CS1031 Texas Active Living Portfolio II, DST owns, through two Operating Trusts, Emerald Cottages of Kerrville (32 homes, built 2019) and Emerald Cottages of Round Rock (32 homes, built 2018), age-restricted (55+) build-for-rent cottage communities in Texas acquired June 3, 2026 for $26,700,000 on an all-cash basis. Each property is master leased for ten years to a Sponsor-affiliated Master Tenant paying fixed Annual Rent (4.50% of equity in Year 1) plus possible Bonus Rent. Carbon Shepherd manages on site. The anticipated hold is about ten years, with exit by sale or a Section 721 contribution to a Sponsor-affiliated REIT.