NET INCOME (LOSS) PER SHARE

12 Months Ended

Dec. 31, 2022

The Company computes net earnings or loss per share for each class of common stock using the two-class method. RREEF America may earn a performance component of the advisory fee (see Note 9) which may impact the net income (loss) of each class of common stock differently. The performance component and the impact on each class of common stock, if any, are shown below.

Basic and diluted net income (loss) per share for each class of common stock is computed using the weighted-average number of common shares outstanding during the period for each class of common stock. The Initial Stock Awards and the Annual Share Grant Awards granted to the Company's independent directors (see Note 10) qualify as participating securities and therefore also require use of the two-class method for computing net income (loss) per share. However, the unvested Initial Stock Awards and the unvested Annual Share Grant Awards are anti-dilutive or immaterially dilutive, and therefore are ignored in the diluted net income (loss) per share calculation for the years ended December 31, 2022, 2021 and 2020. The Company has not issued any dilutive or potentially dilutive securities, and thus the basic and diluted net income (loss) per share for a given class of common stock is the same for each period presented.

The following table sets forth the computation of basic and diluted net income (loss) per share for each class of the Company’s common stock which had shares outstanding during the relevant period.












		Year Ended December 31, 2022
		Class A		Class I		Class T		Class D		Class N		Class M-I		Class T2		Class Z
Basic and diluted net loss per share:
	Allocation of net loss before performance fee	$	(2,934)	$	(8,956)	$	(365)	$	(1,930)	$	(346)	$	(156)	$	(185)	$	(51)
	Allocation of performance fees	—		—		—		—		—		—		—		—
	Total Numerator	$	(2,934)	$	(8,956)	$	(365)	$	(1,930)	$	(346)	$	(156)	$	(185)	$	(51)
	Denominator - weighted average number of common shares outstanding	4,280,032		13,068,182		532,372		2,816,313		504,352		227,586		269,524		75,000

Basic and diluted net loss per share:		$	(0.69)	$	(0.69)	$	(0.69)	$	(0.69)	$	(0.69)	$	(0.69)	$	(0.69)	$	(0.69)
		Year Ended December 31, 2021
		Class A		Class I		Class T		Class D		Class N		Class M-I*		Class T2*		Class Z**
Basic and diluted net income per share:
	Allocation of net income before performance fee	$	2,335	$	6,924	$	591	$	573	$	46	$	23	$	19	$	1
	Allocation of performance fees	(1,316)		(4,010)		(339)		(331)		(26)		(19)		(16)		—
	Total Numerator	$	1,019	$	2,914	$	252	$	242	$	20	$	4	$	3	$	1


	Denominator - weighted average number of common shares outstanding	3,791,022		11,238,373		959,664		929,637		74,848		37,050		30,536		822

Basic and diluted net income per share:		$	0.27	$	0.26	$	0.26	$	0.25	$	0.27	$	0.11	$	0.09	$	0.62
*Class M-I and Class T2 Shares were initially issued in May 2021.
** Class Z Shares were first converted from Class I Shares in December 2021.
		Year Ended December 31, 2020
		Class A		Class I		Class T		Class D		Class N**
Basic and diluted net income per share:
	Allocation of net loss before performance fee	$	(445)	$	(1,242)	$	(118)	$	(20)	$	(1)
	Allocation of performance fees	—		—		—		—		—
	Total Numerator	$	(445)	$	(1,242)	$	(118)	$	(20)	$	(1)
	Denominator - weighted average number of common shares outstanding	3,682,047		10,297,156		978,268		167,991		13,484

Basic and diluted net loss per share:		$	(0.12)	$	(0.12)	$	(0.12)	$	(0.12)	$	(0.12)
** Class N Shares were first converted from Class T Shares in November 2020.