Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Summary of Estimated Useful Life of Assets

The Company’s investments in real estate are stated at cost and are generally depreciated on a straight-line basis over the estimated useful lives of the assets as follows:

Description	Depreciable Life
Building	30 - 42 years
Building and land improvements	5 - 30 years
Furniture, fixtures and equipment	1 - 10 years
Lease intangibles and leasehold improvements	Shorter of useful life or lease term

Summary of Assets And Liabilities Measured At Fair Value On Recurring Basis

The following table details the Company’s assets and liabilities measured at fair value on a recurring basis ($ in thousands):

	December 31, 2021								December 31, 2020
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Investments in real estate debt	$	—	$	466,475	$	487,602	$	954,077	$	—	$	218,225	$	—	$	218,225
Equity securities		172,236		—		—		172,236		—		—		—		—
Derivatives		—		194,053		—		194,053		—		1,410		—		1,410
Total	$	172,236	$	660,528	$	487,602	$	1,320,366	$	—	$	219,635	$	—	$	219,635
Liabilities:
Derivatives	$	—	$	1,398	$	—	$	1,398	$	—	$	5,167	$	—	$	5,167
Total	$	—	$	1,398	$	—	$	1,398	$	—	$	5,167	$	—	$	5,167

Summary of Assets Measured At Fair Value On Recurring Basis

The following table details the Company’s assets measured at fair value on a recurring basis using Level 3 inputs ($ in thousands):

	Investments in Real Estate Debt
Balance as of December 31, 2020	$	—
Purchases		504,540
Included in net loss
Foreign exchange		(16,938	)
Unrealized gain (loss)		—
Balance as of December 31, 2021	$	487,602

Summary of Quantitative Inputs and Assumptions Used for Items Categorized in Level 3 of Fair Value

The following table contains the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy ($ in thousands):

	December 31, 2021
	Fair Value		Valuation Technique	Unobservable Inputs	Weighted Average	Impact to Valuation from an Increase in Input
Investments in Real Estate Debt	$	487,602	Transacted value	Cost	N/A	N/A

Schedule of Selling Commissions, Dealer Manager Fees And Stockholder Servicing

The following table details the selling commissions, dealer manager fees, and stockholder servicing fees for each applicable share class as of December 31, 2021:

	Common Stock Class T	Common Stock Class S	Common Stock Class D	Common Stock Class I
Selling commissions and dealer manager fees    (% of transaction price)	up to 3.5%	up to 3.5%	up to 1.5%	—
Stockholder servicing fee (% of NAV)	0.85%	0.85%	0.25%	—