the 60-month period following March 19, 2027.

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As of December 31, 2025 and 2024, the Adviser and its affiliates had incurred $7.8 million and $7.1 million, respectively, in organization and offering expenses on behalf of the Company related to the Offering and private placements. These amounts were recorded as a component of Due to affiliates on the Company's Consolidated Balance Sheets.

As of December 31, 2024, the Company had charged all previously deferred offering expenses to equity as shares were sold in the offerings. As such, there were no deferred offering expenses on the Company's Consolidated Balance Sheets as of December 31, 2025 and 2024.

**General and Administrative Expenses**

The Adviser will advance, on behalf of the Company, certain of the Company's general and administrative expenses through the earlier of (i) the first date that the aggregate net asset value ("NAV") of the Company's outstanding shares of common stock, along with Operating Partnership units held by parties other than the Company, reaches $1.0 billion and (ii) March 19, 2027, which is the third anniversary of the date the Company broke escrow for the Offering, at which point the Company will reimburse the Adviser for all such advanced general and administrative expenses ratably over the 60 months following such date.

In addition to the general and administrative expenses advanced by the Adviser, the Company also incurs certain general and administrative expenses directly, which are recorded in the period in which they are incurred. For the years ended December 31, 2025, 2024 and 2023, the Company directly incurred $0.5 million, $0.4 million and $0.1 million of such expenses, respectively. Those amounts were recorded as a component of general and administrative expenses on the Company's Consolidated Statements of Operations.

As of December 31, 2025 and 2024, the Adviser and its affiliates had incurred $6.5 million and $3.4 million, respectively, in general and administrative expenses on behalf of the Company. These amounts were recorded as a component of Due to affiliates on the Company's Consolidated Balance Sheets.

**Share Based Payments**

The Company records compensation cost related to the restricted common stock awards for its independent directors based on the grant date fair value which is amortized into expense over the vesting period on a straight-line basis.

**Net Loss per Share of Common Stock** 

Basic net loss per share of common stock is computed by dividing net loss attributable to common stockholders for the period by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share of common stock is computed by dividing net loss attributable to common stockholders for the period by the weighted average number of shares of common stock and common stock equivalents outstanding (unless their effect is anti-dilutive) for the period. For the years ended December 31, 2025 and 2024, unvested shares of Class E common stock awarded to the Company's independent directors were excluded from the calculation of diluted earnings per share as the inclusion of such potential shares of common stock in the calculation would be anti-dilutive. The Company does not have any other dilutive securities outstanding that would cause basic net loss per share and diluted net loss per share to differ.

*Immaterial Correction of an Error* - During the preparation of the consolidated financial statements for the year ended December 31, 2024, management identified an error in the previously issued interim financial statements of the Company for the quarters ended March 31, June 30, and September 30, 2024 related to the reconciliation of net loss to net loss attributable to common stockholders and the resulting net loss per share of common stock – basic and diluted, as well as the resulting impact of the error on additional paid-in capital and accumulated deficit. The Company has determined that the error was immaterial to all impacted periods and has corrected the impacted periods as an immaterial correction of an error. As a result, the Company revised the interim financial information for the applicable periods and presented the revisions in its Quarterly Reports on Form 10-Q for the quarters ended March 31, 2025, June 30, 2025 and September 30, 2025 under Note 10, "Equity and Redeemable Non-controlling Interest - Redeemable non-controlling interest".

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**Recent Accounting Pronouncements**

*New Accounting Standards Issued but not yet Adopted*

*Disaggregation of Income Statement Expenses.* In November 2024, the Financial Accounting Standards Board ("FASB") issued an Accounting Standard Update ("ASU") to enhance disclosures about certain expense types in commonly presented expense captions on the Consolidated Statements of Operations. The ASU requires additional disclosures that disaggregate expense captions into specific components with qualitative descriptions. This standard is effective for the year ending December 31, 2027, and interim periods thereafter, on a prospective or retrospective basis. The Company does not expect the standard to have a material impact on its Consolidated Financial Statements as the Company anticipates the primary change will be additional disclosures in the Company's Consolidated Financial Statements.

*New Accounting Standards Adopted*

*Segment Reporting.* In November 2023, the FASB issued an ASU to improve reportable segment disclosure requirements. The ASU requires, among other items, enhanced disclosures around significant segment expenses regularly provided to the chief operating decision maker ("CODM"), as well as the CODM's title and position. The ASU was effective for years beginning after December 15, 2023 and for interim periods within years beginning after December 15, 2024. The amendment must be applied on a retrospective basis and early adoption is permitted. The Company adopted this standard for the year ended December 31, 2024. The additional required disclosures are included in Note 12.

*Enhanced Income Tax Disclosures.* In December 2023, the FASB issued ASU 2023-09 "Income Taxes (Topic 740): Improvements to Income Tax Disclosures," or ("ASU 2023-09"). ASU 2023-09 requires additional disaggregated disclosures on the entity's effective tax rate reconciliation and additional details on income taxes paid. ASU 2023-09 is effective on a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2024 and early adoption is permitted. The Company's adoption of this standard for the year ended December 31, 2025 and the adoption of ASU 2023-09 did not have a material impact on its Consolidated Financial Statements.

**3. Investments in Real Estate**

The gross carrying amount and accumulated depreciation and amortization of the Company's investments in real estate consisted of the following as of December 31, 2025 and 2024 ($ in thousands):

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| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| Building and building improvements | $266116 | $254544 |
| Land and land improvements | 112136 | 74768 |
| Construction in progress | 8938 | 1679 |
| Right-of-use asset - finance lease | 103158 | 103158 |
| Leasehold improvements | 109 |  |
| Total | 490457 | 434149 |
| Accumulated depreciation and amortization | (14132) | (3432) |
| Investment in real estate, net | $476325 | $430717 |

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*Acquisitions and dispositions*

During the year ended December 31, 2025, the Company acquired one real estate investment and did not dispose of any real estate investments. During the year ended December 31, 2024, the Company acquired four real estate investments and did not dispose of any real estate investments.

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The following table summarizes the purchase price allocation for the acquisitions during the years ended December 31, 2025 and 2024 ($ in thousands):

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| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| Building and building improvements | $11572 | $254544 |
| Land and land improvements | 37368 | 74768 |
| Right-of-use asset - finance lease <sup>(1)</sup> | - | 103158 |
| Lease liability - finance lease <sup>(1)</sup> | - | (95150) |
| In-place lease intangibles | 2622 | 15880 |
| Tenant origination costs | 2147 | 21267 |
| Total purchase price | 53709 | 374467 |
| Working capital assumed | (146) | (662) |
| Unpaid acquisition costs | (11) | (107) |
| Net cash paid at closing | $53552 | $373698 |

---

<sup>(1)</sup> Refer to Note 8, "Leases," for additional details of the finance lease.

**4. Intangibles**

The gross carrying amount and accumulated amortization of the Company's real estate related intangible assets consisted of the following as of December 31, 2025 and 2024 ($ in thousands):

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| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| Intangible assets: |  |  |
| In-place lease intangibles | $18502 | $15880 |
| Tenant origination costs | 23414 | 21267 |
| Total | 41916 | 37147 |
| Accumulated amortization: |  |  |
| In-place lease intangibles | (2043) | (565) |
| Tenant origination costs | (2904) | (886) |
| Real estate intangible assets, net | $36969 | $35696 |

---

The intangible assets associated with the properties are amortized over the remaining lease terms. As a result, the Company's real estate related intangibles have a weighted average amortization period of approximately 9.4 years remaining.

The estimated future amortization of the Company's real estate related intangibles for each of the next five years and thereafter as of December 31, 2025, is as follows ($ in thousands):

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| | | | |
|:---|:---|:---|:---|
|  | **In-Place Lease<br>Intangibles** | **Tenant Origination<br>Costs** | **Total** |
| 2026 | $1733 | $2226 | 3959 |
| 2027 | 1733 | 2226 | 3959 |
| 2028 | 1733 | 2226 | 3959 |
| 2029 | 1733 | 2226 | 3959 |
| 2030 | 1733 | 2226 | 3959 |
| Thereafter | 7794 | 9380 | 17174 |
| Total | $16459 | $20510 | $36969 |

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**5. Other Assets and Other Liabilities**

The following table details the components of the Company's other assets as of December 31, 2025 and 2024 ($ in thousands):

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| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| Receivables | $7712 | $3995 |
| Prepaid expenses | 1454 | 1030 |
| Other | 27 | 40 |
| Other assets | $9193 | $5065 |

---

The following table details the components of the Company's other liabilities as of December 31, 2025 and 2024 ($ in thousands):

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| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| Prepaid rent from tenant | $579 | $304 |
| Tenant security deposit | 1000 | 1000 |
| Other liabilities | $1579 | $1304 |

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**6. Mortgage Notes**

The following table details the Company's mortgage notes as of December 31, 2025 and 2024 ($ in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | **Principal Balance Outstanding** | **Principal Balance Outstanding** |
|  |  |  | **December 31,** | **December 31,** |
| **Indebtedness** | **Interest Rate** | **Maturity Date** | **2025** | **2024** |
| Fixed rate mortgage notes |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Middletown Mortgage Loan | 5.35% | March 1, 2032 | $85250 | $85250 |
| &nbsp;&nbsp;&nbsp;&nbsp;State Farm Portfolio Mortgage Loan | 5.75% | September 1, 2034 | 109600 | 109600 |
| Total loans secured by real estate |  |  | 194850 | 194850 |
| Deferred financing costs, net |  |  | (850) | (940) |
| Mortgage notes, net |  |  | $194000 | $193910 |

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The following table details the future principal payments due under the Company's mortgage notes as of December 31, 2025 ($ in thousands):

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| | |
|:---|:---|
| **Year** | **Amount** |
| 2026 |  |
| 2027 |  |
| 2028 |  |
| 2029 |  |
| 2030 |  |
| Thereafter | 194850 |
| Total future principal payments | $194850 |

---

For the year ended December 31, 2025, the Company recognized interest expense of $11.0 million related to its outstanding mortgage notes, which included amortization of deferred financing costs of $90,000. For the year ended December 31, 2024, the Company recognized interest expense of $3.7 million related to its outstanding mortgage notes, which included amortization of deferred financing costs of $32,000.

The Company did not have any interest expense payable related to the outstanding mortgage notes as of December 31, 2025 and 2024.

The Company is subject to various financial covenants under certain of its mortgage notes. These covenants require the Company to maintain certain financial ratios, including ratios relating to tangible net worth and liquidity, among others. As of December 31, 2025, the Company was in compliance with all of its loan covenants that could result in a default under such agreements.

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**7. Related Party Transactions**

The following table presents the details of due to affiliates as of December 31, 2025 and 2024 ($ in thousands):

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| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| <u>Due to the Adviser</u> |  |  |
| Advanced organization and offering expenses | $7821 | $7118 |
| Advanced general and administrative expenses | 6522 | 3418 |
| Management fee | 40 | 8 |
|  | 14383 | 10544 |
| <u>Due to the Special Limited Partner</u> |  |  |
| Performance participation allocation | 535 | 71 |
| <u>Due to EQT Real Estate Advisors, LLC (the "Property Manager")</u> <sup>(1)</sup> |  |  |
| Property management fee | 27 | 26 |
| <u>Due to EQT Partners BD, LLC (the "Dealer Manager")</u> <sup>(1)</sup> |  |  |
| Distribution fees | 0 | - |
| Total Due to Affiliates | $14945 | $10641 |

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The table is presented with dollars shown in thousands and amounts that round to less than $1 thousand are reflected as $0 rather than as a dash.

<sup>(1)</sup> EQT Real Estate Advisors, LLC is formerly known as Exeter Property Group Advisors, LLC and EQT Partners BD, LLC is formerly known as EQTE Brokerage, LLC.

*Due to the Adviser*

The Company and the Operating Partnership have entered into an advisory agreement with the Adviser. Pursuant to the Advisory Agreement, the Adviser is responsible for sourcing, evaluating and monitoring the Company's investment opportunities and making decisions related to the acquisition, management, financing and disposition of the Company's assets, in accordance with the Company's investment objectives, guidelines, policies and limitations, subject to oversight by the Company's board of directors.

The Company pays the Adviser an annual management fee (payable monthly in arrears) of 1.25% of the aggregate NAV represented by the Company's Class T shares, Class S shares, Class D shares and Class I shares, 0.50% of the aggregate NAV represented by the Company's Class A-I shares and 0.90% of the aggregate NAV represented by the Company's Class A-II shares. Additionally, to the extent that the Operating Partnership issues Operating Partnership units to parties other than the Company, the Operating Partnership will pay the Adviser a management fee equal to 1.25% of the aggregate NAV of Operating Partnership units not held by the Company per annum, payable monthly in arrears. No management fee will be paid with respect to Class E shares or Class E units of the Operating Partnership. The management fee will be paid, at the Adviser's election, in cash, Class E shares of common stock, or Class E units of the Operating Partnership. The Adviser waived its management fee for the first six full calendar months following March 19, 2024, the date the Company broke escrow for the Offering. If the Adviser elects to receive any portion of its management fee in Class E shares or Class E units of the Operating Partnership, the Company may be obligated to repurchase such Class E shares or Class E units from the Adviser at a later date. Such repurchases will be outside the Company's share repurchase plan and thus will not be subject to the repurchase limits of the share repurchase plan or any Early Repurchase Deduction. See Note 10, "Equity and Redeemable Non-controlling Interest — Share Repurchases".

For the years ended December 31, 2025 and 2024, the Company incurred $0.3 million and $15,000 of management fees, respectively. Those amounts were recorded as Management fee on the Company's Consolidated Statements of Operations. As the Adviser waived its management fee through September 30, 2024, no management fees were incurred for the year ended December 31, 2023.

As of December 31, 2025 and 2024, $40,000 and $8,000 of management fees were payable to the Adviser, respectively. These amounts were recorded as a component of Due to affiliates on the Company's Consolidated Balance Sheets.

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In addition to the organization, offering and general and administrative expense reimbursements described herein (see Note 2, "Summary of Significant Accounting Policies"), the Company will reimburse the Adviser for out-of-pocket costs and expenses the Adviser incurs in connection with the services it provides to the Company, including, but not limited to, (i) the actual cost of goods and services used by the Company and obtained from third parties, including fees paid to administrators, consultants, attorneys, technology providers and other service providers, and brokerage fees paid in connection with the purchase and sale of investments and securities, and (ii) expenses of managing and operating the Company's properties, whether payable to an affiliate or a non-affiliate. During the years ended December 31, 2025 and 2024, the Company did not incur any of the reimbursements as described above.

The Company will not pay the Adviser any acquisition, financing (except interest payments to the lender in cases where the lender is an affiliate of the Adviser) or other similar fees in connection with making investments. The Company will, however, reimburse the Adviser for out-of-pocket expenses in connection with the selection and acquisition of properties and real estate-related securities, whether or not such investments are acquired, and make payments to third parties in connection with making investments.

During the years ended December 31, 2025 and 2024, the Company acquired one and four real estate investments, respectively. In connection with the Company's acquisition in 2025, the Adviser assigned the purchase and sale agreement to the Company's subsidiary for $1.00. In connection with the Company's acquisitions in 2024, the Adviser assigned the respective purchase and sale agreements to the Company's subsidiaries for a total of $7.8 million, representing the deposit amounts under the purchase and sale agreements. The Adviser also advanced $43,000 and $0.2 million in closing costs for the acquisitions during the years ended December 31, 2025 and 2024, respectively. The Company repaid the Adviser for the deposits and all of the closing costs on the respective acquisition dates.

The Company may retain an affiliate of the Adviser to provide development and construction services for certain properties the Company acquires. In addition, the Company may retain certain of the Adviser's affiliates for necessary services relating to the Company's investments or its operations, including accounting services, valuation support services, account management services, corporate secretarial services, data management services, directorship services, information technology services, finance/ budget services, human resources, judicial processes, legal services, operational services, risk management services, tax services, treasury services, loan management services, property, title and/or other types of insurance and related services, transaction support services, transaction consulting services and other similar operational matters. The Adviser's affiliates may charge fees and expenses to the Company for the provision of such services. The Operating Partnership may also issue equity incentive compensation to certain employees of such affiliates for services provided. Any compensation paid to the Adviser's affiliates for any such services will not reduce the management fee nor the performance participation allocation.

On July 11, 2023, the Adviser and the Operating Partnership entered into an Investment Management Agreement (the "Investment Management Agreement") with J.P. Morgan Investment Management Inc. ("JP Morgan"). Pursuant to the Investment Management Agreement, JP Morgan will serve as a sub-advisor to the Adviser and act as the investment manager for the Company's portfolio of short-term investments, which may include real estate-related securities. Under the terms of the Investment Management Agreement, JP Morgan's fee for its services will be paid entirely by the Adviser and not by the Company.

In addition, see Note 10, "Equity and Redeemable Non-controlling Interest", for information regarding investments in the Company or the Operating Partnership by the Adviser, an affiliate of the Sponsor and eight officers and employees of the Adviser and its affiliates.

*Due to the Special Limited Partner* 

During the term of the Advisory Agreement, the Special Limited Partner holds a performance participation interest in the Operating Partnership that entitles it to receive an allocation from the Operating Partnership equal to 12.5% of the annual Total Return, subject to a 5% annual Hurdle Amount and a High-Water Mark, with a Catch-Up (each term as defined in the Operating Partnership's Second Amended and Restated Limited Partnership Agreement). Such allocation is measured annually and accrued monthly. Class E units of the Operating Partnership are not subject to the performance participation allocation. Distributions of the performance participation interest may be distributable in cash or Class E units at the election of the Special Limited Partner. See Note 10, "Equity and Redeemable Non-controlling Interest — Share Repurchases".

For the year ended December 31, 2025, the Company accrued $0.5 million for the performance participation allocation. In February 2026, the Company distributed $0.5 million to the Special Limited Partner for the 2025 performance participation allocation. For the year ended December 31, 2024, the Company accrued $71,000 for the performance participation allocation. In February 2025, the Company distributed $71,000 to the Special Limited Partner for the 2024 performance participation allocation. Accordingly, the performance participation allocation is recognized as an expense in the Consolidated Statements of Operations in the period in which the related performance is achieved and the related payables was recorded as a component of Due to affiliates on the Company's Consolidated Balance Sheets.

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*Due to the Property Manager*

In connection with each of its real estate acquisitions, the Company, through indirect subsidiaries, entered into property management and leasing services agreements with the Property Manager, an affiliate of the Adviser (the "Property Management Agreements"). The Property Management Agreements have terms through the end of each calendar year and will be renewed automatically for successive one-year periods unless terminated by either party giving the other party notice not less than thirty (30) days prior to the expiration of the then-current term. Pursuant to the Property Management Agreements, the Company pays the Property Manager management fees equal to the lesser of the then-current market rate for services provided and the amount of such fee per the terms of the tenant lease. The Company will pay the Property Manager leasing commissions based on the then-current market rate; provided if the tenant is represented by a broker, the aggregate lease commissions would be no more than the then-current market rate. The Company will reimburse the Property Manager for all reasonable actual expenditures.

For the years ended December 31, 2025 and 2024, the Company incurred $0.3 million and $15,000 of property management fees, respectively. Those amounts were recorded as a component of Rental property operating expenses on the Company's Consolidated Statements of Operations. As of December 31, 2025 and 2024, $27,000 and $26,000 of property management fees were payable to the Property Manager, respectively. These amounts were recorded as a component of Due to affiliates on the Company's Consolidated Balance Sheets. The Company had no operations during the year ended December 31, 2023. As a result, no property management fees were incurred for the year ended December 31, 2023.

*Due to the Dealer Manager*

The Dealer Manager, an affiliate of the Adviser, serves as the dealer manager for the Offering. The Dealer Manager registered as a broker dealer with the SEC and the Financial Industry Regulatory Authority, Inc. ("FINRA") on May 16, 2023. The Company entered into an agreement (the "Dealer Manager Agreement") with the Dealer Manager in connection with the Offering on August 1, 2023. The Dealer Manager also serves as the dealer manager for the Company's private offerings of Class A-I and Class A-II shares to "accredited investors" as defined in Regulation D promulgated under the Securities Act of 1933, as amended (the "Securities Act").

The Dealer Manager is entitled to receive upfront selling commissions of up to 3.0%, and upfront dealer manager fees of 0.5%, of the transaction price of each Class T share sold in the primary offering; however, such amounts may vary for certain selected dealers provided that the sum will not exceed 3.5% of the transaction price. The Dealer Manager is entitled to receive upfront selling commissions of up to 3.5% of the transaction price of each Class S share sold in the primary offering. The Dealer Manager is entitled to receive upfront selling commissions of up to 1.5% of the transaction price of each Class D share sold in the primary offering. The Dealer Manager anticipates that all or a portion of the upfront selling commissions and dealer manager fees will be retained by, or reallowed (paid) to, selected dealers. No upfront selling commissions or dealer manager fees are paid with respect to purchases of Class A-I shares, Class A-II shares, Class I shares, Class E shares or shares of any class sold pursuant to the Company's distribution reinvestment plan.

For the year ended December 31, 2025, the Company incurred and paid $85 of upfront selling commissions and dealer manager fees. There were no upfront selling commissions or upfront dealer manager fees incurred for the year ended December 31, 2024.

Subject to FINRA limitations on underwriting compensation and certain other limitations and subject to the provisions for the conversion of Class T shares, Class S shares and Class D shares into Class I shares, the Dealer Manager will also receive a distribution fee of 0.85%, 0.85% and 0.25% per annum of the aggregate NAV of the Company's outstanding Class T shares, Class S shares and Class D shares, respectively. There is no distribution fee with respect to Class A-I shares, Class A-II shares, Class I shares or Class E shares. The distribution fees will be paid monthly in arrears. The Dealer Manager will reallow (pay) all or a portion of the distribution fees to selected dealers and servicing broker-dealers, and will rebate distribution fees to the Company to the extent a broker-dealer is not eligible to receive them. The Company will cease paying the distribution fee with respect to any Class T share, Class S share or Class D share held in a stockholder's account at the end of the month in which the Dealer Manager, in conjunction with the transfer agent, determines that total upfront selling commissions, dealer manager fees and distribution fees paid with respect to the shares held by such stockholder within such account would equal or exceed, in the aggregate, 8.75% (or a lower limit as set forth in the applicable agreement between the Dealer Manager and a selected dealer at the time such shares were issued) of the gross proceeds from the sale of such shares and purchased in a primary offering (i.e., an offering other than a distribution reinvestment plan) (collectively, the "Fee Limit"). At the end of such month, each such Class T share, Class S share or Class D share in such account (including shares in such account purchased through the distribution reinvestment plan or received as a stock dividend) will convert into a number of Class I shares (including any fractional shares) with an equivalent aggregate NAV as such share. The Company will accrue the cost of the distribution fee as an offering expense at the time each Class T, Class S and Class D share is sold during the primary offering.

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For the year ended December 31, 2025, the Company had accrued $132 of distribution fees related to Class T shares. For the year ended December 31, 2024, the Company did not accrue any distribution fees. These amounts were recorded as a component of Due to affiliates on the Company's Consolidated Balance Sheets.

**8. Leases**

The Company had no operations during the year ended December 31, 2023. As a result, there was no leasing activity for the year ended December 31, 2023, either as lessor or lessee.

*Lessor*

The Company's rental revenue consists of rent earned from the operating leases at the Company's industrial properties. The leases include fixed base rents, subject to periodic step-ups and variable components. The variable components of the Company's operating leases consist of reimbursement of operating expenses such as insurance, real estate taxes and common area maintenance costs.

The following table summarizes the fixed and variable components of the Company's operating leases for the years ended December 31, 2025 and 2024 ($ in thousands):

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| | | |
|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** |
| Fixed lease payments | $32539 | $11879 |
| Variable lease payments | 4349 | 1459 |
| Total rental revenue | $36888 | $13338 |

---

The following table presents the undiscounted future minimum rents the Company expects to receive for its industrial properties as of December 31, 2025 ($ in thousands):

---

| | |
|:---|:---|
| **Year** | **Future Minimum Rents** |
| 2026 | $31956 |
| 2027 | 32911 |
| 2028 | 33896 |
| 2029 | 34912 |
| 2030 | 35955 |
| Thereafter | 174529 |
| Total | $344159 |

---

As of December 31, 2025, the Company had concentration of credit risks related to the following tenant leases:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | **Annualized Base Rent Statistics** | **Annualized Base Rent Statistics** | **Annualized Base Rent Statistics** |
| **Tenant** | **Property** | **Tenant Industry** | **Annualized Base Rent** <sup>(1)</sup> **(in thousands)** | **% of Portfolio Annualized Base Rent** | **Average Annualized Base Rent per Sq. Ft.** <sup>(2)</sup> |
| Amazon.com Services LLC | Middletown Property | E-commerce | $11130 | 31% | $9.13 |
| Amazon.com Services LLC | Washington Property | E-commerce | $11787 | 33% | $58.22 |
| Shoals Technologies Group, LLC | Nashville Property | Renewable energy | $5742 | 16% | $9.00 |
| GAF Energy LLC | Georgetown Property | Renewable energy | $3809 | 11% | $8.47 |

---

<sup>(1)</sup> Annualized base rent represents annualized contractual base rental income, adjusted to straight-line any contractual tenant concessions (including free rent), rent increases and rent decreases from the lease's inception through the balance of the lease term ("Annualized Base Rent"). The Annualized Base Rent presented in the table is as of December 31, 2025.

<sup>(2)</sup> Average annualized base rent per square foot is calculated as the Annualized Base Rent divided by the leased rentable square feet.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Tenant Concentration*

As of December 31, 2025, the leases with Amazon.com Services LLC represent approximately 64% of the Company's Annualized Base Rent. The obligations of Amazon.com Services LLC under its leases with the Company are guaranteed by its parent, Amazon.com, Inc. ("Amazon"). Amazon is a public company that is subject to the filing requirements of the Securities and Exchange Act of 1934, as amended. Amazon is required to file its audited financial statements in its Annual Reports on Form 10-K and its unaudited interim financial statements in its Quarterly Reports on Form 10-Q, which can be found on the SEC's website at www.sec.gov. Reference to Amazon's filings with the SEC is solely for the information of investors. Amazon's filings with the SEC should not be considered a part of or as incorporated by reference in this Annual Report on Form 10-K.

• *Industry Concentration*

As of December 31, 2025, approximately 64% of the Company's Annualized Base Rent is from tenants within the e-commerce industry and the remainder of the Company's Annualized Base Rent is from tenants within the renewable energy industry and food and beverage industry.

*Lessee*

As of December 31, 2025, one of the Company's investments in real estate is subject to a ground lease. The Company serves as lessee under the ground lease. The Company assumed this ground lease as part of the Washington Property acquisition. There were no initial direct costs associated with this ground lease. The initial term of the ground lease expires on December 31, 2074, and it has two ten-year extension options. The ground lease is an absolute net lease whereby the Company is required to pay all taxes, utilities and maintenance. Payments under the Company's Washington Property ground lease consist exclusively of fixed payment components, which incorporate periodic increases based on fixed percentage escalations. The Company utilized its incremental borrowing rate at the time of entering the ground lease, which was 7.41%, as the discount rate to determine its lease liability. The Company classified the ground lease as a finance lease. As of December 31, 2025, the remaining lease term of the Company's finance lease was 49.0 years.

The following table details the undiscounted future lease payments under the Company's finance lease as of December 31, 2025 ($ in thousands):

---

| | |
|:---|:---|
| **Year** | **Future Lease Payments** |
| 2026 | $4880 |
| 2027 | 4880 |
| 2028 | 4880 |
| 2029 | 5611 |
| 2030 | 5611 |
| Thereafter | 479483 |
| Total lease payments | 505345 |
| Less imputed interest | (407772) |
| Total lease liability - finance lease | $97573 |

---

The following table details the current and non-current portion of the lease liability under the Company's finance lease as of December 31, 2025 and 2024 ($ in thousands):

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| Current lease liability - finance lease <sup>(1)</sup> | $4866 | $4866 |
| Noncurrent lease liability - finance lease | 92707 | 90698 |
| Total lease liability - finance lease <sup>(2)</sup> | $97573 | $95564 |

---

<sup>(1)</sup> Current lease liability - finance lease represents the net present value of lease payments under the ground lease due within the next 12 months; this amount was calculated by discounting the cash flows using the Company's incremental borrowing rate at the time of assuming the ground lease, which was 7.41%.

<sup>(2)</sup> The total finance lease liability is initially recognized at the commencement of the ground lease and represents the present value of future lease payments, discounted using the Company's incremental borrowing rate at the time of assuming the ground lease,

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which was 7.41%. Over the term of the ground lease, the finance lease liability is increased by the accretion of interest recognized using the effective interest method and reduced by the ground lease payments made in accordance with the lease terms.

The following table details the Company's right-of-use asset obtained under the finance lease as of December 31, 2025 and 2024 ($ in thousands):

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| Right-of-use asset from recognition of finance lease | $95150 | $95150 |
| Favorable lease asset | 8008 | 8008 |
| Right-of-use asset - finance lease | 103158 | 103158 |
| Accumulated amortization of right-of-use asset | (2485) | (431) |
| Right-of-use asset, net | $100673 | $102727 |

---

The following table details the fixed and variable components of the Company's finance lease for the years ended December 31, 2025 and 2024 ($ in thousands):

---

| | | |
|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** |
| Interest on lease liabilities | $6889 | $1436 |
| Amortization of right-of-use assets | 2055 | 431 |
| Total finance lease costs | $8944 | $1867 |

---

There was no finance lease as of December 31, 2023. Thus, there was no finance lease cost for the year ended December 31, 2023.

**9. Economic Dependency**

The Company is dependent on the Adviser and its affiliates for certain services that are essential to it, including the sale of the Company's shares of common stock, acquisition and disposition decisions, and certain other responsibilities. In the event that the Adviser and its affiliates are unable or unwilling to provide such services, the Company would be required to find alternative service providers.

**10. Equity and Redeemable Non-controlling Interest**

**Authorized Capital**

As of December 31, 2025 and 2024, the Company was authorized to issue up to 2.2 billion shares of common stock, par value $0.01 per share, and up to 100 million shares of preferred stock, par value $0.01 per share. Of the 100 million shares of preferred stock authorized as of December 31, 2025 and 2024, 220 shares were issued and classified as Class A shares.

As of December 31, 2025 and 2024, the Company had authorized the following classes of common stock (in thousands):

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| | | | |
|:---|:---|:---|:---|
|  |  | **Shares Authorized** | **Shares Authorized** |
|  |  | **December 31,** | **December 31,** |
| **Classification** | **Par Value Per Share** | **2025** | **2024** |
| Class A-I Shares | $0.01 | 50000 | 50000 |
| Class A-II Shares | $0.01 | 50000 | 50000 |
| Class T Shares | $0.01 | 500000 | 500000 |
| Class S Shares | $0.01 | 500000 | 500000 |
| Class D Shares | $0.01 | 500000 | 500000 |
| Class I Shares | $0.01 | 500000 | 500000 |
| Class E Shares | $0.01 | 100000 | 100000 |
| Total |  | 2200000 | 2200000 |

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**Common Stock**

The following table details the movement in the Company's outstanding shares of common stock for the years ended December 31, 2025, 2024 and 2023<sup>(1)</sup>:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** |
|  | **Class T Common Stock** | **Class I Common Stock** | **Class A-I Common Stock** | **Class A-II Common Stock** | **Class E Common Stock** | **Total** |
| **Beginning Balance, December 31, 2024** | - | 142266 | 1457776 | - | 97447 | 1697489 |
| Common stock issued - primary offerings | 223 | 392967 | 1202519 | 2569332 | - | 4165041 |
| Common stock issued - distribution reinvestment | - | 9494 | 108955 | 39543 | 2163 | 160155 |
| Independent directors' restricted stock grant<sup>(2)</sup> | - | - | - | - | 34560 | 34560 |
| Common stock repurchased | - | (6610) | (12261) | - | - | (18871) |
| **Ending Balance, December 31, 2025** | 223 | 538117 | 2756989 | 2608875 | 134170 | 6038374 |
|  | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** |
|  | **Class T Common Stock** | **Class I Common Stock** | **Class A-I Common Stock** | **Class A-II Common Stock** | **Class E Common Stock** | **Total** |
| **Beginning Balance, December 31, 2023** | - | - | - | - | 58500 | 58500 |
| Common stock issued - primary offerings | - | 141464 | 1454619 | - | - | 1596083 |
| Common stock issued - distribution reinvestment | - | 802 | 3157 | - | 791 | 4750 |
| Independent directors' restricted stock grant<sup>(2)</sup> | - | - | - | - | 38156 | 38156 |
| **Ending Balance, December 31, 2024** | - | 142266 | 1457776 | - | 97447 | 1697489 |
|  | **For the year ended December 31, 2023** | **For the year ended December 31, 2023** | **For the year ended December 31, 2023** | **For the year ended December 31, 2023** | **For the year ended December 31, 2023** | **For the year ended December 31, 2023** |
|  | **Common Stock** | **Class I Common Stock** | **Class A-I Common Stock** | **Class A-II Common Stock** | **Class E Common Stock** | **Total** |
| **Beginning Balance, December 31, 2022** | 20000 | - | - | - | - | 20000 |
| Common stock reclassification | (20000) | - | - | - | 20000 | - |
| Independent directors' restricted stock grant<sup>(2)</sup> | - | - | - | - | 38500 | 38500 |
| **Ending Balance, December 31, 2023** | - | - | - | - | 58500 | 58500 |

---

<sup>(1)</sup> As of December 31, 2025, there were no Class S or D shares issued and outstanding. As of December 31, 2024, there were no Class T, S, D or A-II shares issued and outstanding.

<sup>(2)</sup> The independent directors' restricted stock grant amounted to an aggregate award of $384,998, $384,994 and $385,000 for the years ended December 31, 2025, 2024 and 2023, respectively. The Company compensates each of its independent directors with an annual retainer of $175,000, consisting of approximately $78,750 in cash and $96,250 in the form of an annual grant of restricted stock. The cost of each grant is amortized over the one-year service period for each grant. See "— Share Based Compensation" below for details.

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**Offerings**

On August 1, 2023, the Company registered the Offering with the SEC for up to $5.0 billion in shares of common stock, consisting of up to $4.0 billion in shares in its primary offering and up to $1.0 billion in shares pursuant to its distribution reinvestment plan. The Company intends to sell any combination of four classes of shares of its common stock in the Offering, Class T shares, Class S shares, Class D shares and Class I shares, with a dollar value up to the maximum offering amount. The share classes in the Offering have different upfront selling commissions and dealer manager fees, and different ongoing distribution fees. The terms of the Offering required the Company to hold investors' funds from the Offering in an interest-bearing escrow account until the Company received purchase orders for at least $25.0 million of its common stock or units of the Operating Partnership in the Offering or in separate private transactions (including purchase orders by the Adviser, the Sponsor, their affiliates and the Company's directors and officers, which purchases were not limited in amount) and the Company's board of directors authorized the release of funds in the escrow account to the Company. On March 19, 2024, EQT Real Estate Holdings US, Inc. ("EQT Real Estate Holdings", formerly known as EQT Exeter Holdings US, Inc.), an affiliate of the Sponsor, purchased approximately 6.2 million Class E units of the Operating Partnership for $62.2 million, or $10.00 per unit. As such, as of March 19, 2024, the Company satisfied the minimum offering requirement for all jurisdictions other than Pennsylvania and the Company's board of directors authorized the Company to break escrow in the Offering. As of August 14, 2024, the Company also satisfied the minimum offering requirement for Pennsylvania. The purchase price per share for each class of common stock in the Offering will vary and will generally equal the Company's prior month's NAV per share for such class, as determined monthly, plus applicable upfront selling commissions and dealer manager fees.

The Company commenced a private offering of its Class A-I shares to "accredited investors" as defined in Regulation D promulgated under the Securities Act during the year ended December 31, 2024. The primary offering of Class A-I shares terminated on January 2, 2025 and the distribution reinvestment plan offering is ongoing. The Company commenced a separate private offering of its Class A-II shares to accredited investors in January 2025 and the offering is ongoing. The purchase price per share for each class of common stock in the private offerings will vary and will generally equal the Company's prior month's NAV per share for such class, as determined monthly. Both private offerings are being conducted pursuant to Rule 506(c) of Regulation D and other applicable exemptions.

EQT Real Estate Holdings has committed to purchase $200.0 million in Class E shares of the Company's common stock or Class E units of the Operating Partnership, or a combination thereof (the "Sponsor Committed Amount"); provided that EQT Real Estate Holdings may invest a smaller amount to the extent the reduction is offset by an investment by other affiliates of the Sponsor and their officers and employees. As of December 31, 2025, EQT Real Estate Holdings had purchased approximately 19.6 million Class E units of the Operating Partnership for an aggregate purchase price of approximately $197.1 million as part of the Sponsor Committed Amount.

Class E shares and Class E units are not available for purchase in the Offering. Class E shares and Class E units are only available for purchase in private transactions to (i) the Adviser, the Sponsor and their affiliates, (ii) employees of the Adviser, the Sponsor and their affiliates and (iii) the Company's officers and directors. During the escrow period, the per share purchase price for Class E shares and Class E units was $10.00 per share or unit. After the close of the escrow period, Class E shares and Class E units are sold at the then-current transaction price, which will generally be the prior month's NAV per share or unit for such class. The Class E shares and Class E units are not subject to any upfront selling commissions, dealer manager fees, distribution fees, management fees payable to the Adviser or the performance participation allocation to the Special Limited Partner.

In 2022, the Company was capitalized with a $200,000 investment by the Adviser in exchange for the issuance of 20,000 shares of the Company's common stock. These shares were reclassified as Class E shares of common stock on June 21, 2023. The Adviser may not sell, transfer or dispose of these 20,000 shares to any party other than an affiliate of the Adviser while the Sponsor or any affiliate serves as the sponsor to the Company.

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**Distributions**

Distributions are authorized at the discretion of the Company's board of directors, in accordance with the Company's earnings, cash flows and general financial condition. The Company generally intends to distribute substantially all of its REIT taxable income, which does not necessarily equal net income as calculated in accordance with GAAP, to its stockholders each year to comply with the REIT provisions of the Code.

The following table summarizes the aggregate distributions declared on the Company's common stock during the periods presented. For the year ended December 31, 2025, distributions were declared on the Company's Class T, Class I, Class A-I, Class A-II and Class E common stock, which were the only classes of common stock outstanding during that period. For the year ended December 31, 2024, distributions were declared on the Company's Class I, Class A-I and Class E common stock, which were the only classes of common stock outstanding during that period. No distributions were declared on the Company's common stock for the year ended December 31, 2023, thus no table is provided for the year ended December 31, 2023.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** |
|  | **Class T Common Stock** | **Class I Common Stock** | **Class A-I Common Stock** | **Class A-II Common Stock** | **Class E Common Stock** |
| Aggregate gross distributions declared per share of common stock | $0.04326 | $0.49684 | $0.49684 | $0.45915 | $0.49684 |
| Distribution fee per share of common stock <sup>(1)</sup> | (0.0078) | - | - | - | - |
| Net distributions declared per share of common stock | $0.03546 | $0.49684 | $0.49684 | $0.45915 | $0.49684 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** |
|  | **Class T Common Stock** | **Class I Common Stock** | **Class A-I Common Stock** | **Class A-II Common Stock** | **Class E Common Stock** |
| Aggregate gross distributions declared per share of common stock | $- | $0.15076 | $0.11307 | $- | $0.33864 |
| Distribution fee per share of common stock <sup>(1)</sup> | - | - | - | - | - |
| Net distributions declared per share of common stock | $- | $0.15076 | $0.11307 | $- | $0.33864 |

---

<sup>(1)</sup> Distribution fees only apply to Class T, Class S and Class D common shares. For purposes of calculating NAV, the Company recognizes the distribution fees as a reduction of NAV on a monthly basis as such fee is paid. Under GAAP, the Company accrues the lifetime cost of the distribution fees as an offering cost at the time the Company sells Class T, Class S or Class D common shares. As of December 31, 2025, the Company had accrued $132 of distribution fees under GAAP payable to the Dealer Manager related to the sale of Class T shares. As of December 31, 2024 and 2023, the Company had not accrued any distribution fees.

Distributions for the years ended December 31, 2025 and 2024 were characterized, for federal income tax purposes, as 100% return of capital.

**Preferred Stock**

On June 9, 2023, the Company issued 220 shares of Class A preferred stock to eight officers and employees of the Adviser and its affiliates at a price of $1,000 per share. The shares of Class A preferred stock pay a 10% annual dividend and have a $1,000 per share liquidation preference. The Class A preferred stock may be redeemed at any time in the Company's discretion by payment of $1,000 per share. A $50 per share redemption premium would have been applied in the event of redemption on or before December 31, 2024. No shares of Class A preferred stock had been redeemed as of December 31, 2025 and 2024. The shares of Class A preferred stock have no voting rights and may not be converted into any other class of security.

During the years ended December 31, 2025, 2024 and 2023, the cumulative dividends on Class A preferred shares were $22,000, $22,000 and $12,000, respectively. Those amounts were recorded as Dividends to preferred stockholders on the Company's Consolidated Statements of Operations. The cumulative dividends on the Class A preferred shares for the years ended December 31, 2025, 2024 and 2023 were all declared and paid during the respective years.

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**Share Based Compensation**

The Company's board of directors approved the EQT Exeter Real Estate Income Trust, Inc. Independent Director Compensation Plan (the "Director Compensation Plan"), pursuant to which up to 500,000 shares of the Company's Class E common stock are available for issuance. The restricted shares of Class E common stock issued pursuant to the Director Compensation Plan vest (i) on the one year anniversary of the grant date, provided that the independent director remains on the board of directors on such vesting date, or (ii) upon the earlier occurrence of his or her termination of service due to his or her death, disability or, if approved by the board of directors, upon a change of control of the Company or for "good reason."

On September 1, 2023, the Company issued an aggregate of 38,500 restricted shares of Class E common stock to the Company's four independent directors as compensation for their services pursuant to the Director Compensation Plan; these 38,500 restricted shares became fully vested on September 3, 2024, upon the one-year anniversary of the grant date.

On September 3, 2024, the Company issued an aggregate of 38,156 restricted shares of Class E common stock to the Company's four independent directors as compensation for their services pursuant to the Director Compensation Plan; these 38,156 restricted shares became fully vested on September 3, 2025, upon the one-year anniversary of the grant date.

On June 26, 2025, the Company issued an aggregate of 34,560 restricted shares of Class E common stock to the Company's four independent directors as compensation for their services pursuant to the Director Compensation Plan.

During the years ended December 31, 2025, 2024 and 2023, the Company recorded $0.5 million, $0.4 million and $0.1 million of restricted stock amortization in General and administrative expenses in the Consolidated Statements of Operations, respectively.

The following summarizes the activity for Class E common stock issued pursuant to the Director Compensation Plan during the years ended December 31, 2025, 2024 and 2023 (in thousands, except share and per share data):

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| | | | | |
|:---|:---|:---|:---|:---|
| **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Type** | **Restricted Stock** | **Weighted Average Grant Date Fair Value (per share)** | **Remaining Amortization Period** | **Unrecognized Compensation Cost** |
| Unvested restricted shares as of December 31, 2024 | 38156 | $10.09 | 0 months | $- |
| Granted | 34560 | $11.14 | 6 months | 192 |
| Forfeited | - |  |  |  |
| Vested | (38156) | $10.09 |  |  |
| Unvested restricted shares as of December 31, 2025 | 34560 |  |  |  |

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| | | | | |
|:---|:---|:---|:---|:---|
| **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| **Type** | **Restricted Stock** | **Weighted Average Grant Date Fair Value <br>(per share)** | **Remaining Amortization Period** | **Unrecognized Compensation Cost** |
| Unvested restricted shares as of December 31, 2023 | 38500 | $10.00 | 0 months | $- |
| Granted | 38156 | $10.09 | 8 months | 257 |
| Forfeited | - |  |  |  |
| Vested | (38500) | $10.00 |  |  |
| Unvested restricted shares as of December 31, 2024 | 38156 |  |  |  |

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| | | | | |
|:---|:---|:---|:---|:---|
| **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **As of December 31, 2023** | **As of December 31, 2023** |
| **Type** | **Restricted Stock** | **Weighted Average Grant Date Fair Value <br>(per share)** | **Remaining Amortization Period** | **Unrecognized Compensation Cost** |
| Unvested restricted shares as of December 31, 2022 | - |  |  |  |
| Granted | 38500 | $10.00 | 8 months | $257 |
| Forfeited | - |  |  |  |
| Vested | - | $10.00 |  |  |
| Unvested restricted shares as of December 31, 2023 | 38500 |  |  |  |

---

**Distribution Reinvestment Plan**

The Company has adopted a distribution reinvestment plan whereby stockholders in the Offering (other than Alabama, Arkansas, Idaho, Kansas, Kentucky, Maine, Maryland, Massachusetts, Nebraska, New Jersey, North Carolina, Ohio, Oregon, Vermont and Washington investors, and clients of certain selected dealers that do not permit automatic enrollment in the distribution reinvestment plan) will have their cash distributions automatically reinvested in additional shares of the Company's common stock unless they elect to receive their distributions in cash. Alabama, Arkansas, Idaho, Kansas, Kentucky, Maine, Maryland, Massachusetts, Nebraska, New Jersey, North Carolina, Ohio, Oregon, Vermont and Washington investors in the Offering, and clients of certain selected dealers that do not permit automatic enrollment in the Company's distribution reinvestment plan, will automatically receive their distributions in cash unless they elect to have their cash distributions reinvested in additional shares of the Company's common stock. Investors in Class A-I and Class A-II common stock who purchase shares in private offerings will have their cash distributions automatically reinvested in additional shares of the Company's common stock unless they elect to receive their distributions in cash. Investors in Class E common stock may also elect to have their cash distributions reinvested in additional shares of the Company's common stock. The purchase price for shares purchased under the distribution reinvestment plan will be equal to the most recently disclosed transaction price for such shares at the time of the record date for the distribution. Stockholders will not pay upfront selling commissions or dealer manager fees when purchasing shares under the distribution reinvestment plan; however, all outstanding Class T, Class S and Class D shares, including those purchased under the distribution reinvestment plan, will be subject to ongoing distribution fees.

**Share Repurchases**

The Company has adopted a share repurchase plan whereby, on a monthly basis, stockholders may request that the Company repurchase all or any portion of their shares. The Company may choose to repurchase all, some or none of the shares that have been requested to be repurchased at the end of any particular month, in its discretion, subject to a number of limitations in the share repurchase plan. The aggregate NAV of total repurchases of Class A-I, Class A-II, Class T, Class S, Class D, Class I and Class E shares (including repurchases at certain non-U.S. investor access funds primarily created to hold shares of the Company's common stock, if any, but excluding any Early Repurchase Deduction (as defined below) applicable to the repurchased shares) is limited to no more than 2% of the Company's aggregate NAV per month (measured using the aggregate NAV attributable to stockholders as of the end of the immediately preceding month) and no more than 5% of the Company's aggregate NAV per calendar quarter (measured using the average aggregate NAV attributable to stockholders as of the end of the immediately preceding three months).

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EQT Real Estate Holdings and affiliates of the Sponsor and their officers and employees purchasing Class E shares and Class E units in satisfaction of the Sponsor Committed Amount must agree to hold all such shares and units they acquire until the earlier of (i) the first date that the aggregate NAV of the Company's outstanding shares of common stock, along with Operating Partnership units held by parties other than the Company, reaches $1.0 billion and (ii) March 19, 2027, which is three years from the date of the initial investment by EQT Real Estate Holdings. Following such date, holders of Class E shares and Class E units purchased in connection with the Sponsor Committed Amount may request the Company repurchase such Class E shares or Class E units; provided, that (1) the Company will only process repurchases of such Class E shares or Class E units for cash after all other stockholder repurchase requests have been processed, (2) such repurchases of Class E shares for cash will be subject to the 2% monthly and 5% quarterly limitations on repurchases and (3) upon a repurchase request, the Operating Partnership will repurchase Class E units for Class E shares or cash (at the holder's election) unless the board of directors of the Company determines that any such repurchase for cash would be prohibited by applicable law or the partnership agreement of the Operating Partnership, in which case such Class E units will be repurchased for an amount of Class E shares with an aggregate NAV equivalent to the aggregate NAV of such Class E units; provided further, that repurchases of Class E units for cash will be subject to the 2% monthly and 5% quarterly limitations on repurchases in the share repurchase plan treating all outstanding Operating Partnership units held by persons other than the Company as having been exchanged for shares of the Company as of the respective monthly and quarterly measurement dates for calculation of the 2% monthly and 5% quarterly limitations under the repurchase plan. For the avoidance of doubt, repurchases of Class E units for Class E shares will not be subject to the requirement that all other stockholder repurchase requests under the share repurchase plan have been processed and will not be subject to the 2% monthly and 5% quarterly limitations on repurchases. Repurchases of Class E shares and Class E units acquired in connection with the Sponsor Committed Amount will not be subject to the Early Repurchase Deduction.

Shares held by the Adviser acquired as payment of the Adviser's management fee will not be subject to the share repurchase plan, including with respect to any repurchase limits or the Early Repurchase Deduction, and will not be included in the calculation of the Company's aggregate NAV for purposes of the 2% monthly or 5% quarterly limitations on repurchases. Notwithstanding the foregoing, the Company has adopted a policy that requires the affiliated-transactions committee of the Company's board of directors to approve any repurchase request of the Adviser for Class E shares received as payment for the management fee that, when combined with any stockholder repurchase requests submitted through the share repurchase plan, would cause the Company to exceed the 2% monthly or 5% quarterly repurchase limitations of the share repurchase plan. Such approval must find that the repurchase will not impair the Company's capital or operations and is consistent with the fiduciary duties of the Company's independent directors.

In addition, holders of Class E units issued in connection with distributions on the performance participation interest may request the Operating Partnership repurchase such Class E units for Class E shares or cash (at the holder's election) unless the board of directors of the Company determines that any such repurchase for cash would be prohibited by applicable law or the partnership agreement of the Operating Partnership, in which case such Class E units will be repurchased for an amount of Class E shares with an aggregate NAV equivalent to the aggregate NAV of such Class E units; provided further, that repurchases of Class E units for cash will be subject to the 2% monthly and 5% quarterly limitations on repurchases in the share repurchase plan treating all outstanding Operating Partnership units held by persons other than the Company as having been exchanged for shares of the Company as of the respective monthly and quarterly measurement dates for calculation of the 2% monthly and 5% quarterly limitations under the share repurchase plan. In addition, any repurchases of Class E units in respect of distributions on the performance participation interest will not be subject to the Early Repurchase Deduction.

Shares are repurchased at a price equal to the transaction price in effect on the applicable repurchase date, subject to any Early Repurchase Deduction. Shares that have not been outstanding for at least one year are repurchased at 98% of the transaction price ("Early Repurchase Deduction"). The Early Repurchase Deduction will not apply to shares acquired through the Company's distribution reinvestment plan nor will it apply in the following circumstances (subject to the conditions described in the share repurchase plan): repurchases resulting from death, qualifying disability or divorce; in the event that a stockholder's shares are repurchased because the stockholder has failed to maintain the $500 minimum account balance; or due to trade or operational error. Due to the illiquid nature of investments in real estate, the Company may not have sufficient liquid resources to fund repurchase requests and has established limitations on the amount of funds the Company may use for repurchases during any calendar month and quarter. The Company's board of directors may make exceptions to modify or suspend the share repurchase plan if it deems in its reasonable judgment such action to be in the Company's best interest. The Company's board of directors will not terminate the share repurchase plan absent a liquidity event which results in the Company's stockholders receiving cash or securities listed on a national securities exchange or where otherwise required by law.

For the year ended December 31, 2025, the Company repurchased 18,871 shares of common stock, satisfying all repurchase requests received for the year ended December 31, 2025. There were no share repurchases, nor were any repurchase requests received, for the year ended December 31, 2024.

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**Redeemable non-controlling interest**

As of December 31, 2025, the Operating Partnership had issued approximately 19.6 million Class E units to EQT Real Estate Holdings for aggregate consideration of approximately $197.1 million. Class E units include an embedded redemption feature that is considered to be outside the sole control of the Company. As a result, the Company has classified the Class E units as redeemable non-controlling interest in mezzanine equity on the Company's Consolidated Balance Sheets. The redeemable non-controlling interest is recorded at the greater of the carrying amount, adjusted for its share of the allocation of income or loss and dividends, or the redemption value, which is equivalent to fair value, of such Operating Partnership units at the end of each measurement period.

The following table details the redeemable non-controlling interest activity related to these units during the years ended December 31, 2025 and 2024 ($ in thousands):

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| | | |
|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** |
| Balance at the beginning of the year | $214744 | $- |
| Net loss allocation | (892) | (2781) |
| Offering costs | - | (75) |
| Contributions from non-controlling interest | - | 197100 |
| Distributions to non-controlling interest | (9751) | (4508) |
| Adjustment to redemption value | 22194 | 25008 |
| Ending balance | $226295 | $214744 |

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**11. Commitments and Contingencies**

As of December 31, 2025 and 2024, the Company was not subject to any material litigation nor was the Company aware of any material litigation threatened against it.

**12. Segment Reporting**

The Company's operations are managed as a single reportable segment. The Company derives its revenue and net income from real estate leased to industrial tenants under long-term net leases throughout the United States, and the Company manages its business activities on a consolidated basis.

The Company's chief operating decision maker ("CODM") is its Principal Executive Officer. The CODM utilizes consolidated net income attributable to the Company as reported on the Consolidated Statements of Operations. The CODM uses this metric when allocating resources and assessing the performance of the single segment.

The Company determined there are no significant segment expenses that require separate disclosure as of December 31, 2025 and 2024, as the major categories of expenses regularly reviewed by the CODM to manage operations are reported on the Consolidated Statements of Operations.

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**13. Subsequent Events**

As of the date of this filing, the Company has evaluated subsequent events and determined that, except as disclosed herein, no events have occurred which would require an adjustment to or additional disclosure in the consolidated financial statements.

*Distributions*

On January 30, 2026, the Company declared a gross distribution of $0.04326 per share for its Class E, Class I, Class T, Class A-I and Class A-II common stock and a gross distribution of $0.04326 per unit for the Class E units of the Operating Partnership for stockholders and unitholders, respectively, as of the close of business on January 31, 2026. The net distribution varies for each class based on the applicable distribution fee, which is deducted from the monthly distribution per share and paid to the Dealer Manager. The distributions were paid on February 10, 2026 and were paid in cash or reinvested in shares of the Company's common stock for stockholders participating in the Company's distribution reinvestment plan.

On February 27, 2026, the Company declared a gross distribution of $0.04326 per share for its Class E, Class I, Class T, Class A-I and Class A-II common stock and a gross distribution of $0.04326 per unit for the Class E units of the Operating Partnership for stockholders and unitholders, respectively, as of the close of business on February 28, 2026. The net distribution varies for each class based on the applicable distribution fee, which is deducted from the monthly distribution per share and paid to the Dealer Manager. The distributions were paid on March 10, 2026 and were paid in cash or reinvested in shares of the Company's common stock for stockholders participating in the Company's distribution reinvestment plan.

*Capital Raising*

Below is a table summarizing capital raising activities in the Company's primary offerings subsequent to December 31, 2025, through the date of this filing (in thousands, except share and per share data):

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| | | | | |
|:---|:---|:---|:---|:---|
| **Trade Date** | **Share Class** | **Shares Issued** | **Aggregate Gross Purchase Price** | **Price per Share** |
| January 2, 2026 | Class I | 18911 | $205 | $10.84 |
| January 2, 2026 | Class A-II <sup>(1)</sup> | 106987 | $1142 | $10.67 |
| February 2, 2026 | Class I | 24839 | $270 | $10.87 |
| February 2, 2026 | Class A-II <sup>(1)</sup> | 203668 | $2179 | $10.70 |
| February 2, 2026 | Class T | 2224 | $25 | $10.86 |
| March 2, 2026 | Class A-II <sup>(1)</sup> | 83445 | $896 | $10.74 |
| March 2, 2026 | Class I | 9174 | $100 | $10.90 |

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Below is a table summarizing shares issued pursuant to the distribution reinvestment plan that occurred subsequent to December 31, 2025, through the date of this filing (in thousands, except share and per share data):

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| | | | | |
|:---|:---|:---|:---|:---|
| **Trade Date** | **Share Class** | **Shares Issued** | **Aggregate Gross Purchase Price** | **Price per Share** |
| January 12, 2026 | Class I | 1237 | $13 | $10.84 |
| January 12, 2026 | Class E <sup>(2)</sup> | 221 | $3 | $11.47 |
| January 12, 2026 | Class A-I <sup>(1)</sup> | 10163 | $109 | $10.70 |
| January 12, 2026 | Class A-II <sup>(1)</sup> | 8878 | $95 | $10.67 |
| January 12, 2026 | Class T | 1 | $0 | $10.84 |
| February 10, 2026 | Class I | 1296 | $14 | $10.87 |
| February 10, 2026 | Class E <sup>(2)</sup> | 221 | $3 | $11.53 |
| February 10, 2026 | Class A-I <sup>(1)</sup> | 10175 | $109 | $10.73 |
| February 10, 2026 | Class A-II <sup>(1)</sup> | 9280 | $99 | $10.70 |
| February 10, 2026 | Class T | 1 | $0 | $10.86 |
| March 10, 2026 | Class I | 1320 | $14 | $10.90 |
| March 10, 2026 | Class E <sup>(2)</sup> | 220 | $3 | $11.59 |
| March 10, 2026 | Class A-I <sup>(1)</sup> | 10178 | $110 | $10.77 |
| March 10, 2026 | Class A-II <sup>(1)</sup> | 10024 | $108 | $10.74 |
| March 10, 2026 | Class T | 8 | $0 | $10.89 |

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The table is presented with dollars shown in thousands and amounts that round to less than $1 thousand are reflected as $0 rather than as a dash.

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<sup>(1)</sup> The offer and sale of Class A-I and Class A-II shares to accredited investors in private placements is exempt from the registration provisions of the Securities Act by virtue of Section 4(a)(2) thereof and Rule 506(c) of Regulation D promulgated thereunder.

<sup>(2)</sup> The Class E shares were issued to the Company's independent directors pursuant to the Company's distribution reinvestment plan. These shares were issued in private transactions exempt from registration under Section 4(a)(2) of the Securities Act.

*Second Amendment of Advisory Agreement*

On February 24, 2026, the Company, the Operating Partnership and the Adviser entered into an amendment (the "Amendment") to the Amended and Restated Advisory Agreement, dated March 19, 2024, as renewed and extended pursuant to the Renewal Agreement of Amended and Restated Advisory Agreement, dated July 31, 2024, as amended pursuant to Amendment No. 1 to the Amended and Restated Advisory Agreement, dated February 27, 2025, and as further renewed and extended pursuant to the Second Renewal Agreement of Amended and Restated Advisory Agreement, dated July 31, 2025 (collectively, the "Advisory Agreement").

Under the Advisory Agreement, the Adviser agreed to advance all of the Company's organization and offering expenses on the Company's behalf (excluding upfront selling commissions, dealer manager fees and distribution fees) through March 19, 2026, the second anniversary of the date on which the Company broke escrow in its public offering. The Company was to reimburse the Adviser for all such advanced expenses ratably over the 60 months following March 19, 2026. In addition, the Adviser agreed to advance on the Company's behalf certain of the Company's general and administrative expenses through the earlier of (a) the first date that the aggregate net asset value ("NAV") of the Company's outstanding shares of common stock, along with Operating Partnership units held by parties other than the Company, reached $1.0 billion and (b) March 19, 2026, the second anniversary of the date on which the Company broke escrow for its public offering, at which point the Company was to reimburse the Adviser for all such advanced expenses ratably over the 60 months following such date.

The Amendment extends the period over which the Adviser will advance such expenses and makes a corresponding adjustment to the Company's obligation to reimburse such advanced expenses. Pursuant to the Amendment, the Adviser will advance the organization and offering expenses described above through March 19, 2027, the third anniversary of the date on which the Company broke escrow in its public offering, at which point the Company will reimburse the Adviser for all such expenses ratably over the 60 months following March 19, 2027. In addition, under the Amendment, the Adviser will advance on the Company's behalf certain of the Company's general and administrative expenses through the earlier of (a) the first date that the aggregate NAV of the Company's outstanding shares of common stock, along with Operating Partnership units held by parties other than the Company, reaches $1.0 billion and (b) March 19, 2027, the third anniversary of the date on which the Company broke escrow for its public offering, at which point the Company will reimburse the Adviser for all such advanced expenses ratably over the 60 months following such date.

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**Schedule III - Real Estate and Accumulated Depreciation as of December 31, 2025** ($ in thousands)

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  | **Costs Capitalized** | **Costs Capitalized** | **Gross Amounts at which Carried** | **Gross Amounts at which Carried** |  |  |  |  |
|  |  |  |  | **Initial Cost** | **Initial Cost** | **Subsequent to Acquisition** | **Subsequent to Acquisition** | **at the Close of Period** <sup>(1)</sup> | **at the Close of Period** <sup>(1)</sup> |  |  |  |  |
| **Description** | **Name** | **Location** | **Encumbrances** | **Land and Land Improvements** | **Building and Building Improvements** | **Land and Land Improvements** | **Building and Building Improvements** | **Land and Land Improvements** | **Building and Building Improvements** | **Total** | **Accumulated Depreciation** <sup>(2)</sup> | **Year Built/Last Renovated<br>(unaudited)** | **Acquired** |
| Industrial Properties | Industrial Properties |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Georgetown Property | Georgetown, Texas | $31894 | $21796 | $31895 | $— | $— | $21796 | $31895 | $53691 | $(1954) | 2023 | 2024 |
|  | Middletown Property | Middletown, Pennsylvania | 85250 | 35157 | 118409 |  | 109 | 35157 | 118518 | 153675 | (5134) | 2023 | 2024 |
|  | Nashville Property | Portland, Tennessee | 36913 | 10784 | 49856 |  |  | 10784 | 49856 | 60640 | (2152) | 2023 | 2024 |
|  | Washington Property | Tukwila, Washington | 40793 | 7031 | 54384 |  |  | 7031 | 54384 | 61415 | (2407) | 2021 | 2024 |
|  | Torrance Property | Torrance, California |  | 37368 | 11572 |  |  | 37368 | 11572 | 48940 |  | 2000 | 2025 |
| Total industrial properties | Total industrial properties |  | 194850 | 112136 | 266116 |  | 109 | 112136 | 266225 | 378361 | (11647) |  |  |
| Portfolio Total |  |  | $194850 | $112136 | $266116 | $— | $109 | $112136 | $266225 | $378361 | $(11647) |  |  |

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<sup>(1)</sup> As of December 31, 2025, the aggregate gross cost basis for tax purposes was $429.2 million.

<sup>(2)</sup> Refer to Note 2 of the Company's consolidated financial statements for details on depreciable lives.

Schedule III does not include the right-of-use asset - finance lease associated with the Washington Property, totaling $103.2 million; it also does not include construction in progress associated with the Nashville Property's tenant improvement project, totaling $8.9 million. Accumulated depreciation does not include the accumulated depreciation of the right-of-use asset - finance lease, totaling $2.5 million as of December 31, 2025; construction in progress is not subject to depreciation. The following table summarizes activity for real estate and accumulated depreciation for the year ended December 31, 2025 ($ in thousands).

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| | | |
|:---|:---|:---|
| **Description** | **December 31, 2025** | **December 31, 2024** |
| Real Estate |  |  |
| &nbsp;&nbsp;Balance at the beginning of the year | $329312 | $— |
| &nbsp;&nbsp;Addition during the year: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Land and land improvements | 37368 | 74768 |
| &nbsp;&nbsp;&nbsp;&nbsp;Building and building improvements | 11681 | 254544 |
| &nbsp;&nbsp;Dispositions during the year: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Land and land improvements |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Building and building improvements |  |  |
| &nbsp;&nbsp;Balance at the end of the year | $378361 | $329312 |
| Accumulated Depreciation: |  |  |
| &nbsp;&nbsp;Balance at the beginning of the year | (3001) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated depreciation | (8646) | (3001) |
| &nbsp;&nbsp;&nbsp;&nbsp;Dispositions |  |  |
| &nbsp;&nbsp;Balance at the end of the year | $(11647) | $(3001) |

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## Exhibit 10.10

**Exhibit 10.10**

**AGREEMENT FOR PURCHASE AND SALE**

**OF REAL PROPERTY**

AND

ESCROW INSTRUCTIONS

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| | | |
|:---|:---|:---|
| **FOR OFFICE USE ONLY:**  | **FOR OFFICE USE ONLY:**  |  |
| TO: Escrow Holder: | TO: Escrow Holder: |  |
| RE: | Escrow No. |  |
|  | Date of Opening of Escrow:  | Closing Date By:  |

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This Agreement for Purchase and Sale of Real Property and Escrow Instructions (the "**Agreement**"), dated as of the late**st date of execution shown on the signature page hereto (the "Effective Date"), by and between FRITO-LAY SALES, INC.**, a Delaware corporation ("**SELLER**"), and **EQT REAL ESTATE, LLC**, a Delaware limited liability company ("**BUYER**"), with reference to the following:

**RECITALS:**

SELLER is the owner of a fee estate in that certain real property with a street address of 1500 Francisco Street, Torrance, California, together with all rights and easements appurtenant thereto, the legal description of which is described in Exhibit "A" attached hereto and by this reference incorporated herein (the **"Property**"); and

SELLER desires to sell the Property to BUYER and BUYER desires to purchase the Property from SELLER, all on the terms and conditions set forth in this Agreement.

NOW, THEREFORE, with reference to the foregoing Recitals which are incorporated herein by this reference, and for other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

**I.** **PURCHASE AND SALE OF PROPERTY; PURCHASE PRICE**

Subject to the terms and conditions of this Agreement, SELLER agrees to sell to BUYER, and BUYER agrees to purchase from SELLER, the Property for a purchase price (the "**Purchase Price**") of ***$51,500,000.00***, payable in cash upon the Closing (as defined below). BUYER acknowledges that prior to the expiration of the Inspection Period (as defined below), BUYER shall have inspected and examined all factors concerning the Property and hereby affirms that the Purchase Price paid at Closing shall reflect, subject to the terms of this Agreement, an "AS IS" condition of the Property. Upon the close of Escrow (defined in Section 2.1 below), BUYER shall conclusively be deemed to have released SELLER from all responsibility relating to the Property, and to have accepted the Property in its condition, "AS IS," without warranty express or implied, except as provided in Article IX and any warranty contained in the deed to be provided by SELLER at Closing.

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**II.** **OPENING OF ESCROW; DEPOSIT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.Opening of Escrow

Within three (3) business days after the execution of this Agreement by BUYER and SELLER, an executed original of this Agreement shall be deposited with Stewart Title Company, 1717 Main Street, Suite 350, Dallas, TX 75201, Attention: Courtney Tanner, Commercial Escrow Officer, (214) 413-1808 direct, (214) 481-6714 fax, courtney.tanner@stewart.com) ("**Escrow Holder**") in order to open an escrow (the "**Escrow**") to complete the purchase and sale herein contemplated. By such deposit, Escrow Holder is hereby authorized and instructed to act in accordance with the provisions of this Agreement which shall constitute Escrow Holder's Escrow Instructions.

Escrow shall be deemed to have been opened on the date that a fully-executed original of this Agreement is received by Escrow Holder (the "**Opening of Escrow**") and, upon receipt thereof, Escrow Holder shall advise BUYER and SELLER of said date. In addition, BUYER and SELLER agree to execute, deliver and be bound by any reasonable or customary supplemental escrow instructions of Escrow Holder or other instruments as may be reasonably required by Escrow Holder in order to consummate the transaction contemplated herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.Deposit by BUYER

Within five (5) business days following the Opening of Escrow, BUYER shall deposit with Escrow Holder an earnest money deposit by wire transfer or in the form of a certified or cashier's check in the amount of $1,000,000 (the "**Escrow Deposit**"), which Escrow Deposit shall be applicable to the Purchase Price upon the Closing (as defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.Independent Contract Consideration

SELLER and BUYER agree that $100.00 of the Escrow Deposit (the "**Independent Contract Consideration**") has been bargained for as consideration for SELLER's execution and delivery of this Agreement and BUYER's right to inspect the Property, pursuant to Section 4.2 hereof. Additionally, to the extent that this Agreement is construed as an option agreement, such option granted BUYER is, as a result of BUYER's payment of the Independent Contract Consideration, irrevocable, and SELLER shall not terminate said option without the prior written consent of BUYER, except as may be expressly provided for herein. Notwithstanding anything contained in this Agreement to the contrary, the Independent Contract Consideration is independent of any other consideration or payment provided for in this Agreement and is non-refundable to BUYER in all events (even if the remainder of the Escrow Deposit is to be returned to BUYER). Escrow Holder shall forward the Independent Contract Consideration to SELLER upon the earlier to occur of (i) the Closing, (ii) termination of this Agreement by either party hereto, or (iii) request by SELLER.

**III.** **TERMINATION OF AGREEMENT; CANCELLATION OF ESCROW**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.Termination and Cancellation

If either BUYER or SELLER (a) disapproves any condition referred to in this Agreement within the applicable time period and in the manner set forth in this Agreement, or (b) is otherwise allowed to terminate this Agreement and cancel the Escrow, without thereby committing an act of default under this Agreement or the Escrow and does so, all obligations of the parties under this Agreement shall terminate and neither party shall have any further obligation to the other under this Agreement (except that BUYER's indemnity of SELLER, as set forth in Section 4.2 below, and each party's indemnification of the other, as set forth in Article XI, shall each continue in full force and effect). In such event, Escrow Holder shall return all funds (after deducting

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its charges, if its charges are to be borne by the party depositing such funds) and documents then in Escrow to the party depositing same, and each party shall promptly return all documents in the possession of such party to the other party. If Escrow fails to close due to a breach of this Agreement by SELLER, SELLER agrees to promptly direct Escrow Holder to return the Escrow Deposit to BUYER.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.Liquidated Damages

BUYER AND SELLER AGREE THAT IF BUYER DOES NOT TERMINATE THIS AGREEMENT PRIOR TO THE EXPIRATION OF THE INSPECTION PERIOD AND DOES NOT PURCHASE THE PROPERTY, IF SELLER IS NOT IN DEFAULT UNDER THE TERMS OF THIS AGREEMENT, SELLER SHALL HAVE THE RIGHT TO TERMINATE THIS AGREEMENT AND THE ESCROW BY GIVING WRITTEN NOTICE OF TERMINATION TO BUYER AND ESCROW HOLDER AND BUYER SHALL HAVE TEN (10) BUSINESS DAYS TO CURE SUCH DEFAULT; PROVIDED THAT A DEFAULT UNDER SECTION 8.1 HEREOF SHALL NOT BE SUBJECT TO A CURE PERIOD. IN THE EVENT OF SUCH TERMINATION, BUYER AND SELLER AGREE THAT THE ACTUAL DAMAGES WHICH SELLER WOULD SUFFER AS A RESULT OF BUYER'S DEFAULT ARE EXTREMELY DIFFICULT AND IMPRACTICAL TO ASCERTAIN INASMUCH AS IT IS DIFFICULT TO EVALUATE THE DAMAGES TO SELLER TO BE INCURRED BY TAKING THE PROPERTY OFF THE MARKET PURSUANT TO THIS AGREEMENT. THEREFORE, BUYER AND SELLER AGREE THAT BUYER'S ESCROW DEPOSIT REPRESENTS A REASONABLE ESTIMATE AS TO THE AMOUNT OF SUCH DAMAGES AND SELLER SHALL BE ENTITLED TO RECEIVE AND RETAIN THE ESCROW DEPOSIT AS LIQUIDATED DAMAGES WHICH SHALL BE IN LIEU OF ALL OTHER DAMAGES OR REMEDIES THAT OTHERWISE WOULD BE AVAILABLE TO SELLER, IF BUYER FAILS TO CLOSE THE ESCROW ON ACCOUNT OF BUYER'S BREACH OF THIS AGREEMENT. IF SELLER DEFAULTS UNDER THIS AGREEMENT, BUYER'S SOLE REMEDY SHALL BE THE CHOICE OF EITHER: (A) TERMINATE THE AGREEMENT,RECEIVE A RETURN OF THE ESCROW DESPOSIT, AND RECEIVE REIMBURSEMENT BY SELLER OF BUYER'S ACTUAL THIRD-PARTY OUT OF POCKET EXPENSES (NOT TO EXCEED $100,000); OR (B) THE RIGHT OF SPECIFIC PERFORMANCE. BUYER AND SELLER SHALL HAVE NO RIGHT TO SEEK ANY TYPE OF DAMAGES. BUYER AND SELLER, BY THEIR INITIALS BELOW, HEREBY SPECIFICALLY APPROVE AND AGREE TO THIS SECTION.

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| | |
|:---|:---|
| JPL | DW |
| BUYER's Initials | SELLER's Initials |

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**IV.** **CONDITIONS PRECEDENT TO BUYER'S PERFORMANCE**

BUYER's obligation to purchase the Property is subject to the satisfaction of all the conditions set forth below within the time periods specified. If any of these conditions are not satisfied within the stated applicable time period, BUYER may terminate this Agreement and cancel the Escrow under Section 3.1 above and the Escrow Deposit shall be immediately returned to BUYER. BUYER may waive, in writing, any or all of the conditions, in whole or in part, without prior notice to SELLER. If any condition is not satisfied due to a default by SELLER, such default shall be addressed in accordance with Section 3.2 above; provided, however, that BUYER acknowledges that a breach of a warranty under Section 9 below is not in and of itself a default for the purposes of Section 3.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.Approval of Title and Survey. SELLER has: (a) caused Escrow Holder to furnish BUYER a title commitment for the Property (the "**Commitment**"), accompanied by copies of all documents of record referred to in such commitment; and (b) provided BUYER a current survey of the Property (the "**Survey**"), which Survey BUYER shall have the right to further modify at BUYER's

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cost. The Commitment, documents of record and Survey (as it may be so modified by BUYER) are collectively referred to herein as the "**Title Due Diligence Items**."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.1.BUYER shall have until 11:59 p.m. on the Effective Date (as defined in Section 4.2, below) (the "**Title/Survey Review Date**") to examine the Title Due Diligence Items. In the event BUYER is not satisfied with any survey or title matters, BUYER shall, on or prior to the Title/Survey Review Date, notify SELLER in writing (the "**Objection Notice**") specifying any objections to matters disclosed by the Title Due Diligence Items (collectively, the "**Objections**"). If BUYER fails to deliver the Objection Notice on or before the Title/Survey Review Date, BUYER shall be deemed to have waived any objection to those matters disclosed by the Title Due Diligence Items and all such matters shall thereupon be deemed to be Permitted Exceptions (as defined below). SELLER shall have until 5:00 p.m. on the date of the second (2<sup>nd</sup>) business day following the Objection Notice to give BUYER written notice ("**SELLER's Title Response**") as to whether SELLER elects to use commercially reasonable efforts to cure the Objections. If SELLER fails to timely give SELLER's Title Response, SELLER shall be deemed to have elected not to attempt to cure the Objections. If SELLER elects or is deemed to have elected not to attempt to cure any one or more of the Objections (the "**Non-Cure Objections**"), then, with respect thereto, BUYER shall deliver written notice to SELLER and Escrow Holder (the "**Title Notice**") on or before the end of the Inspection Period (as defined below) electing to either: (i) proceed to Closing and accept the title to the Property "as-is" subject to such Non-Cure Objections (which shall thereupon be deemed to be Permitted Exceptions), without adjustment to the Purchase Price; or (ii) terminate this Agreement prior to the expiration of the Inspection Period in accordance with Section 4.2, below, whereupon the Escrow Deposit shall be returned promptly to the BUYER and the parties hereto shall have no further liability hereunder except for any obligations that expressly survive the termination of this Agreement in accordance with the terms hereof. Notwithstanding the foregoing, SELLER shall remove on or before Closing (but may use proceeds from Closing do to so) any and all mortgages or other liens on the Property which were placed there by or through SELLER and any and all mechanic lien claims on the Property arising in connection with work performed on behalf of SELLER.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.2.The Property shall be conveyed subject to the following matters, which are hereinafter referred to as the "**Permitted Exceptions**": (a) those matters that either are not objected to in writing within the time periods provided in Sections 4.1.1 or if objected to in writing by BUYER, are those which SELLER has elected not to remove or cure, or has been unable to remove or cure, and subject to which BUYER has elected or is deemed to have elected to accept the conveyance of the Property; (b) the lien of all ad valorem real estate taxes and assessments not yet due and payable as of the date of Closing (as defined in Section 8.1), subject to adjustment as herein provided; and (c) local, state and federal laws, ordinances or governmental regulations, including but not limited to, building and zoning laws, ordinances and regulations, now or hereafter in effect relating to the Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.Inspection Period

For a period commencing upon the execution of that certain Access Agreement between BUYER and SELLER dated November 10, 2025 and expiring on the Effective Date, SELLER grants to BUYER, its employees and agents a limited license to enter on the Property, so long as the activities do not damage the Property or materially interfere with the operations of the Property, to conduct reasonable inspections and tests, as may be necessary or desirable in BUYER's sole judgment and discretion, to inspect all aspects of the physical condition of the Property, including, but not limited to: roof, structural, engineering, sprinkler and fire control, condition of the soil, electrical, heating and air conditioning, water, sewer and plumbing (the "**Inspection Period**"). In no event shall BUYER, its agent or representatives conduct any physical testing, drilling, boring, sampling or removal of, on or through the surface of the Property (or any portion thereof) including, without limitation, and ground borings or invasive testing of any

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improvements (collectively, "**Physical Testing**"), without SELLER's written consent, which consent may be given or withheld at SELLER's sole and absolute discretion, but shall be given within two (2) days of the BUYER's request. SELLER's failure to respond to such consent from BUYER within two (2) days shall be treated as a refusal by the SELLER to permit such borings or invasive testing**. IN THE EVENT THAT BUYER WISHES TO CONDUCT PHYSICAL TESTING, THEN BUYER SHALL SUBMIT TO SELLER, FOR SELLER APPROVAL, A WRITTEN DETAILED DESCRIPTION OF THE SCOPE AND EXTENT OF THE PROPOSED PHYSICAL TESTING**.

BUYER agrees that access to the Property shall be at reasonable times and during ordinary business hours and that the Property shall be kept free and clear of all mechanics' and materialmens' liens arising out of any activities by BUYER. BUYER agrees to repair any damage to the Property caused by its inspection thereof, and BUYER shall indemnify, defend and hold SELLER harmless against all claims, losses, liabilities, damages or expenses (including, without limitation, attorneys' fees) which may arise from or be related to BUYER's inspection of the Property; provided, however, that BUYER shall have no indemnification obligation for any claims, losses, damages or expenses to the extent arising from (i) SELLER's negligence or willful misconduct, or (ii) any pre-existing conditions merely discovered by BUYER during its investigations of the Property.

If for any reason whatsoever in BUYER's sole and absolute judgment BUYER determines that the Property or any aspect thereof is unsuitable for BUYER's acquisition, BUYER shall have the right to terminate this Agreement by giving written notice thereof to SELLER prior to 8:00 p.m. Pacific Standard Time on the last day of the Inspection Period, and if BUYER gives such notice of termination by such time, this Agreement shall terminate. If BUYER fails to give SELLER a notice of termination prior to 8:00 p.m. Pacific Standard Time on the last day of the Inspection Period, BUYER shall be deemed to have approved all aspects of the Property and to have elected to proceed with the purchase of the Property pursuant to the terms hereof.

Before BUYER, its employees, contractors, consultants and agents (collectively, "**BUYER's Agents**") may enter the Property, BUYER shall, or shall cause BUYER's Agents to, maintain commercial general liability insurance, including broad form property damage, with limits of not less than $1,000,000.00 per occurrence and $2,000,000.00 in the aggregate in form and substance adequate to insure against all liability of BUYER and/or BUYER's Agents, arising out of any entry or inspections of the Property pursuant to the provisions hereof, and BUYER shall provide SELLER with a certificate of insurance evidencing such coverage before any such entry, including evidence that SELLER (and any other persons designated by SELLER) is an additional insured on the commercial general liability policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.Confidentiality

Unless SELLER specifically and expressly otherwise agrees in writing, BUYER agrees that (a) the results of all inspections, analyses, studies and similar reports relating to the Property prepared by or for BUYER utilizing any information acquired in whole or in part through the exercise of BUYER's inspection rights; and (b) all information (the "**Proprietary Information**") regarding the Property of whatsoever nature made available to BUYER by SELLER or SELLER's agents or representatives, is confidential and shall not be disclosed to any other person except those assisting BUYER with the transaction, or BUYER's lender, if any, and then only upon BUYER making such persons aware of the confidentiality restriction and procuring such persons' agreement to be bound hereby. BUYER agrees not to use, or allow to be used, any such information for any purpose other than to determine whether to proceed with the contemplated purchase, or if same is consummated, in connection with the operation of the Property post-closing. Further, if Closing does not occur for any reason whatsoever, BUYER agrees to return to SELLER, or cause to be returned to SELLER or destroy, all Proprietary Information; provided, however, that any such return or destruction shall be subject to (i) BUYER's existing electronic retention policy,

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and (ii) BUYER's compliance with applicable law or regulatory authority. The provisions of this Section 4.3 shall survive any termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.Delivery of Documents

SELLER shall have executed, acknowledged (if required) and delivered all documents and instruments required of SELLER to Escrow Holder, as provided in this Agreement.

**V.** **Condition of "AS IS" Property**

TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW AND EXCEPT FOR SELLER'S REPRESENTATIONS AND WARRANTIES IN ARTICLE IX HEREOF AND ANY WARRANTY CONTAINED IN THE DEED TO BE PROVIDED BY SELLER AT CLOSING, BUYER ACKNOWLEDGES THAT BUYER IS PURCHASING THE PROPERTY ON AN "AS IS" BASIS, WITH ALL FAULTS AND PROBLEMS OF ANY KIND AND NATURE, KNOWN OR UNKNOWN, PATENT OR LATENT, OF A PHYSICAL OR LEGAL CONCERN, OR OTHERWISE; THAT THE PURCHASE PRICE REFLECTS THE EXISTING CONDITION OF THE PROPERTY AND THAT ANY DAMAGE OR DETRIMENT BUYER MAY SUFFER BY REASON THEREOF IS FULLY COMPENSATED FOR BY THE PURCHASE PRICE. BUYER ACKNOWLEDGES THAT SELLER'S DUTY TO MAINTAIN THE PROPERTY TO THE CLOSING (AS DEFINED BELOW) SHALL BE TO THE EXTENT AND IN THE MANNER CONSISTENT WITH SELLER'S CURRENT PRACTICES. WITHOUT INTENDING TO LIMIT THE FOREGOING, ***BUYER ACKNOWLEDGES THAT BUYER HAS RECEIVED AND, IF BUYER HAS NOT TERMINATED THIS AGREEMENT PURSUANT TO SECTION 4.2 ABOVE, SHALL HAVE REVIEWED THE DOCUMENTS IDENTIFIED ON SCHEDULE 5, ATTACHED HERETO, AND SHALL CONDUCT (AND RELY UPON) ITS OWN INVESTIGATIONS WITH RESPECT TO THE INFORMATION DISCLOSED IN THE REFERENCED DOCUMENTS***. THE TERMS AND PROVISIONS OF THIS <u>ARTICLE V</u> SHALL SURVIVE CLOSING AND/OR TERMINATION OF THIS AGREEMENT.

JPL

BUYER's Initials

**VI.** **LEASE-BACK**

BUYER hereby agrees to lease back to SELLER (or another affiliated entity designated by SELLER) the Property and associated improvements thereon after the Closing per the terms and

conditions on Exhibit "B" (the "**Lease**"), which shall provide for a term commencing on the date of

Closing and expiring on the final day of the 120<sup>th</sup> full calendar month thereafter. The monthly rent for the Property and improvements shall be $216,619.95, subject to annual escalations of three (3%) percent.

The Lease shall be in the form attached hereto as Exhibit "B" and incorporated herein by this reference, together with any other amendments or modifications as SELLER and BUYER

may agree to in writing prior to the Closing.

In the event that the Lease is executed prior to Closing, and Closing does not occur due to the default of Seller hereunder, then, notwithstanding any provision herein or in the Lease to the contrary, the Lease shall remain in effect during the pendency of any action for specific performance pursued by BUYER in accordance with Section 3.2 above and, if BUYER is successful in such action, then the Lease shall continue in full force and effect.

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**VII.** **CONDITIONS PRECEDENT TO SELLER'S PERFORMANCE**

SELLER's obligation to sell the Property is subject to the satisfaction of all the conditions set forth below, within the time periods specified. Subject to the rights of the BUYER set forth in this Agreement, if any of these conditions is not satisfied within the stated applicable time period, SELLER may terminate this Agreement and cancel the Escrow under Section 3.1 above. SELLER may waive, in writing, any or all of the conditions, in whole or in part, without prior notice to BUYER.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.Delivery of Documents

BUYER shall have executed, acknowledged (if required) and delivered all monies, documents and instruments to Escrow Holder, as provided in this Agreement, including (but not limited to) counterparts of all documents identified in Section 8.6, below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.Approvals by BUYER

BUYER shall have timely approved or waived the conditions to BUYER's performance, as described in Article IV above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.Intentionally Deleted

**VIII.** **CLOSING OF ESCROW**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.Closing Date

As a material part of the consideration for SELLER's execution of this Agreement, BUYER hereby agrees that Escrow shall close on or before the date that is the earlier to occur of (a) December 23, 2025 and (b) ten (10) days after the expiration of the Inspection Period (the "**Closing**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.Demands

Escrow Holder is hereby authorized and instructed to obtain demands for payment of any recorded liens against the Property and, after approval of such demands by SELLER (which approval shall not be unreasonably withheld), to pay such demands and secure the release of such liens at the Closing out of the funds deposited into Escrow by SELLER or BUYER.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3.Allocation of Costs and Expenses

The expenses of Escrow Holder and costs and expenses of consummating the transaction contemplated in this Agreement shall be paid in the following manner:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3.1.By BUYER

BUYER shall pay (a) the costs associated with endorsements to, and deletions from Owner's Policy of Title Insurance referred to in Section 8.7 below; (b) the cost of recording SELLER's deed of conveyance to BUYER; (c) the cost of recording any instrument related to BUYER's financing, if any; (d) real property taxes, assessments and personal property taxes as prorated based upon the most recent tax and assessment information; and (e) one-half (1/2) of the Escrow Holder's fee; and (f) the cost of any updates or modifications to the Survey; and (g) one-half (1/2) of any stamp, conveyance, deed transfer or similar tax calculated based the amount of the Purchase Price regardless of whether assessed at the state, county or municipal level.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3.2.By SELLER

SELLER shall pay (a) the costs of the Owner's Policy of title Insurance referred to in Section 8.7 below, less the cost of endorsements and deletions (b) any other expense associated with the Property to the date of Closing; and (c) real property taxes, assessments and personal property taxes as prorated based upon the most recent tax and assessment information (except for any supplemental taxes assessed resulting from the conveyance pursuant to the terms of this Agreement which shall be the sole responsibility of BUYER, unless such supplemental taxes pertain to the period of ownership of SELLER, in which case said amounts shall be a SELLER charge); (d) the cost of the Survey, excluding updates and modifications requested by BUYER; and (e) one-half (1/2) of the Escrow Holder's fee, and (f) one-half (1/2) of any stamp, conveyance, deed transfer or similar tax calculated based the amount of the Purchase Price regardless of whether assessed at the state, county or municipal level.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3.3.Any other costs or expenses shall be allocated between and charged to BUYER and SELLER in accordance with local custom. At Closing, SELLER, as tenant under the Lease, shall pay BUYER, as landlord under the Lease, (i) all rents due for the month in which Closing occurs (prorated on a per diem basis) and if Closing occurs on or after the 15<sup>th</sup> day of a calendar month, all rents due for the month after the month in which Closing occurs, and (ii) the security deposit, if required, under the Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3.4.If any errors or omissions are made regarding adjustments and prorations as aforesaid, the parties shall make the appropriate corrections promptly upon the discovery thereof. If any estimations are made at the Closing regarding adjustments or prorations, the parties shall make the appropriate correction promptly when accurate information becomes available. Any corrected adjustment or proration shall be paid in cash to the party entitled thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3.5.BUYER and SELLER hereby acknowledge and agree that the amounts of all telephone, electric, sewer, water and other utility bills, trash removal bills, janitorial and maintenance service bills and all other operating expenses relating to the Property and allocable to the period prior to the Closing date shall be determined and paid by SELLER before Closing, if feasible, or shall be paid thereafter by SELLER or adjusted between BUYER and SELLER immediately after the same have been determined. SELLER shall attempt to have all utility meters read as of the Closing date. BUYER shall cause all utility services to be placed in BUYER's name as of the Closing date. There shall be no proration of SELLER's insurance premiums or assignment of SELLER's insurance policies. BUYER shall be obligated (at its own election) to obtain any insurance coverage deemed necessary or appropriate by BUYER. The terms and provisions of this <u>Section 8.3.5</u> shall survive Closing and/or termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4.Allocation of Costs If Escrow Fails To Close

In the event Escrow fails to close because of the failure of BUYER to comply with its obligations hereunder, the cost of the Commitment and any Escrow cancellation charges shall be paid by BUYER. In the event Escrow fails to close because of the failure of SELLER to comply with its obligations hereunder, such costs shall be paid by SELLER. In the event Escrow shall fail to close for any other reason, such costs shall be divided equally between the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5.Deposits by BUYER Into Escrow

On the day of Closing, BUYER shall deposit with Escrow Holder the balance of the Purchase Price in funds acceptable to Escrow Holder for immediate credit towards payment of the Purchase Price all BUYER counterparts of documents listed in Section 8.6 below, and any additional funds or documents as may be necessary to comply with this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6.Deposits by SELLER Into Escrow

On the day of Closing, SELLER shall deposit with Escrow Holder the following items:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6.1.The Grant Deed sufficient to convey the Property to BUYER, duly executed, acknowledged in the substantively form attached hereto as **<u>Exhibit C</u>** ("**Deed**"), revised as necessary to be in recordable form and as required by law and to be accompanied by a Preliminary Change of Ownership Report to be completed and executed by BUYER;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6.2.A duly executed certificate of SELLER (the "**SELLER's Closing Certificate**") updating the representations and warranties contained in Article IX hereof in the form attached hereto as **<u>Exhibit D</u>**;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6.3.An affidavit which satisfies the requirements of Section 1445 of the Internal Revenue Code, as amended (the "**FIRPTA Affidavit**") for the Property in the form attached hereto as **<u>Exhibit E</u>**;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6.4.A duly executed general assignment of all intangible property related to the ownership, use or operation of the Property (the "**General Assignment**") in the form attached hereto as **<u>Exhibit F</u>**;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6.5.A duly executed Lease in the form attached hereto as **<u>Exhibit B</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6.6.A duly executed California Form 593;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6.7.Reserved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6.8.Such other instruments and documents as may be reasonably requested by Escrow Holder or BUYER and are reasonably required to transfer the Property to BUYER in accordance with this Agreement, including but, not limited to, a Settlement Statement, Owner's Affidavit and any documents required to transfer the Property, record the deed or issue the policy of title insurance satisfying the requirements of Section 8.7.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7.Policy of Title Insurance

At the Closing, Escrow Holder shall deliver to BUYER a Policy of Title Insurance in the amount of the Purchase Price insuring title vested in BUYER, free of encumbrances, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7.1.All non-delinquent general and special real property taxes and assessments and the lien of supplemental taxes, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7.2.Easements, encumbrances, covenants, conditions, restrictions, reservations, rights-of-way and other matters of record of whatever kind or nature, including, but not limited to, those matters relating to utility lines, roads, sewers, rights of surface entry, and the zoning and use regulations of any municipal, county or state agency or body affecting the Property, as shown on the Commitment approved by BUYER.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8.Disbursement and Other Actions By Escrow Holder

Upon the Closing, Escrow Holder shall promptly undertake all of the following in the manner herein below indicated:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8.1.Cause the Deed and any other instruments which the parties so direct to be recorded in the Official Records of the county and state governing the Property.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8.2.Disburse all funds deposited with Escrow Holder by BUYER in payment of the Purchase Price for the Property as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A)Deduct therefrom all items chargeable to the account of SELLER pursuant hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B)The remaining balance of the funds so deposited by or for the account of BUYER shall be disbursed to SELLER promptly upon the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8.3.Deliver the Policy of Title Insurance to BUYER;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IX.** **REPRESENTATIONS AND WARRANTIES OF SELLER**

SELLER hereby represents and warrants to BUYER that prior to the Closing, SELLER shall keep and maintain the Property in a manner consistent with its current practices, except for ordinary wear and tear, casualty and condemnation. SELLER shall, promptly upon receipt thereof, provide BUYER with a copy of any notice received by SELLER concerning the Property from any governmental or quasi-governmental authority, including any notices of violation of any laws, statutes or ordinance affecting the Property. Except for the Lease, SELLER shall not (i) lease or rent any portion of the Property, or (ii) enter into contract or agreement which would be binding upon the Property or BUYER following Closing, without the prior written consent of BUYER, which may be granted or withheld by BUYER in BUYER's sole discretion.

Additionally, SELLER represents and warrants to BUYER as follows, which representations and warranties shall be deemed to have been remade on the Closing Date that, to the best of SELLER's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>No Litigation</u>. SELLER has received no summons regarding, and there is no litigation pending or threatened, against the Property or SELLER's interest therein, including, without limitation, proceedings for or involving collections, condemnation, eminent domain, alleged environmental or zoning violations, or personal injuries or property damage alleged to have occurred on the Property or by reason of the condition, use of, or operations on, the Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Zoning</u>. There are no pending or threatened requests, applications or proceedings to alter or restrict the zoning or other use restrictions applicable to the Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Eminent Domain</u>. There is no pending or threatened condemnation or eminent domain proceeding against the Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Organization and Authority</u>. SELLER has been duly organized, validly exists, and is in good standing in the state in which it was formed. Subject to Section 7.3 hereof, this Agreement and all agreements, instruments and documents herein provided to be executed by SELLER are duly authorized, executed and delivered by and binding upon SELLER in accordance with their terms. Subject to Section 7.3 hereof, SELLER has the legal power, right and authority to enter into this Agreement and consummate the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Requisite Action</u>. Subject to Section 7.3, all requisite action (corporate, trust, partnership or otherwise) has been taken or obtained by SELLER in connection with the entering into this Agreement and the consummation of the transactions contemplated hereby, or shall have been taken prior to the Closing Date.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Bankruptcy</u>. SELLER is not a party to any voluntary or involuntary proceedings under any applicable laws relating to the insolvency, bankruptcy, moratorium or other laws affecting creditors rights to the extent that such laws may be applicable to SELLER.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)<u>Violations</u>. SELLER has not received any written notice of any violations of any laws, statutes or ordinances affecting the Property which remain uncured.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)<u>Leases</u>. Except for the Lease, there are no leases or occupancy agreements affecting the Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)<u>OFAC</u>. SELLER and, to SELLER's actual knowledge, each person or entity owning an interest in SELLER is (i) not currently identified on the Specially Designated Nationals and Blocked Persons List maintained by the Office of Foreign Assets Control, Department of the Treasury and/or on any other similar list, (ii) not a person or entity with whom a citizen of the United States is prohibited to engage in transactions by any trade embargo, economic sanction, or other prohibition of United States law, regulation or Executive Order of the President of the United States, (iii) not an "**Embargoed Person**." To SELLER's actual knowledge, none of the funds or other assets of SELLER constitute property of, or are beneficially owned, directly or indirectly, by an Embargoed Person, and to SELLER's actual knowledge, no Embargoed Person has any interest of any nature whatsoever in SELLER.

For purposes of this Agreement and any document delivered at Closing, whenever the phrases "to the best of SELLER's knowledge", "to the actual knowledge of SELLER" or the "knowledge" of SELLER or words of similar import are used, they shall be deemed to refer to the current, actual, conscious knowledge only, and not implied, imputed or constructive knowledge, without any independent investigation having been made or implied duty to investigate, of Andrew Halturin, the Director of Global Real Estate of SELLER, who is in a position to have knowledge of the Property.

The representations and warranties made in this <u>Article IX</u> by SELLER will not merge into any instrument or conveyance delivered at Closing; provided, however, that any action, suit or proceeding with respect to the truth, accuracy, completeness or breach of such representations or warranties must be commenced, if at all, on or before the date which is six (6) months after the date of the Closing and, if not commenced on or before such date, thereafter such representations and warranties will be void and of no further force and effect. In no event shall BUYER have the right to commence any action against SELLER unless the alleged claims with respect to any breach of a representation, warranty, covenant and/or indemnity set forth herein or in any of the closing documents involve a matter that is reasonably deemed to be in excess of $50,000.00 in the aggregate (the "**Basket Limitation**"), with any and all other claims with respect to alleged breaches of SELLER's representations or warranties hereunder, in which case BUYER shall be permitted to recover the full amount of such liability. In no event shall SELLER have any liability for any breach of a representation, warranty, covenant and/or indemnity set forth herein or in any of the closing documents (a "**Seller Recoverable Breach**") in excess of two percent (2%) of the Purchase Price in the aggregate for all claims and losses, including court costs and reasonable attorneys' fees for enforcement, in the aggregate (the "**Cap Limitation**"). Notwithstanding anything to the contrary contained in this Agreement, BUYER acknowledges that BUYER will not be entitled to rely on any representation or warranty made by SELLER to the extent, prior to Closing, BUYER has or obtained actual knowledge of any information that was contrary to such representation or warranty. If BUYER obtains actual knowledge prior to Closing that there are material breaches of any of the representations and warranties made by SELLER herein, then BUYER may, at its option, by sending to SELLER written notice of its election either (i) terminate this Agreement or (ii) waive such breach and proceed to Closing with no adjustment in the Purchase Price and SELLER shall have no further liability as to such breach thereafter. In the event BUYER terminates this

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Agreement for the reasons set forth above, the Escrow Deposit shall be immediately refunded to BUYER and neither BUYER nor SELLER shall thereafter have any other rights or remedies hereunder other than with respect to obligations expressly surviving the termination hereof. If SELLER willfully breaches any of the representations and warranties made by SELLER herein (e.g., by voluntarily filing for bankruptcy or executing a lease that would be binding on BUYER following Closing), then BUYER shall have all rights and remedies set forth in Section 3.2 above. Notwithstanding anything to the contrary contained herein, the representation and warranty of SELLER set forth in Article XI below shall not be subject to the limitations set forth in this Section.

**X.** **REPRESENTATIONS AND WARRANTIES OF BUYER**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.BUYER's Reliance.

IN ADDITION TO ANY OTHER REPRESENTATIONS AND WARRANTIES CONTAINED IN THIS AGREEMENT, BUYER REPRESENTS AND WARRANTS THAT IN MAKING ITS DECISION TO PURCHASE THE PROPERTY, BUYER REPRESENTS THAT IT HAS RELIED AND WILL RELY SOLELY UPON ITS OWN INVESTIGATIONS OF THE PROPERTY, SELLER'S SPECIFIC REPRESENTATIONS AND WARRANTIES CONTAINED IN THIS AGREEMENT AND THE DOCUMENTS DELIVERED BY SELLER AT CLOSING, AND THE COMMITMENT, AND IS NOT RELYING ON ANY STATEMENT OR ACT OR OMISSION OF SELLER, ITS AGENTS OR REPRESENTATIVES, EXCEPT AS SPECIFICALLY SET FORTH IN THIS AGREEMENT OR IN THE DOCUMENTS DELIVERED BY SELLER AT CLOSING. FURTHERMORE, BUYER ACKNOWLEDGES AND AGREES THAT, EXCEPT AS EXPRESSLY PROVIDED IN THIS AGREEMENT AND IN THE DOCUMENTS DELIVERED BY SELLER AT CLOSING, SELLER (INCLUDING, WITHOUT LIMITATION, THEIR RESPECTIVE PARTNERS, AFFILIATES, OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, ATTORNEYS AND SUCCESSORS AND ASSIGNS) HAVE NOT MADE, DO NOT MAKE AND SPECIFICALLY DISCLAIM ANY REPRESENTATIONS, WARRANTIES, PROMISES, COVENANTS, AGREEMENTS OR GUARANTIES OF ANY KIND OR CHARACTER WHATSOEVER, WHETHER EXPRESS OR IMPLIED, ORAL OR WRITTEN, PAST, PRESENT OR FUTURE, OF, AS TO, CONCERNING OR WITH RESPECT TO (A) THE NATURE, QUALITY OR CONDITION OF THE PROPERTY, INCLUDING, WITHOUT LIMITATION, THE WATER, SOIL AND GEOLOGY, (B) THE INCOME TO BE DERIVED FROM THE PROPERTY, (C) THE SUITABILITY OF THE PROPERTY FOR ANY AND ALL ACTIVITIES AND USES WHICH BUYER MAY CONDUCT THEREON, (D) THE COMPLIANCE OF OR BY THE PROPERTY OR ITS OPERATION WITH ANY LAWS, RULES, ORDINANCES OR REGULATIONS OF ANY APPLICABLE GOVERNMENTAL AUTHORITY OR BODY, INCLUDING, WITHOUT LIMITATION, THE AMERICANS WITH DISABILITIES ACT AND ANY RULES AND REGULATIONS PROMULGATED THEREUNDER OR IN CONNECTION THEREWITH, (E) THE HABITABILITY, MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OF THE PROPERTY, OR (F) ANY OTHER MATTER WITH RESPECT TO THE PROPERTY, THE COMPANY OR THE MEMBERSHIP INTERESTS, AND SPECIFICALLY THAT, EXCEPT AS PROVIDED HEREIN, SELLER (INCLUDING, WITHOUT LIMITATION, THEIR PARTNERS, AFFILIATES, OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, ATTORNEYS AND SUCCESSORS AND ASSIGNS) HAVE NOT MADE, DO NOT MAKE AND SPECIFICALLY DISCLAIM ANY REPRESENTATIONS REGARDING SOLID WASTE, AS DEFINED BY THE U.S. ENVIRONMENTAL PROTECTION AGENCY REGULATIONS AT 40 C.F.R., PART 261, OR THE DISPOSAL OR EXISTENCE, IN OR ON THE PROPERTY, OF ANY HAZARDOUS SUBSTANCE, AS DEFINED BY THE COMPREHENSIVE ENVIRONMENTAL RESPONSE COMPENSATION AND LIABILITY ACT OF 1980, AS AMENDED, AND OTHER APPLICABLE STATE LAWS, AND REGULATIONS PROMULGATED THEREUNDER.

JPL

BUYER's Initials

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 BUYER's Authority.

BUYER is duly organized and validly exists as a limited liability company under the laws of the State of Delaware, and is qualified to do business in the state in which the Property is located. BUYER has the right and authority to enter into this Agreement. The person signing this Agreement on behalf of BUYER represents that he or she is authorized to do so. The execution and delivery of this Agreement or any other document in connection with the transactions contemplated by this Agreement will not violate any provision of BUYER's organizational documents or of any regulations or laws to or by which BUYER is bound. This Agreement has been duly authorized, executed and delivered by BUYER, is a valid and binding obligation of BUYER and is enforceable against BUYER in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 BUYER's Release.

BUYER on behalf of itself and its successors and assigns waives its right to recover from, and forever releases and discharges, SELLER, SELLER' affiliates, partners, trustees, shareholders, beneficiaries, directors, officers, employees, attorneys and agents of each of them, and its heirs, successors, personal representatives and assigns from any and all demands, claims, legal or administrative proceedings, losses, liabilities, damages, penalties, fines, liens, judgments, costs or expenses known or unknown, foreseen or unforeseen, that may arise on account of or in any way be connected with (i) the physical condition of the Property, (ii) the condition of title to the Property, (iii) the presence on, under or about the Property of any hazardous or regulated substance, (iv) the Property's compliance with any applicable federal, state or local law, rule or regulation, or (v) any other aspect of the Property; provided, however, this release does not apply to SELLER's breach of any of the representations and warranties of SELLER set forth in <u>Article IX</u>. Notwithstanding anything in this Agreement to the contrary, any waivers or releases set forth herein shall not preclude BUYER from asserting a defense to any lawsuit, action or other proceeding brought against BUYER by a third party with respect to damage or injury occurring prior to Closing, that SELLER or other prior owner should be held partly or wholly liable for the matter in question; provided, however, that BUYER may not implead SELLER or make a separate claim against SELLER for such lawsuit, action or proceeding, nor shall this paragraph be deemed to require SELLER to indemnify BUYER for any such third-party claims, nor shall this paragraph in any way create liability on the part of SELLER or prevent SELLER from defending itself against any claim which might arise due to any such defense. The terms and provisions of this <u>Article X</u> shall survive Closing and/or termination of this Agreement.

Seller shall indemnify, defend and hold Buyer harmless from and against any and all claims, liabilities, damages, penalties or assessments brought, asserted or incurred by any current or former occupants of the Property relating to or alleging exposure to Hazardous Materials in the air within the buildings currently in existence at the Property as of the Effective Date.

**XI.** **BROKERAGE COMMISSION**

SELLER acknowledges that it is solely responsible for payment of a brokerage commission to CRESA (the "**<u>Named Broker</u>**") pursuant to a separate agreement between SELLER and Named Broker. BUYER acknowledges that it is solely responsible for payment of a brokerage commission to Jones Lang LaSalle (the "**<u>Buyer Broker</u>**") pursuant to a separate agreement between BUYER and Buyer Broker. Other than the Named Broker and Buyer Broker, SELLER represents and warrants to BUYER, and BUYER represents and warrants to SELLER, that no broker or finder has been engaged by either of them, respectively, in connection with any of the transactions contemplated by this Agreement, or to either of their knowledge is in any way connected with any such transactions. SELLER and BUYER shall indemnify and hold harmless the other against any and all claims, demands, causes of action, losses, costs and expenses (including legal fees and expenses) resulting from a breach of said representation of the indemnifying party.

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**XII.** **TAX CERTIFICATION**

Section 1455 of the Internal Revenue Code provides that the transferee of a United States real property interest must deduct and withhold a tax equal to ten percent (10%) of the amount realized by the transferor on the disposition, if the transferor is a foreign person. SELLER is not a foreign person, and the "FIRPTA" certification will be provided to BUYER through Escrow.

**XIII.** **EXCHANGE BY SELLER**

BUYER agrees to cooperate with SELLER in SELLER's effecting a tax-deferred exchange under Internal Revenue Code Section 1031. SELLER shall have the right, expressly reserved here, to elect this tax-deferred exchange at any time before the Closing; however, SELLER and BUYER agree that consummation of this Agreement is not predicated or conditioned on the exchange being effected. If SELLER elects to effect a tax-deferred exchange, BUYER agrees to execute additional escrow instructions, documents, agreements or instruments to effect the exchange, provided, that BUYER shall incur no additional costs, expenses or liabilities in this transaction and Closing shall not be delayed as a result of or connected with the exchange and SELLER shall provide BUYER with notice of the tax-deferred exchange not less than five (5) days prior to Closing.

**XIV.** **NOTICES**

Any notice, delivery or demand shall be in writing and shall be deemed to have been received: (a) upon receipted delivery if sent by personal messenger, (b) by 5:00 p.m. three (3) business days after being deposited in the U.S. mail, registered or certified, return receipt requested, (c) by 5:00 p.m. one (1) business day after being deposited with a national recognized overnight courier service, or (d) upon confirmation of transmission if sent by facsimile or email, in each case with postage/delivery prepaid or billed to the sender and addressed as follows:

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| | |
|:---|:---|
| To SELLER: | **c/o PEPSICO GLOBAL REAL ESTATE** <br>700 Anderson Hill Rd<br>Purchase, NY 10577<br>ATTN: Deborah Whittemore<br>Phone: 972-334-2563<br>Email: Deborah.Whittemore@pepsico.com <br>|
| with a copy to: | **STUTZMAN, BROMBERG, ESSERMAN & PLIFKA, P.C.**<br>2323 Bryan St, Ste 2200<br>Dallas, TX 75201<br>ATTN: Mike Rowan and Carson Trimble<br>Phone: (214) 969-4900 <br>Email: rowan@sbep-law.com<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; trimble@sbep-law.com<br>|
| To BUYER: | EQT Real Estate, LLC<br>Five Radnor Corporate Center<br>100 Matsonford Road, Suite 250<br>Radnor, PA 19087<br>Attn: J. Peter Lloyd<br>Email: pete.lloyd@eqtpartners.com  |

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<br> With a copy to: The Chase Law Group, LLC1447 York Road, Suite 606Lutherville, MD 21093Attn: Todd Chase, Esq.Email: tchase@chaserelaw.com

**XV.** **RISK OF LOSS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1.Condemnation and Casualty.

If, prior to Closing, all or any portion of the Property is taken by condemnation or eminent domain, or is the subject of a pending taking which has not been consummated, or is destroyed or damaged by fire or other casualty, SELLER shall notify BUYER of such fact promptly after SELLER obtains knowledge thereof. If such condemnation or casualty is "**Material**" (as hereinafter defined), BUYER shall have the option to terminate this Agreement upon notice to SELLER given not later than fifteen (15) days after receipt of SELLER's notice, or Closing, whichever is earlier. If this Agreement is terminated, the Escrow Deposit shall be returned to BUYER and thereafter neither SELLER nor BUYER shall have any further rights or obligations to the other hereunder except with respect to obligations expressly identified within this Agreement as continuing after expiration or earlier termination. If this Agreement is not terminated, SELLER shall not be obligated to repair any damage or destruction but (x) SELLER shall assign, without recourse, and turn over to BUYER all of the insurance proceeds or condemnation proceeds, as applicable, net of any costs of repairs incurred by SELLER (or, if such have not been awarded, all of its right, title and interest therein) payable with respect to such fire or other casualty or condemnation including any rent abatement insurance for such casualty or condemnation and (y) the parties shall proceed to Closing pursuant to the terms hereof without abatement of the Purchase Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2.Condemnation Not Material.

If the condemnation is not Material, then Closing shall occur without abatement of the Purchase Price and, SELLER shall assign, without recourse, all remaining awards or any rights to collect awards to BUYER at Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.3.Casualty Not Material.

If the casualty is not Material, then Closing shall occur without abatement of the Purchase Price and SELLER shall not be obligated to repair such damage or destruction and SELLER shall assign, without recourse, and turn over to BUYER all of the insurance proceeds net of any costs of repairs (or, if such have not been awarded, all of its right, title and interest therein) payable with respect to such fire or such casualty including any rent abatement insurance for such casualty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.4.Materiality.

For purposes of this <u>Article XV</u> (i) with respect to a taking by eminent domain, the term "Material" shall mean any taking whatsoever, regardless of the amount of the award or the amount of the Property taken, excluding, however, any taking solely of subsurface rights or takings for utility easements or right of way easements, if the surface of the Property, after such taking, may be used in the same manner, as reasonably determined by BUYER, as though such rights had not been taken, and (ii) with respect to a casualty, the term "Material" shall mean any casualty such that (1) the reasonably estimated cost of repairs are greater than -five percent (5%) of the Purchase Price, or (2) SELLER, as tenant under the Lease, would have the right (which is not waived in writing by SELLER) to terminate the Lease by reason of such casualty.

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**XVI. MISCELLANEOUS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1.Time of Essence

Time is of the essence as to each and every provision of this Agreement. Any reference to a particular time of day in this Agreement shall be understood to mean the time of day in the time zone in which the Property is located unless otherwise specified. In the computation of any period of time provided for in this Agreement or by law, the day of the act or event from which such period of time runs shall be excluded, and the last day of such period shall be included, unless it is a Saturday, Sunday, or legal holiday, in which case the period shall be deemed to run until the end of the next Business Day. "**Business Day**" shall mean any day other than a Saturday, Sunday, or legal holiday on which national banks are authorized by federal law to close.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2.Entire Agreement

This Agreement contains the entire agreement between the parties hereto with respect to the matters covered herein and may be amended only by evidence of written documentation signed by both BUYER and SELLER prior to its submittal to any third party or entity for purposes of implementation, change or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.3.Further Documents

Each party will, whenever and as often as it shall be required by the other party, execute, acknowledge and deliver such further instructions as may be necessary in order to complete the sale, conveyance and transfer herein provided for, and to do any and all other acts and to execute, acknowledge and deliver to Escrow Holder any and all documents as may be reasonably requested in order to carry out the intent and purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.4.Consent to Assignment; Successors and Assigns

BUYER may not assign its rights under this Agreement without first obtaining SELLER's written approval, which approval may be withheld at SELLER's sole discretion, except that BUYER may assign this Agreement to an entity in which BUYER controls, is controlled by or is under common control with BUYER; <u>provided</u>, <u>that</u>, (a) BUYER furnishes to SELLER such assignee's name and EIN number at least three (3) business days prior to Closing, and (b) a copy of the executed assignment and assumption agreement is delivered to SELLER at Closing. This Agreement shall be binding on and inure to the benefit of the heirs, successors and assigns of the parties hereto. All assignments made in violation of this Section 16.4 shall be deemed void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.5.Severability

Should any part, term or provision of this Agreement, or any document dealing with any entity set forth within this Agreement and required herein to be executed or delivered at the Closing, be declared invalid, void or unenforceable, all remaining parts, terms and provisions hereof shall remain in full force and effect and shall in no way be invalidated, impaired or otherwise affected thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.6.Attorneys' Fees

The prevailing party in any action instituted to enforce or interpret any provision of this Agreement shall be entitled to all fees, expenses and costs, including reasonable attorneys' fees, as fixed by the Court.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.7.Choice of Law; Venue.

The validity, interpretation and performance of this Agreement shall be controlled and construed under the laws of the state in which the Property is located without regard to conflicts of laws principles and the state or federal district courts in the county in which the Property is located, shall have non-exclusive jurisdiction over any legal action concerning or relating to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.8.No Implied Representations

No representations, promises, conditions or warranties with reference to the execution of this Agreement have been made or entered into between the parties hereto other than as herein expressly provided, and except to the extent that express warranties are contained in Article IX.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.9.Possession

BUYER shall be entitled to possession of the Property at the Closing. Possession shall be delivered outside of Escrow, and Escrow Holder shall incur no liability with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.10.Counterparts

This Agreement may be executed in multiple counterparts, each of which shall be deemed an original but all of which, taken together, shall constitute a single instrument. SELLER and BUYER agree that the delivery of an executed copy of this Agreement by facsimile or e-mail shall be legal and binding and shall have the same full force and effect as if an original executed copy of this Agreement had been delivered. The contract formation pursuant to this Agreement and record-keeping of this Agreement through electronic means shall have the same legal validity and enforceability as a manually executed or paper-based recordkeeping system to the fullest extent permitted by applicable governmental requirements, including without limitation, the Federal Electronic Signatures in Global and National Commerce Act, the Uniform Electronic Transactions Act or any similar state law, and the parties to this Agreement hereby waive any objection to the contrary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.11.Cumulative Remedies

No remedy or election hereunder shall be deemed exclusive but shall, wherever possible, be cumulative with all other remedies at law or in equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.12.Not Binding Until Executed by SELLER

Neither this Agreement, nor any of the terms and provisions hereof, shall be binding upon or enforceable against SELLER unless and until the same is executed by SELLER.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.13.Non-Waiver

No waiver by SELLER or BUYER of any provision hereof shall be deemed to have been made unless expressed in writing and signed by such party. No delay or omission in the exercise of any right or remedy accruing to SELLER or BUYER upon any breach under this Agreement shall impair such right or remedy or be construed as a waiver of any such breach theretofore or thereafter occurring. The waiver by SELLER or BUYER of any breach of any term, covenant or condition herein stated shall not be deemed to be a waiver of any other breach, or of a subsequent breach of the same or any other term, covenant or condition herein contained.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.14.Financial Information.

BUYER has advised SELLER that BUYER (or any direct or indirect owner of BUYER or affiliate thereof) may be required to publicly file, in compliance with certain laws and regulations (including, without limitation, the reporting requirements of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder ("**Securities Laws**"), including Regulation S-X of the Securities and Exchange Commission (the "**SEC**")), audited financial statements, pro forma financial statements and other financial information related to the Property (the "**Financial Information**"). If requested by BUYER in writing prior to or within ninety (90) days following the Closing, SELLER agrees to use its commercially reasonable efforts, at no cost or expense to SELLER, to make available to BUYER information regarding the Property that is the possession or control of the SELLER or the applicable property or asset manager and that is reasonably necessary for BUYER and its representatives and agents to prepare the Financial Information at the BUYER's expense. To the extent requested prior to Closing, SELLER agrees to use its commercial reasonable efforts to provide such information to prepare the Financial Information prior to the Closing. The provisions of this <u>Section 16.14</u> shall survive Closing for a period of ninety (90) days after the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.15.Confidentiality.

SELLER and BUYER shall, prior to the Closing, maintain the confidentiality of this sale and purchase and shall not disclose the terms of this Agreement or of such sale and purchase to any other parties whomsoever. Notwithstanding anything contained in this Section 16.15 to the contrary, the parties hereto may disclose such information (i) to affiliates, shareholders, officers, managers, employees, consultants, financial advisors, existing and potential investors or other capital sources, lenders, potential lenders and agents and members of professional firms serving it or potential lenders and such other persons whose assistance is required in carrying out the terms of this Agreement, in each case so long as any such parties are advised of this confidentiality requirement in accordance with the terms of this Section 16.15 and have a duty to maintain the confidentiality of such information, (ii) as required by law, regulation or court order, including Securities Laws and related disclosure requirements applicable to BUYER (or any direct or indirect owner of BUYER or affiliate thereof), (iii) to the extent BUYER determines appropriate, after consultation with counsel, in any prospectus, report or other filing made by BUYER (or any direct or indirect owner of BUYER or affiliate thereof) with the SEC or other regulatory authority, (iv) in connection with any arbitration and/or litigation between the parties, or (v) to any due diligence representatives and/or consultants that are engaged by, work for or are acting on behalf of, any securities dealers, registered investment advisers and/or broker dealers evaluating BUYER (or any direct or indirect owner of BUYER or affiliate thereof), in each case so long as any such parties are advised of this confidentiality requirement in accordance with the terms of this Section 16.15 and have a duty to maintain the confidentiality of such information.

**XVII. STATE SPECIFIC PROVISIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1.Natural Hazards Disclosure

## BUYER and SELLER acknowledge that SELLER is required to disclose if any of the Real Property lies within the following natural hazard areas or zones: (i) a special flood hazard area designated by the Federal Emergency Management Agency; (ii) an area of potential flooding; (iii) a very high fire hazard severity zone; (iv) a wild land area that may contain substantial forest fire risks and hazards; (v) an earthquake fault or special studies zone; or (vi) a seismic hazard zone. BUYER and SELLER acknowledge SELLER has employed the services of Disclosure Source (" Natural Hazard Expert ") to examine the maps and other information specifically made available to the public by government agencies for the purposes of enabling SELLER to fulfill their disclosure obligations with respect to the natural hazards referred to above and to report the results of its examination to BUYER and SELLER in writing. The written report prepared by the Natural

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## Hazard Expert regarding the results of its examination fully and completely discharges SELLER from its disclosure obligations referred to herein, and, for the purposes of this Agreement, the provisions of Civil Code Section 1103.4 regarding the non-liability of SELLER for errors and/or omissions not within its personal knowledge shall be deemed to apply, and the Natural Hazard Expert shall be deemed to be an expert dealing with matters within the scope of its expertise with respect to the examination and written report regarding the natural hazards referred to above.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2.Section 25359.7

BUYER acknowledges and agrees that the sole inquiry and investigation SELLER conducted in connection with the environmental condition of the Property is to obtain the environmental report(s) which are part of the Property Documents and that, for purposes of California Health and Safety Code Section 25359.7, SELLER has acted reasonably in relying upon said inquiry and investigation, and the delivery of this Agreement constitutes written notice to BUYER under such code section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.3.Noncompliant Plumbing Fixture Disclosure

SELLER hereby discloses to BUYER that Section 1101.5(a) of the California Civil Code requires that all noncompliant plumbing fixtures in any multifamily residential property and in any commercial real property shall be replaced with water-conserving plumbing fixtures. Pursuant to Section 1101.5(e) of the California Civil Code, SELLER hereby discloses to BUYER that, to SELLER's knowledge, the Property does not include any noncompliant plumbing fixtures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.4.California Release

Buyer acknowledges that it will have the opportunity to inspect the Property during the Inspection Period, and during such period, observe its physical characteristics and existing conditions and the opportunity to conduct such investigations and studies on and of the Property and adjacent areas as Buyer deems necessary, and Buyer hereby FOREVER RELEASES AND DISCHARGES Seller and the Seller Parties from all responsibility, claim, action, cause of action, loss, damage, expense, demand and liability, including without limitation, liabilities under the Comprehensive Environmental Response, Compensation and Liability Act of 1980 (42 U.S.C. § 9601 <u>et</u> <u>seq</u>.), as amended ("<u>CERCLA</u>") (collectively, "**Claims**"), arising from or related to any matter of any nature relating to the Property including, without limitation, the physical condition of the Property, any latent or patent construction defects, errors or omissions, compliance with law matters, valuation, salability or utility of the Property, and/or its suitability for any purpose whatsoever (including, but not limited to, with respect to the presence in the soil, air, structures and surface and subsurface waters, of Hazardous Materials or other materials or substances that have been or may in the future be determined to be toxic, hazardous, undesirable or subject to regulation and that may need to be specially treated, handled and/or removed from the Property under current or future laws, regulations or guidelines, and any structural and geologic conditions, subsurface soil and water conditions and solid and hazardous waste and Hazardous Materials on, under, adjacent to or otherwise affecting the Property). The foregoing release by Buyer shall include, without limitation, any Claims Buyer may have pursuant to any statutory or common law right Buyer may have to receive disclosures from Seller, including, without limitation, any disclosures as to the Property's location within areas designated as subject to flooding, fire, seismic or earthquake risks by any federal, state or local entity, the presence of Hazardous Materials on or beneath the Property, the need to obtain flood insurance, the certification of water heater bracing and/or the advisability of obtaining title insurance, or any other condition or circumstance affecting the Property, its financial viability, use or operation, or any portion thereof. This release includes claims of which Buyer is presently unaware or which Buyer does not presently suspect to exist which, if known by Buyer, would materially affect Buyer's release of Seller. In connection with the general

------

release set forth in this <u>Section 17.4</u>, Buyer specifically waives the provisions of California Civil Code Section 1542, which provides as follows:

"A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS THAT THE CREDITOR OR RELEASING PARTY DOES NOT KNOW OR EXPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE AND THAT, IF KNOWN BY HIM OR HER, WOULD HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR OR RELEASED PARTY."

JPL

BUYER's Initials

IN THIS CONNECTION AND TO THE EXTENT PERMITTED BY LAW, BUYER HEREBY AGREES, REPRESENTS AND WARRANTS THAT BUYER REALIZES AND ACKNOWLEDGES THAT FACTUAL MATTERS NOW UNKNOWN TO IT MAY HAVE GIVEN OR MAY HEREAFTER GIVE RISE TO CAUSES OF ACTION, CLAIMS, DEMANDS, DEBTS, CONTROVERSIES, DAMAGES, COSTS, LOSSES AND EXPENSES WHICH ARE PRESENTLY UNKNOWN, UNANTICIPATED AND UNSUSPECTED, AND BUYER FURTHER AGREES, REPRESENTS AND WARRANTS THAT THE WAIVERS AND RELEASES HEREIN HAVE BEEN NEGOTIATED AND AGREED UPON IN LIGHT OF THAT REALIZATION AND THAT BUYER NEVERTHELESS HEREBY INTENDS TO RELEASE, DISCHARGE AND ACQUIT SELLER AND THE SELLER PARTIES FROM ANY SUCH UNKNOWN CAUSES OF ACTION, CLAIMS, DEMANDS, DEBTS, CONTROVERSIES, DAMAGES, COSTS, LOSSES AND EXPENSES.

Buyer further hereby WAIVES (and by closing this transaction will be deemed to have WAIVED) any and all objections to or complaints regarding (including, but not limited to, federal, state and common law based actions, and any private right of action under, local, state and federal laws to which the Property is or may be subject, including, but not limited to, CERCLA, and Resource Conservation and Recovery Act (42 U.S.C. § 6901 <u>et</u> <u>seq</u>.), as amended ("<u>RCRA</u>")) and the Clean Water Act, 33 U.S.C. § 1251, <u>et</u> <u>seq</u>. concerning the physical characteristics and any existing conditions of the Property, including, without limitation, structural and geologic conditions, subsurface soil and water conditions and solid and hazardous waste and Hazardous Materials on, under, adjacent to or otherwise affecting the Property. Buyer hereby assumes the risk of changes in applicable laws and regulations relating to past, present and future environmental conditions on the Property and the risk that adverse physical characteristics and conditions, including, without limitation, the presence of Hazardous Materials or other contaminants, may not have been revealed by its investigation. As used herein, the term "**Hazardous Materials**" includes petroleum, including crude oil or any fraction thereof, natural gas, natural gas-liquids, liquidated natural gas, or synthetic gas usable for fuel (or mixtures of natural gas or such synthetic gas), and any substance, material waste, pollutant or contaminate listed or defined as hazardous or toxins under any Environmental Law. As used herein, the term "**Environmental Laws**" includes without limitation the RCRA. CERCLA and other federal laws governing the environment as in effect on the date of this Agreement together with their implementing regulations and guidelines as of the date of this Agreement, and all state, regional, county, municipal and other local laws, regulations and ordinances that are equivalent or similar to the federal laws recited above or that purport to regulate Hazardous Materials.

JPL

BUYER's Initials

[SIGNATURES APPEAR ON FOLLOWING PAGE]

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**XVI. EXECUTION**

IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the day and year set forth below their respective signatures.

---

| | | |
|:---|:---|:---|
| <u>BUYER:</u> | <u>BUYER:</u> | <u>BUYER:</u> |
| **EQT REAL ESTATE, LLC,** | **EQT REAL ESTATE, LLC,** | **EQT REAL ESTATE, LLC,** |
| a Delaware limited liability company | a Delaware limited liability company | a Delaware limited liability company |
| By: | /s/ J. Peter Lloyd | /s/ J. Peter Lloyd |
| Name: | Name: | J. Peter Lloyd |
| Its: | Its: | Vice President |
| Dated: | Dated: |  |

---

---

| | | |
|:---|:---|:---|
| <u>SELLER:</u> | <u>SELLER:</u> | <u>SELLER:</u> |
| **FRITO-LAY SALES, INC.,** | **FRITO-LAY SALES, INC.,** | **FRITO-LAY SALES, INC.,** |
| a Delaware corporation | a Delaware corporation | a Delaware corporation |
| By: | /s/Deborah Whittemore | /s/Deborah Whittemore |
| Name: | Name: | Deborah Whittemore |
| Its: | Its: | Senior Director of Real Estate |
| Dated: | Dated: | <u>December 19, 2025</u> |

---

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## Exhibit 10.10

**EXHIBIT 10.10.1**

**<u>ASSIGNMENT AND ASSUMPTION OF AGREEMENT FOR PURCHASE AND SALE OF REAL PROPERTY</u>**

**THIS ASSIGNMENT AND ASSUMPTION OF AGREEMENT FOR PURCHASE AND SALE OF REAL PROPERTY** ("**Assignment**") is made and entered into as of the <u>23</u> day of December, 2025 by and between EQT Real ESTATE, LLC, a Delaware limited liability company ("**Assignor**"), EQRT 1500 FRANCISCO, L.P., a Delaware limited partnership ("**Assignee**").

**<u>RECITALS:</u>**

WHEREAS, Assignor, as purchaser, and FRITO-LAY SALES, INC., a Delaware corporation, as seller, entered into that certain Agreement For Purchase and Sale of Real Property dated December <u>19</u>, 2025 (as may be amended, the "**Contract**"), relating to that certain property commonly known as 1500 Francisco Street, Torrance, California (the "**Property**"); and

WHEREAS, Assignor desires to assign to Assignee all of Assignor's rights under the Contract with respect to the Property.

NOW, THEREFORE, in consideration of the foregoing recitations, and the sum of One Dollar ($1.00) in hand paid by Assignee to Assignor, the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Assignor hereby assigns to Assignee, and Assignee hereby assumes, all of Assignor's right, title and interest in, to and under the Contract with respect to the Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Assignee hereby accepts this Assignment and hereby assumes all obligations of Assignor under the Contract, with respect to the Property.

## [Remainder of this page is intentionally blank]

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IN WITNESS WHEREOF, the parties hereto have executed this Assignment as of the date first set forth above.

---

| | |
|:---|:---|
| **<u>ASSIGNOR</u>:** | **<u>ASSIGNOR</u>:** |
| **EQT REAL ESTATE, LLC**,  | **EQT REAL ESTATE, LLC**,  |
| a Delaware limited liability company | a Delaware limited liability company |
| By: | /s/ J. Peter Lloyd |
| Name: | J. Peter Lloyd |
| Title: | Vice President |

---

**<u>ASSIGNEE</u>**:

---

| | |
|:---|:---|
| **EQRT 1500 FRANCISCO, L.P.**,  | **EQRT 1500 FRANCISCO, L.P.**,  |
| a Delaware limited partnership | a Delaware limited partnership |
| By: | EQRT 1500 Francisco GP, LLC, |
|  | a Delaware limited liability company, |
|  | its sole general partner |
| By: | EQT Exeter REIT Operating Partnership LP, |
|  | a Delaware limited partnership, |
|  | its sole member |
| By: | EQT Exeter Real Estate Income Trust, Inc., |
|  | a Maryland corporation, |
|  | its sole general partner |
| By: | /s/ J. Peter Lloyd |
|  | J. Peter Lloyd, Chief Financial Officer |

---

Assignment and Assumption of PSA -2-

------

## Exhibit 21.1

**Exhibit 21.1**

**EQT Exeter Real Estate Income Trust, Inc. Subsidiaries**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Subsidiary** | &nbsp;&nbsp;**Jurisdiction of Formation** |
| &nbsp;&nbsp;EQT Exeter REIT Operating Partnership LP | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;EQRT 110 Southeast Inner Loop GP, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;EQRT 110 Southeast Inner Loop, L.P. | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;EQRT 1500 Shoals GP, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;EQRT 1500 Shoals, L.P. | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;EQRT 2871 102ND GP, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;EQRT 2871 102ND, L.P. | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;EQRT 3327 Harrisburg GP, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;EQRT 3327 Harrisburg, L.P. | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;EQRT 1500 Francisco, L.P. | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;EQRT 1500 Francisco GP, LLC | &nbsp;&nbsp;Delaware |

---

------

## Exhibit 31.1

**Exhibit 31.1**

CERTIFICATION PURSUANT TO

RULE 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934,

AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Ali Houshmand, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this Annual Report on Form 10-K of EQT Exeter Real Estate Income Trust, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer(s) 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;&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;&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;&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;&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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer(s) 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;&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;&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.

---

| | | |
|:---|:---|:---|
| Date: March 20, 2026 | By: | /s/ Ali Houshmand |
|  |  | Ali Houshmand |
|  |  | President, Portfolio Manager and Director |
|  |  | (Principal Executive Officer) |

---

------

## Exhibit 31.2

**Exhibit 31.2**

CERTIFICATION PURSUANT TO

RULE 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934,

AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, J. Peter Lloyd, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this Annual Report on Form 10-K of EQT Exeter Real Estate Income Trust, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer(s) 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;&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;&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;&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;&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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer(s) 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;&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;&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.

---

| | | |
|:---|:---|:---|
| Date: March 20, 2026 | By: | /s/ J. Peter Lloyd |
|  |  | J. Peter Lloyd |
|  |  | Chief Financial Officer and Director |
|  |  | (Principal Financial Officer) |

---

------

## 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 Annual Report of EQT Exeter Real Estate Income Trust, Inc. (the "Company") on Form 10-K for the period ended December 31, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Ali Houshmand, President, Portfolio Manager and Director of the Company, certify, pursuant to 18 U.S.C § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

&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; 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.

---

| | | |
|:---|:---|:---|
| Date: March 20, 2026 | By: | /s/ Ali Houshmand |
|  |  | Ali Houshmand |
|  |  | President, Portfolio Manager and Director |
|  |  | (Principal Executive Officer) |

---

------

## 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 Annual Report of EQT Exeter Real Estate Income Trust, Inc. (the "Company") on Form 10-K for the period ended December 31, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, J. Peter Lloyd, Chief Financial Officer and Director of the Company, certify, pursuant to 18 U.S.C § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

&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; 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.

---

| | | |
|:---|:---|:---|
| Date: March 20, 2026 | By: | /s/ J. Peter Lloyd |
|  |  | J. Peter Lloyd |
|  |  | Chief Financial Officer and Director |
|  |  | (Principal Financial Officer) |

---

------