RREEF Property Trust (ZRPTIX) 10-K 14 Mar 24 2023 FY Annual report Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Dec. 31, 2023	Mar. 08, 2024	Jun. 30, 2023
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	000-55598
Entity Registrant Name	RREEF Property Trust, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	45-4478978
Entity Address, Address Line One	875 Third Avenue
Entity Address, Address Line Two	26th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10022
City Area Code	212
Local Phone Number	454-4500
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
ICFR Auditor Attestation Flag	false
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 0
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE
Entity Central Index Key	0001542447
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Common Class A
Document Information [Line Items]
Title of 12(b) Security	Class A Common Stock, $.01 par value
Entity Common Stock, Shares Outstanding		4,045,107
Common Class I
Document Information [Line Items]
Title of 12(b) Security	Class I Common Stock, $.01 par value
Entity Common Stock, Shares Outstanding		10,568,112
Common Class T
Document Information [Line Items]
Title of 12(b) Security	Class T Common Stock, $.01 par value
Entity Common Stock, Shares Outstanding		87,420
Common Class N
Document Information [Line Items]
Title of 12(b) Security	Class N Common Stock, $.01 par value
Entity Common Stock, Shares Outstanding		594,658
Common Class D
Document Information [Line Items]
Title of 12(b) Security	Class D Common Stock, $.01 par value
Entity Common Stock, Shares Outstanding		2,554,001
Class Z
Document Information [Line Items]
Title of 12(b) Security	Class Z Common Stock, $.01 par value
Entity Common Stock, Shares Outstanding		75,000
Common Class S
Document Information [Line Items]
Title of 12(b) Security	Class S Common Stock, $.01 par value
Entity Common Stock, Shares Outstanding		0
Class M-I
Document Information [Line Items]
Title of 12(b) Security	Class M-I Common Stock, $.01 par value
Entity Common Stock, Shares Outstanding		511,832
Class T2
Document Information [Line Items]
Title of 12(b) Security	Class T2 Common Stock, $.01 par value
Entity Common Stock, Shares Outstanding		624,597

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2023
Auditor [Abstract]
Auditor Name	KPMG LLP
Auditor Location	Chicago, IL
Auditor Firm ID	185

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
ASSETS
Investment in real estate assets, net	$ 373,806	$ 420,552
Investment in marketable securities	109	26,987
Real estate loans held in consolidated CMBS Trust, at fair value	1,182,995	1,156,263
Cash and cash equivalents	5,065	5,197
Receivables, net of allowance for doubtful accounts of $92 and $35, respectively	5,250	6,602
Accrued interest receivable	4,238	4,239
Deferred leasing costs, net of amortization of $2,087 and $2,037, respectively	2,647	3,325
Prepaid and other assets	2,646	2,324
Total assets	1,576,756	1,625,489
LIABILITIES AND STOCKHOLDERS' EQUITY
Line of credit, net	54,335	84,780
Mortgage loans payable, net	188,944	190,433
Bonds payable held in consolidated CMBS Trust, at fair value	1,150,454	1,125,096
Accrued interest payable on bonds held in consolidated CMBS Trust	4,136	4,137
Accounts payable and accrued expenses	5,751	4,798
Due to affiliates	18,321	18,894
Note to affiliate, net of unamortized discount of $274 and $461, respectively	5,109	4,922
Acquired below-market lease intangibles, less accumulated amortization of $10,387 and $7,706, respectively	7,950	10,859
Distributions payable	635	696
Other liabilities	1,938	2,323
Total liabilities	1,437,573	1,446,938
Stockholders' Equity:
Additional paid-in capital	236,592	278,007
Deficit	(97,607)	(99,681)
Total stockholders' equity	139,183	178,551
Total liabilities and stockholders' equity	1,576,756	1,625,489
Common Class A
Stockholders' Equity:
Common stock	42	43
Common Class D
Stockholders' Equity:
Common stock	26	32
Common Class I
Stockholders' Equity:
Common stock	111	129
Class M-I
Stockholders' Equity:
Common stock	5	4
Common Class N
Stockholders' Equity:
Common stock	6	7
Common Class T
Stockholders' Equity:
Common stock	1	4
Class T2
Stockholders' Equity:
Common stock	6	5
Class Z
Stockholders' Equity:
Common stock	$ 1	$ 1

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Allowance for doubtful accounts	$ 92	$ 35
Deferred leasing costs, amortization	2,087	2,037
Note to affiliate, unamortized discount	274	461
Acquired below-market lease intangibles, accumulated depreciation	$ 10,387	$ 7,706
Common Class A
Common stock, shares issued (in shares)	4,244,611	4,345,525
Common stock, shares outstanding (in shares)	4,244,611	4,345,525
Common Class D
Common stock, shares issued (in shares)	2,580,099	3,226,181
Common stock, shares outstanding (in shares)	2,580,099	3,226,181
Common Class I
Common stock, shares issued (in shares)	11,132,527	12,939,113
Common stock, shares outstanding (in shares)	11,132,527	12,939,113
Class M-I
Common stock, shares issued (in shares)	489,010	360,762
Common stock, shares outstanding (in shares)	489,010	360,762
Common Class N
Common stock, shares issued (in shares)	577,098	659,082
Common stock, shares outstanding (in shares)	577,098	659,082
Common Class T
Common stock, shares issued (in shares)	101,743	351,926
Common stock, shares outstanding (in shares)	101,743	351,926
Class T2
Common stock, shares issued (in shares)	643,843	475,565
Common stock, shares outstanding (in shares)	643,843	475,565
Class Z
Common stock, shares issued (in shares)	75,000	75,000
Common stock, shares outstanding (in shares)	75,000	75,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues
Property related income	$ 41,904	$ 41,374	$ 33,569
Investment income on marketable securities	46	1,112	693
Total revenues	41,950	42,486	34,262
Expenses
General and administrative expenses	2,400	2,452	1,976
Property operating expenses	12,728	12,231	9,552
Advisory fees	3,099	3,746	8,672
Depreciation	10,844	11,516	7,052
Amortization	4,200	7,830	6,174
Total operating expenses	33,271	37,775	33,426
Net realized gain upon sale of real estate	17,980	0	0
Net realized gain (loss) upon sale of marketable securities	3,476	(794)	3,179
Loss on extinguishment of debt	(131)	0	0
Net unrealized change in fair value of investment in marketable securities	(1,279)	(9,953)	7,094
Change in net assets of consolidated CMBS Trust	2,598	529	0
Operating income (loss)	31,323	(5,507)	11,109
Interest expense	(12,177)	(9,416)	(6,654)
Net income (loss)	19,146	(14,923)	4,455
Common Class A
Expenses
Net income (loss)	$ 3,898	$ (2,934)	$ 1,019
Net loss per common share:
Basic net income (loss) per share (in usd per share)	$ 0.92	$ (0.69)	$ 0.27
Diluted net income (loss) per share (in usd per share)	$ 0.92	$ (0.69)	$ 0.27
Common Class I
Expenses
Net income (loss)	$ 10,935	$ (8,956)	$ 2,914
Net loss per common share:
Basic net income (loss) per share (in usd per share)	$ 0.92	$ (0.69)	$ 0.26
Diluted net income (loss) per share (in usd per share)	$ 0.92	$ (0.69)	$ 0.26
Common Class T
Expenses
Net income (loss)	$ 133	$ (365)	$ 252
Net loss per common share:
Basic net income (loss) per share (in usd per share)	$ 0.92	$ (0.69)	$ 0.26
Diluted net income (loss) per share (in usd per share)	$ 0.92	$ (0.69)	$ 0.26
Common Class D
Expenses
Net income (loss)	$ 2,571	$ (1,930)	$ 242
Net loss per common share:
Basic net income (loss) per share (in usd per share)	$ 0.92	$ (0.69)	$ 0.25
Diluted net income (loss) per share (in usd per share)	$ 0.92	$ (0.69)	$ 0.25
Common Class N
Expenses
Net income (loss)	$ 592	$ (346)	$ 20
Net loss per common share:
Basic net income (loss) per share (in usd per share)	$ 0.92	$ (0.69)	$ 0.27
Diluted net income (loss) per share (in usd per share)	$ 0.92	$ (0.69)	$ 0.27
Class M-I
Expenses
Net income (loss)	$ 396	$ (156)	$ 4
Net loss per common share:
Basic net income (loss) per share (in usd per share)	$ 0.92	$ (0.69)	$ 0.11
Diluted net income (loss) per share (in usd per share)	$ 0.92	$ (0.69)	$ 0.11
Class T2
Expenses
Net income (loss)	$ 552	$ (185)	$ 3
Net loss per common share:
Basic net income (loss) per share (in usd per share)	$ 0.92	$ (0.69)	$ 0.09
Diluted net income (loss) per share (in usd per share)	$ 0.92	$ (0.69)	$ 0.09
Class Z
Expenses
Net income (loss)	$ 69	$ (51)	$ 1
Net loss per common share:
Basic net income (loss) per share (in usd per share)	$ 0.92	$ (0.69)	$ 0.62
Diluted net income (loss) per share (in usd per share)	$ 0.92	$ (0.69)	$ 0.62

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Preferred Stock	Common Stock	Additional Paid-in Capital	Deficit
Balance (in shares) at Dec. 31, 2020		0	15,182,231
Balance at Dec. 31, 2020	$ 112,963	$ 0	$ 152	$ 171,161	$ (58,350)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)	4,791,861		4,791,861
Issuance of common stock	$ 74,158		$ 48	74,110
Issuance of common stock through the distribution reinvestment plan (in shares)			415,624
Issuance of common stock through the distribution reinvestment plan	6,421		$ 4	6,417
Redemption of common stock (in shares)			(560,382)
Redemption of common stock	(8,475)		$ (5)	(8,470)
Distributions to investors	(12,828)				(12,828)
Other offering costs	(5,045)			(5,045)
Equity based compensation (shares)			7,089
Equity based compensation	102			102
Net income (loss)	4,455				4,455
Balance (in shares) at Dec. 31, 2021		0	19,836,423
Balance at Dec. 31, 2021	$ 171,751	$ 0	$ 199	238,275	(66,723)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)	3,735,293		3,735,293
Issuance of common stock	$ 64,684		$ 37	64,647
Issuance of common stock through the distribution reinvestment plan (in shares)			556,592
Issuance of common stock through the distribution reinvestment plan	9,563		$ 5	9,558
Redemption of common stock (in shares)			(1,698,605)
Redemption of common stock	(29,173)		$ (16)	(29,157)
Distributions to investors	(18,035)				(18,035)
Other offering costs	(5,371)			(5,371)
Equity based compensation (shares)			3,451
Equity based compensation	55			55
Net income (loss)	(14,923)				(14,923)
Balance (in shares) at Dec. 31, 2022		0	22,433,154
Balance at Dec. 31, 2022	$ 178,551	$ 0	$ 225	278,007	(99,681)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)	1,139,674		1,139,674
Issuance of common stock	$ 17,548		$ 11	17,537
Issuance of common stock through the distribution reinvestment plan (in shares)			611,422
Issuance of common stock through the distribution reinvestment plan	8,948		$ 6	8,942
Redemption of common stock (in shares)			(4,344,396)
Redemption of common stock	(65,112)		$ (44)	(65,068)
Distributions to investors	(17,072)				(17,072)
Other offering costs	(2,889)			(2,889)
Equity based compensation (shares)			4,077
Equity based compensation	63			63
Net income (loss)	19,146				19,146
Balance (in shares) at Dec. 31, 2023		0	19,843,931
Balance at Dec. 31, 2023	$ 139,183	$ 0	$ 198	$ 236,592	$ (97,607)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net income (loss)	$ 19,146	$ (14,923)	$ 4,455
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation	10,844	11,516	7,052
Net realized gain from sale of real estate assets	(17,980)	0	0
Net realized (gain) loss upon sale of marketable securities	(3,476)	794	(3,179)
Net unrealized (gain) loss on investments held at fair value	(95)	9,641	(7,094)
Loss on extinguishment of debt	131	0	0
Share based incentive compensation	63	55	102
Amortization of intangible lease assets and liabilities	1,511	6,362	5,526
Amortization of deferred financing costs	616	278	275
Straight line rent	(143)	112	(537)
Amortization of discount on note to affiliate	188	181	174
Changes in assets and liabilities:
Receivables, net	699	(522)	(281)
Accrued interest receivable net of accrued interest payable, CMBS Trust	0	(13)	0
Deferred leasing costs	(1,173)	(365)	(400)
Prepaid and other assets	(648)	(316)	(77)
Accounts payable and accrued expenses	292	272	720
Other liabilities	2	(97)	114
Due to affiliates	(97)	(6,000)	6,156
Net cash provided by operating activities	9,880	6,975	13,006
Cash flows from investing activities:
Proceeds from sale of real estate assets	58,925	0	0
Investment in real estate and related assets	0	0	(127,909)
Improvements to real estate assets	(6,395)	(2,264)	(1,387)
Investment in marketable securities	(1,520)	(33,529)	(26,403)
Proceeds from sale of marketable securities	30,611	32,549	20,230
Purchase of investment in CMBS Trust	0	(30,944)	0
Principal payments received from mortgage loans held in consolidated CMBS Trust	245	39	0
Net cash provided by (used in) investing activities	81,866	(34,149)	(135,469)
Cash flows from financing activities:
Proceeds from line of credit	68,465	49,000	59,500
Repayment of line of credit	(97,300)	(46,500)	(55,700)
Proceeds from mortgage loans payable	25,500	0	66,000
Repayment of mortgage loans payable	(26,887)	(718)	(503)
Distribution of principal payments to bondholders of consolidated CMBS Trust	(245)	(39)	0
Proceeds from issuance of common stock	17,724	64,657	74,094
Payment of financing costs	(2,459)	0	(438)
Payment of offering costs	(3,175)	(3,788)	(2,731)
Distributions to investors	(8,185)	(8,403)	(6,221)
Redemption of common stock	(65,316)	(28,969)	(8,540)
Net cash (used in) provided by financing activities	(91,878)	25,240	125,461
Net (decrease) increase in cash and cash equivalents	(132)	(1,934)	2,998
Cash and cash equivalents beginning of period	5,197	7,131	4,133
Cash and cash equivalents end of period	5,065	5,197	7,131
Supplemental Disclosures of Non-Cash Investing and Financing Activities:
Distributions declared and unpaid	635	696	627
Common stock issued through the distribution reinvestment plan	8,948	9,563	6,421
Purchases of marketable securities not yet paid	0	79	97
Proceeds from sale of marketable securities not yet received	0	95	42
Proceeds from issuance of common stock not yet received	17	175	149
Redemption of common stock not yet paid	0	204	0
Accrued offering costs not yet paid	682	3,509	3,767
Capital expenditures not yet paid	2,244	375	330
Supplemental Cash Flow Disclosures:
Interest paid	11,326	8,600	5,964
Real Estate and Related Assets
In connection with the purchase of investments in real estate and related assets, the Company also assumed certain non-real estate assets and liabilities:
Purchase price	0	0	128,639
Prepaid and other assets acquired	0	0	70
Other liabilities assumed	0	0	(800)
Investment in real estate and related assets	0	0	127,909
CMBS Trust
In connection with the purchase of investments in real estate and related assets, the Company also assumed certain non-real estate assets and liabilities:
Purchase price	0	1,157,636	0
Accrued interest receivable from real estate loans held in consolidated CMBS Trust	0	4,365	0
Bonds payable held in consolidated CMBS Trust, at fair value	0	(1,126,781)	0
Accrued interest payable on bonds held in consolidated CMBS Trust	0	(4,276)	0
Investment in real estate and related assets	$ 0	$ 30,944	$ 0

ORGANIZATION

ORGANIZATION	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	ORGANIZATION RREEF Property Trust, Inc. (the “Company”) was formed on February 7, 2012 as a Maryland corporation and has elected to qualify as a real estate investment trust (“REIT”) for federal income tax purposes. Substantially all of the Company's business is conducted through RREEF Property Operating Partnership, LP, the Company's operating partnership (the “Operating Partnership”). The Company is the sole general partner of the Operating Partnership and RREEF Property OP Holder, LLC (the "OP Holder"), a wholly owned subsidiary of the Company, is the limited partner of the Operating Partnership. The Company's sponsor and advisor is RREEF America, L.L.C. (“RREEF America”). The Company invests in a diversified portfolio consisting primarily of high quality, income-producing commercial real estate located in the United States, including, without limitation, office, industrial, retail and residential properties (“Real Estate Properties”). The Company also invests in common and preferred stock of REITs and other real estate companies (“Real Estate Equity Securities”) and in debt investments backed principally by real estate (“Real Estate Loans” and, together with Real Estate Equity Securities, “Real Estate-Related Assets”). The Company raises capital through a combination of public and private offerings of its shares of common stock. On January 3, 2013, the Company commenced its initial public offering which continued until June 30, 2016 (the “Initial Public Offering”). On July 12, 2016, the Company commenced its second public offering which continued until January 8, 2020 (the “Second Public Offering”). On January 8, 2020, the Company commenced its third public offering, which continued until August 10, 2023 (the “Third Public Offering”). In the Third Public Offering, the Company offered to the public up to $2,300,000 in various classes of common stock: Class A shares, Class I shares, Class M-I shares, Class N shares (through the Company's distribution reinvestment plan only), Class S shares, Class T shares and Class T2 shares (also see Note 10). On August 10, 2023, the Company commenced its fourth public offering which is currently ongoing (the “Fourth Public Offering”). In the Fourth Public Offering, the Company is offering to the public up to $2,000,000 in various classes of common stock: Class A shares, Class I shares, Class M-I shares, Class N shares, Class S shares, Class T shares and Class T2 shares (also see Note 10). . On January 20, 2016, the Company commenced a private offering of up to a maximum of $350,000 in Class D shares under Regulation D of the Securities Act of 1933 (the "Reg D Private Offering"). On November 17, 2020, the Company commenced a separate private offering of up to a maximum of $300,000 in Class D shares under Regulation S of the Securities Act of 1933 (the "Reg S Private Offering" and, together with the Reg D Private Offering, the "Private Offerings"). In addition, the Company's charter authorizes Class Z shares, which are expected to be offered only in a private offering to RREEF America. Together, the Initial Public Offering, the Second Public Offering, the Third Public Offering, the Fourth Public Offering and the Private Offerings are collectively referred to as the "Offerings." Shares of the Company’s common stock are sold at the Company’s net asset value (“NAV”) per share, plus, for Class A, Class S, Class T2 and Class D shares only, applicable selling commissions. Each class of shares has a different NAV per share because of certain class-specific fees. NAV per share is calculated by dividing the NAV at the end of each business day for each class by the number of shares outstanding for that class on such day. The Company's NAV per share for its Class A, Class I, Class T, Class D, Class M-I, Class T2 and Class N Shares is posted to the Company's website at www.rreefpropertytrust.com after the stock market close each business

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), the authoritative reference for U.S. generally accepted accounting principles (“GAAP”). There have been no significant changes to the Company's significant accounting policies during the year ended December 31, 2023. Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Principles of Consolidation The Company consolidates all entities in which it has a controlling financial interest through majority ownership or voting rights and variable interest entities whereby the Company is the primary beneficiary. In determining whether the Company has a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, the Company considers whether the entity is a variable interest entity (“VIE”) and whether the Company is the primary beneficiary. Under ASC 810, Consolidation , the Company is the primary beneficiary of a VIE when it has both (i) the power to direct the most significant activities impacting the economic performance of the VIE and (ii) the obligation to absorb losses or receive benefits significant to the VIE. Entities that do not qualify as VIEs are generally considered voting interest entities (“VOEs”) and are evaluated for consolidation under the voting interest model. VOEs are consolidated when the Company controls the entity through a majority voting interest or other means. Cash and Cash Equivalents The Company considers all highly liquid investments purchased with original maturities of three months or less to be cash equivalents. Cash equivalents may include cash and short-term investments. Short-term investments are stated at cost, which approximates fair value and may consist of investments in money market accounts. Real Estate Investments and Lease Intangibles Real estate investments are stated at cost less accumulated depreciation and amortization. Buildings and improvements are depreciated utilizing the straight-line method over an estimated useful life of 5 to 40 years for industrial, retail and office properties, and 27.5 years for residential. Tenant improvements and lease commissions are amortized to expense over the terms of the respective tenant leases. Lease incentives are amortized as an offset to revenue over the terms of the respective tenant leases. Furniture and equipment is depreciated over an estimated useful life ranging from 5 to 7 years. Ordinary repair and maintenance costs that do not improve the condition or extend the useful life of the property are expensed as incurred. Under FASB ASC 805, Business Combinations , entities are required to evaluate whether transactions should be accounted for as acquisitions (and dispositions) of assets or businesses. ASC 805 provides a screen to determine when a set of identifiable assets is not a business. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. Generally, a real estate asset and its related leases will be considered a single identifiable asset and therefore will not meet the definition of a business. If the real estate and related leases in an acquisition are determined to be an asset and not a business, then the acquisition related costs would be capitalized onto the consolidated balance sheet. Otherwise, such costs will be expensed upon completion of the transaction. In accordance with ASC 805 and ASC 350, Intangibles—Goodwill and Other , acquisitions of properties are accounted for utilizing the acquisition method and, accordingly, the results of operations of acquired properties will be included in the Company’s results of operations from their respective dates of acquisition. Estimates of future cash flows and other valuation techniques believed to be similar to those used by independent appraisers are used to allocate the purchase price of identifiable assets acquired and liabilities assumed such as land, buildings and improvements, equipment and identifiable intangible assets and liabilities such as amounts related to in-place leases, acquired above- and below-market leases, asset retirement obligations and mortgage loans payable. Values of buildings and improvements are determined on an as-if-vacant basis. The estimated fair value of acquired in-place leases are the costs the Company would have incurred to lease the properties to the occupancy level of the properties at the date of acquisition. Such estimates include the fair value of leasing commissions, legal costs and other direct costs that would be incurred to lease the properties to such occupancy levels. Additionally, the Company evaluates the time period over which such occupancy levels would be achieved. Such evaluation will include an estimate of the net market-based rental revenues and net operating costs (primarily consisting of forgone rents, real estate taxes, recoverable charges and insurance) that would be incurred during the lease-up period, which generally ranges up to one year. Acquired in-place leases as of the date of acquisition are amortized over the remaining lease terms into amortization expense. Acquired above- and below-market lease values are estimated based on the present value (using an interest rate that reflects the risks associated with the lease acquired) of the difference between the contractual amounts to be paid pursuant to the in-place leases and the Company’s estimate of fair market value lease rates for the corresponding in-place leases. The capitalized above- and below-market lease values are amortized to rental revenue over the remaining terms of the respective leases, which include, for below-market leases, periods covered by bargain fixed-rate renewal options if, at the time of acquisition, the exercise of such renewal options are determined to be sufficiently economically advantageous to the tenant. The Company evaluates the remaining useful life of intangible assets to determine whether events and circumstances or changes in the underlying assumptions warrant a revision to the remaining period of amortization. Any changes to the useful life are amortized prospectively over the revised remaining useful life. If a lease is terminated prior to its scheduled expiration, the unamortized portion of the in-place lease is charged to amortization expense and the unamortized portion of the above- or below-market lease is charged to rental revenue. The Company assesses the carrying values of real estate investments whenever events or changes in circumstances indicate that the carrying amount of these assets may not be fully recoverable, such as a reduction in the expected holding period of a property. A real estate investment is potentially impaired if the undiscounted cash flows to be realized over the expected hold period are less than the real estate investment’s carrying amount. In this case, an impairment loss will be recorded to the extent that the estimated fair value is lower than the real estate investment’s carrying amount. The estimated fair value is determined primarily using information contained within independent appraisals obtained quarterly by the Company from its independent valuation agent. Real estate investments that are expected to be disposed of are valued at the lower of carrying amount or estimated fair value less costs to sell. As of December 31, 2023 and 2022, none of the Company's real estate investments were impaired. Investments in Marketable Securities In accordance with the Company’s investment guidelines as approved by the Company’s board of directors, investments in marketable securities may consist of common and preferred stock of publicly traded REITs and other real estate operating companies. The net unrealized change in the fair value of the Company's investments in marketable securities is recorded in earnings as part of operating income. Investment income from marketable securities is accrued at each distribution record date. Upon the sale of a particular security, the realized net gain or loss is computed assuming the shares with the highest cost are sold first. CMBS Trust In October 2022, the Company purchased all of the Class D certificates and certain interest-only certificates of commercial mortgage backed securities ("CMBS") securitized through a trust (the “CMBS Trust”) sponsored by the Federal Home Loan Mortgage Corporation ("Freddie Mac"). An entity is a VIE when the interests of the entity provide differing rights and obligations to its holders. In particular, the CMBS Trust is a VIE as substantially all of its activities are for the benefit of the more senior tranches, but these senior tranches hold disproportionately few rights. Generally, a trust designates the most junior subordinate tranche outstanding as the controlling class, which entitles the holder of the controlling class to unilaterally appoint, remove and replace the special servicer for the trust. The Company believes the performance of the assets that underlie a CMBS issuance most significantly impact the economic performance of the trust itself, and the primary beneficiary is generally the entity that conducts activities that most significantly impact the performance of the underlying assets. The Class D certificates purchased by the Company represent the most subordinate tranche of the CMBS Trust giving the Company the aforementioned controlling class powers and therefore the Company is the primary beneficiary of the CMBS Trust. Accordingly, the Company consolidates the CMBS Trust in its entirety. While the Company has certain rights related to the special servicer, the Company does not have the ability to direct operating activities of the CMBS Trust. The assets of the CMBS Trust cannot be used to settle the liabilities of the Company nor is the Company obligated to use the Company's assets to settle the liabilities of the CMBS Trust. The Company's exposure to the CMBS Trust is through the subordinated tranches that the Company actually owns and is limited to the Company's investment in the CMBS Trust. For financial reporting purposes, the underlying mortgage loans held by the CMBS Trust are recorded as a separate line item on the consolidated balance sheet under “Real estate loans held in consolidated CMBS Trust, at fair value.” The liabilities of the CMBS Trust consist solely of obligations to the other certificate holders of the consolidated CMBS Trust, excluding the certificates held by the Company. The liabilities are presented as “Bonds payable held in consolidated CMBS Trust, at fair value” on the consolidated balance sheet. The Company has elected the measurement alternative in ASC 810 to report the fair value of the assets and liabilities of the CMBS Trust in order to provide users of the financial statements with better information regarding the effects of credit risk and other market factors on the certificates owned by the Company. The Company has elected to show interest income and interest expense related to the CMBS Trust in aggregate with the change in fair value as “Change in net assets of consolidated CMBS Trust” on the consolidated statements of operations. The residual difference between the fair value of the CMBS Trust’s assets and liabilities represents the Company’s investments in the specific securities it owns at fair value. Borrowings The Company may obtain various forms of borrowings from market participants. Direct financing costs associated with obtaining borrowings, such as commitment fees, legal fees and other third-party costs, are capitalized and amortized over the terms of the borrowings using a method which approximates the effective interest method. Amortization of financing costs is included in interest expense in the consolidated statements of operations. The unamortized portion of financing costs is reflected as a reduction of the outstanding debt balance on the consolidated balance sheets. The Company may also assume borrowings in connection with acquisitions. The Company will estimate the fair value of assumed borrowings based upon indications of then-current market pricing for similar types of debt with similar maturities. The assumed borrowings will initially be recorded at their estimated fair value as of the assumption date, with the difference between such estimated fair value and the borrowings’ outstanding principal balance being amortized over the remaining life of the borrowing. Revenue Recognition In accordance with FASB Topic 842, Leases (ASC 842), and related ASU's that amended or clarified certain provisions of ASC 842, the Company elected a practical expedient to not separate lease and non-lease components of a lease and instead account for them as a single component if two criteria are met: (i) the timing and pattern of transfer of the non-lease component(s) and associated lease component are the same, and (ii) the lease component, if accounted for separately, would be classified as an operating lease. The Company has evaluated the lease and non-lease components within its leases under the practical expedient and reports rental and other property income and common area expense reimbursement income as a single component on the Company’s consolidated statements of operations. Contractual base rental revenue from real estate leases is recognized on a straight-line basis over the terms of the related leases. The differences between contractual base rental revenue earned from real estate leases on a straight-line basis and amounts due under the respective lease agreements are amortized or accreted, as applicable, to deferred rent receivable. Property related income will also include amortization of above- and below-market leases as well as amortization of lease incentives. Revenues relating to lease termination fees for the termination of an entire lease will be recognized at the time that a tenant’s right to occupy the leased space is terminated and collectability is reasonably assured. Under ASC 842, the future revenue stream from leases must be evaluated for collectability. Pursuant to these provisions, if an entity has determined that the collectability of substantially all future lease payments from a particular lease is not at least probable, then the entity must write off its existing receivable balances (except receivable amounts which are under dispute by the tenant), including any deferred rent amounts recognized on a straight-line basis, and instead begin recognizing revenue from such lease on cash basis. The factors used to evaluate the collectability of future lease payments for each lease may include, but not be limited to, the tenant's payment history, current payment status, publicly available information about the financial condition of the tenant and other information about the tenant of which the entity may be aware. In addition, the Company may consider the impact of current macroeconomic conditions, such as inflation and recent increases in interest rates. As of December 31, 2023, the Company has assessed that substantially all of its future lease payments are at least probable of collection, except for two commercial leases. To the extent the Company's revenues do not qualify for treatment under ASC 842 or under other specific guidance, the Company is required to recognize revenue in its financial statements in a manner that depicts the transfer of the promised goods or services to its customers in an amount that reflects the consideration to which the Company is entitled at the time of transfer of those goods or services. Such treatment may apply to other types of real estate related contracts, such as for dispositions or development of real estate. Investment income from marketable securities is accrued at each distribution record date. Organization and Offering Costs Organizational expenses and other expenses which do not qualify as offering costs are expensed as incurred. Offering costs are those costs incurred by the Company, RREEF America and its affiliates on behalf of the Company which relate directly to the Company’s activities of raising capital in the Offerings, preparing for the Offerings, the qualification and registration of the Offerings and the marketing and distribution of the Company’s shares. This includes, but is not limited to, accounting and legal fees, including the legal fees of the dealer manager for the public offerings, costs for registration statement amendments and prospectus supplements, printing, mailing and distribution costs, filing fees, amounts to reimburse RREEF America as the Company’s advisor or its affiliates for the salaries of employees and other costs in connection with preparing supplemental sales literature, amounts to reimburse the dealer manager for amounts that they may pay to reimburse the bona fide due diligence expenses of any participating broker-dealers supported by detailed and itemized invoices, telecommunication costs, fees of the transfer agent, registrars, trustees, depositories and experts, the cost of educational conferences held by the Company (including the travel, meal and lodging costs of registered representatives of any participating broker-dealers) and attendance fees and cost reimbursement for employees of affiliates to attend retail seminars conducted by broker-dealers. Offering costs will be paid from the proceeds of the Offerings. These costs will be treated as a reduction of the total proceeds. Total organization and offering costs incurred by the Company with respect to a particular public offering will not exceed 15% of the gross proceeds from such particular public offering. In addition, the Company will not reimburse RREEF America or the dealer manager for any underwriting compensation (a subset of organization and offering costs) which would cause the Company’s total underwriting compensation to exceed 10% of the gross proceeds from the primary portion of the each public offering. Included in offering costs are (1) distribution fees paid on a trailing basis at the rate of (a) 0.50% per annum on the NAV of the outstanding Class A Shares, (b) 1.00% per annum on the NAV of the outstanding Class T Shares, and (c) 0.85% per annum on the NAV of the outstanding Class S and Class T2 Shares, and (2) dealer manager fees paid on a trailing basis at the rate of 0.55% per annum on the NAV of the outstanding Class A and Class I Shares (collectively, the "Trailing Fees"). The Trailing Fees are computed daily based on the respective NAV of each share class as of the beginning of each day and paid monthly. However, at each reporting date, the Company accrues an estimate for the amount of Trailing Fees that ultimately may be paid on the outstanding shares. Such estimate reflects the maximum amount of underwriting compensation that could be paid based on the amount of capital raised as of the reporting date for the primary portion of each separate public offering. Changes in this estimate will be recorded prospectively as an adjustment to additional paid-in capital. As of December 31, 2023 and 2022 the Company has accrued $17,896 and $18,307, respectively, in Trailing Fees to be payable in the future which was included in due to affiliates on the consolidated balance sheet. Income Taxes The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”), beginning with the year ended December 31, 2013. In order to maintain the Company’s qualification as a REIT, the Company is required to, among other things, distribute as dividends at least 90% of the Company’s REIT taxable income, determined without regard to the dividends-paid deduction and excluding net capital gains, to the Company’s stockholders, and meet certain tests regarding the nature of the Company’s income and assets. If the Company qualifies for taxation as a REIT, the Company generally will not be subject to federal income tax to the extent it meets certain criteria and distributes its REIT taxable income to its stockholders. Even if the Company qualifies for taxation as a REIT, the Company may be subject to (1) certain state and local taxes on its income, property or net worth, and (2) federal income and excise taxes on its undistributed income, if any income remains undistributed. The Company intends to operate in a manner that allows the Company to meet the requirements for taxation as a REIT, possibly including creating taxable REIT subsidiaries to hold assets that generate income that would not be consistent with the rules applicable to qualification as a REIT if held directly by the REIT. If the Company were to fail to meet these requirements, it could be subject to federal income tax on the Company’s taxable income at regular corporate rates. The Company would not be able to deduct dividends paid to stockholders in any year in which it fails to qualify as a REIT. The Company will also be disqualified for the four taxable years following the year during which qualification was lost unless the Company is entitled to relief under specific statutory provisions. The Company assesses its significant tax positions in accordance with U.S. GAAP for all open tax years and determine whether it has any material unrecognized liabilities from uncertain tax benefits. If a tax position is not considered “more-likely-than-not” to be sustained solely on its technical merits, no benefits of the tax position are to be recognized (for financial statement purposes). As of December 31, 2023, 2022 and 2021, the Company has no liabilities for uncertain tax positions. With few exceptions, the Company is no longer subject to U.S. federal or state income tax examinations by tax authorities for years before 2019. Reportable Segments The Company intends to operate in three primary segments: (1) Real Estate Properties, (2) Real Estate Equity Securities, and (3) Real Estate Loans. Also see Note 14. Net Earnings or Loss Per Share Net earnings or loss per share is calculated using the two-class method. The two-class method is utilized when an entity (1) has different classes of common stock that participate differently in net earnings or loss, or (2) has issued participating securities, which are securities that participate in distributions separately from the entity’s common stock. Pursuant to the advisory agreement between the Company, the Operating Partnership and RREEF America (see Note 9), RREEF America may earn a performance component of the advisory fee which is calculated separately for each class of common stock which therefore may result in a different allocation of net earnings or loss to each class of common stock. In addition, the Company originally granted Class I Shares to its independent directors (see Note 10), which qualified as participating securities. During the three months ended March 31, 2021, the Company converted the granted shares from Class I Shares to Class D Shares for its independent directors (see Note 10), which qualify as participating securities. Thereafter, Annual Share Grant Awards (defined in Note 10 below) will be in Class D Shares. Risks and Uncertainties As of December 31, 2023 and 2022, the Company had cash on deposit at multiple financial institutions which were in excess of federally insured levels. The Company limits significant cash holdings to accounts held by financial institutions with a high credit standing. Therefore, the Company believes it is not exposed to any significant credit risk on its cash deposits. The Company is subject to various risks and uncertainties, including but not limited to interest rates, inflation and impacts from national or global events such as the wars in Ukraine and Gaza, pandemics or actual or perceived instability in the U.S. banking system. The extent to which any such conditions or events impact the Company's investments and operations is uncertain and cannot be predicted with confidence. Among the cash on hand, ongoing capital raised, and availability under the Wells Fargo Line of Credit (as defined below), the Company endeavors to maintain sufficient liquidity at all times to satisfy its operational needs and the maximum quarterly limits on redemptions under its share redemption plan. In addition, if necessary, the Company may consider various options, including reducing its distributions, selling its investments or limiting its share redemption program. Also see Notes 8 and 10. Recent Accounting Pronouncement s In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform , (Topic 848), which provides temporary optional expedients and exceptions to the application of GAAP to modifications of certain contracts (generally, receivables, debt obligations and leases) and hedging relationships to ease the financial burdens of the expected market transitions from the London Inter-bank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates. The guidance was effective upon issuance and can be applied through December 31, 2022 to certain contract modifications as well as qualifying existing and new hedge relationships. On January 27, 2023, the Company amended and restated its line of credit with Wells Fargo Bank which, among other changes, extended the maturity date and changed the interest rate index from LIBOR to the secured overnight financing rate ("SOFR"). In connection therewith, the Company did not elect to apply any of the optional expedients of ASU 2020-04 and entering into the amended and restated line of credit with Wells Fargo Bank did not have a material impact on the Company's consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS Fair value measurements are determined based on the assumptions that market participants would use in pricing an asset or liability. As a basis for considering market participant assumptions in fair value measurements, FASB ASC 820, Fair Value Measurement and Disclosures, establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity's own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are the unobservable inputs for the asset or liability, which are typically based on an entity's own assumption, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on input from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The Company's investments in marketable securities are valued using Level 1 inputs as the securities are publicly traded on major stock exchanges. The Company's investment in the CMBS Trust is valued using Level 2 inputs with the assistance of an independent valuation agent who may use broker-dealer quotations, reported trades and other observable market data. The independent valuation agent's discounted cash flow models for securities such as those issued by the CMBS Trust generally consider the attributes applicable to a particular class of the security (e.g., credit rating, seniority), current market data, estimated cash flows for each security and incorporate specific collateral performance, as applicable. The Company has elected to apply the measurement alternative under GAAP and measures both the financial assets and financial liabilities of the CMBS Trust it consolidates using the fair value of the financial liabilities, which it considers more observable than the fair value of the financial assets. The following table details the Company’s assets and liabilities measured at fair value on a recurring basis. December 31, 2023 Level 1 Level 2 Level 3 Total Assets Investment in marketable securities $ 109 $ — $ — $ 109 Real estate loans held in consolidated CMBS Trust, at fair value — 1,182,995 — 1,182,995 Total $ 109 $ 1,182,995 $ — $ 1,183,104 Liabilities Bonds payable held in consolidated CMBS Trust, at fair value $ — $ 1,150,454 $ — $ 1,150,454 December 31, 2022 Level 1 Level 2 Level 3 Total Assets Investment in marketable securities $ 26,987 $ — $ — $ 26,987 Real estate loans held in consolidated CMBS Trust, at fair value — 1,156,263 — 1,156,263 Total $ 26,987 $ 1,156,263 $ — $ 1,183,250 Liabilities Bonds payable held in consolidated CMBS Trust, at fair value $ — $ 1,125,096 $ — $ 1,125,096 The fair value of the Company's line of credit and mortgage loans payable is determined using Level 2 and Level 3 inputs and a discounted cash flow approach with an interest rate, property valuation and other assumptions that estimate current market conditions. The carrying amount of the Company's line of credit, exclusive of deferred financing costs, at December 31, 2023 and 2022 approximated its fair value of $55,965 and $84,800, respectively. The Company estimated the fair value of the Company's mortgage loans payable at $179,072 and $179,710 as of December 31, 2023 and 2022, respectively. If the valuation of the Company's properties as of December 31, 2023 were significantly lower, the market interest rate assumption would be higher (due to higher loan-to-value ratios) potentially resulting in a significantly lower estimated fair value for these liabilities. The fair value of the Company's note to affiliate is determined using Level 2 and Level 3 inputs and a discounted cash flow approach with an interest rate and other assumptions that estimate current market conditions. The Company has estimated the fair value of its note to affiliate at approximately $4,300 and $4,380 as of December 31, 2023 and 2022, respectively. The estimated market interest rate is impacted by a number of factors. Material changes in those factors may cause a material change to the estimated market interest rate, thereby materially affecting the estimated fair value of the note to affiliate. The Company has estimated the fair value of the note to affiliate in the middle of the range of reasonably estimable values. The following shows certain information about the estimated fair value and the unobservable inputs for the Company's debt obligations as of December 31, 2023 and 2022. Range Fair Value at December 31, 2023 Primary Valuation Techniques Significant Unobservable Inputs Minimum Maximum Weighted Average Line of Credit $ 55,965 Discounted cash flow Loan to value 33.1 % 41.9 % 38.0 % Market interest rate 7.58 % 7.58 % 7.58 % Mortgage Loans Payable 179,072 Discounted cash flow Loan to value 50.9 % 60.4 % 57.6 % Market interest rate 5.95 % 6.92 % 6.40 % Note to Affiliate 4,300 Discounted cash flow Market interest rate 7.00 % 7.00 % 7.00 % Range Fair Value at December 31, 2022 Primary Valuation Techniques Significant Unobservable Inputs Minimum Maximum Weighted Average Line of Credit $ 84,800 Discounted cash flow Loan to value 51.8 % 51.9 % 51.9 % Market interest rate 5.96 % 5.96 % 5.96 % Mortgage Loans Payable 179,710 Discounted cash flow Loan to value 21.8 % 55.0 % 45.3 % Market interest rate 3.41 % 6.40 % 5.96 % Note to Affiliate 4,380 Discounted cash flow Market interest rate 6.50 % 6.50 % 6.50 %

REAL ESTATE INVESTMENTS AND LEA

REAL ESTATE INVESTMENTS AND LEASE INTANGIBLES	12 Months Ended
	Dec. 31, 2023
Real Estate [Abstract]
REAL ESTATE INVESTMENTS AND LEASE INTANGIBLES	REAL ESTATE INVESTMENTS AND LEASE INTANGIBLES Shown below are details of the Company's investments in real estate. December 31, 2023 2022 Land $ 123,079 $ 135,169 Buildings and improvements, less accumulated depreciation of $46,555 and $45,734, respectively 233,789 259,429 Furniture, fixtures and equipment, less accumulated depreciation of $2,434 and $1,665, respectively 2,046 2,443 Acquired intangible lease assets, less accumulated amortization of $40,181 and $43,476, respectively 14,892 23,511 Investment in real estate assets, net $ 373,806 $ 420,552 The Company acquired no real estate properties during the years ended December 31, 2023 and 2022 and one real estate property during the year ended December 31, 2021. On November 19, 2021, the Company acquired The Glenn for a purchase price of $128,500, excluding closing costs. The acquisition was funded with proceeds from the Offerings, a borrowing of $55,000 under the Company's line of credit and a secured, fully non-recourse loan for $66,000 from Massachusetts Mutual Life Insurance Company. The Glenn is a six story, 306-unit mid-rise residential community in Centennial, Colorado with 274,688 rentable square feet (unaudited). All leases at The Glenn have been classified as operating leases. Under ASC 805, The Glenn acquisition was determined to be an asset acquisition, resulting in the Company's capitalization of $139 of acquisition related costs. The Company's allocations of the purchase price (including acquisition related costs) of the 2021 acquisition to the fair value of the major components of the assets acquired and liabilities assumed, using Level 3 inputs and assumptions, are as follows: The Glenn Land $ 10,309 Building and improvements 111,908 Furniture, fixtures and equipment 3,125 Acquired in-place leases 3,297 Total purchase price $ 128,639 The Company recorded revenues and net loss related to the acquisition during the year ended December 31, 2021, as follows: Year Ended December 31, 2021 Revenues $ 794 Net loss (1,047) The Company’s estimated revenues and net loss, on a pro forma basis, as if The Glenn acquisition was completed on January 1, 2020, are as follows (unaudited): Year Ended December 31, 2021 Revenues $ 40,745 Net income (loss) 1,033 Basic and diluted net income (loss) per share of Class A common stock $ 0.07 Basic and diluted net income (loss) per share of Class I common stock $ 0.06 Basic and diluted net income (loss) per share of Class T common stock $ 0.06 Basic and diluted net income (loss) per share of Class D common stock $ 0.05 Basic and diluted net income (loss) per share of Class N common stock $ 0.07 Basic and diluted net loss per share of Class M-I common stock* $ (0.09) Basic and diluted net loss per share of Class T2 common stock* $ (0.11) Basic and diluted net income per share of Class Z common stock* $ 0.42 The pro forma information is presented for informational purposes only and may not be indicative of what actual results of operations would have been had the transactions occurred at the beginning of period presented, nor does it purport to represent the results of future operations. On January 12, 2023, the Company sold land and granted an easement over land to a state authority with a combined total area of approximately 0.4 acres from its Flats at Carrs Hill investment for approximately $657, before deducting closing costs. On June 26, 2023, the Company sold a 64,217 rentable square-foot Class A medical office building located in Dedham, Massachusetts ("Allied Drive"). Allied Drive was sold to an entity which is not affiliated with the Company, the Advisor, or any of its affiliates, for $41,900. The Allied Drive sale resulted in a net realized gain of $15,426. The sale proceeds were used to reduce the outstanding balance on the Wells Fargo Line of Credit. On September 6, 2023, the Company sold a 73,892 rentable square-foot Class A suburban office building located in Anaheim, California ("Anaheim Hills Office Plaza"). Anaheim Hills Office Plaza was sold to an entity which is not affiliated with the Company, the Advisor, or any of its affiliates, for $18,000. The Anaheim Hills Office Plaza sale resulted in a net realized gain of $2,012 The sale proceeds were used to reduce the outstanding balance on the Wells Fargo Line of Credit. Future amortization related to acquired intangible assets and liabilities for all of the Company's properties as of December 31, 2023 is as follows: Acquired in-place leases Acquired above-market leases Acquired below-market leases 2024 $ 1,482 $ 12 $ (466) 2025 1,459 12 (466) 2026 1,402 12 (466) 2027 1,220 12 (465) 2028 984 10 (450) Thereafter 8,287 — (5,637) Total $ 14,834 $ 58 $ (7,950) Weighted average remaining amortization period (in years) 10.3 4.8 18.8

RENTALS UNDER OPERATING LEASES

RENTALS UNDER OPERATING LEASES	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
RENTALS UNDER OPERATING LEASES	RENTALS UNDER OPERATING LEASES As of December 31, 2023, the Company owned 13 properties with a total of 49 commercial leases. As of December 31, 2022 and 2021, the Company owned 15 properties with a total of 59 commercial leases. All leases at the Company's properties have been classified as operating leases. The Company's property related income from its real estate investments for the years ended December 31, 2023, 2022 and 2021 is comprised of the following: 2023 2022 2021 Lease revenue¹ $ 39,074 $ 40,018 $ 32,385 Straight-line revenue 143 (112) 537 Above- and below-market lease amortization, net 2,792 1,574 753 Lease incentive amortization (105) (106) (106) Property related income $ 41,904 $ 41,374 $ 33,569 1 Lease revenue includes $5,013, $5,242 and $5,062 of variable income from tenant reimbursements for the years ended December 31, 2023, 2022 and 2021, respectively. The future minimum rentals to be received, excluding tenant reimbursements, under the non-cancelable portions of all of the Company's in-place commercial leases in effect as of December 31, 2023 are as follows: Year ended December 31, Future Minimum Rent 2024 $ 19,357 2025 16,803 2026 14,859 2027 11,775 2028 9,184 Thereafter 14,430 $ 86,408 The above future minimum rentals exclude the Company’s residential leases, which typically have terms of approximately one year. Such leases accounted for $12,089 of lease revenue for the year ended December 31, 2023. Percentages of property related income by property and tenant representing more than 10% of the Company's total property related income for the years ended December 31, 2023, 2022 and 2021 are shown below. Percent of property related income Property Year ended December 31, 2023 Year ended December 31, 2022 Year ended December 31, 2021 The Glenn, Centennial, CO 19.0 % 17.8 % — % Providence Square, Marietta, GA 11.3 11.1 13.5 Seattle East Industrial, Redmond, WA 10.4 10.5 12.9 The Flats at Carrs Hill, Athens, GA 9.9 9.3 10.9 Total 50.6 % 48.7 % 37.3 % Percent of property related income Tenant Year ended December 31, 2023 Year ended December 31, 2022 Year ended December 31, 2021 FedEx Ground - Seattle East Industrial 10.4 % 10.5 % 12.9 % Total 10.4 % 10.5 % 12.9 % The Company's tenants representing more than 10% of in-place annualized base rental revenues as of December 31, 2023, 2022 and 2021 were as follows: Percent of in-place annualized base rental revenues as of Tenant December 31, 2023 December 31, 2022 December 31, 2021 FedEx Ground - Seattle East Industrial 13.3 % 11.1 % 11.8 % Northrop Grumman Systems Corporation - Loudoun Gateway 10.3 9.1 9.3 Total 23.6 % 20.2 % 21.1 %

MARKETABLE SECURITIES

MARKETABLE SECURITIES	12 Months Ended
	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
MARKETABLE SECURITIES	MARKETABLE SECURITIES The following is a summary of the Company's marketable securities held as of December 31, 2023 and 2022, which consisted entirely of publicly traded shares of common stock in REITs as of each date. December 31, 2023 December 31, 2022 Marketable securities—cost $ 80 $ 25,679 Unrealized gains 29 2,556 Unrealized losses — (1,248) Net unrealized gain 29 1,308 Marketable securities—fair value $ 109 $ 26,987 Upon the sale of a particular security, the realized net gain or loss is computed assuming the shares with the highest cost are sold first. During the year ended December 31, 2023, marketable securities sold generated proceeds of $30,516 resulting in gross realized gains of $4,499 and gross realized losses of $1,023. During the year ended December 31, 2022, marketable securities sold generated proceeds of $32,604 resulting in gross realized gains of $2,984 and gross realized losses of $3,778. During the year ended December 31, 2021, marketable securities sold generated proceeds of $20,185 resulting in gross realized gains of $3,403 and gross realized losses of $224.

CMBS TRUST

CMBS TRUST	12 Months Ended
	Dec. 31, 2023
Variable Interest Entity [Abstract]
CMBS TRUST	CMBS TRUST On October 27, 2022, the Company purchased all of the Class D certificates and certain interest-only certificates of CMBS securities through the CMBS Trust sponsored by Freddie Mac for a purchase price of approximately $30,855. The securities issued by the CMBS Trust are secured by mortgages on multifamily properties totaling approximately $1,224,000 of outstanding principal balance as of December 31, 2023. The Company consolidates the entire CMBS Trust as it determined the CMBS Trust is a VIE for which the Company is the primary beneficiary. However, the amount of the CMBS Trust's assets and liabilities can only be satisfied through the cash flows from the underlying loans which are managed and disbursed directly to the other certificate holders by the administrator of the securitization pool. Accordingly, the Company does not have any rights to those receivables nor any obligation to those other certificate holders. The Company elected the fair-value measurement alternative under GAAP and thus carries the CMBS Trust's assets and liabilities at fair value in its consolidated balance sheets. The net amount of such consolidated assets and consolidated liabilities represents the Company's actual investment. The Company recognizes changes in the CMBS Trust's net assets, including changes in fair-value adjustments and net interest earned, in its consolidated statement of operations. With respect to the Company's consolidated statement of cash flows, the full gross amount of cash interest received from the CMBS Trust net of the full gross amount of cash interest paid to the other certificate holders of the CMBS Trust is contained within the cash flows from operating activities. In addition, payments of principal on a gross basis received by the CMBS Trust is included in cash flows from investing activities, while the payment of such principal on a gross basis to the other certificate holders is included within cash flows from financing activities. The following table presents the Company's net investment in the CMBS Trust. December 31, 2023 December 31, 2022 Real estate loans held in consolidated CMBS Trust, at fair value $ 1,182,995 $ 1,156,263 Bonds payable held in consolidated CMBS Trust, at fair value 1,150,454 1,125,096 Net investment in CMBS Trust, at fair value $ 32,541 $ 31,167

NOTES PAYABLE

NOTES PAYABLE	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
NOTES PAYABLE	NOTES PAYABLE Wells Fargo Line of Credit On February 27, 2018, the Company, as guarantor, and certain of the wholly owned subsidiaries of the Operating Partnership, as co-borrowers, entered into an amended and restated secured revolving credit facility (the “Former Wells Fargo Line of Credit”) with Wells Fargo Bank, National Association, as administrative agent, and other lending institutions that may become parties to the credit agreement. The Former Wells Fargo Line of Credit was scheduled to mature on February 27, 2023. The interest rate under the Former Wells Fargo Line of Credit was based on the 1-month, 2-month or 3-month LIBOR (at the Company's discretion) with a spread of 160 to 180 basis points depending on the debt yield as defined in the credit agreement. As of December 31, 2022, the outstanding balance was $84,800 and the weighted average interest rate was 5.96%. On January 27, 2023, the Former Wells Fargo Line of Credit was amended and restated, thereby changing certain terms and provisions, including extending the maturity date to February 28, 2025 (the "Wells Fargo Line of Credit”).The Wells Fargo Line of Credit had an initial maximum capacity of $100,000 and is expandable by the Company up to a maximum capacity of $250,000 upon satisfaction of specified conditions. Each requested expansion must be for at least $25,000 and may result in the Wells Fargo Line of Credit being syndicated. The interest rate under the Wells Fargo Line of Credit is based on the 30-day average of the secured overnight financing rate ("SOFR") with an initial spread of 200 or 225 basis points depending on the debt yield as defined in the agreement. On September 1, 2023, the Company added its Commerce Corner property ("Commerce Corner") to the Wells Fargo Line of Credit thereby adding RPT 1109 Commerce Corner, LLC, as a borrower under the Wells Fargo Line of Credit. On September 7, 2023, RPT 1109 Commerce Corner, LLC ("RPT 1109 Commerce"), entered into a guaranteed maximum price contract to expand the Company's property located at 1109 Commerce Boulevard, Logan Township, New Jersey ("Commerce Corner") by approximately 141,000 square feet (the "Commerce Expansion"). Commerce Corner is a 259,910 rentable square-foot, 100% leased multi-tenant warehouse and distribution center acquired by the Company in 2014. The Commerce Expansion is expected to cost approximately $29,000 and construction commenced in October 2023. The Commerce Expansion is being undertaken to accommodate the growth initiatives of Performance Food Group (NYSE: PFGC), who has entered into a 15-year lease with RPT 1109 Commerce to take possession of the Commerce Expansion space upon its substantial completion. In connection therewith, Performance Food Group's lease for its existing space at Commerce Corner has been similarly extended to be coterminous, bringing Performance Food Group's footprint to approximately 301,000 square feet once the Commerce Expansion is complete. On December 27, 2023, the wholly owned subsidiaries of the Operating Partnership which were borrowers under the Wells Fargo Line of Credit entered into a third amendment to Wells Fargo Line of Credit (the “Third Amendment”). The Third Amendment added CIBC Inc. ("CIBC") to the credit facility as an additional lender; increased the maximum commitment amount from $100,000 to $120,000; allocated the maximum commitment amount between the Revolving Commitment and the Construction Commitment (each, as defined under the Wells Fargo Line of Credit); and revised or suspended certain covenants. The maximum commitment amount of $120,000 is bifurcated as follows: $75,600 to the Revolving Commitment and $44,400 to the Construction Commitment. The Revolving Commitment and Construction Commitment will both be allocated 70.83% to Wells Fargo and 29.17% to CIBC. Pursuant to the Third Amendment, the Wells Fargo Line of Credit incurs interest based on the 30-day average of the SOFR plus a spread of 225 basis points. The term was extended from February 28, 2025 to December 27, 2025. The Company continues to serve as guarantor to the Wells Fargo Line of Credit. For the Revolving Commitment, as of December 31, 2023, the borrowers' maximum borrowing capacity was $47,616 and the borrowers' outstanding balance was $34,624. For the Construction Commitment, as of December 31, 2023, the borrowers' maximum borrowing capacity was $44,400, and the borrowers' outstanding balance was $21,341.The remaining unfunded portion of the Construction Commitment will be used to fully fund the remaining costs of the Commerce Expansion. As of December 31, 2023, the weighted average interest rate was 7.58%. At any time, the borrowing capacity under the Wells Fargo Line of Credit for the Revolving Commitment is based on the lesser of (1) an amount equal to 65% of the aggregate value of the properties in the collateral pool as determined by lender appraisals, (2) an amount that results in a minimum debt yield of 9.5% (provided, however, that until new lender appraisals were completed in February 2024, the minimum debt yield was 10%) based on the in-place net operating income of the collateral pool as defined, or (3) the maximum capacity of the Revolving Commitment. Proceeds from the Revolving Commitment can be used to fund acquisitions, redeem shares pursuant to the Company's redemption plan and for any other corporate purpose. Proceeds from the Construction Commitment can be used only to fund construction activities related to the Commerce Expansion. The Wells Fargo Line of Credit agreement contains customary representations, warranties, borrowing conditions and affirmative, negative and financial covenants, including that there must be four properties in the collateral pool at all times, and that the collateral pool also meet specified concentration provisions, unless waived by the lender. In connection with the Commerce Expansion, Commerce Corner will not be included in the borrowing base during the construction period. Upon completion of the Commerce Expansion, Commerce Corner will become a borrowing base property. In addition, the Company, as guarantor, must meet tangible net worth hurdles. The Company was in compliance with all applicable financial covenants as of December 31, 2023. The following is a reconciliation of the carrying amount of the Wells Fargo Line of Credit at December 31, 2023 and 2022: Balance at Lender December 31, 2023 December 31, 2022 Wells Fargo $ 55,965 $ 84,800 Deduct: Deferred financing costs, less accumulated amortization (1,630) (20) Line of credit, net $ 54,335 $ 84,780 Mortgage Loans Certain wholly owned subsidiaries of the Company are obligors on various mortgage loans. Such mortgage loans contain fixed interest rates, allow for a one-time transfer to another borrower subject to lender discretion and payment of applicable fees, and allow for full prepayment at certain times with payment of applicable penalties, if any. On June 26, 2023, RPT Flats at Carrs Hill, LLC ("RPT Flats at Carrs Hill"), an indirect wholly-owned subsidiary of the Company, as borrower, entered into a loan agreement (the "Loan Agreement"), providing for a $25,500 non-recourse loan (the "Loan") from Nationwide Life Insurance Company ("Nationwide"), which is not affiliated with the Company, its Advisor, or any of its affiliates. The Loan is secured by RPT Flats at Carrs Hill, which owns the residential property, The Flats at Carrs Hill. The interest rate for the Loan is fixed at 5.51% with interest-only payments for the entire seven Proceeds of the Loan were used to fully prepay and release the existing $14,500 mortgage loan on RPT Flats at Carrs Hill (the "Prior Loan") with the remaining proceeds being used to pay down the outstanding balance on the Wells Fargo Line of Credit. In connection with origination of the Loan and release of the Prior Loan, the Company incurred approximately $306 of financing costs and a $131 loss on extinguishment of debt. In connection with the addition of Commerce Corner to the Wells Fargo Line of Credit, the Company fully repaid at par the outstanding mortgage loan with Talcott Resolution Life Insurance Company that was encumbering Commerce Corner. The following is a reconciliation of the carrying amount of the mortgage loans payable at December 31, 2023 and 2022. Balance at Lender Encumbered Property December 31, 2023 December 31, 2022 Interest Rate Maturity Date Talcott Resolution Life Insurance Company Commerce Corner $ — $ 11,933 3.41 % Fully repaid September 2023 State Farm Life Insurance Company Elston Plaza 16,816 17,149 3.89 July 1, 2026 Massachusetts Mutual Life Insurance Company The Glenn 66,000 66,000 3.02 December 1, 2028 Transamerica Life Insurance Company Wallingford Plaza 6,612 6,733 4.56 January 1, 2029 Nationwide Life Insurance Company Providence Square 29,700 29,700 3.67 October 5, 2029 JPMorgan Chase Bank Seattle East Industrial 45,140 45,140 3.87 January 1, 2030 Nationwide Life Insurance Company The Flats at Carrs Hill 25,500 14,500 5.51 July 1, 2030 $ 189,768 $ 191,155 Deduct: Deferred financing costs, less accumulated amortization (824) (722) Mortgage loans payable, net $ 188,944 $ 190,433 Aggregate future principal payments due on the Wells Fargo Line of Credit and mortgage loans payable as of December 31, 2023 are as follows: Year Amount 2024 $ 474 2025 56,458 2026 16,247 2027 145 2028 72,069 Thereafter 100,340 Total $ 245,733

RELATED PARTY ARRANGEMENTS

RELATED PARTY ARRANGEMENTS	12 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
RELATED PARTY ARRANGEMENTS	RELATED PARTY ARRANGEMENTS Advisory Agreement RREEF America is entitled to compensation and reimbursements in connection with the management of the Company's investments in accordance with an advisory agreement between RREEF America and the Company (the "Advisory Agreement"). The Advisory Agreement is for a one-year term and is renewable annually upon the review and approval of the Company's board of directors, including the approval of a majority of the Company's independent directors. The Advisory Agreement has a current expiration date of August 2, 2024. There is no limit to the number of terms for which the Advisory Agreement can be renewed. Fees Under the Advisory Agreement, RREEF America can earn an advisory fee split between two components as described below. 1. The fixed component accrues daily in an amount equal to 1/365th of 1.0% of the NAV of the outstanding shares of each class of common stock for such day. The fixed component of the advisory fee is payable monthly in arrears. 2. The performance component is calculated for each class of common stock on the basis of the total return to stockholders of such class and is measured by the total distributions per share declared to such class plus the change in the NAV per share for such class. a. For Class A, Class I, Class T, Class D, Class N and Class Z Shares, for any calendar year in which the total return per share allocable to a class exceeds 6% per annum (the “Hurdle Amount”), RREEF America will receive up to 10% of the aggregate total return allocable to such class with a Catch-Up (defined below) calculated as follows: first, if the total return for the applicable period exceeds the Hurdle Amount, 25% of such total return in excess of the Hurdle Amount (the “Excess Profits”) until the total return reaches 10% (commonly referred to as a “Catch-Up”); and second, to the extent there are remaining Excess Profits, 10% of such remaining Excess Profits. b. For Class M-I, Class S and Class T2 Shares, for any calendar year in which the total return per share allocable to a class exceeds 5% per annum (the “Alternative Hurdle Amount”), RREEF America will receive up to 12.5% of the aggregate total return allocable to such class with an Alternative Catch-Up (defined below) calculated as follows: first, if the total return for the applicable period exceeds the Alternative Hurdle Amount, 100% of such total return in excess of the Alternative Hurdle Amount (the “Alternative Excess Profits”) until the total return reaches 5.715% (commonly referred to as a “Alternative Catch-Up”); and second, to the extent there are remaining Alternative Excess Profits, 12.5% of such remaining Alternative Excess Profits. For all share classes, the performance component earned by RREEF America for each class is subject to certain other adjustments which do not apply unless the NAV per share is below $12.00 per share. The performance component is payable annually in arrears. The performance component is calculated daily on a year-to-date basis by reference to a proration of the per annum hurdle as of the date of calculation. Any resulting performance component as of a given date is deducted from the Company's published NAV per share for such date. At each interim balance sheet date, the Company considers the estimated performance component that is probable to be due as of the end of the current calendar year in assessing whether the calculated performance component as of the interim balance sheet date meets the threshold for recognition in accordance with GAAP in the Company's consolidated financial statements. The ultimate amount of the performance component as of the end of the current calendar year, if any, may be more or less than the amount recognized by the Company as of any interim date and will depend on a variety of factors, including but not limited to, the performance of the Company's investments, interest rates, capital raise and redemptions. The fixed component earned by RREEF America and the performance component recognized by the Company are shown below. Year Ended December 31, 2023 2022 2021 Fixed component $ 3,099 $ 3,746 $ 2,615 Performance component — — 6,057 $ 3,099 $ 3,746 $ 8,672 Expense Reimbursements Under the Advisory Agreement, RREEF America is entitled to reimbursement of certain costs incurred by RREEF America or its affiliates that are not incurred under the Expense Support Agreement, as discussed below. Costs eligible for reimbursement, if they were not incurred under the Expense Support Agreement, include most third-party operating expenses, salaries and related costs of RREEF America's employees who perform services for the Company (but not those employees for which RREEF America earns a separate fee or those employees who are executive officers of the Company) and travel related costs for RREEF America's employees who incur such costs on behalf of the Company. Reimbursement payments to RREEF America are subject to the limitations described below under "Reimbursement Limitations." For the years ended December 31, 2023 and 2022, RREEF America incurred $244 and $298 in reimbursable offering and operating expenses, respectively, that were subject to reimbursement under the terms and conditions of the Advisory Agreement. As of December 31, 2023 and 2022, the Company had a payable to RREEF America of $57 and $70, respectively, for offering and operating expenses reimbursable under the terms and conditions of the Advisory Agreement. Expense Support Agreement Pursuant to the terms of the expense support agreement, as most recently amended on January 20, 2016 (the "Expense Support Agreement"), RREEF America agreed to defer reimbursement of certain expenses related to the Company's operations that RREEF America has incurred (the “Expense Payments”). The Expense Payments include organization and offering costs and operating expenses as described above under "Advisory Agreement." Through December 31, 2015, the Company had incurred the maximum amount of $9,200 in Expense Payments. The balance of $9,200 in Expense Payments consisted of $3,775 in organization and offering costs for the Initial Public Offering, $196 of offering costs for the Private Offering and $5,229 in operating expenses. The Company has not received any Expense Payments since December 31, 2015. In accordance with the Expense Support Agreement, the Company was to reimburse RREEF America $250 per quarter (the "Quarterly Reimbursement"), representing a non-interest bearing note due to RREEF America ("Note to Affiliate") which was subject to the imputation of interest. In accordance therewith, on January 1, 2016, the Company recorded a discount on the Note to Affiliate in the amount of $1,862 which was to be amortized to interest expense over the contractual reimbursement period using the effective interest method. Further, the Company made one payment of $250 to RREEF America in the first quarter of 2016, leaving a balance due of $8,950 and which was comprised of $3,567 in organization and offering costs related to the Company's initial public offering, $196 of offering costs for the Private Offering and $5,187 in operating expenses. On April 25, 2016, the Company and RREEF America entered into a letter agreement that amended certain provisions of the Advisory Agreement and the Expense Support Agreement. On March 24, 2020, the Company and RREEF America entered into a second letter agreement which superseded the previous letter agreement (the "Letter Agreement"). The Letter Agreement provides, in part, that the Company's obligations to reimburse RREEF America for Expense Payments under the Expense Support Agreement are suspended until the first calendar month following the month in which the Company has reached $500,000 in offering proceeds from the Offerings (the "ESA Commencement Date"). In addition, in the Letter Agreement, RREEF America agreed to permanently waive the reimbursement of $3,567 in organization and offering expenses that were previously included in the Expense Payments. Accordingly, the Company owed $5,383 to RREEF America under the expense support agreement as of December 31, 2023. Pursuant to the Letter Agreement, beginning the month following the ESA Commencement Date, reimbursements to RREEF America will be made in the amount of $250 per month for 12 months, followed by reimbursements of $198 per month for 12 months, which will fully satisfy the principal balance owed. The aforementioned waiver of $3,567 constituted an extinguishment under GAAP of a related party loan that was determined to be a capital transaction. As a result, the remaining unamortized discount on the Note to Affiliate was written off to additional paid in capital in the amount of $1,182, and a new discount was recorded in the amount of $946 based on an estimated market interest rate of 3.75%. The resulting discount is being amortized using the effective interest method over the expected term of the Note to Affiliate. For the years ended December 31, 2023, 2022 and 2021, the Company amortized $188, $181 and $174 respectively, of the discount on the Note to Affiliate into interest expense. In addition, pursuant to the Letter Agreement, if RREEF America is serving as the Company's advisor at the time that the Company or the Operating Partnership undertakes a liquidation, the Company's remaining obligations to reimburse RREEF America for the unreimbursed Expense Payments under the Expense Support Agreement shall be waived. Dealer Manager Agreement The Company and its Operating Partnership entered into a dealer manager agreement (the "Dealer Manager Agreement") with the Dealer Manager, which was initially entered into on July 1, 2016 and most recently amended on August 2, 2023. The Dealer Manager Agreement, as amended, governs the distribution by the Dealer Manager of the Company’s shares of common stock in the Fourth Public Offering and any subsequent registered public offering. In connection with the ongoing Trailing Fees to be paid in the future, the Company and the Dealer Manager entered into an agreement whereby the Company will pay to the Dealer Manager the Trailing Fees that are attributable to the Company's shares issued in the Company's initial public offering that remain outstanding. In addition, pursuant to the Dealer Manager Agreement, as amended, the Company is obligated to pay to the Dealer Manager Trailing Fees that are attributable to the Company's shares issued in the Second Public Offering, the Third Public Offering and the Fourth Public Offering. As of December 31, 2023 and 2022, the Company has accrued $129 and $171, respectively, in Trailing Fees currently payable to the Dealer Manager, and $17,896 and $18,307, respectively, in Trailing Fees estimated to become payable in the future to the Dealer Manager, both of which are included in due to affiliates on the consolidated balance sheets. The Company also pays the Dealer Manager upfront selling commissions and upfront dealer manager fees in connection with its Offerings, as applicable. For the years ended December 31, 2023 and 2022, the Dealer Manager has earned upfront selling commissions and upfront dealer manager fees totaling $130 and $403, respectively. Under the Dealer Manager Agreement, the Company is obligated to reimburse the Dealer Manager for certain offering costs incurred by the Dealer Manager on the Company's behalf, including but not limited to broker-dealer sponsorships, attendance fees for retail seminars conducted by broker-dealers, certain legal fees of the Dealer Manager and travel costs for certain personnel of the Dealer Manager who are dedicated to the distribution of the Company's shares of common stock. For the years ended December 31, 2023 and 2022, the Dealer Manager incurred $11 and $101, respectively, of such costs. As of December 31, 2023 and 2022, the Company had payable to the Dealer Manager zero and $22, respectively, of such cost which were included in Due to Affiliates on the consolidated balance sheets. Reimbursement Limitations Organization and Offering Costs The Company will not reimburse RREEF America under the Advisory Agreement or the Expense Support Agreement and will not reimburse the Dealer Manager under the Dealer Manager Agreement for any organization and offering costs which would cause the Company's total organization and offering costs with respect to a public offering to exceed 15% of the gross proceeds from such public offering. Further, the Company will not reimburse RREEF America or the Dealer Manager for any underwriting compensation (a subset of organization and offering costs) which would cause the Company's total underwriting compensation with respect to a public offering to exceed 10% of the gross proceeds from the primary portion of such public offering. During the Initial Public Offering that ended June 30, 2016, the Company raised $102,831 in gross proceeds and incurred $15,424 in organization and offering costs, including, as of December 31, 2023, estimated Trailing Fees payable in the future of $1,961. During the Second Public Offering that ended on January 8, 2020, the Company raised $132,994 in gross proceeds and incurred $16,861 in organization and offering cost, including, as of December 31, 2023, estimated accrued Trailing Fees payable in the future of $6,204. For the Third Public Offering that ended on August 10, 2023, the Company raised $149,580 in gross proceeds and incurred $16,587 in organization and offering costs, including as of December 31, 2023, estimated accrued Trailing Fees payable in the future of $9,486. For the Fourth Public Offering, as of December 31, 2023, the Company raised $5,680 in gross proceeds and incurred $542 in organization and offering costs, including as of December 31, 2023, estimated accrued Trailing Fees payable in the future of $245. Operating Expenses Pursuant to the Company’s charter, the Company may reimburse RREEF America, at the end of each fiscal quarter, for total operating expenses incurred by RREEF America, whether under the Expense Support Agreement or otherwise. However, the Company may not reimburse RREEF America at the end of any fiscal quarter for total operating expenses (as defined in the Company’s charter) that, in the four consecutive fiscal quarters then ended, exceed the greater of 2% of average invested assets or 25% of net income determined without reduction for any additions to reserves for depreciation, bad debts or other similar non-cash reserves and excluding any gain from the sale of the Company's assets for that period (the “2%/25% Guidelines”). Notwithstanding the foregoing, the Company may reimburse RREEF America for expenses in excess of the 2%/25% Guidelines if a majority of the Company’s independent directors determines that such excess expenses are justified based on unusual and non-recurring factors. For the four fiscal quarters ended December 31, 2023, total operating expenses of the Company were $5,470, which did not exceed the 2%/25% Guidelines. For the four fiscal quarters ended December 31, 2022, total operating expenses of the Company were $6,011, which did not exceed the 2%/25% Guidelines. Based upon a review of unusual and non-recurring factors, including but not limited to outsized performance during this period resulting in an increased performance component of the advisory fee, the Company's independent directors determined that the excess expenses were justified. Due to Affiliates and Note to Affiliate In accordance with all the above, as of December 31, 2023 and 2022, the Company owed its affiliates the following amounts: December 31, 2023 December 31, 2022 Reimbursable under the Advisory Agreement $ 57 $ 70 Reimbursable under the Dealer Manager Agreement — 22 Advisory fees 239 324 Accrued Trailing Fees 18,025 18,478 Due to affiliates $ 18,321 $ 18,894 Note to Affiliate $ 5,383 $ 5,383 Unamortized discount (274) (461) Note to Affiliate, net of unamortized discount $ 5,109 $ 4,922

CAPITALIZATION

CAPITALIZATION	12 Months Ended
	Dec. 31, 2023
Capitalization [Abstract]
CAPITALIZATION	CAPITALIZATION Under the Company's charter, as most recently amended on April 22, 2020, the Company has the authority to issue 1,000,000,000 shares of common stock and 50,000,000 shares of preferred stock. All shares of such stock have a par value of $0.01 per share. The Company's authorized shares of common stock are allocated between classes as follows: Common Stock No. of Authorized Shares Class A Shares 45,000,000 Class D Shares 45,000,000 Class I Shares 200,000,000 Class M-I Shares 200,000,000 Class N Shares 150,000,000 Class S Shares 200,000,000 Class T Shares 5,000,000 Class T2 Shares 150,000,000 Class Z Shares 5,000,000 1,000,000,000 Class A shares are subject to selling commissions of up to 3% of the purchase price, and annual dealer manager fees of 0.55% and annual distribution fees of 0.50% of NAV, both paid on a trailing basis. Class I shares are subject to annual dealer manager fees of 0.55% of NAV paid in a trailing basis, but are not subject to any selling commissions or distribution fees. Class M-I Shares will not incur any up-front commissions or trailing fees. Class S Shares are subject to selling commissions of up to 3% of the purchase price, and annual distribution fees of 0.85% of the NAV paid on a trailing basis for approximately seven years. Class T2 Shares are subject to selling commissions of up to 3% of the purchase price, an up-front dealer manager fee of up to 0.50% of the purchase price, and annual distribution fees of 0.85% of the NAV paid on a trailing basis for approximately six years. Class D shares sold in the Private Offerings are subject to selling commissions of up to 1.0% of the purchase price, but do not incur any dealer manager or distribution fees. Class T and Class N shares are not sold in the primary portion of the Fourth Public Offering. Class T shares were sold in the primary portion of the Second Public Offering and the Third Public Offering. Class T shares are subject to annual distribution fess of 1.0% of NAV paid on a trailing basis for approximately three years from the the date of purchase. Class N shares will be issued upon conversion of an investor's Class T shares upon the earliest of (i) the investor's Class T share account for a given public offering has incurred a maximum of 8.5% of commissions, dealer manager fees and distribution fees; (ii) the total underwriting compensation from whatever source with respect to a public offering exceeds 10% of the gross proceeds from the primary portion of such public offering; (iii) a listing of the Class N shares; or (iv) the Company's merger or consolidation with or into another entity or the sale or other disposition of all or substantially all of the Company's assets. For the year ended December 31, 2023, 235,145 Class T Shares were converted to 236,883 Class N Shares. For the year ended December 31, 2022, 422,975 Class T Shares were converted to 422,867 Class N Shares. For the year ended December 31, 2021, 255,852 Class T Shares were converted to 255,700 Class N Shares. Class Z shares are expected to be sold only in a private offering to RREEF America. During the year ended December 31, 2021, 75,000 Class I Shares owned by RREEF America were exchanged for 75,000 Class Z Shares. Class Z shares do not incur any sales commissions, dealer manager fees or distribution fees. The Company's board of directors is authorized to amend its charter from time to time, without the approval of the stockholders, to increase or decrease the aggregate number of authorized shares of common stock or the number of shares of any class or series that the Company has authority to issue. Stock Issuance During the years ended December 31, 2023, 2022 and 2021, the Company issued common stock, excluding shares issued in the distribution reinvestment plan and Compensation Plan (defined below), as follows: Year Ended December 31, 2023 Year Ended December 31, 2022 Year Ended December 31, 2021 No. of shares Amount No. of shares Amount No. of shares Amount Class A Shares 70,103 $ 1,095 444,849 $ 7,752 451,178 $ 7,090 Class D Shares 222,400 3,628 1,141,471 19,715 2,129,740 32,781 Class I Shares 502,534 7,529 1,596,892 27,507 1,867,534 28,811 Class M-I Shares 140,806 2,076 132,356 2,280 151,387 2,409 Class N Shares converted from Class T Shares, net 1,738 — (108) — (152) — Class T Shares 2,879 45 41,943 752 87,285 1,372 Class T2 Shares 199,214 3,175 377,890 6,678 104,889 1,695 Total 1,139,674 $ 17,548 3,735,293 $ 64,684 4,791,861 $ 74,158 There were no Class S Shares issued as of December 31, 2023. Distribution Reinvestment Plan The Company has adopted a distribution reinvestment plan that allows stockholders to have the cash distributions attributable to the class of shares that the stockholder owns automatically invested in additional shares of the same class. Shares are offered pursuant to the Company's distribution reinvestment plan at the NAV per share applicable to that class, calculated as of the distribution date and after giving effect to all distributions. Stockholders who elect to participate in the distribution reinvestment plan, and who are subject to U.S. federal income tax laws, may incur a tax liability on an amount equal to the fair value on the relevant distribution date of the shares of the Company's common stock purchased with reinvested distributions, even though such stockholders have elected not to receive the distributions used to purchase those shares of the Company's common stock in cash. Share Redemption Plan In an effort to provide the Company's stockholders with liquidity in respect of their investment in shares of the Company's common stock, the Company has adopted a share redemption plan whereby on a daily basis stockholders may request the redemption of all or any portion of their shares. The redemption price per share is equal to the Company's NAV per share of the class of shares being redeemed on the date of redemption, subject to a short-term trading discount, if applicable. The total amount of redemptions in any calendar quarter will be limited to shares whose aggregate value (based on the redemption price per share on the date of the redemption) is equal to 5% of the Company's combined NAV for all classes of shares as of the last day of the previous calendar quarter. In addition, if redemptions do not reach the 5% limit in a calendar quarter, the unused portion generally will be carried over to the next quarter and not any subsequent quarter, except that the maximum amount of redemptions during any quarter may never exceed 10% of the combined NAV for all classes of shares as of the last day of the previous calendar quarter. If the quarterly volume limitation is reached on or before the third business day of a calendar quarter, redemption requests during the next quarter will be satisfied on a stockholder by stockholder basis, which the Company refers to as a per stockholder allocation, instead of a first-come, first-served basis. Pursuant to the per stockholder allocation, each stockholder would be allowed to request redemption at any time during such quarter of a total number of shares not to exceed 5% of the shares of common stock the stockholder held as of the end of the prior quarter. The per stockholder allocation requirement will remain in effect for each succeeding quarter for which the total redemptions for the immediately preceding quarter exceeded 4% of the Company's NAV on the last business day of such preceding quarter. If total redemptions during a quarter for which the per stockholder allocation applies are equal to or less than 4% of the Company's NAV on the last business day of such preceding quarter, then redemptions will again be satisfied on a first-come, first-served basis for the next succeeding quarter and each quarter thereafter. Each redemption request will be evaluated by the Company in consideration of rules and regulations promulgated by the Internal Revenue Service with respect to dividend equivalent redemptions. Redemptions that may be considered dividend equivalent redemptions may adversely affect the Company or its stockholders. Accordingly, the Company may reject any redemption request that it reasonably believes may be treated as a dividend equivalent redemption. While there is no minimum holding period, purchased shares (excluding shares acquired via the Company's distribution reinvestment plan) redeemed within 365 days of the date of a stockholder's initial purchase will be redeemed at the Company's NAV per share of the class of shares being redeemed on the date of redemption less a short-term trading discount equal to 2% of the gross proceeds otherwise payable with respect to such purchased shares which are being redeemed. In the event that any stockholder fails to maintain a minimum balance of $500 (not in thousands) worth of shares of common stock, the Company may redeem all of the shares held by that stockholder at the redemption price per share in effect on the date it is determined that the stockholder has failed to meet the minimum balance, less the short-term trading discount of 2%, if applicable. Minimum account redemptions will apply even in the event that the failure to meet the minimum balance is caused solely by a decline in the Company's NAV. During the years ended December 31, 2023, 2022 and 2021, redemption requests were received as shown below. The Company funded these redemptions with cash flow from operations, proceeds from its Offerings or borrowings. The weighted average redemption prices are shown before allowing for any applicable 2% short-term trading discounts. Year Ended December 31, 2023 Shares Weighted Average Share Price Amount Class A 299,558 $ 15.33 $ 4,594 Class I 2,672,067 14.87 39,727 Class T 20,161 15.79 317 Class D 968,053 15.18 14,698 Class N 333,076 15.13 5,038 Class M-I 40,108 14.13 567 Class T2 11,373 15.03 171 Year Ended December 31, 2022 Shares Weighted Average Share Price Amount Class A 249,326 $ 17.14 $ 4,263 Class I 1,162,582 17.19 19,957 Class T 45,392 17.34 786 Class D 183,675 17.32 3,175 Class N 42,658 17.27 737 Class M-I — — — Class T2 14,972 17.33 255 Year Ended December 31, 2021 Shares Weighted Average Share Price Amount Class A 76,130 $ 14.82 $ 1,129 Class I 417,883 15.10 6,308 Class T 36,785 16.13 593 Class D 15,038 15.76 232 Class N 14,546 14.65 213 Class M-I — — — Class T2 — — — The Company's board of directors has the discretion to suspend or modify the share redemption plan at any time, including in circumstances where it (1) determines that such action is in the best interest of the Company's stockholders, (2) determines that it is necessary due to regulatory changes or changes in law or (3) becomes aware of undisclosed material information that it believes should be publicly disclosed before shares are redeemed. In addition, the Company's board of directors may suspend any ongoing public or private offering, including the share redemption plan, if it determines that the calculation of NAV is materially incorrect or there is a condition that restricts the valuation of a material portion of the Company's assets. If the board of directors materially amends (including any reduction of the quarterly limit) or suspends the share redemption plan during any quarter, other than any temporary suspension to address certain external events unrelated to the Company's business, any unused portion of that quarter’s 5% limit will not be carried forward to the next quarter or any subsequent quarter. On December 9, 2022, the Company's board of directors modified the Company’s share redemption plan to limit redemptions during the three months ended December 31, 2022 to 5% of the Company’s combined net asset value as of September 30, 2022, thereby eliminating the portion of available redemption capacity carried over from the three months ended September 30, 2022. On December 19, 2022, total redemptions received by the Company for the three months ended December 31, 2022 reached the limit for the quarter and the Company did not accept any redemption requests for the remainder of December 2022. On January 1, 2023, the Company began accepting redemption requests on a first-come, first-served basis. As of February 23, 2023, the Company had received share redemption requests for the three months ended March 31, 2023 in excess of the limit of 5% of its combined NAV as of December 31, 2022. On April 1, 2023, the Company began accepting share redemption requests for the three months ended June 30, 2023, in accordance with its share redemption plan. As of April 25, 2023, the Company had received share redemption requests for the three months ended June 30, 2023 in excess of the limit of 5% of its combined NAV as of March 31, 2023. On July 1, 2023, the Company began accepting share redemption requests for the three months ended September 30, 2023, in accordance with its share redemption plan. As of July 24, 2023, the Company had received share redemption requests for the three months ended September 30, 2023 in excess of the limit of 5% of its combined NAV as of June 30, 2023. On October 1, 2023, the Company began accepting share redemption requests for the three months ended December 31, 2023, in accordance with its share redemption plan. As of October 9, 2023, the Company had received share redemption requests for the three months ended December 31, 2023 in excess of the limit of 5% of its combined NAV as of September 30, 2023. On January 1, 2024, the Company began accepting share redemption requests for the three months ended March 31, 2024, in accordance with its share redemption plan. Also see Note 17. Equity-Based Compensation The Company has in place an incentive compensation plan and an independent director compensation plan (the “Compensation Plans”). The Compensation Plans were created to attract, retain and compensate highly-qualified individuals, who are not employees of RREEF Property Trust, Inc. or any of its subsidiaries or affiliates, for service as members of the board by providing them with competitive compensation. The Compensation Plans provided for 5,000 shares of restricted stock to be issued to each of the Company's independent directors once the Company had issued 12,500,000 shares of its common stock in the aggregate from its Offerings. On March 29, 2019, pursuant to the Company having met the issued share requirement, the Company granted 5,000 shares of restricted Class I common stock to each of the Company's independent directors for a total of 20,000 shares (the "Initial Stock Awards"). As of March 31, 2022, all Initial Stock Awards had fully vested. The fair value of the Initial Stock Awards was determined using the Company’s Class I Share price on the date of grant, which was $14.34. The Company has elected to account for any forfeitures of restricted stock awards as they occur. Pursuant to the independent director Compensation Plan, upon completion of each annual stockholder meeting, the Company grants shares of restricted common stock to each of the Company's independent directors (the "Annual Share Grant Awards"). The fair value of the Annual Share Grant Awards is determined using the Company’s share price for the class of shares granted on the date of grant. The Annual Share Grant Awards shall vest and become non-forfeitable at the next annual stockholder meeting (approximately one year from issue date). The Company has elected to account for any forfeitures of restricted stock awards as they occur. On February 25, 2021, the Company's board of directors amended and restated the Compensation Plans to provide that all future awards of the Company's common stock pursuant to the Compensation Plans, including the Annual Share Grant Awards, will be made in restricted Class D Shares rather than restricted Class I Shares. In addition, the Company's board of directors approved the conversion of all then-outstanding awards of Class I Shares previously granted to the Company’s independent directors, whether or not vested, to Class D Shares. Conversion of all such unvested Class I shares occurred in March 2021 and conversion of all vested Class I shares occurred in March and April 2021. Subsequent Annual Share Grant Awards were granted in restricted Class D Shares. Below is a summary of the activity, per share value and recognized expense for the stock awards. Year Ended December 31, 2023 Year Ended December 31, 2022 Year Ended December 31, 2021 Stock Awards Class D Shares Weighted Average Grant Date Fair Value Class D Shares Weighted Average Grant Date Fair Value Class D Shares* Weighted Average Grant Date Fair Value Outstanding, beginning of period 1,869 $ 17.40 7,018 $ 14.48 12,106 $ 14.32 Changes during the period: Granted 5,034 14.90 2,443 17.41 2,025 14.82 Vested (1,869) 17.40 (7,592) 14.70 (7,113) 14.31 Forfeited — — — — — — Outstanding, end of period 5,034 14.90 1,869 $ 17.40 7,018 14.48 Amount included in general and administrative expenses $ 63 $ 55 $ 102 *After conversion from Class I Shares.

NET INCOME (LOSS) PER SHARE

NET INCOME (LOSS) PER SHARE	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
NET INCOME (LOSS) PER SHARE	NET INCOME (LOSS) PER SHARE The Company computes net earnings or loss per share for each class of common stock using the two-class method. RREEF America may earn a performance component of the advisory fee (see Note 9) which may impact the net income (loss) of each class of common stock differently. The performance component and the impact on each class of common stock, if any, are shown below. Basic and diluted net income (loss) per share for each class of common stock is computed using the weighted-average number of common shares outstanding during the period for each class of common stock. The Initial Stock Awards and the Annual Share Grant Awards granted to the Company's independent directors (see Note 10) qualify as participating securities and therefore also require use of the two-class method for computing net income (loss) per share. However, the unvested Initial Stock Awards and the unvested Annual Share Grant Awards are anti-dilutive or immaterially dilutive, and therefore are ignored in the diluted net income (loss) per share calculation for the years ended December 31, 2023, 2022 and 2021. The Company has not issued any dilutive or potentially dilutive securities, and thus the basic and diluted net income (loss) per share for a given class of common stock is the same for each period presented. The following table sets forth the computation of basic and diluted net income (loss) per share for each class of the Company’s common stock which had shares outstanding during the relevant period. Year Ended December 31, 2023 Class A Class I Class T Class D Class N Class M-I Class T2 Class Z Basic and diluted net income per share: Allocation of net income before performance fee $ 3,898 $ 10,935 $ 133 $ 2,571 $ 592 $ 396 $ 552 $ 69 Allocation of performance fees — — — — — — — — Total Numerator $ 3,898 $ 10,935 $ 133 $ 2,571 $ 592 $ 396 $ 552 $ 69 Denominator - weighted average number of common shares outstanding 4,246,287 11,913,698 145,425 2,801,141 644,502 431,114 601,718 75,000 Basic and diluted net income per share: $ 0.92 $ 0.92 $ 0.92 $ 0.92 $ 0.92 $ 0.92 $ 0.92 $ 0.92 Year Ended December 31, 2022 Class A Class I Class T Class D Class N Class M-I Class T2 Class Z Basic and diluted net loss per share: Allocation of net loss before performance fee $ (2,934) $ (8,956) $ (365) $ (1,930) $ (346) $ (156) $ (185) $ (51) Allocation of performance fees — — — — — — — — Total Numerator $ (2,934) $ (8,956) $ (365) $ (1,930) $ (346) $ (156) $ (185) $ (51) Denominator - weighted average number of common shares outstanding 4,280,032 13,068,182 532,372 2,816,313 504,352 227,586 269,524 75,000 Basic and diluted net loss per share: $ (0.69) $ (0.69) $ (0.69) $ (0.69) $ (0.69) $ (0.69) $ (0.69) $ (0.69) Year Ended December 31, 2021 Class A Class I Class T Class D Class N Class M-I* Class T2* Class Z** Basic and diluted net income per share: Allocation of net income before performance fee $ 2,335 $ 6,924 $ 591 $ 573 $ 46 $ 23 $ 19 $ 1 Allocation of performance fees (1,316) (4,010) (339) (331) (26) (19) (16) — Total Numerator $ 1,019 $ 2,914 $ 252 $ 242 $ 20 $ 4 $ 3 $ 1 Denominator - weighted average number of common shares outstanding 3,791,022 11,238,373 959,664 929,637 74,848 37,050 30,536 822 Basic and diluted net income per share: $ 0.27 $ 0.26 $ 0.26 $ 0.25 $ 0.27 $ 0.11 $ 0.09 $ 0.62 *Class M-I and T2 Shares were initially issued in May 2021. ** Class Z Shares were first converted from Class I Shares in December 2021.

DISTRIBUTIONS

DISTRIBUTIONS	12 Months Ended
	Dec. 31, 2023
Distributions [Abstract]
DISTRIBUTIONS	DISTRIBUTIONS In order to qualify as a REIT, the Company is required, among other things, to distribute dividends each taxable year of at least 90% of its taxable income determined without regard to the dividends-paid deduction and excluding net capital gains, and to meet certain tests regarding the nature of the Company's income and assets. The Company expects that its board of directors will continue to declare distributions payable monthly in arrears. Any distributions the Company makes will be at the discretion of its board of directors, considering factors such as its earnings, cash flow, capital needs and general financial condition and the requirements of Maryland law. The Company commenced operations on May 30, 2013 and elected taxation as a REIT beginning the year ended December 31, 2013. Distributions for each month are payable on the first business day following the record date. Any distributions reinvested by the stockholders in accordance with the Company's dividend reinvestment plan are reinvested at the per share NAV of the same class determined at the close of business on the first business day following the record date. Prior to July 1, 2022, the Company authorized and paid distributions based on daily record dates with a daily distribution amount, and disclosed such daily distribution amount (before adjustment for class-specific expenses) in the table below. On July 1, 2022, the Company changed its distribution policy to authorize distributions monthly based on a single record date in the month. The table below shows the aggregate declared distribution amount for each period presented based on the actual declared amounts for such period. Three Months Ended Total March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 Declared distribution amount per share, before adjustment for class-specific fees $ 0.22477276 $ 0.22490554 $ 0.22490113 $ 0.22488440 Distributions paid or payable in cash $ 2,129 $ 2,108 $ 2,008 $ 1,879 $ 8,124 Distributions reinvested 2,357 2,227 2,192 2,172 8,948 Distributions declared $ 4,486 $ 4,335 $ 4,200 $ 4,051 $ 17,072 Class A Shares issued upon reinvestment 31,585 34,718 35,937 36,544 138,784 Class I Shares issued upon reinvestment 78,943 83,047 80,733 77,807 320,530 Class T Shares issued upon reinvestment 836 459 467 482 2,244 Class D Shares issued upon reinvestment 28,498 21,117 21,527 24,352 95,494 Class N Shares issued upon reinvestment 3,849 4,726 4,736 4,776 18,087 Class M-I Shares issued upon reinvestment 3,099 3,644 4,988 5,621 17,352 Class T2 Shares issued upon reinvestment 4,350 4,653 4,896 5,032 18,931 Three Months Ended Total March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 Class A $ 783 $ 799 $ 797 $ 796 $ 3,175 Class I 2,575 2,491 2,420 2,282 9,768 Class T 40 28 20 20 108 Class D 725 633 586 577 2,521 Class N 153 155 130 129 567 Class M-I 86 93 107 106 392 Class T2 107 119 123 124 473 Class Z 17 17 17 17 68 Distributions declared $ 4,486 $ 4,335 $ 4,200 $ 4,051 $ 17,072 Three Months Ended Total March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 Declared distribution amount per share, before adjustment for class-specific fees $ 0.20785050 $ 0.21749364 $ 0.22499034 $ 0.22493054 Distributions paid or payable in cash $ 2,020 $ 2,217 $ 2,140 $ 2,095 $ 8,472 Distributions reinvested 2,210 2,464 2,410 2,479 9,563 Distributions declared $ 4,230 $ 4,681 $ 4,550 $ 4,574 $ 18,035 Class A Shares issued upon reinvestment 27,036 28,747 27,308 28,157 111,248 Class I Shares issued upon reinvestment 75,809 80,232 76,719 78,213 310,973 Class T Shares issued upon reinvestment 2,447 2,114 1,852 1,840 8,253 Class D Shares issued upon reinvestment 20,428 25,795 26,490 30,040 102,753 Class N Shares issued upon reinvestment 1,565 2,141 2,211 2,304 8,221 Class M-I Shares issued upon reinvestment 1,224 1,614 2,378 2,716 7,932 Class T2 Shares issued upon reinvestment 885 1,177 2,138 3,012 7,212 Three Months Ended Total March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 Class A $ 786 $ 837 $ 786 $ 790 $ 3,199 Class I 2,610 2,853 2,726 2,677 10,866 Class T 139 121 80 67 407 Class D 540 666 679 722 2,607 Class N 74 103 137 146 460 Class M-I 36 44 61 72 213 Class T2 28 39 64 83 214 Class Z 17 18 17 17 69 Distributions declared $ 4,230 $ 4,681 $ 4,550 $ 4,574 $ 18,035 Three Months Ended Total March 31, 2021 June 30, 2021 September 30, 2021 December 31, 2021 Declared distribution rate, before adjustment for class-specific fees $ 0.17734500 $ 0.18231880 $ 0.19181264 $ 0.19804288 Distributions paid or payable in cash $ 1,337 $ 1,526 $ 1,703 $ 1,841 $ 6,407 Distributions reinvested 1,374 1,429 1,668 1,950 6,421 Distributions declared $ 2,711 $ 2,955 $ 3,371 $ 3,791 $ 12,828 Class A Shares issued upon reinvestment 23,374 23,507 25,173 25,992 98,046 Class I Shares issued upon reinvestment 66,027 66,872 71,425 72,519 276,843 Class T Shares issued upon reinvestment 3,832 3,377 3,352 3,138 13,699 Class D Shares issued upon reinvestment 643 370 6,105 15,323 22,441 Class N Shares issued upon reinvestment 476 627 798 951 2,852 Class M-I Shares issued upon reinvestment* — 205 414 578 1,197 Class T2 Shares issued upon reinvestment* — 2 142 402 546 Class Z Shares issued upon reinvestment** — — — — — *Class M-I and Class T2 Shares were initially issued in May 2021. **Class Z Shares were first converted from Class I Shares in December 2021. Three Months Ended Total March 31, 2021 June 30, 2021 September 30, 2021 December 31, 2021 Class A $ 601 $ 617 $ 672 $ 728 $ 2,618 Class I 1,933 2,031 2,242 2,409 8,615 Class T 159 163 172 171 665 Class D 9 127 253 423 812 Class N 9 13 16 25 63 Class M-I* — 4 10 18 32 Class T2* — — 6 16 22 Class Z** — — — 1 1 Distributions declared $ 2,711 $ 2,955 $ 3,371 $ 3,791 $ 12,828 * Class M-I and Class T2 Shares were initially issued in May 2021. **Class Z Shares were first converted from Class I Shares in December 2021.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company elected taxation as a REIT for federal income tax purposes for the year ended December 31, 2013. In each calendar year that the Company qualifies for taxation as a REIT, the Company generally will not be subject to federal income tax to the extent it meets certain criteria and distributes its REIT taxable income to its stockholders. Distributions declared and paid by the Company may consist of ordinary income, qualified dividends, return of capital, capital gains or a combination thereof. The characterization of the distributions into these various components will impact how the distributions are taxable to the stockholder who received them. Distributions to the extent of our current and accumulated earnings and profits for federal income tax purposes are taxable to the recipient as either ordinary dividend income, qualified dividend income or capital gain dividends. Distributions in excess of these earnings and profits (calculated for income tax purposes) constitute a non-taxable return of capital rather than ordinary dividend income or a capital gain distribution and reduce the recipient’s basis in the shares to the extent thereof. Distributions in excess of earnings and profits that reduce a recipient’s basis in the shares have the effect of deferring taxation of the amount of the distribution until the sale of the stockholder’s shares. If the recipient's basis is reduced to zero, distributions in excess of the aforementioned earnings and profits (calculated for income tax purposes) constitute taxable gain. The characterization of the distributions is generally determined during the month of January following the close of the tax year, and is as follows for the years ended December 31, 2023, 2022 and 2021: Characterization Year Ended December 31, 2023 Year Ended December 31, 2022 Year Ended December 31, 2021 Ordinary income — % 14.6244 % 8.8961 % Capital gain distribution 54.9313 — 9.2010 Nondividend distributions (return of capital) 45.0687 85.3756 81.9029 Total 100.0000 % 100.0000 % 100.0000 % Net worth and similar taxes paid to certain states where the Company owns real estate properties were $30, $25 and $25 for the years ended December 31, 2023, 2022 and 2021, respectively.

SEGMENT INFORMATION

SEGMENT INFORMATION	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION For the years ended December 31, 2023 and 2022, the Company had three segments with reportable information: Real Estate Properties, Real Estate Equity Securities and Real Estate Loans. For the year ended December 31, 2021, the Company had two segments with reportable information: Real Estate Properties and Real Estate Equity Securities. The Company organizes and analyzes the operations and results of each of these segments independently, due to inherently different considerations for each segment. Such considerations include, but are not limited to, the nature and characteristics of the investment, and investment strategies and objectives. The following tables set forth the carrying value, revenue and the components of operating income of the Company's segments reconciled to total assets as of December 31, 2023 and 2022, and net income (loss) for the years ended December 31, 2023, 2022 and 2021. Real Estate Properties Real Estate Equity Securities Real Estate Loans Total Carrying value as of December 31, 2023 $ 373,806 $ 109 $ 1,182,995 $ 1,556,910 Receivables 5,210 — 4,238 9,448 Deferred leasing costs 2,647 — — 2,647 Prepaid and other assets 1,393 — — 1,393 Subtotal $ 383,056 $ 109 $ 1,187,233 $ 1,570,398 Reconciliation to total assets of December 31, 2023 Carrying value per reportable segments $ 1,570,398 Other assets 6,358 Total assets $ 1,576,756 Carrying value as of December 31, 2022 $ 420,552 $ 26,987 $ 1,156,263 $ 1,603,802 Receivables 6,185 211 4,239 10,635 Deferred leasing cost 3,325 — — 3,325 Prepaid and other assets 920 — — 920 Subtotal $ 430,982 $ 27,198 $ 1,160,502 $ 1,618,682 Reconciliation to total assets of December 31, 2022 Carrying value per reportable segments $ 1,618,682 Other assets 6,807 Total assets $ 1,625,489 Real Estate Properties Real Estate Equity Securities Real Estate Loans Total Year Ended December 31, 2023 Property related income $ 41,904 $ — $ — $ 41,904 Investment income on marketable securities — 46 — 46 Total revenues 41,904 46 — 41,950 Segment operating expenses (12,728) (27) — (12,755) Net realized gain on sale of real estate 17,980 — — 17,980 Net realized gain upon sale of marketable securities — 3,476 — 3,476 Loss on extinguishment of debt (131) — — (131) Net unrealized change in fair value of investment in marketable securities — (1,279) — (1,279) Change in net assets of consolidated CMBS trust — — 2,598 2,598 Operating income - segments $ 47,025 $ 2,216 $ 2,598 $ 51,839 Year Ended December 31, 2022 Property related income $ 41,374 $ — $ — $ 41,374 Investment income on marketable securities — 1,112 — 1,112 Total revenues 41,374 1,112 — 42,486 Segment operating expenses (12,231) (33) (285) (12,549) Net realized loss upon sale of marketable securities — (794) — (794) Net unrealized change in fair value of investment in marketable securities — (9,953) — (9,953) Change in net assets of consolidated CMBS trust — — 529 529 Operating income (loss)- segments $ 29,143 $ (9,668) $ 244 $ 19,719 Year Ended December 31, 2021 Property related income $ 33,569 $ — $ — $ 33,569 Investment income on marketable securities — 693 — 693 Total revenues 33,569 693 — 34,262 Segment operating expenses (9,552) (33) — (9,585) Net realized gain upon sale of marketable securities — 3,179 — 3,179 Net unrealized change in fair value of investment in marketable securities — 7,094 — 7,094 Operating income - segments $ 24,017 $ 10,933 $ — $ 34,950 Year Ended December 31, Reconciliation to net income (loss) 2023 2022 2021 Operating income - segments $ 51,839 $ 19,719 $ 34,950 General and administrative expenses (2,373) (2,134) (1,943) Advisory expenses (3,099) (3,746) (8,672) Depreciation (10,844) (11,516) (7,052) Amortization (4,200) (7,830) (6,174) Operating income (loss) 31,323 (5,507) 11,109 Interest expense (12,177) (9,416) (6,654) Net income (loss) $ 19,146 $ (14,923) $ 4,455

ECONOMIC DEPENDENCY

ECONOMIC DEPENDENCY	12 Months Ended
	Dec. 31, 2023
Economic Dependency [Abstract]
ECONOMIC DEPENDENCY	ECONOMIC DEPENDENCYThe Company depends on RREEF America and the Dealer Manager for certain services that are essential to the Company, including the sale of the Company's shares of common stock, asset acquisition and disposition decisions and other general and administrative responsibilities. In the event that RREEF America or the Dealer Manager is unable to provide such services, the Company would be required to find alternative service providers.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	OMMITMENTS AND CONTINGENCIES In the normal course of business, from time to time, the Company may be involved in legal actions relating to the ownership and operations of real estate investments. In the Company's opinion, the liabilities, if any, that may ultimately result from such legal actions are not expected to have a material adverse effect on the Company's consolidated financial position, results of operations or liquidity.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS As of January 4, 2024, the Company had received share redemption requests during the quarter ending March 31, 2024 in excess of the limit of 5% of the Company’s combined net asset value (“NAV”) as of December 31, 2023. Pursuant to the terms of the Company’s share redemption plan (the “Share Redemption Plan”), all redemption requests received during the quarter prior to January 4, 2024 were satisfied for 100% of the requested amount on a first-come, first-served basis. Redemption requests received on January 4, 2024 were satisfied on a pro rata basis at 84.45% of the requested amount without regard to share class such that aggregate redemptions during the quarter ending March 31, 2024 did not exceed the limit of 5% of the Company’s combined NAV as of December 31, 2023. The Company will no longer accept additional redemption requests until April 1, 2024. All unsatisfied redemption requests received during the quarter ending March 31, 2024 must be resubmitted on or after April 1, 2024 to be accepted. Pursuant to the Company's Share Redemption Plan and as described in its prospectus, as the quarterly redemption volume limitation was reached on the third business day of the quarter ending March 31, 2024, redemption requests during the quarter ending June 30, 2024 will be satisfied on a stockholder by stockholder basis, which is referred to as the per stockholder allocation, instead of a first-come, first-served basis. Pursuant to the per stockholder allocation, each of the Company's stockholders would be allowed to request redemption at any time during the quarter ending June 30, 2024 of a total number of shares not to exceed 5% of the shares of common stock the stockholder held as of March 31, 2024. In February and March 2024, the Company sold its investments in the interest-only certificates issued by the CMBS Trust for approximately $7,588, excluding accrued interest. The Company continues to hold all of the Class D certificates. The sale of the interest-only certificates does not affect the Company's determination that the CMBS Trust is a VIE for which the Company is the primary beneficiary, and therefore the Company will continue to consolidate the entire CMBS Trust and carry the CMBS Trust's assets and liabilities at fair value on the Company's consolidated balance sheets.

SCHEDULE III - REAL ESTATE AND

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION	12 Months Ended
	Dec. 31, 2023
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION	RREEF PROPERTY TRUST, INC. SCHEDULE III Real Estate and Accumulated Depreciation December 31, 2023 (in thousands) Initial cost (A) Gross Amount at Which Carried at December 31, 2023 (B) Property Name Encumbrance Land Buildings & Improvements (F) Capitalized Cost Subsequent to Acquisition Land, Buildings & Improvements Total (C) Accumulated Depreciation and Amortization (D) Date Constructed Date Acquired Depreciable Lives 9022 Heritage Parkway, Woodridge, IL, Office (E) $ — $ 2,311 $ 10,989 $ — $ 13,300 $ (6,176) 2002 5/31/2013 5 - 40 Wallingford Plaza, Seattle, WA, Mixed-Use (Office over Retail) (H) 6,612 3,713 9,015 285 13,013 (3,119) 1916 12/18/2013 5 - 40 Commerce Corner, Logan Township, NJ, Industrial (E) 21,341 3,397 16,353 8,554 28,304 (5,627) 1998 4/11/2014 5 - 40 Shops at Terra Nova Plaza, Chula Vista, CA, Retail (E) 8,081 10,628 11,222 — 21,850 (1,706) 1986 10/2/2014 5 - 40 The Flats at Carrs Hill, Athens, GA, University of GA Student Housing (G) 25,500 3,057 23,856 1,623 28,536 (10,238) 2013 9/30/2015 5 - 27.5 Loudoun Gateway I, Sterling, VA, Office (E) 7,998 2,042 19,908 6 21,956 (13,638) 1998 12/21/2015 5 - 40 Palmetto Lakes, Miami Lakes, FL, Industrial (E) 12,015 6,054 7,006 543 13,603 (3,885) 1974 7/17/2018 5 - 40 Hialeah I, Miami, FL, Industrial (E) 3,265 1,642 2,749 225 4,616 (1,103) 1962 7/17/2018 5 - 40 Hialeah II, Miami, FL, Industrial (E) 3,265 1,725 1,666 784 4,175 (996) 1961 7/17/2018 5 - 40 Elston Plaza, Chicago, IL, Retail (I) 16,815 17,767 11,028 27 28,822 (3,345) 1983 12/31/2018 5 - 40 Providence Square, Marietta, GA, Retail (J) 29,700 9,742 45,319 386 55,447 (10,377) 1990 9/16/2019 5 - 40 Seattle East Industrial, Redmond, WA, Industrial (K) 45,140 50,691 30,947 — 81,638 (4,986) 2013 12/17/2019 5 - 40 The Glenn, Centennial, CO, Residential (L) 66,000 10,309 118,330 740 129,379 (13,588) 2018 11/19/2021 5 - 27.5 Total Investments in Real Estate $ 245,732 $ 123,078 $ 308,388 $ 13,173 $ 444,639 $ (78,784) (A) The initial cost to the Company represents the original purchase price of the property. (B) The aggregate cost of real estate owned at December 31, 2023 for federal income tax purposes was approximately $480,277 (unaudited). (C) Reconciliation of real estate owned for the years ended December 31: 2023 2022 2021 Balance at January 1 $ 492,862 $ 490,526 $ 360,417 Acquisitions — — 128,639 Dispositions (52,587) — — Additions 4,364 2,336 1,470 Balance at December 31 $ 444,639 $ 492,862 $ 490,526 (D) Reconciliation of accumulated depreciation and amortization for the years ended December 31: 2023 2022 2021 Balance at January 1 $ 83,169 $ 65,769 $ 53,604 Depreciation and amortization expense 5,973 17,400 12,165 Write off due to disposals (10,358) — — Balance at December 31 $ 78,784 $ 83,169 $ 65,769 (E) Encumbrance of $55,965 is from the line of credit that is secured by the properties listed above. On September 1,2023, the Company added its Commerce Corner property ("Commerce Corner") to the Wells Fargo Line of Credit thereby adding RPT 1109 Commerce Corner, LLC, as a borrower under the Wells Fargo Line of Credit. (F) Includes gross intangible lease assets of $55,073 and gross intangible lease liabilities of $18,337. (G) Flats at Carrs Hill has an encumbrance of $25,500 from Nationwide Life Insurance Company. (H) Wallingford Plaza has an encumbrance of 6,612 from Transamerica Life Insurance Company. (I) Elston Plaza has an encumbrance of $16,816 from State Farm Life Insurance Company. (J) Providence Square has an encumbrance of $29,700 from Nationwide Life Insurance Company. (K) Seattle East Industrial has an encumbrance of $45,140 from JPMorgan Chase Bank. (L) The Glenn has an encumbrance of $66,000 from Massachusetts Mutual Life Insurance Company.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), the authoritative reference for U.S. generally accepted accounting principles (“GAAP”). There have been no significant changes to the Company's significant accounting policies during the year ended December 31, 2023. Principles of Consolidation The Company consolidates all entities in which it has a controlling financial interest through majority ownership or voting rights and variable interest entities whereby the Company is the primary beneficiary. In determining whether the Company has a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, the Company considers whether the entity is a variable interest entity (“VIE”) and whether the Company is the primary beneficiary. Under ASC 810, Consolidation
Use of Estimates	Use of Estimates
Cash and Cash Equivalents	Cash and Cash Equivalents
Real Estate Investments and Lease Intangibles	Real Estate Investments and Lease Intangibles Real estate investments are stated at cost less accumulated depreciation and amortization. Buildings and improvements are depreciated utilizing the straight-line method over an estimated useful life of 5 to 40 years for industrial, retail and office properties, and 27.5 years for residential. Tenant improvements and lease commissions are amortized to expense over the terms of the respective tenant leases. Lease incentives are amortized as an offset to revenue over the terms of the respective tenant leases. Furniture and equipment is depreciated over an estimated useful life ranging from 5 to 7 years. Ordinary repair and maintenance costs that do not improve the condition or extend the useful life of the property are expensed as incurred. Under FASB ASC 805, Business Combinations , entities are required to evaluate whether transactions should be accounted for as acquisitions (and dispositions) of assets or businesses. ASC 805 provides a screen to determine when a set of identifiable assets is not a business. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. Generally, a real estate asset and its related leases will be considered a single identifiable asset and therefore will not meet the definition of a business. If the real estate and related leases in an acquisition are determined to be an asset and not a business, then the acquisition related costs would be capitalized onto the consolidated balance sheet. Otherwise, such costs will be expensed upon completion of the transaction. In accordance with ASC 805 and ASC 350, Intangibles—Goodwill and Other , acquisitions of properties are accounted for utilizing the acquisition method and, accordingly, the results of operations of acquired properties will be included in the Company’s results of operations from their respective dates of acquisition. Estimates of future cash flows and other valuation techniques believed to be similar to those used by independent appraisers are used to allocate the purchase price of identifiable assets acquired and liabilities assumed such as land, buildings and improvements, equipment and identifiable intangible assets and liabilities such as amounts related to in-place leases, acquired above- and below-market leases, asset retirement obligations and mortgage loans payable. Values of buildings and improvements are determined on an as-if-vacant basis. The estimated fair value of acquired in-place leases are the costs the Company would have incurred to lease the properties to the occupancy level of the properties at the date of acquisition. Such estimates include the fair value of leasing commissions, legal costs and other direct costs that would be incurred to lease the properties to such occupancy levels. Additionally, the Company evaluates the time period over which such occupancy levels would be achieved. Such evaluation will include an estimate of the net market-based rental revenues and net operating costs (primarily consisting of forgone rents, real estate taxes, recoverable charges and insurance) that would be incurred during the lease-up period, which generally ranges up to one year. Acquired in-place leases as of the date of acquisition are amortized over the remaining lease terms into amortization expense. Acquired above- and below-market lease values are estimated based on the present value (using an interest rate that reflects the risks associated with the lease acquired) of the difference between the contractual amounts to be paid pursuant to the in-place leases and the Company’s estimate of fair market value lease rates for the corresponding in-place leases. The capitalized above- and below-market lease values are amortized to rental revenue over the remaining terms of the respective leases, which include, for below-market leases, periods covered by bargain fixed-rate renewal options if, at the time of acquisition, the exercise of such renewal options are determined to be sufficiently economically advantageous to the tenant. The Company evaluates the remaining useful life of intangible assets to determine whether events and circumstances or changes in the underlying assumptions warrant a revision to the remaining period of amortization. Any changes to the useful life are amortized prospectively over the revised remaining useful life. If a lease is terminated prior to its scheduled expiration, the unamortized portion of the in-place lease is charged to amortization expense and the unamortized portion of the above- or below-market lease is charged to rental revenue.
Investments in Marketable Securities	Investments in Marketable Securities In accordance with the Company’s investment guidelines as approved by the Company’s board of directors, investments in marketable securities may consist of common and preferred stock of publicly traded REITs and other real estate operating companies. The net unrealized change in the fair value of the Company's investments in marketable securities is recorded in earnings as part of operating income.
CMBS Trust	CMBS Trust In October 2022, the Company purchased all of the Class D certificates and certain interest-only certificates of commercial mortgage backed securities ("CMBS") securitized through a trust (the “CMBS Trust”) sponsored by the Federal Home Loan Mortgage Corporation ("Freddie Mac"). An entity is a VIE when the interests of the entity provide differing rights and obligations to its holders. In particular, the CMBS Trust is a VIE as substantially all of its activities are for the benefit of the more senior tranches, but these senior tranches hold disproportionately few rights. Generally, a trust designates the most junior subordinate tranche outstanding as the controlling class, which entitles the holder of the controlling class to unilaterally appoint, remove and replace the special servicer for the trust. The Company believes the performance of the assets that underlie a CMBS issuance most significantly impact the economic performance of the trust itself, and the primary beneficiary is generally the entity that conducts activities that most significantly impact the performance of the underlying assets. The Class D certificates purchased by the Company represent the most subordinate tranche of the CMBS Trust giving the Company the aforementioned controlling class powers and therefore the Company is the primary beneficiary of the CMBS Trust. Accordingly, the Company consolidates the CMBS Trust in its entirety. While the Company has certain rights related to the special servicer, the Company does not have the ability to direct operating activities of the CMBS Trust. The assets of the CMBS Trust cannot be used to settle the liabilities of the Company nor is the Company obligated to use the Company's assets to settle the liabilities of the CMBS Trust. The Company's exposure to the CMBS Trust is through the subordinated tranches that the Company actually owns and is limited to the Company's investment in the CMBS Trust. For financial reporting purposes, the underlying mortgage loans held by the CMBS Trust are recorded as a separate line item on the consolidated balance sheet under “Real estate loans held in consolidated CMBS Trust, at fair value.” The liabilities of the CMBS Trust consist solely of obligations to the other certificate holders of the consolidated CMBS Trust, excluding the certificates held by the Company. The liabilities are presented as “Bonds payable held in consolidated CMBS Trust, at fair value” on the consolidated balance sheet.
Borrowings	Borrowings The Company may obtain various forms of borrowings from market participants. Direct financing costs associated with obtaining borrowings, such as commitment fees, legal fees and other third-party costs, are capitalized and amortized over the terms of the borrowings using a method which approximates the effective interest method. Amortization of financing costs is included in interest expense in the consolidated statements of operations. The unamortized portion of financing costs is reflected as a reduction of the outstanding debt balance on the consolidated balance sheets. The Company may also assume borrowings in connection with acquisitions. The Company will estimate the fair value of assumed borrowings based upon indications of then-current market pricing for similar types of debt with similar maturities. The assumed borrowings will initially be recorded at their estimated fair value as of the assumption date, with the difference between such estimated fair value and the borrowings’ outstanding principal balance being amortized over the remaining life of the borrowing.
Revenue Recognition	Revenue Recognition In accordance with FASB Topic 842, Leases (ASC 842), and related ASU's that amended or clarified certain provisions of ASC 842, the Company elected a practical expedient to not separate lease and non-lease components of a lease and instead account for them as a single component if two criteria are met: (i) the timing and pattern of transfer of the non-lease component(s) and associated lease component are the same, and (ii) the lease component, if accounted for separately, would be classified as an operating lease. The Company has evaluated the lease and non-lease components within its leases under the practical expedient and reports rental and other property income and common area expense reimbursement income as a single component on the Company’s consolidated statements of operations. Contractual base rental revenue from real estate leases is recognized on a straight-line basis over the terms of the related leases. The differences between contractual base rental revenue earned from real estate leases on a straight-line basis and amounts due under the respective lease agreements are amortized or accreted, as applicable, to deferred rent receivable. Property related income will also include amortization of above- and below-market leases as well as amortization of lease incentives. Revenues relating to lease termination fees for the termination of an entire lease will be recognized at the time that a tenant’s right to occupy the leased space is terminated and collectability is reasonably assured. Under ASC 842, the future revenue stream from leases must be evaluated for collectability. Pursuant to these provisions, if an entity has determined that the collectability of substantially all future lease payments from a particular lease is not at least probable, then the entity must write off its existing receivable balances (except receivable amounts which are under dispute by the tenant), including any deferred rent amounts recognized on a straight-line basis, and instead begin recognizing revenue from such lease on cash basis. The factors used to evaluate the collectability of future lease payments for each lease may include, but not be limited to, the tenant's payment history, current payment status, publicly available information about the financial condition of the tenant and other information about the tenant of which the entity may be aware. In addition, the Company may consider the impact of current macroeconomic conditions, such as inflation and recent increases in interest rates. As of December 31, 2023, the Company has assessed that substantially all of its future lease payments are at least probable of collection, except for two commercial leases. To the extent the Company's revenues do not qualify for treatment under ASC 842 or under other specific guidance, the Company is required to recognize revenue in its financial statements in a manner that depicts the transfer of the promised goods or services to its customers in an amount that reflects the consideration to which the Company is entitled at the time of transfer of those goods or services. Such treatment may apply to other types of real estate related contracts, such as for dispositions or development of real estate. Investment income from marketable securities is accrued at each distribution record date.
Organization and Offering Costs	Organization and Offering Costs Organizational expenses and other expenses which do not qualify as offering costs are expensed as incurred. Offering costs are those costs incurred by the Company, RREEF America and its affiliates on behalf of the Company which relate directly to the Company’s activities of raising capital in the Offerings, preparing for the Offerings, the qualification and registration of the Offerings and the marketing and distribution of the Company’s shares. This includes, but is not limited to, accounting and legal fees, including the legal fees of the dealer manager for the public offerings, costs for registration statement amendments and prospectus supplements, printing, mailing and distribution costs, filing fees, amounts to reimburse RREEF America as the Company’s advisor or its affiliates for the salaries of employees and other costs in connection with preparing supplemental sales literature, amounts to reimburse the dealer manager for amounts that they may pay to reimburse the bona fide due diligence expenses of any participating broker-dealers supported by detailed and itemized invoices, telecommunication costs, fees of the transfer agent, registrars, trustees, depositories and experts, the cost of educational conferences held by the Company (including the travel, meal and lodging costs of registered representatives of any participating broker-dealers) and attendance fees and cost reimbursement for employees of affiliates to attend retail seminars conducted by broker-dealers. Offering costs will be paid from the proceeds of the Offerings. These costs will be treated as a reduction of the total proceeds. Total organization and offering costs incurred by the Company with respect to a particular public offering will not exceed 15% of the gross proceeds from such particular public offering. In addition, the Company will not reimburse RREEF America or the dealer manager for any underwriting compensation (a subset of organization and offering costs) which would cause the Company’s total underwriting compensation to exceed 10% of the gross proceeds from the primary portion of the each public offering.
Income Taxes	Income Taxes The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”), beginning with the year ended December 31, 2013. In order to maintain the Company’s qualification as a REIT, the Company is required to, among other things, distribute as dividends at least 90% of the Company’s REIT taxable income, determined without regard to the dividends-paid deduction and excluding net capital gains, to the Company’s stockholders, and meet certain tests regarding the nature of the Company’s income and assets. If the Company qualifies for taxation as a REIT, the Company generally will not be subject to federal income tax to the extent it meets certain criteria and distributes its REIT taxable income to its stockholders. Even if the Company qualifies for taxation as a REIT, the Company may be subject to (1) certain state and local taxes on its income, property or net worth, and (2) federal income and excise taxes on its undistributed income, if any income remains undistributed. The Company intends to operate in a manner that allows the Company to meet the requirements for taxation as a REIT, possibly including creating taxable REIT subsidiaries to hold assets that generate income that would not be consistent with the rules applicable to qualification as a REIT if held directly by the REIT. If the Company were to fail to meet these requirements, it could be subject to federal income tax on the Company’s taxable income at regular corporate rates. The Company would not be able to deduct dividends paid to stockholders in any year in which it fails to qualify as a REIT. The Company will also be disqualified for the four taxable years following the year during which qualification was lost unless the Company is entitled to relief under specific statutory provisions. The Company assesses its significant tax positions in accordance with U.S. GAAP for all open tax years and determine whether it has any material unrecognized liabilities from uncertain tax benefits. If a tax position is not considered “more-likely-than-not” to be sustained solely on its technical merits, no benefits of the tax position are to be recognized (for financial statement purposes). As of December 31, 2023, 2022 and 2021, the Company has no liabilities for uncertain tax positions. With few exceptions, the Company is no longer subject to U.S. federal or state income tax examinations by tax authorities for years before 2019.
Reportable Segments	Reportable Segments
Net Earnings or Loss Per Share	Net Earnings or Loss Per Share Net earnings or loss per share is calculated using the two-class method. The two-class method is utilized when an entity (1) has different classes of common stock that participate differently in net earnings or loss, or (2) has issued participating securities, which are securities that participate in distributions separately from the entity’s common stock. Pursuant to the advisory agreement between the Company, the Operating Partnership and RREEF America (see Note 9), RREEF America may earn a performance component of the advisory fee which is calculated separately for each class of common stock which therefore may result in a different allocation of net earnings or loss to each class of common stock. In addition, the Company originally granted Class I Shares to its independent directors (see Note 10), which qualified as participating securities. During the three months ended March 31, 2021, the Company converted the granted shares from Class I Shares to Class D Shares for its independent directors (see Note 10), which qualify as participating securities. Thereafter, Annual Share Grant Awards (defined in Note 10 below) will be in Class D Shares.
Risks and Uncertainties	Risks and Uncertainties As of December 31, 2023 and 2022, the Company had cash on deposit at multiple financial institutions which were in excess of federally insured levels. The Company limits significant cash holdings to accounts held by financial institutions with a high credit standing. Therefore, the Company believes it is not exposed to any significant credit risk on its cash deposits. The Company is subject to various risks and uncertainties, including but not limited to interest rates, inflation and impacts from national or global events such as the wars in Ukraine and Gaza, pandemics or actual or perceived instability in the U.S. banking system. The extent to which any such conditions or events impact the Company's investments and operations is uncertain and cannot be predicted with confidence. Among the cash on hand, ongoing capital raised, and availability under the Wells Fargo Line of Credit (as defined below), the Company endeavors to maintain sufficient liquidity at all times to satisfy its operational needs and the maximum quarterly limits on redemptions under its share redemption plan. In addition, if necessary, the Company may consider various options, including reducing its distributions, selling its investments or limiting its share redemption program. Also see Notes 8 and 10.
Recent Accounting Pronouncements	Recent Accounting Pronouncement s In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform , (Topic 848), which provides temporary optional expedients and exceptions to the application of GAAP to modifications of certain contracts (generally, receivables, debt obligations and leases) and hedging relationships to ease the financial burdens of the expected market transitions from the London Inter-bank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates. The guidance was effective upon issuance and can be applied through December 31, 2022 to certain contract modifications as well as qualifying existing and new hedge relationships. On January 27, 2023, the Company amended and restated its line of credit with Wells Fargo Bank which, among other changes, extended the maturity date and changed the interest rate index from LIBOR to the secured overnight financing rate ("SOFR"). In connection therewith, the Company did not elect to apply any of the optional expedients of ASU 2020-04 and entering into the amended and restated line of credit with Wells Fargo Bank did not have a material impact on the Company's consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following table details the Company’s assets and liabilities measured at fair value on a recurring basis. December 31, 2023 Level 1 Level 2 Level 3 Total Assets Investment in marketable securities $ 109 $ — $ — $ 109 Real estate loans held in consolidated CMBS Trust, at fair value — 1,182,995 — 1,182,995 Total $ 109 $ 1,182,995 $ — $ 1,183,104 Liabilities Bonds payable held in consolidated CMBS Trust, at fair value $ — $ 1,150,454 $ — $ 1,150,454 December 31, 2022 Level 1 Level 2 Level 3 Total Assets Investment in marketable securities $ 26,987 $ — $ — $ 26,987 Real estate loans held in consolidated CMBS Trust, at fair value — 1,156,263 — 1,156,263 Total $ 26,987 $ 1,156,263 $ — $ 1,183,250 Liabilities Bonds payable held in consolidated CMBS Trust, at fair value $ — $ 1,125,096 $ — $ 1,125,096
Schedule of Estimated Fair Value and the Unobservable Inputs for Debt Obligations	The following shows certain information about the estimated fair value and the unobservable inputs for the Company's debt obligations as of December 31, 2023 and 2022. Range Fair Value at December 31, 2023 Primary Valuation Techniques Significant Unobservable Inputs Minimum Maximum Weighted Average Line of Credit $ 55,965 Discounted cash flow Loan to value 33.1 % 41.9 % 38.0 % Market interest rate 7.58 % 7.58 % 7.58 % Mortgage Loans Payable 179,072 Discounted cash flow Loan to value 50.9 % 60.4 % 57.6 % Market interest rate 5.95 % 6.92 % 6.40 % Note to Affiliate 4,300 Discounted cash flow Market interest rate 7.00 % 7.00 % 7.00 % Range Fair Value at December 31, 2022 Primary Valuation Techniques Significant Unobservable Inputs Minimum Maximum Weighted Average Line of Credit $ 84,800 Discounted cash flow Loan to value 51.8 % 51.9 % 51.9 % Market interest rate 5.96 % 5.96 % 5.96 % Mortgage Loans Payable 179,710 Discounted cash flow Loan to value 21.8 % 55.0 % 45.3 % Market interest rate 3.41 % 6.40 % 5.96 % Note to Affiliate 4,380 Discounted cash flow Market interest rate 6.50 % 6.50 % 6.50 %

REAL ESTATE INVESTMENTS AND L_2

REAL ESTATE INVESTMENTS AND LEASE INTANGIBLES (Tables)	12 Months Ended
	Dec. 31, 2023
Real Estate [Abstract]
Investments in Real Estate	Shown below are details of the Company's investments in real estate. December 31, 2023 2022 Land $ 123,079 $ 135,169 Buildings and improvements, less accumulated depreciation of $46,555 and $45,734, respectively 233,789 259,429 Furniture, fixtures and equipment, less accumulated depreciation of $2,434 and $1,665, respectively 2,046 2,443 Acquired intangible lease assets, less accumulated amortization of $40,181 and $43,476, respectively 14,892 23,511 Investment in real estate assets, net $ 373,806 $ 420,552
Schedule of Real Estate Acquired, Purchase Price Allocation	The Company's allocations of the purchase price (including acquisition related costs) of the 2021 acquisition to the fair value of the major components of the assets acquired and liabilities assumed, using Level 3 inputs and assumptions, are as follows: The Glenn Land $ 10,309 Building and improvements 111,908 Furniture, fixtures and equipment 3,125 Acquired in-place leases 3,297 Total purchase price $ 128,639 The Company recorded revenues and net loss related to the acquisition during the year ended December 31, 2021, as follows: Year Ended December 31, 2021 Revenues $ 794 Net loss (1,047)
Schedule of Asset Acquisition, Pro Forma Information	The Company’s estimated revenues and net loss, on a pro forma basis, as if The Glenn acquisition was completed on January 1, 2020, are as follows (unaudited): Year Ended December 31, 2021 Revenues $ 40,745 Net income (loss) 1,033 Basic and diluted net income (loss) per share of Class A common stock $ 0.07 Basic and diluted net income (loss) per share of Class I common stock $ 0.06 Basic and diluted net income (loss) per share of Class T common stock $ 0.06 Basic and diluted net income (loss) per share of Class D common stock $ 0.05 Basic and diluted net income (loss) per share of Class N common stock $ 0.07 Basic and diluted net loss per share of Class M-I common stock* $ (0.09) Basic and diluted net loss per share of Class T2 common stock* $ (0.11) Basic and diluted net income per share of Class Z common stock* $ 0.42
Schedule of Future Amortization Related to Acquired Intangible Assets and Liabilities	Future amortization related to acquired intangible assets and liabilities for all of the Company's properties as of December 31, 2023 is as follows: Acquired in-place leases Acquired above-market leases Acquired below-market leases 2024 $ 1,482 $ 12 $ (466) 2025 1,459 12 (466) 2026 1,402 12 (466) 2027 1,220 12 (465) 2028 984 10 (450) Thereafter 8,287 — (5,637) Total $ 14,834 $ 58 $ (7,950) Weighted average remaining amortization period (in years) 10.3 4.8 18.8

RENTALS UNDER OPERATING LEASES

RENTALS UNDER OPERATING LEASES (Tables)	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Schedule of Rental and Other Property Income	The Company's property related income from its real estate investments for the years ended December 31, 2023, 2022 and 2021 is comprised of the following: 2023 2022 2021 Lease revenue¹ $ 39,074 $ 40,018 $ 32,385 Straight-line revenue 143 (112) 537 Above- and below-market lease amortization, net 2,792 1,574 753 Lease incentive amortization (105) (106) (106) Property related income $ 41,904 $ 41,374 $ 33,569 1 Lease revenue includes $5,013, $5,242 and $5,062 of variable income from tenant reimbursements for the years ended December 31, 2023, 2022 and 2021, respectively.
Schedule Of Future Minimum Rental Payments to be Received	The future minimum rentals to be received, excluding tenant reimbursements, under the non-cancelable portions of all of the Company's in-place commercial leases in effect as of December 31, 2023 are as follows: Year ended December 31, Future Minimum Rent 2024 $ 19,357 2025 16,803 2026 14,859 2027 11,775 2028 9,184 Thereafter 14,430 $ 86,408 The above future minimum rentals exclude the Company’s residential leases, which typically have terms of approximately one year. Such leases accounted for $12,089 of lease revenue for the year ended December 31, 2023.
Schedule of Tenants Representing Greater Than 10% of Gross Rental Revenues	Percentages of property related income by property and tenant representing more than 10% of the Company's total property related income for the years ended December 31, 2023, 2022 and 2021 are shown below. Percent of property related income Property Year ended December 31, 2023 Year ended December 31, 2022 Year ended December 31, 2021 The Glenn, Centennial, CO 19.0 % 17.8 % — % Providence Square, Marietta, GA 11.3 11.1 13.5 Seattle East Industrial, Redmond, WA 10.4 10.5 12.9 The Flats at Carrs Hill, Athens, GA 9.9 9.3 10.9 Total 50.6 % 48.7 % 37.3 % Percent of property related income Tenant Year ended December 31, 2023 Year ended December 31, 2022 Year ended December 31, 2021 FedEx Ground - Seattle East Industrial 10.4 % 10.5 % 12.9 % Total 10.4 % 10.5 % 12.9 % The Company's tenants representing more than 10% of in-place annualized base rental revenues as of December 31, 2023, 2022 and 2021 were as follows: Percent of in-place annualized base rental revenues as of Tenant December 31, 2023 December 31, 2022 December 31, 2021 FedEx Ground - Seattle East Industrial 13.3 % 11.1 % 11.8 % Northrop Grumman Systems Corporation - Loudoun Gateway 10.3 9.1 9.3 Total 23.6 % 20.2 % 21.1 %

MARKETABLE SECURITIES (Tables)

MARKETABLE SECURITIES (Tables)	12 Months Ended
	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Schedule of Marketable Securities	The following is a summary of the Company's marketable securities held as of December 31, 2023 and 2022, which consisted entirely of publicly traded shares of common stock in REITs as of each date. December 31, 2023 December 31, 2022 Marketable securities—cost $ 80 $ 25,679 Unrealized gains 29 2,556 Unrealized losses — (1,248) Net unrealized gain 29 1,308 Marketable securities—fair value $ 109 $ 26,987

CMBS TRUST (Tables)

CMBS TRUST (Tables)	12 Months Ended
	Dec. 31, 2023
Variable Interest Entity [Abstract]
Schedule of Variable Interest Entities	The following table presents the Company's net investment in the CMBS Trust. December 31, 2023 December 31, 2022 Real estate loans held in consolidated CMBS Trust, at fair value $ 1,182,995 $ 1,156,263 Bonds payable held in consolidated CMBS Trust, at fair value 1,150,454 1,125,096 Net investment in CMBS Trust, at fair value $ 32,541 $ 31,167

NOTES PAYABLE (Tables)

NOTES PAYABLE (Tables)	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Schedule of Line of Credit Facilities	The following is a reconciliation of the carrying amount of the Wells Fargo Line of Credit at December 31, 2023 and 2022: Balance at Lender December 31, 2023 December 31, 2022 Wells Fargo $ 55,965 $ 84,800 Deduct: Deferred financing costs, less accumulated amortization (1,630) (20) Line of credit, net $ 54,335 $ 84,780
Schedule of Mortgage Loans Payable	The following is a reconciliation of the carrying amount of the mortgage loans payable at December 31, 2023 and 2022. Balance at Lender Encumbered Property December 31, 2023 December 31, 2022 Interest Rate Maturity Date Talcott Resolution Life Insurance Company Commerce Corner $ — $ 11,933 3.41 % Fully repaid September 2023 State Farm Life Insurance Company Elston Plaza 16,816 17,149 3.89 July 1, 2026 Massachusetts Mutual Life Insurance Company The Glenn 66,000 66,000 3.02 December 1, 2028 Transamerica Life Insurance Company Wallingford Plaza 6,612 6,733 4.56 January 1, 2029 Nationwide Life Insurance Company Providence Square 29,700 29,700 3.67 October 5, 2029 JPMorgan Chase Bank Seattle East Industrial 45,140 45,140 3.87 January 1, 2030 Nationwide Life Insurance Company The Flats at Carrs Hill 25,500 14,500 5.51 July 1, 2030 $ 189,768 $ 191,155 Deduct: Deferred financing costs, less accumulated amortization (824) (722) Mortgage loans payable, net $ 188,944 $ 190,433
Schedule of Maturities of Long-term Debt	Aggregate future principal payments due on the Wells Fargo Line of Credit and mortgage loans payable as of December 31, 2023 are as follows: Year Amount 2024 $ 474 2025 56,458 2026 16,247 2027 145 2028 72,069 Thereafter 100,340 Total $ 245,733

RELATED PARTY ARRANGEMENTS (Tab

RELATED PARTY ARRANGEMENTS (Tables)	12 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The fixed component earned by RREEF America and the performance component recognized by the Company are shown below. Year Ended December 31, 2023 2022 2021 Fixed component $ 3,099 $ 3,746 $ 2,615 Performance component — — 6,057 $ 3,099 $ 3,746 $ 8,672 In accordance with all the above, as of December 31, 2023 and 2022, the Company owed its affiliates the following amounts: December 31, 2023 December 31, 2022 Reimbursable under the Advisory Agreement $ 57 $ 70 Reimbursable under the Dealer Manager Agreement — 22 Advisory fees 239 324 Accrued Trailing Fees 18,025 18,478 Due to affiliates $ 18,321 $ 18,894 Note to Affiliate $ 5,383 $ 5,383 Unamortized discount (274) (461) Note to Affiliate, net of unamortized discount $ 5,109 $ 4,922

CAPITALIZATION (Tables)

CAPITALIZATION (Tables)	12 Months Ended
	Dec. 31, 2023
Capitalization [Abstract]
Schedule of Authorized Common Shares	The Company's authorized shares of common stock are allocated between classes as follows: Common Stock No. of Authorized Shares Class A Shares 45,000,000 Class D Shares 45,000,000 Class I Shares 200,000,000 Class M-I Shares 200,000,000 Class N Shares 150,000,000 Class S Shares 200,000,000 Class T Shares 5,000,000 Class T2 Shares 150,000,000 Class Z Shares 5,000,000 1,000,000,000
Schedule of Stock by Class	During the years ended December 31, 2023, 2022 and 2021, the Company issued common stock, excluding shares issued in the distribution reinvestment plan and Compensation Plan (defined below), as follows: Year Ended December 31, 2023 Year Ended December 31, 2022 Year Ended December 31, 2021 No. of shares Amount No. of shares Amount No. of shares Amount Class A Shares 70,103 $ 1,095 444,849 $ 7,752 451,178 $ 7,090 Class D Shares 222,400 3,628 1,141,471 19,715 2,129,740 32,781 Class I Shares 502,534 7,529 1,596,892 27,507 1,867,534 28,811 Class M-I Shares 140,806 2,076 132,356 2,280 151,387 2,409 Class N Shares converted from Class T Shares, net 1,738 — (108) — (152) — Class T Shares 2,879 45 41,943 752 87,285 1,372 Class T2 Shares 199,214 3,175 377,890 6,678 104,889 1,695 Total 1,139,674 $ 17,548 3,735,293 $ 64,684 4,791,861 $ 74,158 There were no Class S Shares issued as of December 31, 2023.
Schedule of Repurchase Agreements	During the years ended December 31, 2023, 2022 and 2021, redemption requests were received as shown below. The Company funded these redemptions with cash flow from operations, proceeds from its Offerings or borrowings. The weighted average redemption prices are shown before allowing for any applicable 2% short-term trading discounts. Year Ended December 31, 2023 Shares Weighted Average Share Price Amount Class A 299,558 $ 15.33 $ 4,594 Class I 2,672,067 14.87 39,727 Class T 20,161 15.79 317 Class D 968,053 15.18 14,698 Class N 333,076 15.13 5,038 Class M-I 40,108 14.13 567 Class T2 11,373 15.03 171 Year Ended December 31, 2022 Shares Weighted Average Share Price Amount Class A 249,326 $ 17.14 $ 4,263 Class I 1,162,582 17.19 19,957 Class T 45,392 17.34 786 Class D 183,675 17.32 3,175 Class N 42,658 17.27 737 Class M-I — — — Class T2 14,972 17.33 255 Year Ended December 31, 2021 Shares Weighted Average Share Price Amount Class A 76,130 $ 14.82 $ 1,129 Class I 417,883 15.10 6,308 Class T 36,785 16.13 593 Class D 15,038 15.76 232 Class N 14,546 14.65 213 Class M-I — — — Class T2 — — —
Schedule of stock awards	Below is a summary of the activity, per share value and recognized expense for the stock awards. Year Ended December 31, 2023 Year Ended December 31, 2022 Year Ended December 31, 2021 Stock Awards Class D Shares Weighted Average Grant Date Fair Value Class D Shares Weighted Average Grant Date Fair Value Class D Shares* Weighted Average Grant Date Fair Value Outstanding, beginning of period 1,869 $ 17.40 7,018 $ 14.48 12,106 $ 14.32 Changes during the period: Granted 5,034 14.90 2,443 17.41 2,025 14.82 Vested (1,869) 17.40 (7,592) 14.70 (7,113) 14.31 Forfeited — — — — — — Outstanding, end of period 5,034 14.90 1,869 $ 17.40 7,018 14.48 Amount included in general and administrative expenses $ 63 $ 55 $ 102 *After conversion from Class I Shares.

NET INCOME (LOSS) PER SHARE (Ta

NET INCOME (LOSS) PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Schedule of Net Loss Per Share	The following table sets forth the computation of basic and diluted net income (loss) per share for each class of the Company’s common stock which had shares outstanding during the relevant period. Year Ended December 31, 2023 Class A Class I Class T Class D Class N Class M-I Class T2 Class Z Basic and diluted net income per share: Allocation of net income before performance fee $ 3,898 $ 10,935 $ 133 $ 2,571 $ 592 $ 396 $ 552 $ 69 Allocation of performance fees — — — — — — — — Total Numerator $ 3,898 $ 10,935 $ 133 $ 2,571 $ 592 $ 396 $ 552 $ 69 Denominator - weighted average number of common shares outstanding 4,246,287 11,913,698 145,425 2,801,141 644,502 431,114 601,718 75,000 Basic and diluted net income per share: $ 0.92 $ 0.92 $ 0.92 $ 0.92 $ 0.92 $ 0.92 $ 0.92 $ 0.92 Year Ended December 31, 2022 Class A Class I Class T Class D Class N Class M-I Class T2 Class Z Basic and diluted net loss per share: Allocation of net loss before performance fee $ (2,934) $ (8,956) $ (365) $ (1,930) $ (346) $ (156) $ (185) $ (51) Allocation of performance fees — — — — — — — — Total Numerator $ (2,934) $ (8,956) $ (365) $ (1,930) $ (346) $ (156) $ (185) $ (51) Denominator - weighted average number of common shares outstanding 4,280,032 13,068,182 532,372 2,816,313 504,352 227,586 269,524 75,000 Basic and diluted net loss per share: $ (0.69) $ (0.69) $ (0.69) $ (0.69) $ (0.69) $ (0.69) $ (0.69) $ (0.69) Year Ended December 31, 2021 Class A Class I Class T Class D Class N Class M-I* Class T2* Class Z** Basic and diluted net income per share: Allocation of net income before performance fee $ 2,335 $ 6,924 $ 591 $ 573 $ 46 $ 23 $ 19 $ 1 Allocation of performance fees (1,316) (4,010) (339) (331) (26) (19) (16) — Total Numerator $ 1,019 $ 2,914 $ 252 $ 242 $ 20 $ 4 $ 3 $ 1 Denominator - weighted average number of common shares outstanding 3,791,022 11,238,373 959,664 929,637 74,848 37,050 30,536 822 Basic and diluted net income per share: $ 0.27 $ 0.26 $ 0.26 $ 0.25 $ 0.27 $ 0.11 $ 0.09 $ 0.62 *Class M-I and T2 Shares were initially issued in May 2021. ** Class Z Shares were first converted from Class I Shares in December 2021.

DISTRIBUTIONS (Tables)

DISTRIBUTIONS (Tables)	12 Months Ended
	Dec. 31, 2023
Distributions [Abstract]
Schedule of Distributions	Three Months Ended Total March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 Declared distribution amount per share, before adjustment for class-specific fees $ 0.22477276 $ 0.22490554 $ 0.22490113 $ 0.22488440 Distributions paid or payable in cash $ 2,129 $ 2,108 $ 2,008 $ 1,879 $ 8,124 Distributions reinvested 2,357 2,227 2,192 2,172 8,948 Distributions declared $ 4,486 $ 4,335 $ 4,200 $ 4,051 $ 17,072 Class A Shares issued upon reinvestment 31,585 34,718 35,937 36,544 138,784 Class I Shares issued upon reinvestment 78,943 83,047 80,733 77,807 320,530 Class T Shares issued upon reinvestment 836 459 467 482 2,244 Class D Shares issued upon reinvestment 28,498 21,117 21,527 24,352 95,494 Class N Shares issued upon reinvestment 3,849 4,726 4,736 4,776 18,087 Class M-I Shares issued upon reinvestment 3,099 3,644 4,988 5,621 17,352 Class T2 Shares issued upon reinvestment 4,350 4,653 4,896 5,032 18,931 Three Months Ended Total March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 Class A $ 783 $ 799 $ 797 $ 796 $ 3,175 Class I 2,575 2,491 2,420 2,282 9,768 Class T 40 28 20 20 108 Class D 725 633 586 577 2,521 Class N 153 155 130 129 567 Class M-I 86 93 107 106 392 Class T2 107 119 123 124 473 Class Z 17 17 17 17 68 Distributions declared $ 4,486 $ 4,335 $ 4,200 $ 4,051 $ 17,072 Three Months Ended Total March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 Declared distribution amount per share, before adjustment for class-specific fees $ 0.20785050 $ 0.21749364 $ 0.22499034 $ 0.22493054 Distributions paid or payable in cash $ 2,020 $ 2,217 $ 2,140 $ 2,095 $ 8,472 Distributions reinvested 2,210 2,464 2,410 2,479 9,563 Distributions declared $ 4,230 $ 4,681 $ 4,550 $ 4,574 $ 18,035 Class A Shares issued upon reinvestment 27,036 28,747 27,308 28,157 111,248 Class I Shares issued upon reinvestment 75,809 80,232 76,719 78,213 310,973 Class T Shares issued upon reinvestment 2,447 2,114 1,852 1,840 8,253 Class D Shares issued upon reinvestment 20,428 25,795 26,490 30,040 102,753 Class N Shares issued upon reinvestment 1,565 2,141 2,211 2,304 8,221 Class M-I Shares issued upon reinvestment 1,224 1,614 2,378 2,716 7,932 Class T2 Shares issued upon reinvestment 885 1,177 2,138 3,012 7,212 Three Months Ended Total March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 Class A $ 786 $ 837 $ 786 $ 790 $ 3,199 Class I 2,610 2,853 2,726 2,677 10,866 Class T 139 121 80 67 407 Class D 540 666 679 722 2,607 Class N 74 103 137 146 460 Class M-I 36 44 61 72 213 Class T2 28 39 64 83 214 Class Z 17 18 17 17 69 Distributions declared $ 4,230 $ 4,681 $ 4,550 $ 4,574 $ 18,035 Three Months Ended Total March 31, 2021 June 30, 2021 September 30, 2021 December 31, 2021 Declared distribution rate, before adjustment for class-specific fees $ 0.17734500 $ 0.18231880 $ 0.19181264 $ 0.19804288 Distributions paid or payable in cash $ 1,337 $ 1,526 $ 1,703 $ 1,841 $ 6,407 Distributions reinvested 1,374 1,429 1,668 1,950 6,421 Distributions declared $ 2,711 $ 2,955 $ 3,371 $ 3,791 $ 12,828 Class A Shares issued upon reinvestment 23,374 23,507 25,173 25,992 98,046 Class I Shares issued upon reinvestment 66,027 66,872 71,425 72,519 276,843 Class T Shares issued upon reinvestment 3,832 3,377 3,352 3,138 13,699 Class D Shares issued upon reinvestment 643 370 6,105 15,323 22,441 Class N Shares issued upon reinvestment 476 627 798 951 2,852 Class M-I Shares issued upon reinvestment* — 205 414 578 1,197 Class T2 Shares issued upon reinvestment* — 2 142 402 546 Class Z Shares issued upon reinvestment** — — — — — *Class M-I and Class T2 Shares were initially issued in May 2021. **Class Z Shares were first converted from Class I Shares in December 2021. Three Months Ended Total March 31, 2021 June 30, 2021 September 30, 2021 December 31, 2021 Class A $ 601 $ 617 $ 672 $ 728 $ 2,618 Class I 1,933 2,031 2,242 2,409 8,615 Class T 159 163 172 171 665 Class D 9 127 253 423 812 Class N 9 13 16 25 63 Class M-I* — 4 10 18 32 Class T2* — — 6 16 22 Class Z** — — — 1 1 Distributions declared $ 2,711 $ 2,955 $ 3,371 $ 3,791 $ 12,828 * Class M-I and Class T2 Shares were initially issued in May 2021. **Class Z Shares were first converted from Class I Shares in December 2021.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Schedule of Characteristics of Distributions	The characterization of the distributions is generally determined during the month of January following the close of the tax year, and is as follows for the years ended December 31, 2023, 2022 and 2021: Characterization Year Ended December 31, 2023 Year Ended December 31, 2022 Year Ended December 31, 2021 Ordinary income — % 14.6244 % 8.8961 % Capital gain distribution 54.9313 — 9.2010 Nondividend distributions (return of capital) 45.0687 85.3756 81.9029 Total 100.0000 % 100.0000 % 100.0000 %

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	The following tables set forth the carrying value, revenue and the components of operating income of the Company's segments reconciled to total assets as of December 31, 2023 and 2022, and net income (loss) for the years ended December 31, 2023, 2022 and 2021. Real Estate Properties Real Estate Equity Securities Real Estate Loans Total Carrying value as of December 31, 2023 $ 373,806 $ 109 $ 1,182,995 $ 1,556,910 Receivables 5,210 — 4,238 9,448 Deferred leasing costs 2,647 — — 2,647 Prepaid and other assets 1,393 — — 1,393 Subtotal $ 383,056 $ 109 $ 1,187,233 $ 1,570,398 Reconciliation to total assets of December 31, 2023 Carrying value per reportable segments $ 1,570,398 Other assets 6,358 Total assets $ 1,576,756 Carrying value as of December 31, 2022 $ 420,552 $ 26,987 $ 1,156,263 $ 1,603,802 Receivables 6,185 211 4,239 10,635 Deferred leasing cost 3,325 — — 3,325 Prepaid and other assets 920 — — 920 Subtotal $ 430,982 $ 27,198 $ 1,160,502 $ 1,618,682 Reconciliation to total assets of December 31, 2022 Carrying value per reportable segments $ 1,618,682 Other assets 6,807 Total assets $ 1,625,489 Real Estate Properties Real Estate Equity Securities Real Estate Loans Total Year Ended December 31, 2023 Property related income $ 41,904 $ — $ — $ 41,904 Investment income on marketable securities — 46 — 46 Total revenues 41,904 46 — 41,950 Segment operating expenses (12,728) (27) — (12,755) Net realized gain on sale of real estate 17,980 — — 17,980 Net realized gain upon sale of marketable securities — 3,476 — 3,476 Loss on extinguishment of debt (131) — — (131) Net unrealized change in fair value of investment in marketable securities — (1,279) — (1,279) Change in net assets of consolidated CMBS trust — — 2,598 2,598 Operating income - segments $ 47,025 $ 2,216 $ 2,598 $ 51,839 Year Ended December 31, 2022 Property related income $ 41,374 $ — $ — $ 41,374 Investment income on marketable securities — 1,112 — 1,112 Total revenues 41,374 1,112 — 42,486 Segment operating expenses (12,231) (33) (285) (12,549) Net realized loss upon sale of marketable securities — (794) — (794) Net unrealized change in fair value of investment in marketable securities — (9,953) — (9,953) Change in net assets of consolidated CMBS trust — — 529 529 Operating income (loss)- segments $ 29,143 $ (9,668) $ 244 $ 19,719 Year Ended December 31, 2021 Property related income $ 33,569 $ — $ — $ 33,569 Investment income on marketable securities — 693 — 693 Total revenues 33,569 693 — 34,262 Segment operating expenses (9,552) (33) — (9,585) Net realized gain upon sale of marketable securities — 3,179 — 3,179 Net unrealized change in fair value of investment in marketable securities — 7,094 — 7,094 Operating income - segments $ 24,017 $ 10,933 $ — $ 34,950 Year Ended December 31, Reconciliation to net income (loss) 2023 2022 2021 Operating income - segments $ 51,839 $ 19,719 $ 34,950 General and administrative expenses (2,373) (2,134) (1,943) Advisory expenses (3,099) (3,746) (8,672) Depreciation (10,844) (11,516) (7,052) Amortization (4,200) (7,830) (6,174) Operating income (loss) 31,323 (5,507) 11,109 Interest expense (12,177) (9,416) (6,654) Net income (loss) $ 19,146 $ (14,923) $ 4,455

ORGANIZATION (Details)

ORGANIZATION (Details) - USD ($)	Aug. 10, 2023	Nov. 17, 2020	Jan. 08, 2020	Jan. 20, 2016
Common Class D
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Private offering value of shares offered				$ 350,000,000
Third Public Offering
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Authorized amount of stock sale			$ 2,300,000
Private Placement | Common Class D
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Authorized amount of stock sale		$ 300,000,000
Fourth Public Offering
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Authorized amount of stock sale	$ 2,000,000,000

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Apr. 22, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Impairment of real estate investments	$ 0	$ 0
Maximum offering costs as percentage of gross proceeds from initial public offering	15%
Accrued trailing fee-estimated payable for future	$ 17,896	18,307
Percentage of taxable income required for REIT distribution	90%
Liabilities for uncertain tax positions	$ 0	$ 0	$ 0
Number of primary segments | segment	3
Common Class A
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Percentage of distribution fee	0.50%			0.50%
Percentage of dealer manager fee	0.55%			0.55%
Common Class T
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Underwriting compensation for initial public offering as percent of gross offering proceeds	8.50%
Percentage of distribution fee	1%
Class T2
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Percentage of distribution fee	0.85%			0.85%
Percentage of dealer manager fee				0.50%
Common Class S
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Percentage of distribution fee	0.85%			0.85%
Common Class I
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Percentage of dealer manager fee	0.55%			0.55%
RREEF America
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Underwriting compensation for initial public offering as percent of gross offering proceeds	10%			10%
Industrial, Retail and Office Properties | Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Estimated useful life	5 years
Industrial, Retail and Office Properties | Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Estimated useful life	40 years
Residential
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Estimated useful life	27 years 6 months
Furniture and Equipment | Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Estimated useful life	5 years
Furniture and Equipment | Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Estimated useful life	7 years

FAIR VALUE MEASUREMENTS - Asset

FAIR VALUE MEASUREMENTS - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in marketable securities	$ 109	$ 26,987
Real estate loans held in consolidated CMBS Trust, at fair value	1,182,995	1,156,263
Total	1,183,104	1,183,250
Bonds payable held in consolidated CMBS Trust, at fair value	1,150,454	1,125,096
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in marketable securities	109	26,987
Real estate loans held in consolidated CMBS Trust, at fair value	0	0
Total	109	26,987
Bonds payable held in consolidated CMBS Trust, at fair value	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in marketable securities	0	0
Real estate loans held in consolidated CMBS Trust, at fair value	1,182,995	1,156,263
Total	1,182,995	1,156,263
Bonds payable held in consolidated CMBS Trust, at fair value	1,150,454	1,125,096
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in marketable securities	0	0
Real estate loans held in consolidated CMBS Trust, at fair value	0	0
Total	0	0
Bonds payable held in consolidated CMBS Trust, at fair value	$ 0	$ 0

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Line of credit, fair value	$ 55,965	$ 84,800
Mortgage loans payable	179,072	179,710
Note to affiliate	$ 4,300	$ 4,380

FAIR VALUE MEASUREMENTS - Fair

FAIR VALUE MEASUREMENTS - Fair Value of Debt Obligations (Details) $ in Thousands	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Line of credit, fair value	$ 55,965	$ 84,800
Mortgage loans payable	179,072	179,710
Note to affiliate	$ 4,300	$ 4,380
Minimum | Line of Credit | Discounted cash flow | Loan to value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value input	0.331	0.518
Minimum | Line of Credit | Discounted cash flow | Market interest rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value input	0.0758	0.0596
Minimum | Mortgage Loans Payable | Discounted cash flow | Loan to value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value input	0.509	0.218
Minimum | Mortgage Loans Payable | Discounted cash flow | Market interest rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value input	0.0595	0.0341
Minimum | Note to Affiliate | Discounted cash flow | Market interest rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value input	0.0700	0.0650
Maximum | Line of Credit | Discounted cash flow | Loan to value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value input	0.419	0.519
Maximum | Line of Credit | Discounted cash flow | Market interest rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value input	0.0758	0.0596
Maximum | Mortgage Loans Payable | Discounted cash flow | Loan to value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value input	0.604	0.550
Maximum | Mortgage Loans Payable | Discounted cash flow | Market interest rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value input	0.0692	0.0640
Maximum | Note to Affiliate | Discounted cash flow | Market interest rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value input	0.0700	0.0650
Weighted Average | Line of Credit | Discounted cash flow | Loan to value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value input	0.380	0.519
Weighted Average | Line of Credit | Discounted cash flow | Market interest rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value input	0.0758	0.0596
Weighted Average | Mortgage Loans Payable | Discounted cash flow | Loan to value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value input	0.576	0.453
Weighted Average | Mortgage Loans Payable | Discounted cash flow | Market interest rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value input	0.0640	0.0596
Weighted Average | Note to Affiliate | Discounted cash flow | Market interest rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value input	0.0700	0.0650

REAL ESTATE INVESTMENTS AND L_3

REAL ESTATE INVESTMENTS AND LEASE INTANGIBLES - Investment in Real Estate (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Real Estate [Abstract]
Land	$ 123,079	$ 135,169
Buildings and improvements, less accumulated depreciation of $46,555 and $45,734, respectively	233,789	259,429
Furniture, fixtures and equipment, less accumulated depreciation of $2,434 and $1,665, respectively	2,046	2,443
Acquired intangible lease assets, less accumulated amortization of $40,181 and $43,476, respectively	14,892	23,511
Investment in real estate assets, net	373,806	420,552
Buildings and improvements, accumulated depreciation	46,555	45,734
Furniture, fixtures and equipment, accumulated depreciation	2,434	1,665
Acquired intangible lease assets, accumulated amortization	$ 40,181	$ 43,476

REAL ESTATE INVESTMENTS AND L_4

REAL ESTATE INVESTMENTS AND LEASE INTANGIBLES - Narrative (Details) $ in Thousands					12 Months Ended
	Sep. 06, 2023 USD ($) ft²	Jun. 26, 2023 USD ($) ft²	Jan. 12, 2023 USD ($) a	Nov. 19, 2021 USD ($) ft² unit	Dec. 31, 2023 USD ($) tenant	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) tenant
Real Estate Properties [Line Items]
Number of real estate properties acquired | tenant					0		1
Acquisition funded from lines of credit					$ 68,465	$ 49,000	$ 59,500
The Flats at Carrs Hill, Athens, GA
Real Estate Properties [Line Items]
Area of retail property (in sq ft) | a			0.4
Net realized gain from sale of real estate assets			$ 657
Allied Drive [Member]
Real Estate Properties [Line Items]
Net realized gain from sale of real estate assets		$ 41,900
Net rentable area | ft²		64,217
Gain on sale of properties		$ 15,426
Anaheim Hills Office Plaza, Anaheim, CA
Real Estate Properties [Line Items]
Net realized gain from sale of real estate assets	$ 18,000
Net rentable area | ft²	73,892
Gain on sale of properties	$ 2,012
The Glenn
Real Estate Properties [Line Items]
Payments to acquire real estate				$ 128,500
Acquisition funded from lines of credit				55,000
Proceeds from secured debt				$ 66,000
Number of units | unit				306
Area of retail property (in sq ft) | ft²				274,688
Acquisition-related costs capitalized							$ 139

REAL ESTATE INVESTMENTS AND L_5

REAL ESTATE INVESTMENTS AND LEASE INTANGIBLES - Purchase Price Allocation (Details) - The Glenn $ in Thousands	Dec. 31, 2021 USD ($)
Business Acquisition [Line Items]
Land	$ 10,309
Building and improvements	111,908
Furniture, fixtures and equipment	3,125
Acquired in-place leases	3,297
Total purchase price	$ 128,639

REAL ESTATE INVESTMENTS AND L_6

REAL ESTATE INVESTMENTS AND LEASE INTANGIBLES - Net Income Acquired from Properties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Real Estate Properties [Line Items]
Revenues	$ 41,950	$ 42,486	$ 34,262
Net loss	$ 19,146	$ (14,923)	4,455
2021 Acquisitions
Real Estate Properties [Line Items]
Revenues			794
Net loss			$ (1,047)

REAL ESTATE INVESTMENTS AND L_7

REAL ESTATE INVESTMENTS AND LEASE INTANGIBLES - Pro Forma Information (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) $ / shares
Real Estate [Line Items]
Revenues | $	$ 40,745
Net income (loss) | $	$ 1,033
Common Class A
Real Estate [Line Items]
Basic net loss per share (in dollars per share)	$ 0.07
Diluted net loss per share (in dollars per share)	0.07
Common Class I
Real Estate [Line Items]
Basic net loss per share (in dollars per share)	0.06
Diluted net loss per share (in dollars per share)	0.06
Common Class T
Real Estate [Line Items]
Basic net loss per share (in dollars per share)	0.06
Diluted net loss per share (in dollars per share)	0.06
Common Class D
Real Estate [Line Items]
Basic net loss per share (in dollars per share)	0.05
Diluted net loss per share (in dollars per share)	0.05
Common Class N
Real Estate [Line Items]
Basic net loss per share (in dollars per share)	0.07
Diluted net loss per share (in dollars per share)	0.07
Class M-I
Real Estate [Line Items]
Basic net loss per share (in dollars per share)	(0.09)
Diluted net loss per share (in dollars per share)	(0.09)
Class T2
Real Estate [Line Items]
Basic net loss per share (in dollars per share)	(0.11)
Diluted net loss per share (in dollars per share)	(0.11)
Class Z
Real Estate [Line Items]
Basic net loss per share (in dollars per share)	0.42
Diluted net loss per share (in dollars per share)	$ 0.42

REAL ESTATE INVESTMENTS AND L_8

REAL ESTATE INVESTMENTS AND LEASE INTANGIBLES - Amortization (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Acquired below-market leases
2024	$ (466)
2025	(466)
2026	(466)
2027	(465)
2028	(450)
Thereafter	(5,637)
Total	$ (7,950)
Weighted average remaining amortization period (in years)	18 years 9 months 18 days
Acquired in-place leases
Acquired in-place and above-market leases
2024	$ 1,482
2025	1,459
2026	1,402
2027	1,220
2028	984
Thereafter	8,287
Total	$ 14,834
Acquired below-market leases
Weighted average remaining amortization period (in years)	10 years 3 months 18 days
Acquired above-market leases
Acquired in-place and above-market leases
2024	$ 12
2025	12
2026	12
2027	12
2028	10
Thereafter	0
Total	$ 58
Acquired below-market leases
Weighted average remaining amortization period (in years)	4 years 9 months 18 days

RENTALS UNDER OPERATING LEASE_2

RENTALS UNDER OPERATING LEASES - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) tenant property	Dec. 31, 2022 property tenant	Dec. 31, 2021 property tenant
Lessor, Lease, Description [Line Items]
Number of real estate properties | property	13	15	15
Number of tenants | tenant	49	59	59
Multifamily
Lessor, Lease, Description [Line Items]
Proceeds from residential leases | $	$ 12,089

RENTALS UNDER OPERATING LEASE_3

RENTALS UNDER OPERATING LEASES - Rental and Other Property Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Lease revenue	$ 39,074	$ 40,018	$ 32,385
Straight-line revenue	143	(112)	537
Above- and below-market lease amortization, net	2,792	1,574	753
Lease incentive amortization	(105)	(106)	(106)
Property related income	41,904	41,374	33,569
Lease revenue	$ 5,013	$ 5,242	$ 5,062

RENTALS UNDER OPERATING LEASE_4

RENTALS UNDER OPERATING LEASES - Future Minimum Rental Payments Due (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Future Minimum Rent
2024	$ 19,357
2025	16,803
2026	14,859
2027	11,775
2028	9,184
Thereafter	14,430
Total	$ 86,408

RENTALS UNDER OPERATING LEASE_5

RENTALS UNDER OPERATING LEASES - Concentration Risk (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property | Major Customers | Percent of property related income
Lessor, Lease, Description [Line Items]
Concentration risk percentage	50.60%	48.70%	37.30%
Property | The Glenn, Centennial, CO | Major Customers | Percent of property related income
Lessor, Lease, Description [Line Items]
Concentration risk percentage	19%	17.80%	0%
Property | Providence Square, Marietta, GA, Retail | Major Customers | Percent of property related income
Lessor, Lease, Description [Line Items]
Concentration risk percentage	11.30%	11.10%	13.50%
Property | Seattle East Industrial, Redmond, WA | Major Customers | Percent of property related income
Lessor, Lease, Description [Line Items]
Concentration risk percentage	10.40%	10.50%	12.90%
Property | The Flats at Carrs Hill, Athens, GA | Major Customers | Percent of property related income
Lessor, Lease, Description [Line Items]
Concentration risk percentage	9.90%	9.30%	10.90%
Tenant | FedEx Ground - Seattle East Industrial | Percent of property related income
Lessor, Lease, Description [Line Items]
Concentration risk percentage	10.40%	10.50%	12.90%
Tenant | FedEx Ground - Seattle East Industrial | Percent of in-place annualized base rental revenues as of
Lessor, Lease, Description [Line Items]
Concentration risk percentage	13.30%	11.10%	11.80%
Tenant | Northrop Grumman Systems Corporation - Loudoun Gateway | Percent of in-place annualized base rental revenues as of
Lessor, Lease, Description [Line Items]
Concentration risk percentage	10.30%	9.10%	9.30%
Tenant | Major Customers | Percent of property related income
Lessor, Lease, Description [Line Items]
Concentration risk percentage	10.40%	10.50%	12.90%
Tenant | Major Customers | Percent of in-place annualized base rental revenues as of
Lessor, Lease, Description [Line Items]
Concentration risk percentage	23.60%	20.20%	21.10%

MARKETABLE SECURITIES (Details)

MARKETABLE SECURITIES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Marketable securities—cost	$ 80	$ 25,679
Unrealized gains	29	2,556
Unrealized losses	0	(1,248)
Net unrealized gain	29	1,308
Marketable securities—fair value	109	26,987
Proceeds from sale of marketable securities	30,516	32,604	$ 20,185
Gross realized gains from sale of marketable securities	4,499	2,984	3,403
Gross realized losses from sale of marketable securities	$ 1,023	$ 3,778	$ 224

CMBS TRUST- Narratives (Details

CMBS TRUST- Narratives (Details) - CMBS Trust - USD ($) $ in Thousands	Dec. 31, 2023	Oct. 27, 2022
Marketable Securities [Line Items]
Total investments		$ 30,855
Amount of securitized mortgage pool	$ 1,224,000

CMBS TRUST- Company's Recognize

CMBS TRUST- Company's Recognized Trust's Assets and Liabilities (Details) - Variable Interest Entity, Primary Beneficiary - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Extinguishment of Debt [Line Items]
Real estate loans held in consolidated CMBS Trust, at fair value	$ 1,182,995	$ 1,156,263
Bonds payable held in consolidated CMBS Trust, at fair value	1,150,454	1,125,096
Total investment in real estate assets, marketable securities and real estate loans, net	$ 32,541	$ 31,167

NOTES PAYABLE - Narrative (Deta

NOTES PAYABLE - Narrative (Details)						1 Months Ended	12 Months Ended
	Dec. 27, 2023 USD ($)	Sep. 07, 2023 ft²	Jun. 26, 2023 USD ($)	Jan. 27, 2023 USD ($) property	Feb. 27, 2018	Oct. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) ft² property	Dec. 31, 2022 USD ($) property	Dec. 31, 2021 USD ($) property	Dec. 26, 2023 USD ($)	Jan. 12, 2023 a
Line of Credit Facility [Line Items]
Payments for capital improvements							$ 6,395,000	$ 2,264,000	$ 1,387,000
Number of real estate properties | property							13	15	15
Repayment of mortgage loans payable							$ 26,887,000	$ 718,000	$ 503,000
Debt issuance costs							2,459,000	0	438,000
Loss on extinguishment of debt							$ 131,000	0	$ 0
The Flats at Carrs Hill, Athens, GA
Line of Credit Facility [Line Items]
Area of retail property (in sq ft) | a											0.4
RPT 1109 Commerce
Line of Credit Facility [Line Items]
Area of square feet | ft²		141,000
Area of rentable square feet | ft²		259,910
Warehouse and distribution center acquired percentage		100%
Payments for capital improvements						$ 29,000,000
Area of retail property (in sq ft) | ft²							301,000
Mortgage Loans Payable | The Flats at Carrs Hill, Athens, GA
Line of Credit Facility [Line Items]
Repayment of mortgage loans payable			$ 14,500,000
Debt issuance costs			306,000
Loss on extinguishment of debt			131,000
RPT Flats at Carrs Hill | Notes Payable to Banks
Line of Credit Facility [Line Items]
Extension of debt			$ 25,500,000
Interest rate			5.51%
Long-term debt, term			7 years
Prepayment premium (percent)			0.01
Loan assumption fee, percent of outstanding balance			0.010
Performance Food Group | RPT 1109 Commerce
Line of Credit Facility [Line Items]
Number of extension option		15 years
Wells Fargo Bank | Revolving Commitment
Line of Credit Facility [Line Items]
Percentage of minimum debt yield	9.50%
Revised Wells Fargo Line of Credit | Wells Fargo Bank
Line of Credit Facility [Line Items]
Amount outstanding							$ 55,965,000	$ 84,800,000
Weighted-average interest rate							7.58%	5.96%
Maximum borrowing capacity				$ 100,000,000						$ 100,000,000
Maximum borrowing capacity				250,000,000
Expansion feature, increase limit - at least				$ 25,000,000
Number of real estate properties | property				4
Revised Wells Fargo Line of Credit | Wells Fargo Bank | Revolving Commitment
Line of Credit Facility [Line Items]
Percentage of property value	65%
Percentage of minimum debt yield	10%
Revised Wells Fargo Line of Credit | Wells Fargo Bank | Minimum | LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable interest rate					1.60%
Revised Wells Fargo Line of Credit | Wells Fargo Bank | Minimum | SOFR
Line of Credit Facility [Line Items]
Basis spread on variable interest rate				2%
Revised Wells Fargo Line of Credit | Wells Fargo Bank | Maximum | LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable interest rate					1.80%
Revised Wells Fargo Line of Credit | Wells Fargo Bank | Maximum | SOFR
Line of Credit Facility [Line Items]
Basis spread on variable interest rate				2.25%
Wells Fargo Line Of Credit Third Amendment | Revolving Commitment
Line of Credit Facility [Line Items]
Amount outstanding	$ 34,624,000
Maximum borrowing capacity	75,600,000						$ 47,616,000
Wells Fargo Line Of Credit Third Amendment | Credit Facility Construction Commitment
Line of Credit Facility [Line Items]
Amount outstanding							21,341,000
Maximum borrowing capacity	44,400,000						$ 44,400,000
Wells Fargo Line Of Credit Third Amendment | Wells Fargo Bank
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 120,000,000
Wells Fargo Line Of Credit Third Amendment | Wells Fargo Bank | Revolving Commitment
Line of Credit Facility [Line Items]
Commitment fee percentage	70.83%
Wells Fargo Line Of Credit Third Amendment | Wells Fargo Bank | SOFR
Line of Credit Facility [Line Items]
Basis spread on variable interest rate	2.25%
Wells Fargo Line Of Credit Third Amendment | CIBC | Revolving Commitment
Line of Credit Facility [Line Items]
Commitment fee percentage	29.17%

NOTES PAYABLE - Carrying Amount

NOTES PAYABLE - Carrying Amount of Line of Credit (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Line of credit, net	$ 54,335	$ 84,780
Revised Wells Fargo Line of Credit | Wells Fargo Bank
Debt Instrument [Line Items]
Wells Fargo	55,965	84,800
Deduct: Deferred financing costs, less accumulated amortization	(1,630)	(20)
Line of credit, net	$ 54,335	$ 84,780

NOTES PAYABLE - Mortgage Loans

NOTES PAYABLE - Mortgage Loans Payable (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Line of Credit Facility [Line Items]
Long-term debt, gross	$ 245,733
Mortgage loans payable, net	188,944	$ 190,433
Mortgage Loans Payable
Line of Credit Facility [Line Items]
Long-term debt, gross	189,768	191,155
Deduct: Deferred financing costs, less accumulated amortization	(824)	(722)
Mortgage loans payable, net	188,944	190,433
Talcott Resolution Life Insurance Company | Mortgage Loans Payable | Commerce Corner
Line of Credit Facility [Line Items]
Long-term debt, gross	$ 0	11,933
Interest rate	3.41%
State Farm Life Insurance Company | Mortgage Loans Payable | Elston Plaza
Line of Credit Facility [Line Items]
Long-term debt, gross	$ 16,816	17,149
Interest rate	3.89%
Massachusetts Mutual Life Insurance Company | Mortgage Loans Payable | The Glenn
Line of Credit Facility [Line Items]
Long-term debt, gross	$ 66,000	66,000
Interest rate	3.02%
Transamerica Life Insurance Company | Mortgage Loans Payable | Wallingford Plaza
Line of Credit Facility [Line Items]
Long-term debt, gross	$ 6,612	6,733
Interest rate	4.56%
Nationwide Life Insurance Company | Mortgage Loans Payable | Providence Square, Marietta, GA, Retail
Line of Credit Facility [Line Items]
Long-term debt, gross	$ 29,700	29,700
Interest rate	3.67%
Nationwide Life Insurance Company | Mortgage Loans Payable | The Flats at Carrs Hill
Line of Credit Facility [Line Items]
Long-term debt, gross	$ 25,500	14,500
Interest rate	5.51%
JPMorgan Chase Bank | Mortgage Loans Payable | Seattle East Industrial, Redmond, WA
Line of Credit Facility [Line Items]
Long-term debt, gross	$ 45,140	$ 45,140
Interest rate	3.87%

NOTES PAYABLE - Aggregate Futur

NOTES PAYABLE - Aggregate Future Minimum Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Long-term Debt, Fiscal Year Maturity [Abstract]
2024	$ 474
2025	56,458
2026	16,247
2027	145
2028	72,069
Thereafter	100,340
Total	245,733
Revised Wells Fargo Line of Credit | Wells Fargo Bank
Line of Credit Facility [Line Items]
Amount outstanding	$ 55,965	$ 84,800

RELATED PARTY ARRANGEMENTS - Na

RELATED PARTY ARRANGEMENTS - Narrative (Details)

3 Months Ended

12 Months Ended

36 Months Ended

42 Months Ended

Aug. 10, 2023 USD ($)

Mar. 24, 2020 USD ($)

Apr. 25, 2016 USD ($)

Mar. 31, 2016 USD ($)

Dec. 31, 2023 USD ($) component $ / shares

Dec. 31, 2022 USD ($)

Dec. 31, 2021 USD ($)

Dec. 31, 2022 USD ($)

Jan. 08, 2020 USD ($)

Jun. 30, 2016 USD ($)

Jan. 01, 2016 USD ($)

Dec. 31, 2015 USD ($)

Related Party Transaction [Line Items]

Term of agreements

1 year

Number of components | component

2

Due to affiliates

$ 18,321,000

$ 18,894,000

$ 18,894,000

Minimum offering proceeds needed before expense repayment

$ 500,000,000

Amortization of discount on note to affiliate

188,000

181,000

$ 174,000

Upfront selling commissions and upfront dealer manager fees

130,000

403,000

Payments of offering costs

3,175,000

3,788,000

2,731,000

Accrued trailing fee-estimated payable for future

17,896,000

18,307,000

18,307,000

Follow-On Public Offering

Related Party Transaction [Line Items]

Proceeds from common stock issuance, inception to date

$ 132,994,000

Payments of offering costs

$ 16,861,000

Accrued trailing fee-estimated payable for future

6,204,000

Third Public Offering

Related Party Transaction [Line Items]

Proceeds from common stock issuance, inception to date

$ 149,580,000

Payments of offering costs

16,587,000

Accrued trailing fee-estimated payable for future

9,486,000

Fourth Public Offering

Related Party Transaction [Line Items]

Proceeds from common stock issuance, inception to date

5,680,000

Payments of offering costs

542,000

Accrued trailing fee-estimated payable for future

245,000

Accrued Trailing Fees

Related Party Transaction [Line Items]

Due to affiliates

129,000

171,000

171,000

Trailing Fee To Be Payable

Related Party Transaction [Line Items]

Due to affiliates

$ 17,896,000

18,307,000

18,307,000

RREEF America

Related Party Transaction [Line Items]

Related party note payable discount

$ 1,862,000

Related party debt extinguishment

$ 1,182,000

RREEF America | Note to Affiliate

Related Party Transaction [Line Items]

Related party note payable discount

$ 946,000

RREEF America | Note to Affiliate | Measurement Input, Discount Rate

Related Party Transaction [Line Items]

Fair value input, discount rate

0.0375

Affiliated Entity | RREEF America

Related Party Transaction [Line Items]

Daily advisory fee accrued as percentage of fixed component of investment

0.00274%

Performance fee to advisor, net asset value per share, threshold to which no fee earned on increase (in dollars per share) | $ / shares

$ 12

Reimbursable operating expenses

$ 244,000

298,000

Related party transaction maximum expense support

$ 9,200,000

Minimum offering proceeds needed before expense repayment

$ 250,000

Repayments of debt

$ 250,000

Bonds payable held in consolidated CMBS Trust, at fair value

8,950,000

Amounts of transaction

$ 3,099,000

$ 3,746,000

8,672,000

Maximum offering costs as percentage of gross proceeds from initial public offering

15%

Underwriting compensation for public offering as percent of gross offering proceeds

10%

Expenses to advisor not reimbursable, percentage of invested assets threshold exceeded by operating expenses

2%

2%

Expenses to advisor not reimbursable, percentage of net income excluding certain reductions threshold exceeded by operating expenses

25%

25%

four fiscal quarter total operating expense

$ 5,470,000

$ 6,011,000

Affiliated Entity | RREEF America | IPO

Related Party Transaction [Line Items]

Proceeds from common stock issuance, inception to date

$ 102,831,000

Payments of offering costs

$ 15,424,000

Accrued trailing fee-estimated payable for future

1,961,000

Affiliated Entity | RREEF America | Note to Affiliate

Related Party Transaction [Line Items]

Amortization of discount on note to affiliate

188,000

181,000

$ 174,000

Affiliated Entity | RREEF America | Reimbursable under the Advisory Agreement

Related Party Transaction [Line Items]

Due to affiliates

57,000

70,000

70,000

Affiliated Entity | RREEF America | Organization and Offering Costs

Related Party Transaction [Line Items]

Related party transaction maximum expense support

3,775,000

Bonds payable held in consolidated CMBS Trust, at fair value

3,567,000

Affiliated Entity | RREEF America | Private Offering

Related Party Transaction [Line Items]

Related party transaction maximum expense support

196,000

Affiliated Entity | RREEF America | Operating Expense

Related Party Transaction [Line Items]

Related party transaction maximum expense support

$ 5,229,000

Bonds payable held in consolidated CMBS Trust, at fair value

5,187,000

Affiliated Entity | RREEF America | Private Offering Offering Costs

Related Party Transaction [Line Items]

Bonds payable held in consolidated CMBS Trust, at fair value

$ 196,000

Affiliated Entity | RREEF America | Waived Reimbursement of Organization and Offering Expenses

Related Party Transaction [Line Items]

Amounts of transaction

$ 3,567,000

Affiliated Entity | RREEF America | Expense Support Agreement

Related Party Transaction [Line Items]

Due to affiliates

5,383,000

Affiliated Entity | RREEF America | The Letter Agreement

Related Party Transaction [Line Items]

First period reimbursement payments

$ 250,000

First period reimbursement payments

12 months

Reimbursement payments period two

$ 198,000

Second period reimbursement payments

12 months

Amount of obligations waived

$ 3,567,000

Affiliated Entity | DWS Distributors

Related Party Transaction [Line Items]

Reimbursable offering costs incurred by Dealer Manager

$ 11,000

101,000

Affiliated Entity | DWS Distributors | Reimbursable under the Dealer Manager Agreement

Related Party Transaction [Line Items]

Payable to related party

$ 0

$ 22,000

$ 22,000

Affiliated Entity | Class A, Class I, Class T, Class D, Class N and Class Z Shares | RREEF America

Related Party Transaction [Line Items]

Performance fee to advisor, percentage return per share threshold

6%

Performance fee to advisor, limit as percent of excess total return

10%

Performance fee to advisor as percent of excess total return

25%

Affiliated Entity | Class M-I, Class S and Class T2 | RREEF America

Related Party Transaction [Line Items]

Performance fee to advisor, alternative hurdle amount, percentage return per share threshold

5%

Performance fee to advisor, limit as percent of excess total return, alternative catch-up

12.50%

Performance fee to advisor as percent of alternative hurdle amount

100%

Performance fee to advisor, limit as percent of alternative excess catch-up

5.715%

RELATED PARTY ARRANGEMENTS - Fe

RELATED PARTY ARRANGEMENTS - Fees Earned by RREEF America (Details) - Affiliated Entity - RREEF America - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Amounts of transaction	$ 3,099	$ 3,746	$ 8,672
Fixed Component
Related Party Transaction [Line Items]
Amounts of transaction	3,099	3,746	2,615
Performance Component
Related Party Transaction [Line Items]
Amounts of transaction	$ 0	$ 0	$ 6,057

RELATED PARTY ARRANGEMENTS - Du

RELATED PARTY ARRANGEMENTS - Due to Affiliates (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Due to affiliates	$ 18,321	$ 18,894
Unamortized discount	(274)	(461)
Note to Affiliate, net of unamortized discount	5,109	4,922
Affiliated Entity | RREEF America
Related Party Transaction [Line Items]
Note to Affiliate	5,383	5,383
Note to Affiliate, net of unamortized discount	5,109	4,922
Reimbursable under the Advisory Agreement | Affiliated Entity | RREEF America
Related Party Transaction [Line Items]
Due to affiliates	57	70
Reimbursable under the Dealer Manager Agreement | Affiliated Entity | DWS Distributors
Related Party Transaction [Line Items]
Due to affiliates	0	22
Advisory fees | Affiliated Entity | RREEF America
Related Party Transaction [Line Items]
Due to affiliates	239	324
Accrued Trailing Fees | Affiliated Entity | DWS Distributors
Related Party Transaction [Line Items]
Due to affiliates	18,025	18,478
Unamortized discount | Affiliated Entity | RREEF America
Related Party Transaction [Line Items]
Unamortized discount	$ (274)	$ (461)

CAPITALIZATION - Narrative (Det

CAPITALIZATION - Narrative (Details) - USD ($)		12 Months Ended
	Apr. 22, 2020	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Schedule of Capitalization, Equity [Line Items]
Common stock, shares authorized (in shares)	1,000,000,000
Preferred stock, shares authorized (in shares)	50,000,000
Common stock, par value (in usd per share)		$ 0.01
Preferred stock, par value (in usd per share)		$ 0.01
Aggregate redemptions value limit, as a percentage of combined net asset value		5%
Aggregate redemptions value including carryover limit, as a percentage of combined net asset value		10%			5%	5%	5%
Common stock redemption limit per shareholder, as a percentage of shares held		5%
Redemptions as a percentage of net asset value, last business day of preceding quarter		4%
Short term trading penalty period		365 days
Short-term trading discount as percentage of gross proceeds		2%
Minimum balance of common stock, threshold at which company has option to redeem shares		$ 500
Stock redeemed, amount		$ 65,112,000	$ 29,173,000	$ 8,475,000
Class A
Schedule of Capitalization, Equity [Line Items]
Common stock, shares authorized (in shares)	45,000,000
Maximum selling commissions as percentage of purchase price	3%
Percentage of dealer manager fee	0.55%	0.55%
Percentage of distribution fee	0.50%	0.50%
Stock redeemed (in shares)		299,558	249,326	76,130
Stock redeemed, weighted average share price (in usd per share)		$ 15.33	$ 17.14	$ 14.82
Stock redeemed, amount		$ 4,594,000	$ 4,263,000	$ 1,129,000
Class D
Schedule of Capitalization, Equity [Line Items]
Common stock, shares authorized (in shares)	45,000,000
Maximum selling commissions as percentage of purchase price	1%
Stock redeemed (in shares)		968,053	183,675	15,038
Stock redeemed, weighted average share price (in usd per share)		$ 15.18	$ 17.32	$ 15.76
Stock redeemed, amount		$ 14,698,000	$ 3,175,000	$ 232,000
Class I
Schedule of Capitalization, Equity [Line Items]
Common stock, shares authorized (in shares)	200,000,000
Percentage of dealer manager fee	0.55%	0.55%
Conversion of stock number of shares converted				75,000
Stock redeemed (in shares)		2,672,067	1,162,582	417,883
Stock redeemed, weighted average share price (in usd per share)		$ 14.87	$ 17.19	$ 15.10
Stock redeemed, amount		$ 39,727,000	$ 19,957,000	$ 6,308,000
Class M-I
Schedule of Capitalization, Equity [Line Items]
Common stock, shares authorized (in shares)	200,000,000
Stock redeemed (in shares)		40,108	0	0
Stock redeemed, weighted average share price (in usd per share)		$ 14.13	$ 0	$ 0
Stock redeemed, amount		$ 567,000	$ 0	$ 0
Class N
Schedule of Capitalization, Equity [Line Items]
Common stock, shares authorized (in shares)	150,000,000
Conversion of stock number of shares issued		236,883	422,867	255,700
Stock redeemed (in shares)		333,076	42,658	14,546
Stock redeemed, weighted average share price (in usd per share)		$ 15.13	$ 17.27	$ 14.65
Stock redeemed, amount		$ 5,038,000	$ 737,000	$ 213,000
Class S
Schedule of Capitalization, Equity [Line Items]
Common stock, shares authorized (in shares)	200,000,000
Maximum selling commissions as percentage of purchase price	3%
Percentage of distribution fee	0.85%	0.85%
Duration of distribution fee	7 years
Class T
Schedule of Capitalization, Equity [Line Items]
Common stock, shares authorized (in shares)	5,000,000
Percentage of distribution fee		1%
Duration of distribution fee		3 years
Underwriting compensation for initial public offering as percent of gross offering proceeds		8.50%
Conversion of stock number of shares converted		235,145	422,975	255,852
Stock redeemed (in shares)		20,161	45,392	36,785
Stock redeemed, weighted average share price (in usd per share)		$ 15.79	$ 17.34	$ 16.13
Stock redeemed, amount		$ 317,000	$ 786,000	$ 593,000
Class T2
Schedule of Capitalization, Equity [Line Items]
Common stock, shares authorized (in shares)	150,000,000
Maximum selling commissions as percentage of purchase price	3%
Percentage of dealer manager fee	0.50%
Percentage of distribution fee	0.85%	0.85%
Duration of distribution fee	6 years
Stock redeemed (in shares)		11,373	14,972	0
Stock redeemed, weighted average share price (in usd per share)		$ 15.03	$ 17.33	$ 0
Stock redeemed, amount		$ 171,000	$ 255,000	$ 0
Class Z
Schedule of Capitalization, Equity [Line Items]
Common stock, shares authorized (in shares)	5,000,000
Conversion of stock number of shares issued				75,000
RREEF America
Schedule of Capitalization, Equity [Line Items]
Underwriting compensation for initial public offering as percent of gross offering proceeds	10%	10%

CAPITALIZATION - Stock Issuance

CAPITALIZATION - Stock Issuance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Issuance of common stock (in shares)	1,139,674	3,735,293	4,791,861
Issuance of common stock	$ 17,548	$ 64,684	$ 74,158
Class A
Class of Stock [Line Items]
Issuance of common stock (in shares)	70,103	444,849	451,178
Issuance of common stock	$ 1,095	$ 7,752	$ 7,090
Class D
Class of Stock [Line Items]
Issuance of common stock (in shares)	222,400	1,141,471	2,129,740
Issuance of common stock	$ 3,628	$ 19,715	$ 32,781
Class I
Class of Stock [Line Items]
Issuance of common stock (in shares)	502,534	1,596,892	1,867,534
Issuance of common stock	$ 7,529	$ 27,507	$ 28,811
Class M-I
Class of Stock [Line Items]
Issuance of common stock (in shares)	140,806	132,356	151,387
Issuance of common stock	$ 2,076	$ 2,280	$ 2,409
Class N
Class of Stock [Line Items]
Issuance of common stock (in shares)	1,738	(108)	(152)
Issuance of common stock	$ 0	$ 0	$ 0
Class T
Class of Stock [Line Items]
Issuance of common stock (in shares)	2,879	41,943	87,285
Issuance of common stock	$ 45	$ 752	$ 1,372
Class T2
Class of Stock [Line Items]
Issuance of common stock (in shares)	199,214	377,890	104,889
Issuance of common stock	$ 3,175	$ 6,678	$ 1,695
Class S
Class of Stock [Line Items]
Issuance of common stock (in shares)	0

CAPITALIZATION - Equity-Based C

CAPITALIZATION - Equity-Based Compensation (Details) - $ / shares		12 Months Ended
	Mar. 29, 2019	Dec. 31, 2023
Class of Stock [Line Items]
Required shares to be issued in aggregate (in shares)		12,500,000
Class I
Class of Stock [Line Items]
Shares issued per individual (in shares)	5,000
Granted (in usd per share)	$ 14.34
Restricted Stock
Class of Stock [Line Items]
Shares reserved for issuance (in shares)		5,000
Equity based compensation (shares)	20,000
Award vesting period		1 year

CAPITALIZATION - Weighted Avera

CAPITALIZATION - Weighted Average Redemption Prices (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Capitalization, Equity [Line Items]
Stock redeemed, amount	$ 65,112	$ 29,173	$ 8,475
Class A
Schedule of Capitalization, Equity [Line Items]
Stock redeemed (in shares)	299,558	249,326	76,130
Stock redeemed, weighted average share price (in usd per share)	$ 15.33	$ 17.14	$ 14.82
Stock redeemed, amount	$ 4,594	$ 4,263	$ 1,129
Class I
Schedule of Capitalization, Equity [Line Items]
Stock redeemed (in shares)	2,672,067	1,162,582	417,883
Stock redeemed, weighted average share price (in usd per share)	$ 14.87	$ 17.19	$ 15.10
Stock redeemed, amount	$ 39,727	$ 19,957	$ 6,308
Class T
Schedule of Capitalization, Equity [Line Items]
Stock redeemed (in shares)	20,161	45,392	36,785
Stock redeemed, weighted average share price (in usd per share)	$ 15.79	$ 17.34	$ 16.13
Stock redeemed, amount	$ 317	$ 786	$ 593
Class D
Schedule of Capitalization, Equity [Line Items]
Stock redeemed (in shares)	968,053	183,675	15,038
Stock redeemed, weighted average share price (in usd per share)	$ 15.18	$ 17.32	$ 15.76
Stock redeemed, amount	$ 14,698	$ 3,175	$ 232
Class N
Schedule of Capitalization, Equity [Line Items]
Stock redeemed (in shares)	333,076	42,658	14,546
Stock redeemed, weighted average share price (in usd per share)	$ 15.13	$ 17.27	$ 14.65
Stock redeemed, amount	$ 5,038	$ 737	$ 213
Class M-I
Schedule of Capitalization, Equity [Line Items]
Stock redeemed (in shares)	40,108	0	0
Stock redeemed, weighted average share price (in usd per share)	$ 14.13	$ 0	$ 0
Stock redeemed, amount	$ 567	$ 0	$ 0
Class T2
Schedule of Capitalization, Equity [Line Items]
Stock redeemed (in shares)	11,373	14,972	0
Stock redeemed, weighted average share price (in usd per share)	$ 15.03	$ 17.33	$ 0
Stock redeemed, amount	$ 171	$ 255	$ 0

CAPITALIZATION - Stock Award Ac

CAPITALIZATION - Stock Award Activity (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Mar. 29, 2019	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Common Class D
Class D Shares
Outstanding, beginning of period (in shares)		1,869
Outstanding, end of period (in shares)			1,869
Restricted Stock
Class D Shares
Granted (in shares)	20,000
Weighted Average Grant Date Fair Value
Amount included in general and administrative expenses		$ 63	$ 55	$ 102
Restricted Stock | Common Class D
Class D Shares
Outstanding, beginning of period (in shares)		1,869	7,018	12,106
Granted (in shares)		5,034	2,443	2,025
Vested (in shares)		(1,869)	(7,592)	(7,113)
Forfeited (in shares)		0	0	0
Outstanding, end of period (in shares)		5,034	1,869	7,018
Weighted Average Grant Date Fair Value
Outstanding, beginning balance (in usd per share)		$ 17.40	$ 14.48	$ 14.32
Granted (in usd per share)		14.90	17.41	14.82
Vested (in usd per share)		17.40	14.70	14.31
Forfeited (in usd per share)		0	0	0
Outstanding, ending balance (in usd per share)		$ 14.90	$ 17.40	$ 14.48

NET INCOME (LOSS) PER SHARE (De

NET INCOME (LOSS) PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Basic and diluted net loss per share:
Net income (loss)	$ 19,146	$ (14,923)	$ 4,455
Class A
Basic and diluted net loss per share:
Allocation of net income before performance fee	3,898	(2,934)	2,335
Allocation of performance fees	0	0	(1,316)
Net income (loss)	$ 3,898	$ (2,934)	$ 1,019
Denominator - weighted average number of common shares outstanding basic (in shares)	4,246,287	4,280,032	3,791,022
Denominator - weighted average number of common shares outstanding diluted (in shares)	4,246,287	4,280,032	3,791,022
Basic net income (loss) per share (in usd per share)	$ 0.92	$ (0.69)	$ 0.27
Diluted net income (loss) per share (in usd per share)	$ 0.92	$ (0.69)	$ 0.27
Class I
Basic and diluted net loss per share:
Allocation of net income before performance fee	$ 10,935	$ (8,956)	$ 6,924
Allocation of performance fees	0	0	(4,010)
Net income (loss)	$ 10,935	$ (8,956)	$ 2,914
Denominator - weighted average number of common shares outstanding basic (in shares)	11,913,698	13,068,182	11,238,373
Denominator - weighted average number of common shares outstanding diluted (in shares)	11,913,698	13,068,182	11,238,373
Basic net income (loss) per share (in usd per share)	$ 0.92	$ (0.69)	$ 0.26
Diluted net income (loss) per share (in usd per share)	$ 0.92	$ (0.69)	$ 0.26
Class T
Basic and diluted net loss per share:
Allocation of net income before performance fee	$ 133	$ (365)	$ 591
Allocation of performance fees	0	0	(339)
Net income (loss)	$ 133	$ (365)	$ 252
Denominator - weighted average number of common shares outstanding basic (in shares)	145,425	532,372	959,664
Denominator - weighted average number of common shares outstanding diluted (in shares)	145,425	532,372	959,664
Basic net income (loss) per share (in usd per share)	$ 0.92	$ (0.69)	$ 0.26
Diluted net income (loss) per share (in usd per share)	$ 0.92	$ (0.69)	$ 0.26
Class D
Basic and diluted net loss per share:
Allocation of net income before performance fee	$ 2,571	$ (1,930)	$ 573
Allocation of performance fees	0	0	(331)
Net income (loss)	$ 2,571	$ (1,930)	$ 242
Denominator - weighted average number of common shares outstanding basic (in shares)	2,801,141	2,816,313	929,637
Denominator - weighted average number of common shares outstanding diluted (in shares)	2,801,141	2,816,313	929,637
Basic net income (loss) per share (in usd per share)	$ 0.92	$ (0.69)	$ 0.25
Diluted net income (loss) per share (in usd per share)	$ 0.92	$ (0.69)	$ 0.25
Class N
Basic and diluted net loss per share:
Allocation of net income before performance fee	$ 592	$ (346)	$ 46
Allocation of performance fees	0	0	(26)
Net income (loss)	$ 592	$ (346)	$ 20
Denominator - weighted average number of common shares outstanding basic (in shares)	644,502	504,352	74,848
Denominator - weighted average number of common shares outstanding diluted (in shares)	644,502	504,352	74,848
Basic net income (loss) per share (in usd per share)	$ 0.92	$ (0.69)	$ 0.27
Diluted net income (loss) per share (in usd per share)	$ 0.92	$ (0.69)	$ 0.27
Class M-I
Basic and diluted net loss per share:
Allocation of net income before performance fee	$ 396	$ (156)	$ 23
Allocation of performance fees	0	0	(19)
Net income (loss)	$ 396	$ (156)	$ 4
Denominator - weighted average number of common shares outstanding basic (in shares)	431,114	227,586	37,050
Denominator - weighted average number of common shares outstanding diluted (in shares)	431,114	227,586	37,050
Basic net income (loss) per share (in usd per share)	$ 0.92	$ (0.69)	$ 0.11
Diluted net income (loss) per share (in usd per share)	$ 0.92	$ (0.69)	$ 0.11
Class T2
Basic and diluted net loss per share:
Allocation of net income before performance fee	$ 552	$ (185)	$ 19
Allocation of performance fees	0	0	(16)
Net income (loss)	$ 552	$ (185)	$ 3
Denominator - weighted average number of common shares outstanding basic (in shares)	601,718	269,524	30,536
Denominator - weighted average number of common shares outstanding diluted (in shares)	601,718	269,524	30,536
Basic net income (loss) per share (in usd per share)	$ 0.92	$ (0.69)	$ 0.09
Diluted net income (loss) per share (in usd per share)	$ 0.92	$ (0.69)	$ 0.09
Class Z
Basic and diluted net loss per share:
Allocation of net income before performance fee	$ 69	$ (51)	$ 1
Allocation of performance fees	0	0	0
Net income (loss)	$ 69	$ (51)	$ 1
Denominator - weighted average number of common shares outstanding basic (in shares)	75,000	75,000	822
Denominator - weighted average number of common shares outstanding diluted (in shares)	75,000	75,000	822
Basic net income (loss) per share (in usd per share)	$ 0.92	$ (0.69)	$ 0.62
Diluted net income (loss) per share (in usd per share)	$ 0.92	$ (0.69)	$ 0.62

DISTRIBUTIONS (Details)

DISTRIBUTIONS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended												12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Percentage of taxable income required for REIT distribution	90%												90%
Declared daily distribution rate, before adjustment for class-specific expenses (usd per share)	$ 0.22488440	$ 0.22490113	$ 0.22490554	$ 0.22477276	$ 0.22493054	$ 0.22499034	$ 0.21749364	$ 0.20785050	$ 0.19804288	$ 0.19181264	$ 0.18231880	$ 0.17734500
Distributions paid or payable in cash	$ 1,879	$ 2,008	$ 2,108	$ 2,129	$ 2,095	$ 2,140	$ 2,217	$ 2,020	$ 1,841	$ 1,703	$ 1,526	$ 1,337	$ 8,124	$ 8,472	$ 6,407
Distributions reinvested	2,172	2,192	2,227	2,357	2,479	2,410	2,464	2,210	1,950	1,668	1,429	1,374	8,948	9,563	6,421
Distributions declared	4,051	4,200	4,335	4,486	4,574	4,550	4,681	4,230	3,791	3,371	2,955	2,711	17,072	18,035	12,828
Common Stock
Class of Stock [Line Items]
Distributions reinvested													$ 6	$ 5	$ 4
Stock issued during period, dividend reinvestment plan (in shares)													611,422	556,592	415,624
Class A
Class of Stock [Line Items]
Distributions declared	$ 796	$ 797	$ 799	$ 783	$ 790	$ 786	$ 837	$ 786	$ 728	$ 672	$ 617	$ 601	$ 3,175	$ 3,199	$ 2,618
Class A | Common Stock
Class of Stock [Line Items]
Stock issued during period, dividend reinvestment plan (in shares)	36,544	35,937	34,718	31,585	28,157	27,308	28,747	27,036	25,992	25,173	23,507	23,374	138,784	111,248	98,046
Class I
Class of Stock [Line Items]
Distributions declared	$ 2,282	$ 2,420	$ 2,491	$ 2,575	$ 2,677	$ 2,726	$ 2,853	$ 2,610	$ 2,409	$ 2,242	$ 2,031	$ 1,933	$ 9,768	$ 10,866	$ 8,615
Class I | Common Stock
Class of Stock [Line Items]
Stock issued during period, dividend reinvestment plan (in shares)	77,807	80,733	83,047	78,943	78,213	76,719	80,232	75,809	72,519	71,425	66,872	66,027	320,530	310,973	276,843
Class T
Class of Stock [Line Items]
Distributions declared	$ 20	$ 20	$ 28	$ 40	$ 67	$ 80	$ 121	$ 139	$ 171	$ 172	$ 163	$ 159	$ 108	$ 407	$ 665
Class T | Common Stock
Class of Stock [Line Items]
Stock issued during period, dividend reinvestment plan (in shares)	482	467	459	836	1,840	1,852	2,114	2,447	3,138	3,352	3,377	3,832	2,244	8,253	13,699
Class D
Class of Stock [Line Items]
Distributions declared	$ 577	$ 586	$ 633	$ 725	$ 722	$ 679	$ 666	$ 540	$ 423	$ 253	$ 127	$ 9	$ 2,521	$ 2,607	$ 812
Class D | Common Stock
Class of Stock [Line Items]
Stock issued during period, dividend reinvestment plan (in shares)	24,352	21,527	21,117	28,498	30,040	26,490	25,795	20,428	15,323	6,105	370	643	95,494	102,753	22,441
Class N
Class of Stock [Line Items]
Distributions declared	$ 129	$ 130	$ 155	$ 153	$ 146	$ 137	$ 103	$ 74	$ 25	$ 16	$ 13	$ 9	$ 567	$ 460	$ 63
Class N | Common Stock
Class of Stock [Line Items]
Stock issued during period, dividend reinvestment plan (in shares)	4,776	4,736	4,726	3,849	2,304	2,211	2,141	1,565	951	798	627	476	18,087	8,221	2,852
Class M-I
Class of Stock [Line Items]
Distributions declared	$ 106	$ 107	$ 93	$ 86	$ 72	$ 61	$ 44	$ 36	$ 18	$ 10	$ 4	$ 0	$ 392	$ 213	$ 32
Class M-I | Common Stock
Class of Stock [Line Items]
Stock issued during period, dividend reinvestment plan (in shares)	5,621	4,988	3,644	3,099	2,716	2,378	1,614	1,224	578	414	205	0	17,352	7,932	1,197
Class T2
Class of Stock [Line Items]
Distributions declared	$ 124	$ 123	$ 119	$ 107	$ 83	$ 64	$ 39	$ 28	$ 16	$ 6	$ 0	$ 0	$ 473	$ 214	$ 22
Class T2 | Common Stock
Class of Stock [Line Items]
Stock issued during period, dividend reinvestment plan (in shares)	5,032	4,896	4,653	4,350	3,012	2,138	1,177	885	402	142	2	0	18,931	7,212	546
Class Z
Class of Stock [Line Items]
Distributions declared	$ 17	$ 17	$ 17	$ 17	$ 17	$ 17	$ 18	$ 17	$ 1	$ 0	$ 0	$ 0	$ 68	$ 69	$ 1
Class Z | Common Stock
Class of Stock [Line Items]
Stock issued during period, dividend reinvestment plan (in shares)									0	0	0	0			0

DISTRIBUTIONS - Distributions D

DISTRIBUTIONS - Distributions Declared (Details) - USD ($) $ in Thousands	3 Months Ended												12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Distributions declared	$ 4,051	$ 4,200	$ 4,335	$ 4,486	$ 4,574	$ 4,550	$ 4,681	$ 4,230	$ 3,791	$ 3,371	$ 2,955	$ 2,711	$ 17,072	$ 18,035	$ 12,828
Class A
Class of Stock [Line Items]
Distributions declared	796	797	799	783	790	786	837	786	728	672	617	601	3,175	3,199	2,618
Class I
Class of Stock [Line Items]
Distributions declared	2,282	2,420	2,491	2,575	2,677	2,726	2,853	2,610	2,409	2,242	2,031	1,933	9,768	10,866	8,615
Class T
Class of Stock [Line Items]
Distributions declared	20	20	28	40	67	80	121	139	171	172	163	159	108	407	665
Class D
Class of Stock [Line Items]
Distributions declared	577	586	633	725	722	679	666	540	423	253	127	9	2,521	2,607	812
Class N
Class of Stock [Line Items]
Distributions declared	129	130	155	153	146	137	103	74	25	16	13	9	567	460	63
Class M-I
Class of Stock [Line Items]
Distributions declared	106	107	93	86	72	61	44	36	18	10	4	0	392	213	32
Class T2
Class of Stock [Line Items]
Distributions declared	124	123	119	107	83	64	39	28	16	6	0	0	473	214	22
Class Z
Class of Stock [Line Items]
Distributions declared	$ 17	$ 17	$ 17	$ 17	$ 17	$ 17	$ 18	$ 17	$ 1	$ 0	$ 0	$ 0	$ 68	$ 69	$ 1

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Ordinary income	0%	14.6244%	8.8961%
Capital gain distribution	54.9313%	0%	9.201%
Nondividend distributions (return of capital)	45.0687%	85.3756%	81.9029%
Total	100%	100%	100%
Income and similar taxes paid to certain states	$ 30	$ 25	$ 25

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($) segment	Dec. 31, 2021 USD ($) segment
Additional Disclosure [Abstract]
Number of reportable segments | segment	3	2	2
Segment Reporting, Asset Reconciling Item [Abstract]
Real Estate Investment Property	$ 373,806	$ 420,552
Investment in marketable securities	109	26,987
Deferred leasing costs	2,647	3,325
Prepaid and other assets	2,646	2,324
Total assets	1,576,756	1,625,489
Segment Reporting Information, Operating Income (Loss) [Abstract]
Property related income	41,904	41,374	$ 33,569
Investment income on marketable securities	46	1,112	693
Total revenues	41,950	42,486	34,262
Segment operating expenses	(12,755)	(12,549)	(9,585)
Net realized gain upon sale of real estate	17,980	0	0
Net realized gain (loss) upon sale of marketable securities	3,476	(794)	3,179
Loss on extinguishment of debt	(131)	0	0
Net unrealized change in fair value of investment in marketable securities	(1,279)	(9,953)	7,094
Change in net assets of consolidated CMBS Trust	2,598	529	0
Change in net assets of consolidated CMBS trust	2,598	529
Operating income (loss)	31,323	(5,507)	11,109
Reconciliation to net income (loss)
General and administrative expenses	(2,400)	(2,452)	(1,976)
Advisory expenses	(3,099)	(3,746)	(8,672)
Depreciation	(10,844)	(11,516)	(7,052)
Amortization	(4,200)	(7,830)	(6,174)
Operating income (loss)	31,323	(5,507)	11,109
Interest expense	(12,177)	(9,416)	(6,654)
Net income (loss)	19,146	(14,923)	4,455
Real Estate Loans
Segment Reporting Information, Operating Income (Loss) [Abstract]
Segment operating expenses		(285)
Change in net assets of consolidated CMBS trust	2,598	529
Operating income (loss)	2,598	244	0
Reconciliation to net income (loss)
Operating income (loss)	2,598	244	0
Reportable segments
Segment Reporting, Asset Reconciling Item [Abstract]
Investments	1,556,910	1,603,802
Receivables	9,448	10,635
Deferred leasing costs	2,647	3,325
Prepaid and other assets	1,393	920
Total assets	1,570,398	1,618,682
Segment Reporting Information, Operating Income (Loss) [Abstract]
Operating income (loss)	51,839	19,719	34,950
Reconciliation to net income (loss)
Operating income (loss)	51,839	19,719	34,950
Reportable segments | Real Estate Properties
Segment Reporting, Asset Reconciling Item [Abstract]
Real Estate Investment Property	373,806	420,552
Receivables	5,210	6,185
Deferred leasing costs	2,647	3,325
Prepaid and other assets	1,393	920
Total assets	383,056	430,982
Segment Reporting Information, Operating Income (Loss) [Abstract]
Property related income	41,904	41,374	33,569
Investment income on marketable securities	0	0	0
Total revenues	41,904	41,374	33,569
Segment operating expenses	(12,728)	(12,231)	(9,552)
Net realized gain upon sale of real estate	17,980
Net realized gain (loss) upon sale of marketable securities	0	0	0
Loss on extinguishment of debt	(131)
Net unrealized change in fair value of investment in marketable securities	0	0	0
Change in net assets of consolidated CMBS Trust	0	0
Operating income (loss)	47,025	29,143	24,017
Reconciliation to net income (loss)
Operating income (loss)	47,025	29,143	24,017
Reportable segments | Real Estate Equity Securities
Segment Reporting, Asset Reconciling Item [Abstract]
Investment in marketable securities	109	26,987
Receivables	0	211
Total assets	109	27,198
Segment Reporting Information, Operating Income (Loss) [Abstract]
Property related income	0	0	0
Investment income on marketable securities	46	1,112	693
Total revenues	46	1,112	693
Segment operating expenses	(27)	(33)	(33)
Net realized gain upon sale of real estate	0
Net realized gain (loss) upon sale of marketable securities	3,476	(794)	3,179
Loss on extinguishment of debt	0
Net unrealized change in fair value of investment in marketable securities	(1,279)	(9,953)	7,094
Change in net assets of consolidated CMBS Trust	0	0
Operating income (loss)	2,216	(9,668)	10,933
Reconciliation to net income (loss)
Operating income (loss)	2,216	(9,668)	10,933
Reportable segments | Real Estate Loans
Segment Reporting, Asset Reconciling Item [Abstract]
Debt Securities	1,182,995	1,156,263
Receivables	4,238	4,239
Total assets	1,187,233	1,160,502
Segment Reporting Information, Operating Income (Loss) [Abstract]
Segment operating expenses	0
Other assets
Segment Reporting, Asset Reconciling Item [Abstract]
Total assets	6,358	6,807
Segment Reconciling Items
Reconciliation to net income (loss)
General and administrative expenses	$ (2,373)	$ (2,134)	$ (1,943)

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) $ in Thousands		1 Months Ended	12 Months Ended
	Jan. 04, 2024	Mar. 08, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Mar. 31, 2024
Subsequent Event [Line Items]
Aggregate redemptions value limit, as a percentage of combined net asset value			5%
Proceeds from sale of marketable securities			$ 30,611	$ 32,549	$ 20,230
Forecast
Subsequent Event [Line Items]
Aggregate redemptions value limit, as a percentage of combined net asset value						5%
Subsequent Event
Subsequent Event [Line Items]
Aggregate redemptions value limit, as a percentage of combined net asset value	5%
Aggregate redemptions requests, payout percentage based on timing of the request	1
Aggregate redemptions requests, payout percentage based on pro rata basis	0.8445
Proceeds from sale of marketable securities		$ 7,588

SCHEDULE III - REAL ESTATE AN_2

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	$ 245,732,000
Land	123,078,000
Buildings & Improvements	308,388,000
Capitalized Cost Subsequent to Acquisition	13,173,000
Land, Buildings & Improvements Total	444,639,000
Accumulated Depreciation and Amortization	(78,784,000)	$ (83,169,000)	$ (65,769,000)
Income tax propose	480,277,000
Reconciliation of real estate owned:
Beginning balance	492,862,000	490,526,000	360,417,000
Acquisitions	0	0	128,639,000
Dispositions	(52,587,000)	0	0
Additions	4,364,000	2,336,000	1,470,000
Ending balance	444,639,000	492,862,000	490,526,000
Reconciliation of accumulated depreciation:
Beginning balance	83,169,000	65,769,000	53,604,000
Depreciation and amortization expense	5,973,000	17,400,000	12,165,000
Write off due to disposals	(10,358,000)	0	0
Ending balance	78,784,000	83,169,000	$ 65,769,000
Gross intangible lease assets	55,073,000
Below market lease, gross	18,337,000
Mortgage loans payable, net	188,944,000	190,433,000
Wells Fargo Bank | Revised Wells Fargo Line of Credit
Reconciliation of accumulated depreciation:
Wells Fargo	55,965,000	84,800,000
Mortgage Loans Payable
Reconciliation of accumulated depreciation:
Mortgage loans payable, net	188,944,000	$ 190,433,000
9022 Heritage Parkway, Woodridge, IL, Office
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	0
Land	2,311,000
Buildings & Improvements	10,989,000
Capitalized Cost Subsequent to Acquisition	0
Land, Buildings & Improvements Total	13,300,000
Accumulated Depreciation and Amortization	(6,176,000)
Reconciliation of accumulated depreciation:
Ending balance	$ 6,176,000
9022 Heritage Parkway, Woodridge, IL, Office | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	5 years
9022 Heritage Parkway, Woodridge, IL, Office | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
Wallingford Plaza, Seattle, WA, Mixed-Use (Office over Retail)
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	$ 6,612,000
Land	3,713,000
Buildings & Improvements	9,015,000
Capitalized Cost Subsequent to Acquisition	285,000
Land, Buildings & Improvements Total	13,013,000
Accumulated Depreciation and Amortization	(3,119,000)
Reconciliation of accumulated depreciation:
Ending balance	3,119,000
Wallingford Plaza, Seattle, WA, Mixed-Use (Office over Retail) | Secured Debt | Transamerica Loan
Reconciliation of accumulated depreciation:
Mortgage loans payable, net	$ 6,612,000
Wallingford Plaza, Seattle, WA, Mixed-Use (Office over Retail) | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	5 years
Wallingford Plaza, Seattle, WA, Mixed-Use (Office over Retail) | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
Commerce Corner, Logan Township, NJ, Industrial
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	$ 21,341,000
Land	3,397,000
Buildings & Improvements	16,353,000
Capitalized Cost Subsequent to Acquisition	8,554,000
Land, Buildings & Improvements Total	28,304,000
Accumulated Depreciation and Amortization	(5,627,000)
Reconciliation of accumulated depreciation:
Ending balance	$ 5,627,000
Commerce Corner, Logan Township, NJ, Industrial | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	5 years
Commerce Corner, Logan Township, NJ, Industrial | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
Shops at Terra Nova Plaza, Chula Vista, CA, Retail
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	$ 8,081,000
Land	10,628,000
Buildings & Improvements	11,222,000
Capitalized Cost Subsequent to Acquisition	0
Land, Buildings & Improvements Total	21,850,000
Accumulated Depreciation and Amortization	(1,706,000)
Reconciliation of accumulated depreciation:
Ending balance	$ 1,706,000
Shops at Terra Nova Plaza, Chula Vista, CA, Retail | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	5 years
Shops at Terra Nova Plaza, Chula Vista, CA, Retail | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
The Flats at Carrs Hill, Athens, GA, University of GA Student Housing
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	$ 25,500,000
Land	3,057,000
Buildings & Improvements	23,856,000
Capitalized Cost Subsequent to Acquisition	1,623,000
Land, Buildings & Improvements Total	28,536,000
Accumulated Depreciation and Amortization	(10,238,000)
Reconciliation of accumulated depreciation:
Ending balance	10,238,000
The Flats at Carrs Hill, Athens, GA, University of GA Student Housing | Mortgage Loans Payable | Nationwide Bank
Reconciliation of accumulated depreciation:
Mortgage loans payable, net	$ 25,500,000
The Flats at Carrs Hill, Athens, GA, University of GA Student Housing | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	5 years
The Flats at Carrs Hill, Athens, GA, University of GA Student Housing | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	27 years 6 months
Loudoun Gateway I, Sterling, VA, Office
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	$ 7,998,000
Land	2,042,000
Buildings & Improvements	19,908,000
Capitalized Cost Subsequent to Acquisition	6,000
Land, Buildings & Improvements Total	21,956,000
Accumulated Depreciation and Amortization	(13,638,000)
Reconciliation of accumulated depreciation:
Ending balance	$ 13,638,000
Loudoun Gateway I, Sterling, VA, Office | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	5 years
Loudoun Gateway I, Sterling, VA, Office | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
Palmetto Lakes, Miami Lakes, FL, Industrial
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	$ 12,015,000
Land	6,054,000
Buildings & Improvements	7,006,000
Capitalized Cost Subsequent to Acquisition	543,000
Land, Buildings & Improvements Total	13,603,000
Accumulated Depreciation and Amortization	(3,885,000)
Reconciliation of accumulated depreciation:
Ending balance	$ 3,885,000
Palmetto Lakes, Miami Lakes, FL, Industrial | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	5 years
Palmetto Lakes, Miami Lakes, FL, Industrial | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
Hialeah I, Miami, FL, Industrial
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	$ 3,265,000
Land	1,642,000
Buildings & Improvements	2,749,000
Capitalized Cost Subsequent to Acquisition	225,000
Land, Buildings & Improvements Total	4,616,000
Accumulated Depreciation and Amortization	(1,103,000)
Reconciliation of accumulated depreciation:
Ending balance	$ 1,103,000
Hialeah I, Miami, FL, Industrial | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	5 years
Hialeah I, Miami, FL, Industrial | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
Hialeah II, Miami, FL, Industrial
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	$ 3,265,000
Land	1,725,000
Buildings & Improvements	1,666,000
Capitalized Cost Subsequent to Acquisition	784,000
Land, Buildings & Improvements Total	4,175,000
Accumulated Depreciation and Amortization	(996,000)
Reconciliation of accumulated depreciation:
Ending balance	$ 996,000
Hialeah II, Miami, FL, Industrial | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	5 years
Hialeah II, Miami, FL, Industrial | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
Elston Plaza, Chicago, IL, Retail
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	$ 16,815,000
Land	17,767,000
Buildings & Improvements	11,028,000
Capitalized Cost Subsequent to Acquisition	27,000
Land, Buildings & Improvements Total	28,822,000
Accumulated Depreciation and Amortization	(3,345,000)
Reconciliation of accumulated depreciation:
Ending balance	3,345,000
Elston Plaza, Chicago, IL, Retail | Secured Debt | State Farm Loan
Reconciliation of accumulated depreciation:
Mortgage loans payable, net	$ 16,816,000
Elston Plaza, Chicago, IL, Retail | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	5 years
Elston Plaza, Chicago, IL, Retail | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
Providence Square, Marietta, GA, Retail
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	$ 29,700,000
Land	9,742,000
Buildings & Improvements	45,319,000
Capitalized Cost Subsequent to Acquisition	386,000
Land, Buildings & Improvements Total	55,447,000
Accumulated Depreciation and Amortization	(10,377,000)
Reconciliation of accumulated depreciation:
Ending balance	10,377,000
Providence Square, Marietta, GA, Retail | Secured Debt | Nationwide Life Insurance Company
Reconciliation of accumulated depreciation:
Mortgage loans payable, net	$ 29,700,000
Providence Square, Marietta, GA, Retail | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	5 years
Providence Square, Marietta, GA, Retail | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
Seattle East Industrial, Redmond, WA, Industrial
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	$ 45,140,000
Land	50,691,000
Buildings & Improvements	30,947,000
Capitalized Cost Subsequent to Acquisition	0
Land, Buildings & Improvements Total	81,638,000
Accumulated Depreciation and Amortization	(4,986,000)
Reconciliation of accumulated depreciation:
Ending balance	4,986,000
Seattle East Industrial, Redmond, WA, Industrial | Secured Debt | JPMorgan Chase Loan
Reconciliation of accumulated depreciation:
Mortgage loans payable, net	$ 45,140,000
Seattle East Industrial, Redmond, WA, Industrial | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	5 years
Seattle East Industrial, Redmond, WA, Industrial | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
The Glenn, Centennial, CO, Residential
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	$ 66,000,000
Land	10,309,000
Buildings & Improvements	118,330,000
Capitalized Cost Subsequent to Acquisition	740,000
Land, Buildings & Improvements Total	129,379,000
Accumulated Depreciation and Amortization	(13,588,000)
Reconciliation of accumulated depreciation:
Ending balance	13,588,000
The Glenn, Centennial, CO, Residential | Secured Debt | Massachusetts Mutual Life Insurance Company
Reconciliation of accumulated depreciation:
Mortgage loans payable, net	$ 66,000,000
The Glenn, Centennial, CO, Residential | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	5 years
The Glenn, Centennial, CO, Residential | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	27 years 6 months