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Summary of Significant Accounting Policies and Estimates (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Useful Life of Investments in Real Estate

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


Description						Depreciable Life
Buildings						6 - 55 years
Land improvements						1 - 44 years
Furniture, fixtures and equipment						5 years
In-place lease intangibles						9 - 24 years
Other lease intangibles (1)						Over lease term

(1) Other lease intangibles primarily includes above and below market leases, tenant lease inducements, and lease commissions.

Schedule of Selling Commissions, Dealer Manager Fees, and Shareholder Servicing Fees

The following details the selling commissions, dealer manager fees, and shareholder servicing fees for each applicable share class as of December 31, 2025:

Class S

Class N

Class D

Class I

Transaction fees (% of transaction price)

up to 3.50%

up to 2.00%

up to 1.50%

—%

Shareholder servicing fees (% of NAV)

0.85%

0.50%

0.25%

—%

The following table details the movement in the Company’s outstanding common shares:


	Class S	Class N	Class D	Class I	Total
December 31, 2022	43,401,686	–	1,385,421	31,668,259	76,455,366
Common shares issued	48,158,608	–	3,247,573	70,130,943	121,537,124
Distribution reinvestment	1,982,704	–	93,689	1,886,855	3,963,248
Common shares repurchased	(1,474,835)	—	(237,865)	(2,034,326)	(3,747,026)
December 31, 2023	92,068,163	–	4,488,818	101,651,731	198,208,712
Common shares issued	96,583,427	15,060,527	1,877,083	118,794,817	232,315,854
Distribution reinvestment	4,816,166	95,100	60,745	5,143,515	10,115,526
Common shares repurchased	(6,435,036)	–	—	(10,984,757)	(17,419,793)
Common shares converted (1)	(65,954)	–	(4,674,741)	4,661,712	(78,983)
December 31, 2024	186,966,766	15,155,627	1,751,905	219,267,018	423,141,316
Common shares issued	123,170,264	32,167,870	6,040,720	151,257,759	312,636,613
Distribution reinvestment	8,720,501	980,502	224,324	8,960,003	18,885,330
Common shares repurchased	(9,362,693)	(504,506)	(266,950)	(22,009,884)	(32,144,033)
Common shares converted (2)	(2,523,694)	–	1,170,048	1,359,215	5,569
December 31, 2025	306,971,144	47,799,493	8,920,047	358,834,111	722,524,795

(1) During the year ended December 31, 2024, 65,954 Class S shares with a value of $664 and 4,674,741 Class D shares with a value of $46,636 were converted into 4,661,712 Class I shares based on the respective period’s NAV per share.

(2) During the year ended December 31, 2025, 2,523,694 Class S shares with a value of $25,763 were converted into 1,170,048 Class D shares and 1,359,215 Class I shares based on the respective period’s NAV per share.

Schedule 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:


	December 31, 2025						December 31, 2024
	Level 2		Level 3		Total		Level 2		Level 3		Total
Assets:
Investments in unconsolidated real estate affiliates	$	—	$	3,801,703	$	3,801,703	$	—	$	1,742,086	$	1,742,086
Investments in real estate debt	853,531		852,355		1,705,886		505,537		113,939		619,476
Interest rate hedging derivatives (1)	725		—		725		13,546		—		13,546
Foreign currency hedging derivatives (1)	8,174		—		8,174		3,661		—		3,661
Total	$	862,430	$	4,654,058	$	5,516,488	$	522,744	$	1,856,025	$	2,378,769

Liabilities:
Interest rate hedging derivatives (2)	$	10,572	$	—	$	10,572	$	1,922	$	—	$	1,922
Foreign currency hedging derivatives (2)	14,633		—		14,633		2,630		—		2,630
DST financing obligation (2)	—		350,125		350,125		—		52,123		52,123
Total	$	25,205	$	350,125	$	375,330	$	4,552	$	52,123	$	56,675

(1) Included within Other assets within the Consolidated Balance Sheets.

(2) Included within Other liabilities within the Consolidated Balance Sheets.

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Level 3 Inputs

The following table details the Company’s assets and liabilities measured at fair value on a recurring basis using Level 3 inputs:


	Investments in real estate debt		Investments in unconsolidated real estate affiliates		Total Assets		DST Financing Obligation
Balance as of December 31, 2024	$	113,939	$	1,742,086	$	1,856,025	$	52,123
Purchases	938,386		2,508,457		3,446,843		—
Sales	(211,380)		(636,234)		(847,614)		—
Distributions received	—		(362,102)		(362,102)		—
Capitalized interest income	3,786		—		3,786		—
DST Program proceeds	—		—		—		298,001
Included in net income
Net gain on fair value of DST financing obligation	—		—		—		1
Gain on fair value of investments in real estate debt	7,624		—		7,624		—
Income from unconsolidated real estate affiliates at fair value	—		549,496		549,496		—
Balance as of December 31, 2025	$	852,355	$	3,801,703	$	4,654,058	$	350,125

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

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