Both successors were elevated from posts they already held inside the sponsor and advisor, keeping the transition entirely in-house.

August 5, 2026

StratCap Digital Infrastructure REIT lost two of its most senior figures on the same day and filled both seats within days, in a leadership reshuffle that reaches through the REIT, its advisor and its sponsor.

Condon out, Baxter up

James A. Condon resigned on July 31, 2026, as chairman of the board, as a director and as president of the REIT, effective immediately. He stepped down the same day as president of StratCap Digital Infrastructure Advisors II and of StratCap Investment Management, the vehicle’s advisor and sponsor. The REIT stated the resignation was not the result of any disagreement over operations, policies or practices.

The board named Adam Baxter chairman and president on August 3, 2026, effective immediately, and he was appointed president of both the advisor and the sponsor as well. Baxter, 50, has sat on the board since September 2024 and has served as secretary of the REIT, the advisor and the sponsor since July 2025. He is a managing director at HMC Capital, the sponsor’s parent, where he oversees growth initiatives and corporate development in North America. He came to HMC Capital from Argo Infrastructure Partners, where he was a managing director, and before that spent nearly 18 years at Macquarie Group in New York.

A second departure at the deal level

Bryan B. Marsh III told the advisor on July 31 that he was resigning as head of data center investments at both the sponsor and the advisor, effective immediately, and again without any disagreement cited. Erik Rostvold was appointed to the role effective the same date.

Rostvold, 49, has served as chief risk officer of the advisor and the sponsor and as a member of the sponsor’s investment committee since October 2024, and as chief risk officer of StratCap Securities over the same period. He was a senior vice president at the sponsor from 2018 and had held product management roles at StratCap Securities since 2013. Earlier positions include Cole Real Estate Investments, KBS Capital Markets Group, MetLife and Pacific Life. His current remit spans:

• retail fund development and ongoing fund management;
• investor services and due diligence;
• risk oversight across the platform.

What the REIT left open

For allocators tracking the vehicle, the notable feature is that the person now leading data center investment activity is the same person who has been carrying risk oversight across the platform. The REIT did not address whether Rostvold relinquishes his chief risk officer titles, nor did it name a successor secretary following Baxter’s promotion.