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Richard Fontaine has served as a Trustee since April 2025. Mr. Fontaine has served as Chief Executive Officer 
of the Center for a New American Security (“CNAS”), a bipartisan national security research institution, since 
February 2019, having previously served as President of CNAS from 2012 to 2019 and as Senior Fellow from 
2009  to  2012.  Mr.  Fontaine  serves  concurrently  as  Executive  Director  of  the  Trilateral  Commission’s  North 
America group, a position he has held since July 2019. Prior to joining CNAS and the Trilateral Commission, 
Mr. Fontaine served as foreign policy advisor to Senator John McCain, including as advisor to the McCain 2008 
presidential  campaign  and  subsequently  as  Minority  Deputy  Staff  Director  of  the  Senate  Armed  Services 
Committee. He has also served as Associate Director for Near Eastern Affairs at the National Security Council, 
and  he  has  held  positions  at  the  U.S.  Department  of  State  and  on  the  staff  of  the  Senate  Foreign  Relations 
Committee.  Mr.  Fontaine  holds  a  B.A.  in  International  Relations  from  Tulane  University  and  an  M.A.  in 
International Affairs from the Johns Hopkins School of Advanced International Studies.

Mr.  Fontaine  was  selected  to  serve  as  a  Trustee  because  of  his  extensive  background  in  foreign  policy  and 
national security, and he will address the growing intersection between AI capabilities and geopolitical risks.

Dr.  Ben  S.  Bernanke  has  served  as  a  Trustee  since  June  2026.  Since  2014,  Dr.  Bernanke  has  been  a 
Distinguished Fellow in Economic Studies at the Brookings Institution, a public policy research organization. 
Dr. Bernanke served as Chairman of the Board of Governors of the Federal Reserve System from February 2006 
to  January  2014,  having  been  appointed  to  that  position  by  Presidents  George  W.  Bush  and  Barack  Obama. 
Prior to serving as Federal Reserve Chairman, Dr. Bernanke served as chairman of the President’s Council of 
Economic  Advisers  and  as  a  member  of  the  Board  of  Governors  of  the  Federal  Reserve  System.  Before  his 
government  service,  Dr.  Bernanke  was  a  professor  of  economics  and  public  affairs  at  Princeton  University, 
where he also chaired the Economics Department. Subsequent to his government service, Dr. Bernanke served 
as  chair  of  the  Global  Advisory  Board  of  and  senior  advisor  to  Pacific  Investment  Management  Company,  a 
global  fixed  income  investment  management  firm.  Dr.  Bernanke  holds  an  A.B.  in  Economics  from  Harvard 
University  and  a  Ph.D.  in  Economics  from  the  Massachusetts  Institute  of  Technology.  Dr.  Bernanke  was 
awarded the Nobel Prize in Economics in 2022.

Dr. Bernanke was selected to serve as a Trustee because of his expertise in macroeconomics, financial systems, 
and institutional governance, and his experience overseeing large, consequential institutions during periods of 
systemic risk and uncertainty.

Dr.  Christopher  Stubbs  has  served  as  a  Trustee  since  October  2026.  Dr.  Stubbs  is  the  Samuel  C.  Moncher 
Professor of Physics and of Astronomy at Harvard University, where he has been a member of the faculty since 
2003. At Harvard, he served as Senior Advisor for AI to the Faculty of Arts and Sciences from 2024 to 2026, as 
Dean  of  Science  in  the  Faculty  of  Arts  and  Sciences  from  2018  to  2024,  and  as  Chair  of  the  Department  of 
Physics from 2007 to 2010. Prior to joining Harvard, he held faculty positions at the University of California, 
Santa  Barbara  and  the  University  of  Washington.  As  a  member  of  the  High-Z  Supernova  Search  Team,  Dr. 
Stubbs  shared  in  the  discovery  of  the  accelerating  expansion  of  the  universe,  work  for  which  he  and  his 
colleagues received the Gruber Prize in Cosmology and the Breakthrough Prize in Fundamental Physics. He also 
served as the inaugural project scientist of the Vera C. Rubin Observatory. Dr. Stubbs is a member of JASON, 
an independent group of scientists that advises the U.S. government on matters of national security. He holds a 
B.Sc. in physics from the University of Virginia and a Ph.D. in physics from the University of Washington.

Dr.  Stubbs  was  selected  to  serve  as  a  Trustee  because  of  his  expertise  in  experimental  physics  and  the 
application  of  AI  to  science  and  education,  and  his  experience  leading  scientific  projects  across  academia, 
government, and the national laboratories.

Certain Relationships and Transactions with the LTBT and its Trustees

We provide funding to the LTBT, which holds all of our Class T common stock, to support its operations and the 
compensation of its Trustees. In the years ended December 31, 2023, 2024, and 2025, we paid $2,716,750, $0, 
and  $906,089,  respectively,  to  the  LTBT.  During  the  nine  months  ended  September  30,  2026,  we  paid 
$8,425,213  to  the  LTBT.  The  LTBT  is  accounted  for  as  a  consolidated  variable  interest  entity  (“VIE”)  on  our 
balance sheet (see Note 1 to our consolidated financial statements included elsewhere in this prospectus).

The Trust Agreement limits Trustee compensation to a reasonable cash amount fixed annually by the Trustees. 
Each  Trustee  receives  annual  cash  compensation  of  $400,000  for  their  service  as  a  Trustee.  In  addition,  Dr. 

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