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Company Executives

$ Management Team

Directors
10
serving now
Independent
7 of 7
stated in the proxy; 3 not stated
Average tenure
6.7 years
from year joined
CEO also chairs the board
Yes
Michael C. Forman
Director Age On board Independent Committees Other public boards Pay Source
Michael C. Forman
65 2016
10 years
Not stated None stated None stated Paid as CEO
David J. Adelman
54 2018
8 years
Not stated None stated None stated Not stated
Jeffrey Krasnoff
70 2017
9 years
Not stated None stated None stated Not stated
Ryan N. Boyer
55 2021
5 years
Independent None stated None stated $150
James W. Brown
74 2021
5 years
Independent
Audit Committee
None stated $158
Karen D. Buchholz
59 2020
6 years
Independent None stated WSFS Financial Corporation, FS Credit Real Estate Income Trust, Inc. $150
Terence J. Connors
71 2017
9 years
Independent
Audit Committee · Chair
Suburban Propane Partners L.P. $174
John A. Fry
65 2017
9 years
Independent
Audit Committee
Drexel Morgan & Co., Community Health Systems, vTv Therapeutics $178
William P. Hankowsky
75 2024
2 years
Independent None stated Citizens Financial Group Inc. $150
David Schiff
54 2022
4 years
Independent None stated None stated $150

Each director opens the passage of the proxy that names them. "Not stated" means the proxy does not say; it never means "no". Pay is the proxy's Director Compensation table; the CEO is paid as an executive.

9 disclosed in the proxy filed Apr 6, 2026
the adviser
affiliate of the Company's sponsor
$3,345,000
2025

Reimbursement to the adviser of organization and offering expenses previously funded by the adviser.

With the Company Open in proxy
the adviser
affiliate of the Company's sponsor
$ 37,381
2025

Base management fee under the advisory agreement, 1.25% of NAV per annum; 2025 amount shown in thousands in the fee table.

With the Company Open in proxy
the adviser
affiliate of the Company's sponsor
$ 29,966
2025

Administrative services fee paid to the adviser; 2025 amount shown in thousands in the fee table.

With the Company Open in proxy
the adviser
affiliate of the Company's sponsor
$ 21,883
2025

Origination fees paid by borrowers to the adviser or sub-adviser; 2025 amount shown in thousands in the fee table, not paid by the Company.

the adviser
affiliate of the Company's sponsor
$ 8,750
2025

Capital markets fees paid to the adviser and affiliates; 2025 amount shown in thousands in the fee table.

With the Company Open in proxy
the dealer manager
affiliate of the adviser, as listed with the adviser, sub-adviser and their affiliates
$ 14,663
2025

Stockholder servicing fees paid to the dealer manager; 2025 amount shown in thousands in the fee table.

With the Company Open in proxy
the dealer manager
affiliate of the adviser, as listed with the adviser, sub-adviser and their affiliates
$ 997
2025

Upfront selling commissions paid to the dealer manager; 2025 amount shown in thousands in the fee table.

With the Company Open in proxy
the adviser and the sub-adviser
affiliate of the Company's sponsor (adviser)
$338,000
As of December 31, 2025

Accrued expense recoupments payable to the adviser or sub-adviser under the expense limitation agreement.

With the Company Open in proxy
the sub-adviser
sub-adviser to the Company
$1,000 per valuation

Fee of $1,000 per periodic valuation of certain investments paid to the sub-adviser.

With the Company Open in proxy

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