Related Party Transactions (Tables)

6 Months Ended

Jun. 30, 2025

The following table details the components of due to affiliates:


in thousands	June 30, 2025		December 31, 2024
Advanced organization and offering expenses	$	6,789	$	6,789
Advanced operating expenses	5,386		5,386
Accrued reimbursable organization and offering expenses(1)	2,663		1,403
Accrued stockholder servicing fee	2,614		2,506
Distributions payable	2,471		2,511
Accrued reimbursable operating expenses(1)	2,131		4,898
Accrued management fee	461		375
Performance participation interest	8		—

Accrued affiliate service provider expenses	—		92
Total	$	22,523	$	23,960

(1)We reimburse the Adviser on a quarterly basis for all accrued operating expenses incurred subsequent to December 31, 2021 and accrued organization and offering expenses incurred subsequent to December 31, 2022. Please refer to the ‘Accrued Reimbursable Operating, Organization and Offering Expenses’ section below for further details.

The following table presents the upfront selling commissions and dealer manager fees for each class of shares sold in the Offering and the stockholder servicing fee per annum based on the aggregate outstanding NAV:


	Class T Shares	Class S Shares	Class D Shares	Class I Shares	Class E Shares
Maximum Upfront Selling Commissions (% of Transaction Price)	up to 3.0%(1)	up to 3.5%	up to 1.5%	—	—
Maximum Upfront Dealer Manager Fees (% of Transaction Price)	0.5%(1)	—	—	—	—
Stockholder Servicing Fee (% of NAV)	0.85%(2)	0.85%	0.25%	—	—

(1)For Class T shares sold in the Offering (other than as part of our distribution reinvestment plan), investors will pay upfront selling commissions of up to 3.0% of the transaction price and upfront dealer manager fees of 0.5% of the transaction price, however such amounts may vary at certain participating broker-dealers, provided that the sum will not exceed 3.5% of the transaction price.

(2)Consists of a representative stockholder servicing fee (0.65% per annum) and a dealer stockholder servicing fee (0.20% per annum).

The table below shows the amount of shares and the total purchase price of those shares held by affiliates as of June 30, 2025 and December 31, 2024, excluding the Class E Shares issued for payment of the management fee held by the Adviser as described above.


	June 30, 2025
in thousands, except share amounts	Class T Shares	Class S Shares	Class D Shares	Class I Shares	Class E Shares	Class N Shares	Class S-PR Shares	Class K-PR Shares	Total Purchase Price
MassMutual	—	—	—	—	—	14,837,046	—	—	$	436,486
Invesco Global Property Plus Fund	—	—	—	338,888	834,416	—	—	—	38,137
Invesco Realty, Inc.	90	91	91	—	—	—	878,895	439,448	39,016
Members of our board of directors and employees of our Adviser(1)	—	—	—	—	126,576	—	—	—	3,507
	90	91	91	338,888	960,992	14,837,046	878,895	439,448	$	517,146


	December 31, 2024
in thousands, except share amounts	Class T Shares	Class S Shares	Class D Shares	Class I Shares	Class E Shares	Class N Shares	Class S-PR Shares	Class K-PR Shares	Total Purchase Price
MassMutual	—	—	—	—	—	14,466,761	—	—	$	426,204
Invesco Global Property Plus Fund	—	—	—	790,720	834,415	—	—	—	46,500
Invesco Realty, Inc.	351,856	351,856	351,856	311,283	—	—	—	—	39,016
Members of our board of directors and employees of our Adviser(1)	—	—	—	—	125,600	—	—	—	3,479
	351,856	351,856	351,856	1,102,003	960,015	14,466,761	—	—	$	515,199

(1)Members of our board of directors and employees of our Adviser are made up of officers of the Company or employees who serve on the Company’s steering committee. This includes stock awards issued to members of our board of directors under our Share-Based Compensation Plan. Total Purchase Price for stock awards issued under our Share-Based Compensation Plan represents the value of shares issued as equity compensation.