Subsequent Events

12 Months Ended

Dec. 31, 2023

Subsequent Event [Line Items]

Subsequent Events

Subsequent Events

In preparation of the accompanying Consolidated Financial Statements, the Company has evaluated events and transactions that occurred after December 31, 2023 for recognition or disclosure purposes. Based on this evaluation, we identified the following subsequent events, from December 31, 2023 through the date the financial statements were issued.

Acquisitions

STORE

During January and February 2024, the Company made total additional investments in STORE of $488,080 under the terms of the FIPA. Additionally, on February 6, 2024, subsidiaries of the Company entered into promissory notes with SuNNNy Days, LLC, an affiliate of GIC, to borrow $287,844 (the “FIPA Loan”) in exchange for assignment of ownership of the remaining units OS Aggregator was required to purchase under the FIPA. Such assignment results in OS Aggregator reaching an indirect 25% membership interest in STORE, and meeting the obligations of the FIPA as described in Note 4 - Investments in Unconsolidated Real Estate Affiliates. The FIPA Loan has an interest rate of 9% and a term of 18 months, with a maturity date of August 1, 2025. In March 2024, the Company repaid $134,150 of the FIPA Loan through the use of proceeds from the issuance of common shares, resulting in a remaining outstanding balance of $153,694. Including the units acquired with the proceeds of the FIPA Loan, the additional investments in STORE made by the Company subsequent to December 31, 2023 totaled $775,924.

Financings

On January 16, 2024, the Company drew $137,372 from its revolving credit facility. The proceeds were used to repay a portion of the outstanding principal on a mortgage note payable in the amount of $136,130.

Proceeds from the Issuance of Common Shares

From January 1, 2024 through the date the financial statements were issued, the Company sold an aggregate of 50,983,117 shares of its common shares (consisting of 25,610,208 Class S shares, 487,151 Class D shares, and 24,885,758 Class I shares) resulting in net proceeds of $545,066 to the Company as payment for such shares.

Repurchases

On March 13, 2024, the Company amended its share repurchase plan (the “Third Amended Share Repurchase Plan”) to provide that the Company will not apply the Early Repurchase Deduction on repurchases of the Company’s common shares submitted by discretionary model portfolio management programs (and similar arrangements) as approved by the Company.

From January 1, 2024 through the date the financial statements were issued, the Company repurchased 1,671,859 shares of common shares and 335,962 OP Units for a total of $16,887 and $3,472, respectively.

Oak Street Real Estate Capital Fund IV and V Acquired Predecessor Portfolio

Subsequent Event [Line Items]

Subsequent Events

Subsequent EventsIn preparing the Statements, the Company has evaluated events and transactions occurring through the date the Statement was available to be issued, and management did not identify any subsequent events requiring additional disclosure. Please see the accompanying notes to the consolidated financial statements of ORENT included in this Form 10-K for subsequent events related to the Company.