Shames Jonathan 4

What Happened

• Director Jonathan Shames was granted/acquired 5,025.824 Class E Common Shares of Beneficial Interest on January 16, 2026. The shares were reported as acquired at $0.00 (total reported value $0) under transaction code A (award/grant).
• The grant fully vests on January 2, 2027 (footnote F1). The filing notes these are Class E shares and that holdings include shares acquired through the issuer’s distribution reinvestment plan (footnote F2).

Key Details

• Transaction date: 2026-01-16; Report filed: 2026-01-21 (filed 5 days after the transaction).
• Price: $0.00 per share; Shares involved: 5,025.824.
• Vesting: Fully vests on January 2, 2027 (per footnote).
• Shares owned after transaction: Not specified in the Form 4 filing.
• Footnotes: F1 = full vesting date; F2 = includes shares from the issuer’s distribution reinvestment plan.
• Filing timeliness: Report appears late (filed Jan 21 for a Jan 16 transaction).

Context

• This was a compensation-related award (not an open-market purchase or sale). Such grants are routine for directors and reflect equity-based compensation rather than an immediate market signal. The award vests in the future, so the shares are not fully transferable until vesting.