Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Summary of Assets Measured at Fair Value on a Recurring Basis

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

	September 30, 2024								December 31, 2023
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Investments in real estate debt	$	—	$	30,727	$	698,045	$	728,772	$	—	$	25,321	$	302,868	$	328,189
Total	$	—	$	30,727	$	698,045	$	728,772	$	—	$	25,321	$	302,868	$	328,189

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, 2023	$	302,868
Originations, acquisitions, and add on fundings		395,177
Amortization of discount/premium		156
Included in net income:
Unrealized gain/(loss) from investments in real estate debt		(156	)
Balance as of September 30, 2024	$	698,045

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

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

	September 30, 2024
	Fair Value		Valuation Technique	Unobservable Inputs	Rate Range	Impact to Valuation from an Increase in Input
Assets:
Investments in real estate debt	$	698,045	Discounted cash flow	Discount rate	6.50% - 12.66%	Decrease
	December 31, 2023
	Fair Value		Valuation Technique	Unobservable Inputs	Rate Range	Impact to Valuation from an Increase in Input
Assets:
Investments in real estate debt	$	302,868	Discounted cash flow	Discount rate	8.41% - 10.00%	Decrease

Summary of Investments in Real estate Stated at Cost and Generally Depreciated on Straight-Line Basis over Estimated Useful Lives 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
Buildings	39 - 50 years
Buildings and land improvements	10 - 15 years
Furniture, Fixtures & Equipment	10 years
Lease intangibles and leasehold improvements	Lease term

Summary of Selling Commissions, Dealer Manager Fees, and Stockholder Servicing Fees for each Applicable Share Class

The following table details the selling commissions, dealer manager fees, and stockholder servicing fees for each applicable share class as of September 30, 2024:

	Class S Shares	Class D Shares	Class I Shares		Class F-S Shares	Class F-D Shares	Class F-I Shares		Class A-I Shares		Class A-II Shares		Class A-III Shares
Selling commissions and dealer manager fees (% of transaction price)	up to 3.5%	up to 1.5%		—	up to 3.5%	up to 1.5%		—		—		—		—
Stockholder servicing fee (% of NAV)	0.85%	0.25%		—	0.85%	0.25%		—		—		—		—