Externally advised, perpetual-life NAV REIT investing primarily in stabilized, income-oriented U.S. commercial real estate, leveraging EQT Real Estate's vertically integrated, 'hyper-local' operating platform and direct leasing relationships with Fortune 1000 tenants. Primary themes are supply-chain industrial and knowledge-economy office (R&D, lab, medical); secondary themes are consumer-oriented and digital infrastructure assets. Non-binding post-ramp-up targets: 80-90% properties / 10-20% real estate related securities (for repurchase liquidity). As of 12/31/2025 the portfolio was five net-leased industrial properties, 100% leased.