Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2022

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):

	March 31, 2022								December 31, 2021
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Investments in real estate debt	$	—	$	557,346	$	473,994	$	1,031,340	$	—	$	466,475	$	487,602	$	954,077
Equity securities		235,198		—		—		235,198		172,236		—		—		172,236
Derivatives		—		465,811		—		465,811		—		194,053		—		194,053
Total	$	235,198	$	1,023,157	$	473,994	$	1,732,349	$	172,236	$	660,528	$	487,602	$	1,320,366

Liabilities:
Derivatives	$	—	$	3,003	$	—	$	3,003	$	—	$	1,398	$	—	$	1,398
Total	$	—	$	3,003	$	—	$	3,003	$	—	$	1,398	$	—	$	1,398

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, 2021	$	487,602
Purchases		—
Included in net income
Foreign exchange		(13,608	)
Unrealized gain (loss)		—
Balance as of March 31, 2022	$	473,994

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):

	March 31, 2022
	Fair Value		Valuation Technique	Unobservable Inputs	Weighted Average	Impact to Valuation from an Increase in Input
Investments in Real Estate Debt	$	473,994	Par Value	Par	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 March 31, 2022 and 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 1.5%

—

Stockholder servicing fee (% of NAV)

0.85%

0.25%

—