RREEF Property Trust (ZRPTIX) 10-Q 13 May 24 2024 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2024	May 09, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001542447
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Class A Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		4,064,514
Class I Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		10,655,756
Class T Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		86,042
Class D Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,498,602
Class N Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		598,518
Class M-I Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		535,983
Class T2 Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		631,800
Class Z Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		75,000
Class S Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		0

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
ASSETS
Investment in real estate assets, net	$ 377,789	$ 373,806
Investment in marketable securities	111	109
Real estate loans held in consolidated CMBS Trust, at fair value	1,159,508	1,182,995
Cash and cash equivalents	6,016	5,065
Restricted cash	1,351	0
Receivables, net of allowance for doubtful accounts of $157 and $92, respectively	4,739	5,250
Accrued interest receivable from real estate loans held in consolidated CMBS Trust	4,238	4,238
Deferred leasing costs, net of amortization of $2,250 and $2,087, respectively	2,484	2,647
Prepaid and other assets	3,401	2,646
Total assets	1,559,637	1,576,756
LIABILITIES AND STOCKHOLDERS' EQUITY
Line of credit, net	65,642	54,335
Mortgage loans payable, net	188,867	188,944
Bonds payable held in consolidated CMBS Trust, at fair value	1,134,097	1,150,454
Accrued interest payable on bonds held in consolidated CMBS Trust	4,238	4,136
Accounts payable and accrued expenses	7,912	5,751
Due to affiliates	18,161	18,321
Note to affiliate, net of unamortized discount of $226 and $274, respectively	5,157	5,109
Acquired below market lease intangibles, less accumulated amortization of $10,504 and $10,387, respectively	7,834	7,950
Distributions payable	0	635
Other liabilities	2,105	1,938
Total liabilities	1,434,013	1,437,573
Stockholders' Equity:
Additional paid-in capital	226,896	236,592
Deficit	(101,464)	(97,607)
Total stockholders' equity	125,624	139,183
Total liabilities and stockholders' equity	1,559,637	1,576,756
Class A Shares
Stockholders' Equity:
Common stock	41	42
Class D Shares
Stockholders' Equity:
Common stock	26	26
Class I Shares
Stockholders' Equity:
Common stock	106	111
Class M-I Shares
Stockholders' Equity:
Common stock	5	5
Class N Shares
Stockholders' Equity:
Common stock	6	6
Class T Shares
Stockholders' Equity:
Common stock	1	1
Class T2 Shares
Stockholders' Equity:
Common stock	6	6
Class Z Shares
Stockholders' Equity:
Common stock	$ 1	$ 1

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Allowance for doubtful accounts	$ 157	$ 92
Deferred leasing costs, amortization	2,250	2,087
Note to affiliate, unamortized discount	226	274
Acquired below market lease intangibles, accumulated amortization	$ 10,504	$ 10,387
Class A Shares
Common stock, shares issued (in shares)	4,056,109	4,244,611
Common stock, shares outstanding (in shares)	4,056,109	4,244,611
Class D Shares
Common stock, shares issued (in shares)	2,563,055	2,580,099
Common stock, shares outstanding (in shares)	2,563,055	2,580,099
Class I Shares
Common stock, shares issued (in shares)	10,621,309	11,132,527
Common stock, shares outstanding (in shares)	10,621,309	11,132,527
Class M-I Shares
Common stock, shares issued (in shares)	534,933	489,010
Common stock, shares outstanding (in shares)	534,933	489,010
Class N Shares
Common stock, shares issued (in shares)	597,653	577,098
Common stock, shares outstanding (in shares)	597,653	577,098
Class T Shares
Common stock, shares issued (in shares)	86,257	101,743
Common stock, shares outstanding (in shares)	86,257	101,743
Class T2 Shares
Common stock, shares issued (in shares)	630,453	643,843
Common stock, shares outstanding (in shares)	630,453	643,843
Class Z Shares
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	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues
Property related income	$ 9,886	$ 13,168
Interest income	28	0
Investment income on marketable securities	1	43
Total revenues	9,915	13,211
Expenses
General and administrative expenses	692	684
Property operating expenses	3,028	3,201
Advisory fees	648	868
Depreciation	2,342	2,823
Amortization	513	1,967
Total operating expenses	7,223	9,543
Net realized gain on sale of real estate	0	542
Net realized gain upon sale of marketable securities	4	3,472
Net realized gain upon partial sale of investment in CMBS Trust	465	0
Net unrealized change in fair value of investment in marketable securities	(3)	(1,283)
Change in net assets of consolidated CMBS Trust	205	765
Operating income	3,363	7,164
Interest expense	(3,298)	(3,059)
Net income	65	4,105
Class A Shares
Expenses
Net income	$ 14	$ 792
Basic and diluted net income per share:
Basic net income per share (in usd per share)	$ 0	$ 0.19
Diluted net income per share (in usd per share)	$ 0	$ 0.19
Class I Shares
Expenses
Net income	$ 36	$ 2,357
Basic and diluted net income per share:
Basic net income per share (in usd per share)	$ 0	$ 0.19
Diluted net income per share (in usd per share)	$ 0	$ 0.19
Class T Shares
Expenses
Net income	$ 0	$ 41
Basic and diluted net income per share:
Basic net income per share (in usd per share)	$ 0	$ 0.19
Diluted net income per share (in usd per share)	$ 0	$ 0.19
Class D Shares
Expenses
Net income	$ 9	$ 596
Basic and diluted net income per share:
Basic net income per share (in usd per share)	$ 0	$ 0.19
Diluted net income per share (in usd per share)	$ 0	$ 0.19
Class N Shares
Expenses
Net income	$ 2	$ 134
Basic and diluted net income per share:
Basic net income per share (in usd per share)	$ 0	$ 0.19
Diluted net income per share (in usd per share)	$ 0	$ 0.19
Class M-I Shares
Expenses
Net income	$ 2	$ 71
Basic and diluted net income per share:
Basic net income per share (in usd per share)	$ 0	$ 0.19
Diluted net income per share (in usd per share)	$ 0	$ 0.19
Class T2 Shares
Expenses
Net income	$ 2	$ 100
Basic and diluted net income per share:
Basic net income per share (in usd per share)	$ 0	$ 0.19
Diluted net income per share (in usd per share)	$ 0	$ 0.19
Class Z Shares
Expenses
Net income	$ 0	$ 14
Basic and diluted net income per share:
Basic net income per share (in usd per share)	$ 0	$ 0.19
Diluted net income per share (in usd per share)	$ 0	$ 0.19

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Preferred Stock	Common Stock	Additional Paid-in Capital	Deficit
Beginning balance (in shares) at Dec. 31, 2022		0	22,433,154
Beginning 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)	545,253		545,253
Issuance of common stock	$ 8,850		$ 6	8,844
Issuance of common stock through the distribution reinvestment plan (in shares)			151,160
Issuance of common stock through the distribution reinvestment plan	2,357		$ 1	2,356
Redemption of common stock (in shares)			(1,138,837)
Redemption of common stock	(18,507)		$ (11)	(18,496)
Distributions to investors	(4,486)				(4,486)
Offering costs	(795)			(795)
Equity based compensation (in shares)			609
Equity based compensation	11			11
Net income (loss)	4,105				4,105
Ending balance (in shares) at Mar. 31, 2023		0	21,991,339
Ending balance at Mar. 31, 2023	170,086	$ 0	$ 221	269,927	(100,062)
Beginning balance (in shares) at Dec. 31, 2023		0	19,843,931
Beginning balance at Dec. 31, 2023	$ 139,183	$ 0	$ 198	236,592	(97,607)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)	164,937		164,937
Issuance of common stock	$ 2,272		$ 2	2,270
Issuance of common stock through the distribution reinvestment plan (in shares)			146,776
Issuance of common stock through the distribution reinvestment plan	2,010		$ 1	2,009
Redemption of common stock (in shares)			(992,127)
Redemption of common stock	(13,606)		$ (9)	(13,597)
Distributions to investors	(3,922)				(3,922)
Offering costs	(397)			(397)
Equity based compensation (in shares)			1,252
Equity based compensation	19			19
Net income (loss)	65				65
Ending balance (in shares) at Mar. 31, 2024		0	19,164,769
Ending balance at Mar. 31, 2024	$ 125,624	$ 0	$ 192	$ 226,896	$ (101,464)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)
Cash flows from operating activities:
Net income	$ 65	$ 4,105
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	2,342	2,823
Net realized gain from sale of real estate assets	0	(542)
Net realized gain upon sale of marketable securities	(4)	(3,472)
Net realized gain upon partial sale of investment in CMBS Trust	(465)	0
Net unrealized loss on investments held at fair value	11	824
Share based compensation	19	11
Amortization of intangible lease assets and liabilities		(466)
Amortization of intangible lease assets and liabilities	425
Amortization of deferred financing costs	244	103
Straight line rent	681	(136)
Amortization of discount on note to affiliate	48	46
Changes in assets and liabilities:
Receivables, net	(108)	350
Accrued interest receivable net of accrued interest payable, CMBS Trust	102	0
Deferred leasing costs	0	(1,066)
Prepaid and other assets	(779)	(1,000)
Accounts payable and accrued expenses	(4)	149
Other liabilities	146	518
Due to affiliates	(22)	(65)
Net cash provided by operating activities	2,701	2,182
Cash flows from investing activities:
Improvements to real estate assets	(4,538)	(719)
Investment in marketable securities	(29)	(1,467)
Proceeds from sale of real estate	0	629
Proceeds from sale of marketable securities	28	30,568
Proceeds from partial sale of investment in CMBS Trust	7,588	0
Principal payments received from mortgage loans held in consolidated CMBS Trust	64	63
Net cash provided by investing activities	3,113	29,074
Cash flows from financing activities:
Proceeds from line of credit	17,802	3,000
Repayment of line of credit	(6,700)	(20,300)
Repayment of mortgage loans payable	(117)	(183)
Distribution of principal payments to bondholders of consolidated CMBS Trust	(64)	(63)
Proceeds from issuance of common stock	2,210	8,845
Payment of financing costs	0	(672)
Payment of offering costs	(490)	(863)
Distributions to investors	(2,547)	(2,110)
Redemption of common stock	(13,606)	(18,711)
Net cash used in financing activities	(3,512)	(31,057)
Net increase in cash and cash equivalents	2,302	199
Cash and cash equivalents beginning of period	5,065	5,197
Cash and cash equivalents end of period	7,367	5,396
Supplemental Disclosures of Non-Cash Investing and Financing Activities:
Distributions declared and unpaid	0	715
Common stock issued through the distribution reinvestment plan	2,010	2,357
Purchases of marketable securities not yet paid	0	17
Proceeds from sale of marketable securities not yet received	0	9
Proceeds from issuance of common stock not yet received	79	177
Accrued offering costs not yet paid	382	503
Capital expenditures not yet paid	2,415	81
Supplemental Cash Flow Disclosures:
Interest paid	$ 2,942	$ 2,936

ORGANIZATION

ORGANIZATION	3 Months Ended
	Mar. 31, 2024
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. 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”). 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. The Class N and Class T shares are available for purchase only through the Company's distribution reinvestment plan (also see Note 10). The Company and its Operating Partnership entered into a dealer manager agreement (the “Dealer Manager Agreement”) with DWS Distributors, Inc. (the “Dealer Manager”), a registered broker-dealer and an affiliate of RREEF America, to conduct the Company's public offerings. Also see Note 9. The Company also has an ongoing 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") and a separate an ongoing 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 have been and 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 have 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 day. Additionally, the Company's NAV per share for its Class A, Class I, Class T, Class D, Class M-I, Class T2,

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Principles of Consolidation 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 three months ended March 31, 2024. The interim financial data as of March 31, 2024 and for the three months ended March 31, 2024 and 2023 is unaudited. In the Company’s opinion, the interim data includes all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the results for the interim periods. 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. The Company includes restricted cash with cash and cash equivalents on the consolidated statement of cash flows in accordance with Accounting Standards Update 2016-18, Statement of Cash Flows (Topic 230). The amount of restricted cash included therein was $1,351 and zero as of March 31, 2024 and December 31, 2023, respectively. Such restricted cash resulted from a construction draw in March 2024 and is required to be used to pay specified development costs in the subsequent month. Real Estate Investments and Lease Intangibles Entities are required to evaluate whether transactions should be accounted for as acquisitions (and dispositions) of assets or businesses. 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 sheets. Otherwise, such costs will be expensed upon completion of the transaction. 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 March 31, 2024 and December 31, 2023, none of the Company's real estate investments were impaired. 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. In February and March 2024, the Company sold all of its investments in the interest-only certificates issued by the CMBS Trust (see Note 7). 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. 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 it 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 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 March 31, 2024 and December 31, 2023, the Company has accrued $17,768 and $17,896, respectively, in Trailing Fees to be payable in the future, which was included in due to affiliates on the consolidated balance sheets. 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 accounts 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 beyond a specified date is terminated and collectibility is reasonably assured. Lease termination fees may be recognized on a straight-line basis over the remaining term of the lease. Under ASC 842, the future revenue stream from leases must be evaluated for collectibility. Pursuant to these provisions, if an entity has determined that the collectibility 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 collectibility 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 March 31, 2024, the Company has assessed that substantially all of its future lease payments are at least probable of collection, except for one commercial lease. 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. 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 grants restricted Class D common stock to its independent directors (see Note 10), which qualify as participating securities. Risks and Uncertainties As of March 31, 2024 and December 31, 2023, 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 the Middle East, 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 raise 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.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2024
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. March 31, 2024 Level 1 Level 2 Level 3 Total Assets Investment in marketable securities $ 111 $ — $ — $ 111 Real estate loans held in consolidated CMBS Trust, at fair value — 1,159,508 — 1,159,508 Total $ 111 $ 1,159,508 $ — $ 1,159,619 Liabilities Bonds payable held in consolidated CMBS Trust, at fair value $ — $ 1,134,097 $ — $ 1,134,097 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 The fair value of the Company's line of credit and mortgage loans payable are 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 Company estimated the fair value of the Company's line of credit, exclusive of deferred financing costs, at $67,068 and $55,965 as of March 31, 2024 and December 31, 2023, respectively. The Company estimated the fair value of the Company's mortgage loans payable at $178,663 and $179,072 as of March 31, 2024 and December 31, 2023, respectively. If the valuation of the Company's properties as of March 31, 2024 were significantly lower, the market interest rate assumption could 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 $4,320 and $4,300 as of March 31, 2024 and December 31, 2023, 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 March 31, 2024 and December 31, 2023. Range Fair Value at March 31, 2024 Primary Valuation Techniques Significant Unobservable Inputs Minimum Maximum Weighted Average Line of Credit $ 67,068 Discounted cash flow Loan to value 36.8 % 49.1 % 43.4 % Market interest rate 7.57 % 7.57 % 7.57 % Mortgage Loans Payable 178,663 Discounted cash flow Loan to value 51.8 % 60.8 % 57.7 % Market interest rate 6.25 % 6.97 % 6.57 % Note to Affiliate 4,320 Discounted cash flow Market interest rate 7.00 % 7.00 % 7.00 % 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 %

REAL ESTATE INVESTMENTS

REAL ESTATE INVESTMENTS	3 Months Ended
	Mar. 31, 2024
Real Estate [Abstract]
REAL ESTATE INVESTMENTS	REAL ESTATE INVESTMENTS Shown below are details of the Company's investments in real estate. March 31, 2024 December 31, 2023 Land $ 123,079 $ 123,079 Buildings and improvements, less accumulated depreciation of $48,765 and $46,555, respectively 238,232 233,789 Furniture, fixtures and equipment, less accumulated depreciation of $2,566 and $2,434, respectively 1,964 2,046 Acquired intangible lease assets, less accumulated amortization of $40,560 and $40,181, respectively 14,514 14,892 Investment in real estate assets, net $ 377,789 $ 373,806 The Company acquired no real estate property during the three months ended March 31, 2024 and 2023. 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.

RENTALS UNDER OPERATING LEASES

RENTALS UNDER OPERATING LEASES	3 Months Ended
	Mar. 31, 2024
Lessor Disclosure [Abstract]
RENTALS UNDER OPERATING LEASES	RENTALS UNDER OPERATING LEASES As of March 31, 2024, the Company owned 13 properties with a total of 49 commercial leases. As of March 31, 2023, the Company owned 15 properties with a total of 63 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 is comprised of the following: Three Months Ended March 31, 2024 2023 Lease revenue (1) $ 10,479 $ 10,598 Straight-line revenue (681) 136 Above- and below-market lease amortization, net 114 2,460 Lease incentive amortization (26) (26) Property related income $ 9,886 $ 13,168 (1) Lease revenue includes $1,072 and $1,523 of variable income from tenant reimbursements for the three months ended March 31, 2024 and 2023, 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 March 31, 2024 are as follows: Year Amount 2024 - remainder of year $ 14,643 2025 21,082 2026 19,248 2027 16,295 2028 13,841 Thereafter 73,132 $ 158,241 The above future minimum rentals exclude the Company’s residential leases, which typically have terms of approximately one year. Such leases accounted for $2,957 of lease revenue for the three months ended March 31, 2024. Percentages of property related income by property and tenant representing more than 10% of the Company's total property related income for the three months ended March 31, 2024 and 2023 are shown below. Percent of property related income Property Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 The Glenn, Centennial, CO 19.2 % 14.7 % Heritage Pkwy, Woodridge, IL¹ 13.1 2.5 Providence Square, Marietta, GA 11.7 8.9 Seattle East Industrial, Redmond, WA 11.0 8.3 Flats at Carrs Hill, Athens, GA 10.7 7.5 Terra Nova, Chula Vista, CA² 2.9 21.6 Total 68.6 % 63.5 % Percent of property related income Tenant Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Allstate Insurance Co. - Heritage Pkwy¹ 13.1 % 2.5 % FedEx Ground - Seattle East Industrial 11.0 8.3 Bed Bath & Beyond, Inc - Terra Nova Plaza² — 19.3 Total 24.1 % 30.1 % ¹ In February 2024, the Company signed an early termination agreement to terminate Allstate's lease as of May 31, 2024 in exchange for a termination fee of $2,400 which was fully paid in March 2024. The termination fee is being recognized on a straight-line basis from the date the agreement was signed through the lease termination date. As of March 31, 2024, the Company has recognized $936 as termination fee income. ² In November 2022, Bed Bath & Beyond, Inc., a tenant at Terra Nova Plaza, informed the Company of its desire to close its store and early terminate its lease at Terra Nova Plaza as of March 2023. The Company executed the lease termination agreement on March 31, 2023 which was effective as of April 1, 2023, after which the Company was not entitled to any further revenue from this lease aside from a termination fee. Consequently, the Company accelerated recognition of the unamortized acquired below market lease intangible resulting in an increase in property related income of $2,342 for such amortization for the three months ended March 31, 2023. The Company's only tenant representing more than 10% of in-place annualized base rental revenues as of March 31, 2024 and 2023 was as follows: Percent of in-place annualized base rental revenues as of Property March 31, 2024 March 31, 2023 FedEx Ground - Seattle East Industrial 14.8 % 10.9 % Total 14.8 % 10.9 %

MARKETABLE SECURITIES

MARKETABLE SECURITIES	3 Months Ended
	Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]
MARKETABLE SECURITIES	MARKETABLE SECURITIES The following is a summary of the Company's marketable securities held as of the dates indicated, which consisted entirely of publicly-traded shares of common stock in REITs as of each date. March 31, 2024 December 31, 2023 Marketable securities—cost $ 85 $ 80 Unrealized gains 28 29 Unrealized losses (2) — Net unrealized gain 26 29 Marketable securities—fair value $ 111 $ 109

CMBS TRUST

CMBS TRUST	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [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 $1,223,900 of outstanding principal balance as of March 31, 2024. 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. On February 27, 2024, the Company sold its investments in the X2-B interest-only certificates issued by the CMBS Trust for approximately $1,564, excluding accrued interest. The X2-B interest-only sale resulted in a net realized gain of $22. On March 1, 2024, the Company sold its investments in the X2-A interest-only certificates issued by the CMBS Trust for approximately $6,024, excluding accrued interest. The X2-A interest-only sale resulted in a net realized gain of $443. 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 sheet. 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. March 31, 2024 December 31, 2023 Real estate loans held in consolidated CMBS Trust, at fair value $ 1,159,508 $ 1,182,995 Bonds payable held in consolidated CMBS Trust, at fair value 1,134,097 1,150,454 Net investment in CMBS Trust, at fair value $ 25,411 $ 32,541

NOTES PAYABLE

NOTES PAYABLE	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
NOTES PAYABLE	NOTES PAYABLE Wells Fargo Line of Credit On January 27, 2023, the Company, as guarantor, and certain of the wholly owned subsidiaries of the Operating Partnership, as co-borrowers, amended and restated its secured revolving credit facility (the “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. thereby changing certain terms and provisions, including extending the maturity date to February 28, 2025. The Wells Fargo Line of Credit had a 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 was based on the 30-day average of the secured overnight financing rate ("SOFR") with a 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 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 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 the 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. In addition, the term was extended from February 28, 2025 to December 27, 2025. The Company serves as guarantor to the Wells Fargo Line of Credit. For the Revolving Commitment, as of March 31, 2024 and December 31, 2023, the borrowers' maximum borrowing capacity was $45,409 and $47,616, respectively, and the borrowers' outstanding balance was $40,824 and $34,624, respectively. For the Construction Commitment, as of March 31, 2024 and December 31, 2023, the borrowers' maximum borrowing capacity was $44,400, and the borrowers' outstanding balance was $26,244 and $21,341, respectively.The remaining unfunded portion of the Construction Commitment will be used to fully fund the remaining costs of the Commerce Expansion. As of March 31, 2024 and December 31, 2023, the weighted average interest rate was 7.57% and 7.58%, respectively. 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% 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 March 31, 2024. The following is a reconciliation of the carrying amount of the Wells Fargo Line of Credit at March 31, 2024 and December 31, 2023. Balance at Lender March 31, 2024 December 31, 2023 Wells Fargo/CIBC $ 67,068 $ 55,965 Deduct: Deferred financing costs, less accumulated amortization (1,426) (1,630) Line of credit, net $ 65,642 $ 54,335 Mortgage Loans Certain wholly owned subsidiaries of the Company are obligors on various mortgage loans. Such mortgage loans contain fixed interest rates, allow for 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. The following is a reconciliation of the carrying amount of the mortgage loans payable at March 31, 2024 and December 31, 2023. Balance at Lender Encumbered Property March 31, 2024 December 31, 2023 Interest Rate Maturity Date State Farm Life Insurance Company Elston Plaza 16,730 16,816 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 6,581 6,612 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 25,500 5.51 July 1, 2030 $ 189,651 $ 189,768 Deduct: Deferred financing costs, less accumulated amortization (784) (824) Mortgage loans payable, net $ 188,867 $ 188,944 Aggregate future principal payments due on the Wells Fargo Line of Credit and mortgage loans payable as of March 31, 2024 are as follows: Year Amount Remainder of 2024 $ 357 2025 67,561 2026 16,247 2027 145 2028 72,069 Thereafter 100,340 Total $ 256,719

RELATED PARTY ARRANGEMENTS

RELATED PARTY ARRANGEMENTS	3 Months Ended
	Mar. 31, 2024
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, the Operating Partnership and the Company (the "Advisory Agreement"). The Advisory Agreement has 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, 2025. 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 comprised of 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 and is measured by the total distributions per share paid 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 is shown below. Three Months Ended March 31, 2024 2023 Fixed component $ 648 $ 868 Performance component — — $ 648 $ 868 Expense Reimbursements Under the Advisory Agreement, RREEF America is entitled to reimbursement of certain costs incurred by RREEF America or its affiliates that were not incurred under the Expense Support Agreement, as described 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 three months ended March 31, 2024 and 2023, RREEF America incurred $52 and $65 of reimbursable operating expenses and offering costs, respectively, that were subject to reimbursement under the Advisory Agreement. As of March 31, 2024 and December 31, 2023, the Company had a payable to RREEF America of $52 and $57, respectively, of operating expenses and offering costs reimbursable under 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"), and as further modified on March 24, 2020 by a letter agreement (the "Letter Agreement"), the Company's obligations to reimburse RREEF America for amounts paid by RREEF America (the "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"). As of March 31, 2024, the Company owed $5,383 to RREEF America under the Expense Support Agreement which is reflected as a note to affiliate on the Company's consolidated balance sheet (the "Note to Affiliate"). 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. In connection with the Letter Agreement, the Company recorded a discount on the Note to Affiliate in the amount of $946 based on an estimated market interest rate of 3.75%. The discount is being amortized using the effective interest method over the expected term of the Note to Affiliate. For the three months ended March 31, 2024 and 2023, the Company amortized $48 and $46, 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 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 most recently amended and restated on August 2, 2023, governs the distribution by the Dealer Manager of the Company’s shares of common stock in the Third 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 and restated from time to time, 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 March 31, 2024 and December 31, 2023, the Company has accrued $119 and $129, respectively, in Trailing Fees currently payable to the Dealer Manager, and $17,768 and $17,896, 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 three months ended March 31, 2024 and 2023, the Dealer Manager earned upfront selling commissions and upfront dealer manager fees totaling $9 and $70, 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 or the Dealer Manager, legal fees, and travel costs for certain personnel of the Dealer Manager related to the distribution of the Company's shares of common stock. For the three months ended March 31, 2024 and 2023, the Dealer Manager incurred zero and $2 respectively, in such costs on behalf of the Company. As of March 31, 2024 and December 31, 2023, the Company had zero of such costs payable to the Dealer Manager 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. For the Initial Public Offering that ended on June 30, 2016, the Company raised $102,831 in gross proceeds and incurred $15,424 in organization and offering costs, including, as of March 31, 2024, estimated accrued Trailing Fees payable in the future of $1,879. For 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 costs, including, as of March 31, 2024, estimated accrued Trailing Fees payable in the future of $6,105. 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 March 31, 2024, estimated accrued Trailing Fees payable in the future of $9,329. For the Fourth Public Offering, as of March 31, 2024, the Company had raised $9,620 in gross proceeds and incurred $940 in organization and offering costs, including estimated accrued Trailing Fees payable in the future of $455. 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 March 31, 2024, total operating expenses of the Company were $5,229, which did not exceed the 2%/25% Guidelines. Due to Affiliates and Note to Affiliate In accordance with all the above, as of March 31, 2024 and December 31, 2023, the Company owed its affiliates the following amounts: March 31, 2024 December 31, 2023 Reimbursable under the Advisory Agreement $ 52 $ 57 Reimbursable under the Dealer Manager Agreement — — Advisory fees 222 239 Accrued Trailing Fees 17,887 18,025 Due to affiliates $ 18,161 $ 18,321 Note to Affiliate $ 5,383 $ 5,383 Unamortized discount (226) (274) Note to Affiliate, net of unamortized discount $ 5,157 $ 5,109

CAPITALIZATION

CAPITALIZATION	3 Months Ended
	Mar. 31, 2024
Capitalization [Abstract]
CAPITALIZATION	CAPITALIZATION Under the Company's charter, 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 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 fees of 1.0% of NAV paid on a trailing basis for approximately three years from 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 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 three months ended March 31, 2024, 15,986 Class T shares were converted to 16,115 Class N shares, respectively. For the three months ended March 31, 2023, 184,862 Class T shares were converted to 186,189 Class N shares, respectively. 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 three months ended March 31, 2024 and 2023, the Company issued common stock, excluding shares issued in the distribution reinvestment plan, as follows: Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 No. of shares Amount No. of shares Amount Class A Shares 2,151 $ 30 31,977 $ 523 Class D Shares — — 222,400 3,628 Class I Shares 102,811 1,416 152,635 2,447 Class M-I Shares 39,558 541 28,605 450 Class N Shares converted from Class T Shares, net 129 — 1,327 — Class T Shares — — 2,879 50 Class T2 Shares 20,288 285 105,430 1,752 Total 164,937 $ 2,272 545,253 $ 8,850 There were no Class S Shares issued as of March 31, 2024. 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 taxation laws, will 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 the investor's initial purchase of the Company's shares 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 three months ended March 31, 2024 and 2023, redemptions were 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. Three Months Ended March 31, 2024 Shares Weighted Average Share Price Amount Class A 224,458 $ 13.65 $ 3,064 Class I 684,892 13.74 9,409 Class T — — — Class D 43,256 13.76 595 Class N 496 13.67 7 Class M-I — — — Class T2 39,025 13.60 531 Three Months Ended March 31, 2023 Shares Weighted Average Share Price Amount Class A 149,145 $ 16.32 $ 2,433 Class I 510,406 16.35 8,346 Class T 13,999 16.25 226 Class D 304,711 16.18 4,931 Class N 155,166 16.01 2,484 Class M-I — — — Class T2 5,410 16.08 87 The Company's board of directors has the discretion to suspend or modify the redemption plan at any time, including in circumstances in which 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 the Offerings and the 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 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 NAV as of September 30, 2022. During the fourth quarter of 2022, each quarter of 2023, and the first quarter of 2024, the Company received share redemption requests in excess of 5% of its combined NAV as of the last day of the immediately previous quarter. For these six quarters, the applicable quarterly redemption volume limitation was reached on December 19, 2022, February 23, 2023, April 25, 2023, July 24, 2023, October 9, 2023 and January 4, 2024, respectively. Pursuant to the terms of our share redemption plan, all redemption requests received during a calendar quarter prior to such dates were satisfied 100% on a first-come, first-served basis. Redemptions received on these dates were satisfied on a pro rata basis at 11.7%, 43.9%, 57.4%, 34.4%, 62.2% and 84.4% of the requested amount, without regard to share class. As a result of reaching the quarterly redemption volume limitation during these quarters, we did not accept any redemption requests during the applicable quarter following the date on which such limitation was reached. Stockholders who wished to request redemption of any unfulfilled requests were required to resubmit their redemption requests beginning on the first calendar day of the following quarter. Pursuant to the terms of the Company’s share redemption plan, because the quarterly redemption volume limitation for the first quarter of 2024 was reached on the third business day of such quarter, redemption requests received during the quarter ending June 30, 2024 will be satisfied in accordance with the per stockholder allocation as described above. Equity-Based Compensation The Company has in place an incentive compensation plan and an independent directors 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. Pursuant to the independent directors compensation plan, upon completion of each annual stockholder meeting, the Company grants shares of restricted Class D common stock to each of the Company's independent directors (the "Annual Share Grant Awards"). The fair value of the Annual Share Grant Awards will be 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. Below is a summary of the activity, per share value and recognized expense for the stock awards. Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Stock Awards Class D Shares Weighted Average Grant Date Fair Value Class D Shares Weighted Average Grant Date Fair Value Outstanding, beginning of period 5,034 $ 14.90 1,869 $ 17.40 Changes during the period: Granted — — — — Vested — — — — Forfeited — — — — Outstanding, end of period 5,034 14.90 1,869 17.40 Amount included in general and administrative expenses $ 19 $ 11

NET INCOME (LOSS) PER SHARE

NET INCOME (LOSS) PER SHARE	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
NET INCOME (LOSS) PER SHARE	NET INCOME (LOSS) PER SHARE The Company computes net income (loss) per share for each class of common stock with shares outstanding 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. The unvested Initial Stock Awards and the unvested Annual Share Grant Awards were anti-dilutive or immaterially dilutive for the three months ended March 31, 2024 and 2023. 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. Three Months Ended March 31, 2024 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 $ 14 $ 36 $ — $ 9 $ 2 $ 2 $ 2 $ — Allocation of performance fees — — — — — — — — Total numerator $ 14 $ 36 $ — $ 9 $ 2 $ 2 $ 2 $ — Denominator - weighted average number of common shares outstanding 4,040,077 10,521,351 96,709 2,542,723 583,621 513,768 614,300 75,000 Basic and diluted net income per share: $ — $ — $ — $ — $ — $ — $ — $ — Three Months Ended March 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 $ 792 $ 2,357 $ 41 $ 596 $ 134 $ 71 $ 100 $ 14 Allocation of performance fees — — — — — — — — Total numerator $ 792 $ 2,357 $ 41 $ 596 $ 134 $ 71 $ 100 $ 14 Denominator - weighted average number of common shares outstanding 4,253,829 12,668,214 219,623 3,202,893 718,736 379,734 537,961 75,000 Basic and diluted net income per share: $ 0.19 $ 0.19 $ 0.19 $ 0.19 $ 0.19 $ 0.19 $ 0.19 $ 0.19

DISTRIBUTIONS

DISTRIBUTIONS	3 Months Ended
	Mar. 31, 2024
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 for 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. The tables below shows the aggregate declared distribution amount for each period presented based on the actual declared amounts for such period. Three Months Ended March 31 2024 2023 Declared distribution amount per share, before adjustment for class-specific fees $ 0.22485613 $ 0.22477276 Distributions paid or payable in cash $ 1,912 $ 2,129 Distributions reinvested 2,010 2,357 Distributions declared $ 3,922 $ 4,486 Class A Shares issued upon reinvestment 33,805 31,585 Class I Shares issued upon reinvestment 70,863 78,943 Class T Shares issued upon reinvestment 500 836 Class D Shares issued upon reinvestment 24,960 28,498 Class N Shares issued upon reinvestment 4,936 3,849 Class M-I Shares issued upon reinvestment 6,365 3,099 Class T2 Shares issued upon reinvestment 5,347 4,350 Three Months Ended March 31 2024 2023 Class A $ 767 $ 783 Class I 2,178 2,575 Class T 19 40 Class D 573 725 Class N 131 153 Class M-I 116 86 Class T2 121 107 Class Z 17 17 Distributions declared $ 3,922 $ 4,486

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company believes that it has operated in such a manner to qualify to be taxed as a REIT for federal income tax purposes beginning with the taxable year ended December 31, 2013, when it first elected REIT status. 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, qualifying 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 that constitute a return of capital generally are non-taxable and will reduce the stockholder's basis in the shares. The characterization of the distributions is generally determined during the month of January following the close of the tax year.

SEGMENT INFORMATION

SEGMENT INFORMATION	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION For the three months ended March 31, 2024 and 2023, the Company had three segments with reportable information: Real Estate Properties, Real Estate Equity Securities and Real Estate Loans. 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 March 31, 2024 and December 31, 2023 and net income (loss) for the three months ended March 31, 2024 and 2023. Real Estate Properties Real Estate Equity Securities Real Estate Loans Total Carrying value as of March 31, 2024 $ 377,789 $ 111 $ 1,159,508 $ 1,537,408 Receivables 4,612 1 4,238 8,851 Deferred leasing costs 2,484 — — 2,484 Prepaid and other assets 1,827 — — 1,827 Subtotal $ 386,712 $ 112 $ 1,163,746 $ 1,550,570 Reconciliation to total assets of March 31, 2024 Carrying value per reportable segments $ 1,550,570 Other assets 9,067 Total assets $ 1,559,637 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 Three Months Ended March 31, 2024 Real Estate Properties Real Estate Equity Securities Real Estate Loans Total Property related income $ 9,886 $ — $ — $ 9,886 Investment income on marketable securities — 1 — 1 Total revenues 9,886 1 — 9,887 Segment operating expenses (3,028) (5) — (3,033) Net realized gain upon sale of marketable securities — 4 — 4 Net realized gain upon partial sale of investment in CMBS Trust — — 465 465 Net unrealized change in fair value of investment in marketable securities — (3) — (3) Change in net assets of consolidated CMBS trust — — 205 205 Operating income - segments $ 6,858 $ (3) $ 670 $ 7,525 Three Months Ended March 31, 2023 Property related income $ 13,168 $ — $ — $ 13,168 Investment income on marketable securities — 43 — 43 Total revenues 13,168 43 — 13,211 Segment operating expenses (3,201) (8) — (3,209) Net realized gain on sale of real estate 542 — — 542 Net realized gain upon sale of marketable securities — 3,472 — 3,472 Net unrealized change in fair value of investment in marketable securities — (1,283) — (1,283) Change in net assets of consolidated CMBS trust — — 765 765 Operating income - segments $ 10,509 $ 2,224 $ 765 $ 13,498 Three Months Ended March 31, Reconciliation to net income 2024 2023 Operating income - segments $ 7,525 $ 13,498 Interest Income 28 — General and administrative expenses (687) (676) Advisory expenses (648) (868) Depreciation (2,342) (2,823) Amortization (513) (1,967) Operating income 3,363 7,164 Interest expense (3,298) (3,059) Net income $ 65 $ 4,105

ECONOMIC DEPENDENCY

ECONOMIC DEPENDENCY	3 Months Ended
	Mar. 31, 2024
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	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS 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	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS The Company has evaluated subsequent events through the date of filing of this Form 10-Q and concluded that no material subsequent events have occurred since March 31, 2024 .

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation 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 three months ended March 31, 2024. The interim financial data as of March 31, 2024 and for the three months ended March 31, 2024 and 2023 is unaudited. In the Company’s opinion, the interim data includes all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the results for the interim periods. 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 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. The Company includes restricted cash with cash and cash equivalents on the consolidated statement of cash flows in accordance with Accounting Standards Update 2016-18, Statement of Cash Flows (Topic 230). The amount of restricted cash included therein was $1,351 and zero as of March 31, 2024 and December 31, 2023, respectively. Such restricted cash resulted from a construction draw in March 2024 and is required to be used to pay specified development costs in the subsequent month.
Real Estate Investments and Lease Intangibles	Real Estate Investments and Lease Intangibles Entities are required to evaluate whether transactions should be accounted for as acquisitions (and dispositions) of assets or businesses. 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 sheets. Otherwise, such costs will be expensed upon completion of the transaction.
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. In February and March 2024, the Company sold all of its investments in the interest-only certificates issued by the CMBS Trust (see Note 7). 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.
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 it 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 each public offering.
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 accounts 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 beyond a specified date is terminated and collectibility is reasonably assured. Lease termination fees may be recognized on a straight-line basis over the remaining term of the lease. Under ASC 842, the future revenue stream from leases must be evaluated for collectibility. Pursuant to these provisions, if an entity has determined that the collectibility 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 collectibility 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 March 31, 2024, the Company has assessed that substantially all of its future lease payments are at least probable of collection, except for one commercial lease. 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.
Net Earnings or Loss Per Share	Net Earnings or Loss Per Share
Risks and Uncertainties	Risks and Uncertainties As of March 31, 2024 and December 31, 2023, 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 the Middle East, 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 raise 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.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2024
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. March 31, 2024 Level 1 Level 2 Level 3 Total Assets Investment in marketable securities $ 111 $ — $ — $ 111 Real estate loans held in consolidated CMBS Trust, at fair value — 1,159,508 — 1,159,508 Total $ 111 $ 1,159,508 $ — $ 1,159,619 Liabilities Bonds payable held in consolidated CMBS Trust, at fair value $ — $ 1,134,097 $ — $ 1,134,097 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
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 March 31, 2024 and December 31, 2023. Range Fair Value at March 31, 2024 Primary Valuation Techniques Significant Unobservable Inputs Minimum Maximum Weighted Average Line of Credit $ 67,068 Discounted cash flow Loan to value 36.8 % 49.1 % 43.4 % Market interest rate 7.57 % 7.57 % 7.57 % Mortgage Loans Payable 178,663 Discounted cash flow Loan to value 51.8 % 60.8 % 57.7 % Market interest rate 6.25 % 6.97 % 6.57 % Note to Affiliate 4,320 Discounted cash flow Market interest rate 7.00 % 7.00 % 7.00 % 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 %

REAL ESTATE INVESTMENTS (Tables

REAL ESTATE INVESTMENTS (Tables)	3 Months Ended
	Mar. 31, 2024
Real Estate [Abstract]
Investments in Real Estate	Shown below are details of the Company's investments in real estate. March 31, 2024 December 31, 2023 Land $ 123,079 $ 123,079 Buildings and improvements, less accumulated depreciation of $48,765 and $46,555, respectively 238,232 233,789 Furniture, fixtures and equipment, less accumulated depreciation of $2,566 and $2,434, respectively 1,964 2,046 Acquired intangible lease assets, less accumulated amortization of $40,560 and $40,181, respectively 14,514 14,892 Investment in real estate assets, net $ 377,789 $ 373,806

RENTALS UNDER OPERATING LEASES

RENTALS UNDER OPERATING LEASES (Tables)	3 Months Ended
	Mar. 31, 2024
Lessor Disclosure [Abstract]
Schedule of Rental and Other Property Income	The Company's property related income from its real estate investments is comprised of the following: Three Months Ended March 31, 2024 2023 Lease revenue (1) $ 10,479 $ 10,598 Straight-line revenue (681) 136 Above- and below-market lease amortization, net 114 2,460 Lease incentive amortization (26) (26) Property related income $ 9,886 $ 13,168 (1) Lease revenue includes $1,072 and $1,523 of variable income from tenant reimbursements for the three months ended March 31, 2024 and 2023, respectively.
Schedule of Lessor, Operating Lease, Payments to be Received, Maturity	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 March 31, 2024 are as follows: Year Amount 2024 - remainder of year $ 14,643 2025 21,082 2026 19,248 2027 16,295 2028 13,841 Thereafter 73,132 $ 158,241
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 three months ended March 31, 2024 and 2023 are shown below. Percent of property related income Property Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 The Glenn, Centennial, CO 19.2 % 14.7 % Heritage Pkwy, Woodridge, IL¹ 13.1 2.5 Providence Square, Marietta, GA 11.7 8.9 Seattle East Industrial, Redmond, WA 11.0 8.3 Flats at Carrs Hill, Athens, GA 10.7 7.5 Terra Nova, Chula Vista, CA² 2.9 21.6 Total 68.6 % 63.5 % Percent of property related income Tenant Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Allstate Insurance Co. - Heritage Pkwy¹ 13.1 % 2.5 % FedEx Ground - Seattle East Industrial 11.0 8.3 Bed Bath & Beyond, Inc - Terra Nova Plaza² — 19.3 Total 24.1 % 30.1 % ¹ In February 2024, the Company signed an early termination agreement to terminate Allstate's lease as of May 31, 2024 in exchange for a termination fee of $2,400 which was fully paid in March 2024. The termination fee is being recognized on a straight-line basis from the date the agreement was signed through the lease termination date. As of March 31, 2024, the Company has recognized $936 as termination fee income. ² In November 2022, Bed Bath & Beyond, Inc., a tenant at Terra Nova Plaza, informed the Company of its desire to close its store and early terminate its lease at Terra Nova Plaza as of March 2023. The Company executed the lease termination agreement on March 31, 2023 which was effective as of April 1, 2023, after which the Company was not entitled to any further revenue from this lease aside from a termination fee. Consequently, the Company accelerated recognition of the unamortized acquired below market lease intangible resulting in an increase in property related income of $2,342 for such amortization for the three months ended March 31, 2023. Percent of in-place annualized base rental revenues as of Property March 31, 2024 March 31, 2023 FedEx Ground - Seattle East Industrial 14.8 % 10.9 % Total 14.8 % 10.9 %

MARKETABLE SECURITIES (Tables)

MARKETABLE SECURITIES (Tables)	3 Months Ended
	Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Schedule of Marketable Securities	The following is a summary of the Company's marketable securities held as of the dates indicated, which consisted entirely of publicly-traded shares of common stock in REITs as of each date. March 31, 2024 December 31, 2023 Marketable securities—cost $ 85 $ 80 Unrealized gains 28 29 Unrealized losses (2) — Net unrealized gain 26 29 Marketable securities—fair value $ 111 $ 109

CMBS TRUST (Tables)

CMBS TRUST (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Variable Interest Entities	The following table presents the Company's net investment in the CMBS Trust. March 31, 2024 December 31, 2023 Real estate loans held in consolidated CMBS Trust, at fair value $ 1,159,508 $ 1,182,995 Bonds payable held in consolidated CMBS Trust, at fair value 1,134,097 1,150,454 Net investment in CMBS Trust, at fair value $ 25,411 $ 32,541

NOTES PAYABLE (Tables)

NOTES PAYABLE (Tables)	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 and December 31, 2023. Balance at Lender March 31, 2024 December 31, 2023 Wells Fargo/CIBC $ 67,068 $ 55,965 Deduct: Deferred financing costs, less accumulated amortization (1,426) (1,630) Line of credit, net $ 65,642 $ 54,335
Schedule of Mortgage Loans Payable	The following is a reconciliation of the carrying amount of the mortgage loans payable at March 31, 2024 and December 31, 2023. Balance at Lender Encumbered Property March 31, 2024 December 31, 2023 Interest Rate Maturity Date State Farm Life Insurance Company Elston Plaza 16,730 16,816 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 6,581 6,612 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 25,500 5.51 July 1, 2030 $ 189,651 $ 189,768 Deduct: Deferred financing costs, less accumulated amortization (784) (824) Mortgage loans payable, net $ 188,867 $ 188,944
Schedule of Aggregate Future Principal Payments	Aggregate future principal payments due on the Wells Fargo Line of Credit and mortgage loans payable as of March 31, 2024 are as follows: Year Amount Remainder of 2024 $ 357 2025 67,561 2026 16,247 2027 145 2028 72,069 Thereafter 100,340 Total $ 256,719

RELATED PARTY ARRANGEMENTS (Tab

RELATED PARTY ARRANGEMENTS (Tables)	3 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The fixed component earned by RREEF America is shown below. Three Months Ended March 31, 2024 2023 Fixed component $ 648 $ 868 Performance component — — $ 648 $ 868 In accordance with all the above, as of March 31, 2024 and December 31, 2023, the Company owed its affiliates the following amounts: March 31, 2024 December 31, 2023 Reimbursable under the Advisory Agreement $ 52 $ 57 Reimbursable under the Dealer Manager Agreement — — Advisory fees 222 239 Accrued Trailing Fees 17,887 18,025 Due to affiliates $ 18,161 $ 18,321 Note to Affiliate $ 5,383 $ 5,383 Unamortized discount (226) (274) Note to Affiliate, net of unamortized discount $ 5,157 $ 5,109

CAPITALIZATION (Tables)

CAPITALIZATION (Tables)	3 Months Ended
	Mar. 31, 2024
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 three months ended March 31, 2024 and 2023, the Company issued common stock, excluding shares issued in the distribution reinvestment plan, as follows: Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 No. of shares Amount No. of shares Amount Class A Shares 2,151 $ 30 31,977 $ 523 Class D Shares — — 222,400 3,628 Class I Shares 102,811 1,416 152,635 2,447 Class M-I Shares 39,558 541 28,605 450 Class N Shares converted from Class T Shares, net 129 — 1,327 — Class T Shares — — 2,879 50 Class T2 Shares 20,288 285 105,430 1,752 Total 164,937 $ 2,272 545,253 $ 8,850
Schedule of Repurchase Agreements Including Shares Authorized	During the three months ended March 31, 2024 and 2023, redemptions were 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. Three Months Ended March 31, 2024 Shares Weighted Average Share Price Amount Class A 224,458 $ 13.65 $ 3,064 Class I 684,892 13.74 9,409 Class T — — — Class D 43,256 13.76 595 Class N 496 13.67 7 Class M-I — — — Class T2 39,025 13.60 531 Three Months Ended March 31, 2023 Shares Weighted Average Share Price Amount Class A 149,145 $ 16.32 $ 2,433 Class I 510,406 16.35 8,346 Class T 13,999 16.25 226 Class D 304,711 16.18 4,931 Class N 155,166 16.01 2,484 Class M-I — — — Class T2 5,410 16.08 87
Schedule of Stock Awards	Below is a summary of the activity, per share value and recognized expense for the stock awards. Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Stock Awards Class D Shares Weighted Average Grant Date Fair Value Class D Shares Weighted Average Grant Date Fair Value Outstanding, beginning of period 5,034 $ 14.90 1,869 $ 17.40 Changes during the period: Granted — — — — Vested — — — — Forfeited — — — — Outstanding, end of period 5,034 14.90 1,869 17.40 Amount included in general and administrative expenses $ 19 $ 11

NET INCOME (LOSS) PER SHARE (Ta

NET INCOME (LOSS) PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Earnings (Loss) Per Share Basic and Diluted	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. Three Months Ended March 31, 2024 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 $ 14 $ 36 $ — $ 9 $ 2 $ 2 $ 2 $ — Allocation of performance fees — — — — — — — — Total numerator $ 14 $ 36 $ — $ 9 $ 2 $ 2 $ 2 $ — Denominator - weighted average number of common shares outstanding 4,040,077 10,521,351 96,709 2,542,723 583,621 513,768 614,300 75,000 Basic and diluted net income per share: $ — $ — $ — $ — $ — $ — $ — $ — Three Months Ended March 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 $ 792 $ 2,357 $ 41 $ 596 $ 134 $ 71 $ 100 $ 14 Allocation of performance fees — — — — — — — — Total numerator $ 792 $ 2,357 $ 41 $ 596 $ 134 $ 71 $ 100 $ 14 Denominator - weighted average number of common shares outstanding 4,253,829 12,668,214 219,623 3,202,893 718,736 379,734 537,961 75,000 Basic and diluted net income per share: $ 0.19 $ 0.19 $ 0.19 $ 0.19 $ 0.19 $ 0.19 $ 0.19 $ 0.19

DISTRIBUTIONS (Tables)

DISTRIBUTIONS (Tables)	3 Months Ended
	Mar. 31, 2024
Distributions [Abstract]
Schedule of Distributions	Three Months Ended March 31 2024 2023 Declared distribution amount per share, before adjustment for class-specific fees $ 0.22485613 $ 0.22477276 Distributions paid or payable in cash $ 1,912 $ 2,129 Distributions reinvested 2,010 2,357 Distributions declared $ 3,922 $ 4,486 Class A Shares issued upon reinvestment 33,805 31,585 Class I Shares issued upon reinvestment 70,863 78,943 Class T Shares issued upon reinvestment 500 836 Class D Shares issued upon reinvestment 24,960 28,498 Class N Shares issued upon reinvestment 4,936 3,849 Class M-I Shares issued upon reinvestment 6,365 3,099 Class T2 Shares issued upon reinvestment 5,347 4,350 Three Months Ended March 31 2024 2023 Class A $ 767 $ 783 Class I 2,178 2,575 Class T 19 40 Class D 573 725 Class N 131 153 Class M-I 116 86 Class T2 121 107 Class Z 17 17 Distributions declared $ 3,922 $ 4,486

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 and December 31, 2023 and net income (loss) for the three months ended March 31, 2024 and 2023. Real Estate Properties Real Estate Equity Securities Real Estate Loans Total Carrying value as of March 31, 2024 $ 377,789 $ 111 $ 1,159,508 $ 1,537,408 Receivables 4,612 1 4,238 8,851 Deferred leasing costs 2,484 — — 2,484 Prepaid and other assets 1,827 — — 1,827 Subtotal $ 386,712 $ 112 $ 1,163,746 $ 1,550,570 Reconciliation to total assets of March 31, 2024 Carrying value per reportable segments $ 1,550,570 Other assets 9,067 Total assets $ 1,559,637 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 Three Months Ended March 31, 2024 Real Estate Properties Real Estate Equity Securities Real Estate Loans Total Property related income $ 9,886 $ — $ — $ 9,886 Investment income on marketable securities — 1 — 1 Total revenues 9,886 1 — 9,887 Segment operating expenses (3,028) (5) — (3,033) Net realized gain upon sale of marketable securities — 4 — 4 Net realized gain upon partial sale of investment in CMBS Trust — — 465 465 Net unrealized change in fair value of investment in marketable securities — (3) — (3) Change in net assets of consolidated CMBS trust — — 205 205 Operating income - segments $ 6,858 $ (3) $ 670 $ 7,525 Three Months Ended March 31, 2023 Property related income $ 13,168 $ — $ — $ 13,168 Investment income on marketable securities — 43 — 43 Total revenues 13,168 43 — 13,211 Segment operating expenses (3,201) (8) — (3,209) Net realized gain on sale of real estate 542 — — 542 Net realized gain upon sale of marketable securities — 3,472 — 3,472 Net unrealized change in fair value of investment in marketable securities — (1,283) — (1,283) Change in net assets of consolidated CMBS trust — — 765 765 Operating income - segments $ 10,509 $ 2,224 $ 765 $ 13,498 Three Months Ended March 31, Reconciliation to net income 2024 2023 Operating income - segments $ 7,525 $ 13,498 Interest Income 28 — General and administrative expenses (687) (676) Advisory expenses (648) (868) Depreciation (2,342) (2,823) Amortization (513) (1,967) Operating income 3,363 7,164 Interest expense (3,298) (3,059) Net income $ 65 $ 4,105

ORGANIZATION (Details)

ORGANIZATION (Details) - USD ($)	Mar. 31, 2024	Aug. 10, 2023
Class D Shares
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Public offering value of shares offered pursuant to registration statement	$ 350,000,000
Fourth Public Offering
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Amount of stock authorized for sale		$ 2,000,000,000
Private Offering | Class D Shares
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Amount of stock authorized for sale	$ 300,000,000

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Thousands	Mar. 31, 2024 USD ($) commercialLease	Dec. 31, 2023 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Restricted cash	$ 1,351	$ 0
Maximum offering costs as percentage of gross proceeds from initial public offering	15%
Accrued trailing fee-estimated payable for future	$ 17,768	$ 17,896
Number of commercial lease | commercialLease	1
RREEF America
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Underwriting compensation for public offering as percent of gross offering proceeds	10%
Class A Shares
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Percentage of distribution fee	0.50%
Percentage of dealer manager fee	0.55%
Class T Shares
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Underwriting compensation for public offering as percent of gross offering proceeds	8.50%
Percentage of distribution fee	1%
Class S Shares
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Percentage of distribution fee	0.85%
Class T2 Shares
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Percentage of distribution fee	0.85%
Percentage of dealer manager fee	0.50%
Class I Shares
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Percentage of dealer manager fee	0.55%

FAIR VALUE MEASUREMENTS - Asset

FAIR VALUE MEASUREMENTS - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in marketable securities	$ 111	$ 109
Real estate loans held in consolidated CMBS Trust, at fair value	1,159,508	1,182,995
Total	1,159,619	1,183,104
Bonds payable held in consolidated CMBS Trust, at fair value	1,134,097	1,150,454
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in marketable securities	111	109
Real estate loans held in consolidated CMBS Trust, at fair value	0	0
Total	111	109
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	1,159,508	1,182,995
Total	1,159,508	1,182,995
Bonds payable held in consolidated CMBS Trust, at fair value	1,134,097	1,150,454
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	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Line of credit, fair value	$ 67,068	$ 55,965
Mortgage loans payable	178,663	179,072
Note to affiliate	4,320	4,300
Wells Fargo Bank
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Line of credit, fair value	$ 67,068	$ 55,965

FAIR VALUE MEASUREMENTS - Fair

FAIR VALUE MEASUREMENTS - Fair Value of Debt Obligations (Details) $ in Thousands	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Line of credit, fair value	$ 67,068	$ 55,965
Mortgage loans payable	178,663	179,072
Note to affiliate	$ 4,320	$ 4,300
Minimum | Line of Credit | Loan to value | Discounted cash flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value input	0.368	0.331
Minimum | Line of Credit | Market interest rate | Discounted cash flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value input	0.0757	0.0758
Minimum | Mortgage Loans Payable | Loan to value | Discounted cash flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value input	0.518	0.509
Minimum | Mortgage Loans Payable | Market interest rate | Discounted cash flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value input	0.0625	0.0595
Minimum | Note to Affiliate | Market interest rate | Discounted cash flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value input	0.0700	0.0700
Maximum | Line of Credit | Loan to value | Discounted cash flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value input	0.491	0.419
Maximum | Line of Credit | Market interest rate | Discounted cash flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value input	0.0757	0.0758
Maximum | Mortgage Loans Payable | Loan to value | Discounted cash flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value input	0.608	0.604
Maximum | Mortgage Loans Payable | Market interest rate | Discounted cash flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value input	0.0697	0.0692
Maximum | Note to Affiliate | Market interest rate | Discounted cash flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value input	0.0700	0.0700
Weighted Average | Line of Credit | Loan to value | Discounted cash flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value input	0.434	0.380
Weighted Average | Line of Credit | Market interest rate | Discounted cash flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value input	0.0757	0.0758
Weighted Average | Mortgage Loans Payable | Loan to value | Discounted cash flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value input	0.577	0.576
Weighted Average | Mortgage Loans Payable | Market interest rate | Discounted cash flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value input	0.0657	0.0640
Weighted Average | Note to Affiliate | Market interest rate | Discounted cash flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value input	0.0700	0.0700

REAL ESTATE INVESTMENTS - Inves

REAL ESTATE INVESTMENTS - Investment in Real Estate (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Real Estate [Abstract]
Land	$ 123,079	$ 123,079
Buildings and improvements, less accumulated depreciation of $48,765 and $46,555, respectively	238,232	233,789
Furniture, fixtures and equipment, less accumulated depreciation of $2,566 and $2434, respectively	1,964	2,046
Acquired intangible lease assets, less accumulated amortization of $40,560 and $40,181, respectively	14,514	14,892
Investment in real estate assets, net	377,789	373,806
Buildings and improvements, accumulated depreciation	48,765	46,555
Furniture, fixtures and equipment, accumulated depreciation	2,566	2,434
Acquired intangible lease assets, accumulated amortization	$ 40,560	$ 40,181

REAL ESTATE INVESTMENTS - Narra

REAL ESTATE INVESTMENTS - Narrative (Details) $ in Thousands		3 Months Ended
	Jan. 12, 2023 USD ($) a	Mar. 31, 2024 property	Mar. 31, 2023 property
Real Estate [Line Items]
Number of real estate properties acquired | property		0	0
Flats at Carrs Hill
Real Estate [Line Items]
Area of property (in sq ft) | a	0.4
Proceeds from sale of real estate | $	$ 657

RENTALS UNDER OPERATING LEASE_2

RENTALS UNDER OPERATING LEASES - Narrative (Details) $ in Thousands		1 Months Ended	3 Months Ended
	Mar. 31, 2024 USD ($) tenant property	Feb. 29, 2024 USD ($)	Mar. 31, 2024 USD ($) tenant property	Mar. 31, 2023 USD ($) property tenant
Lessor, Lease, Description [Line Items]
Number of real estate properties owned | property	13		13	15
Number of tenants | tenant	49		49	63
Increase in rental income due to accelerated amortization				$ 2,342
Gain on termination of lease		$ 2,400
Termination fee income	$ 936
Apartment Building
Lessor, Lease, Description [Line Items]
Proceeds from residential leases			$ 2,957

RENTALS UNDER OPERATING LEASE_3

RENTALS UNDER OPERATING LEASES - Rental and Other Property Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Lessor Disclosure [Abstract]
Lease revenue	$ 10,479	$ 10,598
Straight-line revenue	(681)	136
Above- and below-market lease amortization, net	114	2,460
Lease incentive amortization	(26)	(26)
Property related income	9,886	13,168
Variable lease income	$ 1,072	$ 1,523

RENTALS UNDER OPERATINS LEASES

RENTALS UNDER OPERATINS LEASES - Future Minimum Rental Income (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Amount
2024 - remainder of year	$ 14,643
2025	21,082
2026	19,248
2027	16,295
2028	13,841
Thereafter	73,132
Total future minimum rent	$ 158,241

RENTALS UNDER OPERATING LEASE_4

RENTALS UNDER OPERATING LEASES - Concentration Risk (Details)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Property | Major Customers | Percent of property related income
Lessor, Lease, Description [Line Items]
Concentration risk percentage	68.60%	63.50%
Property | Major Customers | Percent of in-place annualized base rental revenues as of
Lessor, Lease, Description [Line Items]
Concentration risk percentage	14.80%	10.90%
Property | FedEx Ground - Seattle East Industrial | Percent of in-place annualized base rental revenues as of
Lessor, Lease, Description [Line Items]
Concentration risk percentage	14.80%	10.90%
Property | The Glenn, Centennial, CO | Major Customers | Percent of property related income
Lessor, Lease, Description [Line Items]
Concentration risk percentage	19.20%	14.70%
Property | Heritage Pkwy, Woodridge, IL | Major Customers | Percent of property related income
Lessor, Lease, Description [Line Items]
Concentration risk percentage	13.10%	2.50%
Property | Providence Square, Marietta, GA | Major Customers | Percent of property related income
Lessor, Lease, Description [Line Items]
Concentration risk percentage	11.70%	8.90%
Property | Seattle East Industrial, Redmond, WA | Major Customers | Percent of property related income
Lessor, Lease, Description [Line Items]
Concentration risk percentage	11%	8.30%
Property | Flats at Carrs Hill, Athens, GA | Major Customers | Percent of property related income
Lessor, Lease, Description [Line Items]
Concentration risk percentage	10.70%	7.50%
Property | Terra Nova, Chula Vista, CA | Major Customers | Percent of property related income
Lessor, Lease, Description [Line Items]
Concentration risk percentage	2.90%	21.60%
Tenant | Major Customers | Percent of property related income
Lessor, Lease, Description [Line Items]
Concentration risk percentage	24.10%	30.10%
Tenant | Allstate Insurance Co. - Heritage Pkwy | Percent of property related income
Lessor, Lease, Description [Line Items]
Concentration risk percentage	13.10%	2.50%
Tenant | FedEx Ground - Seattle East Industrial | Percent of property related income
Lessor, Lease, Description [Line Items]
Concentration risk percentage	11%	8.30%
Tenant | Bed Bath & Beyond, Inc - Terra Nova Plaza | Percent of property related income
Lessor, Lease, Description [Line Items]
Concentration risk percentage	0%	19.30%

MARKETABLE SECURITIES (Details)

MARKETABLE SECURITIES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Marketable securities—cost	$ 85		$ 80
Unrealized gains	28		29
Unrealized losses	(2)		0
Net unrealized gain	26		29
Marketable securities—fair value	111		$ 109
Proceeds from sale of marketable securities	28	$ 30,481
Gross realized gains from sale of marketable securities	4	4,493
Gross realized losses from sale of marketable securities	$ 0	$ 1,021

CMBS TRUST- Narratives (Details

CMBS TRUST- Narratives (Details) - USD ($) $ in Thousands	Mar. 01, 2024	Feb. 27, 2024	Mar. 31, 2024	Oct. 27, 2022
CMBS Trust
Marketable Securities [Line Items]
Proceeds from sale of equity method investments	$ 6,024	$ 1,564
Realized gains	$ 443	$ 22
CMBS Trust
Marketable Securities [Line Items]
Total investments				$ 30,855
Amount of securitized mortgage pool			$ 1,223,900

CMBS TRUST- Company's Recognize

CMBS TRUST- Company's Recognized Trust's Assets and Liabilities (Details) - Variable Interest Entity, Primary Beneficiary - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Extinguishment of Debt [Line Items]
Real estate loans held in consolidated CMBS Trust, at fair value	$ 1,159,508	$ 1,182,995
Bonds payable held in consolidated CMBS Trust, at fair value	1,134,097	1,150,454
Total investment in real estate assets, marketable securities and real estate loans, net	$ 25,411	$ 32,541

NOTES PAYABLE - Narrative (Deta

NOTES PAYABLE - Narrative (Details)				3 Months Ended
	Dec. 27, 2023 USD ($) property	Sep. 07, 2023 USD ($) ft²	Jan. 27, 2023 USD ($)	Mar. 31, 2024 USD ($) property	Mar. 31, 2023 USD ($) property	Dec. 31, 2023 USD ($)	Dec. 26, 2023 USD ($)
Line of Credit Facility [Line Items]
Improvements to real estate assets				$ 4,538,000	$ 719,000
Number of real estate properties owned | property				13	15
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%
Improvements to real estate assets		$ 29,000
Area of property (in sq ft) | ft²		301,000
Performance Food Group | RPT 1109 Commerce
Line of Credit Facility [Line Items]
Lease term		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]
Maximum borrowing capacity			$ 100,000,000	$ 45,409,000			$ 100,000,000
Maximum borrowing capacity, expansion			250,000,000
Expansion feature, minimum increase limit for each request			$ 25,000,000
Long-term line of credit				$ 67,068,000		$ 55,965,000
Line of credit, interest rate at period end				7.57%		7.58%
Number of real estate properties owned | property	4
Revised Wells Fargo Line of Credit | Wells Fargo Bank | Revolving Commitment
Line of Credit Facility [Line Items]
Percentage of property value	65%
Wells Fargo Line Of Credit Third Amendment | Revolving Commitment
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 75,600,000					$ 47,616,000
Long-term line of credit				$ 40,824,000		34,624,000
Wells Fargo Line Of Credit Third Amendment | Credit Facility Construction Commitment
Line of Credit Facility [Line Items]
Maximum borrowing capacity	44,400,000
Long-term line of credit				$ 26,244,000		$ 21,341,000
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 rate	2.25%
Wells Fargo Line Of Credit Third Amendment | CIBC | Revolving Commitment
Line of Credit Facility [Line Items]
Commitment fee percentage	29.17%
Minimum | Revised Wells Fargo Line of Credit | Wells Fargo Bank | SOFR
Line of Credit Facility [Line Items]
Basis spread on variable rate			2%
Maximum | Revised Wells Fargo Line of Credit | Wells Fargo Bank | SOFR
Line of Credit Facility [Line Items]
Basis spread on variable rate			2.25%

NOTES PAYABLE - Carrying Amount

NOTES PAYABLE - Carrying Amount of Line of Credit (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Line of credit, net	$ 65,642	$ 54,335
Revised Wells Fargo Line of Credit | Wells Fargo Bank
Debt Instrument [Line Items]
Wells Fargo/CIBC	67,068	55,965
Deduct: Deferred financing costs, less accumulated amortization	(1,426)	(1,630)
Line of credit, net	$ 65,642	$ 54,335

NOTES PAYABLE - Mortgage Loans

NOTES PAYABLE - Mortgage Loans Payable, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Long-term debt	$ 256,719
Mortgage loans payable, net	188,867	$ 188,944
Mortgage Loans Payable
Debt Instrument [Line Items]
Long-term debt	189,651	189,768
Deduct: Deferred financing costs, less accumulated amortization	(784)	(824)
Mortgage loans payable, net	188,867	188,944
Mortgage Loans Payable | State Farm Life Insurance Company | Elston Plaza
Debt Instrument [Line Items]
Long-term debt	$ 16,730	16,816
Interest Rate	3.89%
Mortgage Loans Payable | Massachusetts Mutual Life Insurance Company | The Glenn
Debt Instrument [Line Items]
Long-term debt	$ 66,000	66,000
Interest Rate	3.02%
Mortgage Loans Payable | Transamerica Life Insurance Company | Wallingford Plaza
Debt Instrument [Line Items]
Long-term debt	$ 6,581	6,612
Interest Rate	4.56%
Mortgage Loans Payable | JPMorgan Chase Bank | Seattle East Industrial
Debt Instrument [Line Items]
Long-term debt	$ 45,140	45,140
Interest Rate	3.87%
Mortgage Loans Payable | Nationwide Life Insurance Company | Providence Square
Debt Instrument [Line Items]
Long-term debt	$ 29,700	29,700
Interest Rate	3.67%
Mortgage Loans Payable | Nationwide Life Insurance Company | The Flats at Carrs Hill
Debt Instrument [Line Items]
Long-term debt	$ 25,500	$ 25,500
Interest Rate	5.51%

NOTES PAYABLE - Future Principa

NOTES PAYABLE - Future Principal Payments (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Maturities of Long-term Debt [Abstract]
Remainder of 2024	$ 357
2025	67,561
2026	16,247
2027	145
2028	72,069
Thereafter	100,340
Total	$ 256,719

RELATED PARTY ARRANGEMENTS - Re

RELATED PARTY ARRANGEMENTS - Related Party Agreements (Details)		3 Months Ended		8 Months Ended	42 Months Ended		43 Months Ended
	Jan. 20, 2016 USD ($)	Mar. 31, 2024 USD ($) component $ / shares	Mar. 31, 2023 USD ($)	Mar. 31, 2024 USD ($) component $ / shares	Jan. 08, 2020 USD ($)	Jun. 30, 2016 USD ($)	Aug. 10, 2023 USD ($)	Dec. 31, 2023 USD ($)	Mar. 24, 2020 USD ($)
Related Party Transaction [Line Items]
Term of agreements		1 year
Number of components, advisory fees | component		2		2
Due to affiliates		$ 18,161,000		$ 18,161,000				$ 18,321,000
Minimum offering proceeds needed before expense repayment	$ 500,000,000
Amortization of discount on note to affiliate		48,000	$ 46,000
Sales commission and upfront dealer manager fees		9,000	70,000
Payment of offering costs		490,000	863,000
Accrued trailing fee-estimated payable for future		17,768,000		17,768,000				17,896,000
Four fiscal quarter total operating expense		5,229,000
Follow-On Public Offering
Related Party Transaction [Line Items]
Proceeds from common stock issuance, inception to date					$ 132,994,000
Payment of offering costs					$ 16,861,000
Accrued trailing fee-estimated payable for future		6,105,000		6,105,000
Third Public Offering
Related Party Transaction [Line Items]
Proceeds from common stock issuance, inception to date							$ 149,580,000
Payment of offering costs							$ 16,587,000
Accrued trailing fee-estimated payable for future		9,329,000		9,329,000
Fourth Public Offering
Related Party Transaction [Line Items]
Proceeds from common stock issuance, inception to date				9,620,000
Payment of offering costs				940,000
Accrued trailing fee-estimated payable for future		455,000		455,000
RREEF America | Note to Affiliate
Related Party Transaction [Line Items]
Related party note payable discount									$ 946,000
RREEF America | Note to Affiliate | Discount Rate
Related Party Transaction [Line Items]
Fair value inputs discount rate									0.0375
Accrued Trailing Fees
Related Party Transaction [Line Items]
Due to affiliates		119,000		119,000				129,000
Trailing Fee To Be Payable
Related Party Transaction [Line Items]
Due to affiliates		$ 17,768,000		$ 17,768,000				17,896,000
Affiliated Entity | RREEF America
Related Party Transaction [Line Items]
Performance fee to advisor, net asset value per share, threshold to which no fee earned on increase | $ / shares		$ 12		$ 12
Advisory fees		$ 648,000	868,000
Related party transaction, reimbursements during the period		$ 52,000	65,000
Maximum offering costs as percentage of gross proceeds from initial public offering		15%		15%
Underwriting compensation for public offering as percent of gross offering proceeds		10%		10%
Expenses to advisor not reimbursable, percentage of invested assets threshold exceeded by operating expenses		2%
Expenses to advisor not reimbursable, percentage of net income excluding certain reductions threshold exceeded by operating expenses		25%
Percentage of fixed component of investment		0.00274%		0.00274%
Affiliated Entity | RREEF America | IPO
Related Party Transaction [Line Items]
Proceeds from common stock issuance, inception to date						$ 102,831,000
Payment of offering costs						$ 15,424,000
Accrued trailing fee-estimated payable for future		$ 1,879,000		$ 1,879,000
Affiliated Entity | RREEF America | Note to Affiliate
Related Party Transaction [Line Items]
Amortization of discount on note to affiliate		48,000	46,000
Affiliated Entity | DWS Distributors
Related Party Transaction [Line Items]
Reimbursable under dealer agreement		0	2,000
Accounts payable, reimbursable under dealer agreement		0		0				0
Affiliated Entity | Fixed Component | RREEF America
Related Party Transaction [Line Items]
Advisory fees		648,000	868,000
Affiliated Entity | Performance Component | RREEF America
Related Party Transaction [Line Items]
Advisory fees		0	$ 0
Affiliated Entity | Reimbursable under the Advisory Agreement | RREEF America
Related Party Transaction [Line Items]
Due to affiliates		52,000		52,000				$ 57,000
Affiliated Entity | Expense Support Agreement | RREEF America
Related Party Transaction [Line Items]
Due to affiliates		5,383,000		5,383,000
Affiliated Entity | The Letter Agreement | RREEF America
Related Party Transaction [Line Items]
First period reimbursement payments		$ 250,000		250,000
First reimbursement period		12 months
Reimbursement payments period two		$ 198,000		$ 198,000
Reimbursement period two		12 months
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%		6%
Performance fee to advisor, limit as percent of excess total return		10%		10%
Performance fee to advisor as percent of excess total return		25%		25%
Affiliated Entity | Class M-I, Class S and Class T2 | RREEF America
Related Party Transaction [Line Items]
Performance fee to advisor, percentage return per share threshold		5%		5%
Performance fee to advisor, limit as percent of excess total return		12.50%		12.50%
Performance fee to advisor as percent of alternative excess total return		100%		100%
Performance fee to advisor as percent of alternative catch-up return		5.715%		5.715%

RELATED PARTY ARRANGEMENTS - Du

RELATED PARTY ARRANGEMENTS - Due to Affiliates (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Due to affiliates	$ 18,161	$ 18,321
Unamortized discount	(226)	(274)
Note to Affiliate, net of unamortized discount	5,157	5,109
Affiliated Entity | RREEF America
Related Party Transaction [Line Items]
Note to Affiliate	5,383	5,383
Unamortized discount	(226)	(274)
Note to Affiliate, net of unamortized discount	5,157	5,109
Reimbursable under the Advisory Agreement | Affiliated Entity | RREEF America
Related Party Transaction [Line Items]
Due to affiliates	52	57
Reimbursable under the Dealer Manager Agreement | Affiliated Entity | DWS Distributors
Related Party Transaction [Line Items]
Due to affiliates	0	0
Advisory fees | Affiliated Entity | RREEF America
Related Party Transaction [Line Items]
Due to affiliates	222	239
Accrued Trailing Fees | Affiliated Entity | DWS Distributors
Related Party Transaction [Line Items]
Due to affiliates	$ 17,887	$ 18,025

CAPITALIZATION - Narrative (Det

CAPITALIZATION - Narrative (Details)							3 Months Ended		6 Months Ended
	Jan. 04, 2024	Oct. 09, 2023	Jul. 24, 2023	Apr. 25, 2023	Feb. 23, 2023	Dec. 19, 2022	Mar. 31, 2024 USD ($) $ / shares shares	Mar. 31, 2023 shares	Jun. 30, 2022 shares	Dec. 31, 2023	Sep. 30, 2022
Schedule of Capitalization [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) | $ / shares							$ 0.01
Preferred stock, par value (in usd per share) | $ / shares							$ 0.01
Aggregate redemptions value limit, as a percentage of combined net asset value							5%
Common stock redemption limit per shareholder, as a percentage of shares held							5%
Aggregate redemptions value including carryover limit, as a percentage of combined net asset value							10%			5%	5%
Percentage of net asset value							4%
Short term trading penalty period							365 days
Short-term trading discount as percentage of gross proceeds							2%
Minimum balance of common stock, threshold to redeem shares | $							$ 500
Aggregate redemptions requests, payout percentage based on timing of the request							1
Aggregate redemptions requests, payout percentage based on pro rata basis	0.844	0.622	0.344	0.574	0.439	0.117
RREEF America
Schedule of Capitalization [Line Items]
Underwriting compensation for public offering as percent of gross offering proceeds							10%
Class A Shares
Schedule of Capitalization [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%
Percentage of distribution fee							0.50%
Class I Shares
Schedule of Capitalization [Line Items]
Common stock, shares authorized (in shares)							200,000,000
Percentage of dealer manager fee							0.55%
Conversion of stock number of shares converted (in shares)									75,000
Class S Shares
Schedule of Capitalization [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%
Duration of distribution fee							7 years
Class T Shares
Schedule of Capitalization [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 public offering as percent of gross offering proceeds							8.50%
Conversion of stock number of shares converted (in shares)							15,986	184,862
Class T2 Shares
Schedule of Capitalization [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%
Duration of distribution fee							6 years
Class D Shares
Schedule of Capitalization [Line Items]
Common stock, shares authorized (in shares)							45,000,000
Maximum selling commissions as percentage of purchase price							1%
Class N Shares
Schedule of Capitalization [Line Items]
Common stock, shares authorized (in shares)							150,000,000
Conversion of stock number of shares issued (in shares)							16,115	186,189
Class Z Shares
Schedule of Capitalization [Line Items]
Common stock, shares authorized (in shares)							5,000,000
Conversion of stock number of shares issued (in shares)									75,000

CAPITALIZATION - Schedule of Au

CAPITALIZATION - Schedule of Authorized Common Shares (Details)	Mar. 31, 2024 shares
Schedule of Capitalization, Equity [Line Items]
Common stock, shares authorized (in shares)	1,000,000,000
Class A Shares
Schedule of Capitalization, Equity [Line Items]
Common stock, shares authorized (in shares)	45,000,000
Class D Shares
Schedule of Capitalization, Equity [Line Items]
Common stock, shares authorized (in shares)	45,000,000
Class I Shares
Schedule of Capitalization, Equity [Line Items]
Common stock, shares authorized (in shares)	200,000,000
Class M-I Shares
Schedule of Capitalization, Equity [Line Items]
Common stock, shares authorized (in shares)	200,000,000
Class N Shares
Schedule of Capitalization, Equity [Line Items]
Common stock, shares authorized (in shares)	150,000,000
Class S Shares
Schedule of Capitalization, Equity [Line Items]
Common stock, shares authorized (in shares)	200,000,000
Class T Shares
Schedule of Capitalization, Equity [Line Items]
Common stock, shares authorized (in shares)	5,000,000
Class T2 Shares
Schedule of Capitalization, Equity [Line Items]
Common stock, shares authorized (in shares)	150,000,000
Class Z Shares
Schedule of Capitalization, Equity [Line Items]
Common stock, shares authorized (in shares)	5,000,000

CAPITALIZATION - Stock Issuance

CAPITALIZATION - Stock Issuance (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Class of Stock [Line Items]
Issuance of common stock (in shares)	164,937	545,253
Issuance of common stock	$ 2,272	$ 8,850
Class A Shares
Class of Stock [Line Items]
Issuance of common stock (in shares)	2,151	31,977
Issuance of common stock	$ 30	$ 523
Class D Shares
Class of Stock [Line Items]
Issuance of common stock (in shares)	0	222,400
Issuance of common stock	$ 0	$ 3,628
Class I Shares
Class of Stock [Line Items]
Issuance of common stock (in shares)	102,811	152,635
Issuance of common stock	$ 1,416	$ 2,447
Class M-I Shares
Class of Stock [Line Items]
Issuance of common stock (in shares)	39,558	28,605
Issuance of common stock	$ 541	$ 450
Class N Shares converted from Class T Shares, net
Class of Stock [Line Items]
Issuance of common stock (in shares)	129	1,327
Issuance of common stock	$ 0	$ 0
Class T Shares
Class of Stock [Line Items]
Issuance of common stock (in shares)	0	2,879
Issuance of common stock	$ 0	$ 50
Class T2 Shares
Class of Stock [Line Items]
Issuance of common stock (in shares)	20,288	105,430
Issuance of common stock	$ 285	$ 1,752
Class S Shares
Class of Stock [Line Items]
Issuance of common stock (in shares)	0

CAPITALIZATION - Weighted Avera

CAPITALIZATION - Weighted Average Redemption Prices (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Schedule of Capitalization, Equity [Line Items]
Shares redeemed, amount	$ 13,606	$ 18,507
Class A Shares
Schedule of Capitalization, Equity [Line Items]
Shares redeemed (shares)	224,458	149,145
Weighted Average Share Price (in usd per share)	$ 13.65	$ 16.32
Shares redeemed, amount	$ 3,064	$ 2,433
Class I Shares
Schedule of Capitalization, Equity [Line Items]
Shares redeemed (shares)	684,892	510,406
Weighted Average Share Price (in usd per share)	$ 13.74	$ 16.35
Shares redeemed, amount	$ 9,409	$ 8,346
Class T Shares
Schedule of Capitalization, Equity [Line Items]
Shares redeemed (shares)	0	13,999
Weighted Average Share Price (in usd per share)	$ 0	$ 16.25
Shares redeemed, amount	$ 0	$ 226
Class D Shares
Schedule of Capitalization, Equity [Line Items]
Shares redeemed (shares)	43,256	304,711
Weighted Average Share Price (in usd per share)	$ 13.76	$ 16.18
Shares redeemed, amount	$ 595	$ 4,931
Class N Shares
Schedule of Capitalization, Equity [Line Items]
Shares redeemed (shares)	496	155,166
Weighted Average Share Price (in usd per share)	$ 13.67	$ 16.01
Shares redeemed, amount	$ 7	$ 2,484
Class M-I Shares
Schedule of Capitalization, Equity [Line Items]
Shares redeemed (shares)	0	0
Weighted Average Share Price (in usd per share)	$ 0	$ 0
Shares redeemed, amount	$ 0	$ 0
Class T2 Shares
Schedule of Capitalization, Equity [Line Items]
Shares redeemed (shares)	39,025	5,410
Weighted Average Share Price (in usd per share)	$ 13.60	$ 16.08
Shares redeemed, amount	$ 531	$ 87

CAPITALIZATION - Equity-Based C

CAPITALIZATION - Equity-Based Compensation (Details)	3 Months Ended
	Mar. 31, 2024
Restricted Stock
Class of Stock [Line Items]
Award vesting period	1 year

CAPITALIZATION - Stock Award Ac

CAPITALIZATION - Stock Award Activity (Details) - Restricted Stock - Class D Shares - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Class D Shares
Outstanding, beginning of period (in shares)	5,034	1,869
Granted (in shares)	0	0
Vested (in shares)	0	0
Forfeited (in shares)	0	0
Outstanding, end of period (in shares)	5,034	1,869
Weighted Average Grant Date Fair Value
Outstanding, beginning balance (in usd per share)	$ 14.90	$ 17.40
Granted (in usd per share)	0	0
Vested (in usd per share)	0	0
Forfeited (in usd per share)	0	0
Outstanding, end balance (in usd per share)	$ 14.90	$ 17.40
Amount included in general and administrative expenses	$ 19	$ 11

NET INCOME (LOSS) PER SHARE (De

NET INCOME (LOSS) PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Basic and diluted net income per share:
Net income	$ 65	$ 4,105
Class A Shares
Basic and diluted net income per share:
Allocation of net income before performance fee	14	792
Allocation of performance fees	0	0
Net income	$ 14	$ 792
Denominator - weighted average number of common shares outstanding, basic (in shares)	4,040,077	4,253,829
Denominator - weighted average number of common shares outstanding, diluted (in shares)	4,040,077	4,253,829
Basic net income per share (in usd per share)	$ 0	$ 0.19
Diluted net income per share (in usd per share)	$ 0	$ 0.19
Class I Shares
Basic and diluted net income per share:
Allocation of net income before performance fee	$ 36	$ 2,357
Allocation of performance fees	0	0
Net income	$ 36	$ 2,357
Denominator - weighted average number of common shares outstanding, basic (in shares)	10,521,351	12,668,214
Denominator - weighted average number of common shares outstanding, diluted (in shares)	10,521,351	12,668,214
Basic net income per share (in usd per share)	$ 0	$ 0.19
Diluted net income per share (in usd per share)	$ 0	$ 0.19
Class T Shares
Basic and diluted net income per share:
Allocation of net income before performance fee	$ 0	$ 41
Allocation of performance fees	0	0
Net income	$ 0	$ 41
Denominator - weighted average number of common shares outstanding, basic (in shares)	96,709	219,623
Denominator - weighted average number of common shares outstanding, diluted (in shares)	96,709	219,623
Basic net income per share (in usd per share)	$ 0	$ 0.19
Diluted net income per share (in usd per share)	$ 0	$ 0.19
Class D Shares
Basic and diluted net income per share:
Allocation of net income before performance fee	$ 9	$ 596
Allocation of performance fees	0	0
Net income	$ 9	$ 596
Denominator - weighted average number of common shares outstanding, basic (in shares)	2,542,723	3,202,893
Denominator - weighted average number of common shares outstanding, diluted (in shares)	2,542,723	3,202,893
Basic net income per share (in usd per share)	$ 0	$ 0.19
Diluted net income per share (in usd per share)	$ 0	$ 0.19
Class N Shares
Basic and diluted net income per share:
Allocation of net income before performance fee	$ 2	$ 134
Allocation of performance fees	0	0
Net income	$ 2	$ 134
Denominator - weighted average number of common shares outstanding, basic (in shares)	583,621	718,736
Denominator - weighted average number of common shares outstanding, diluted (in shares)	583,621	718,736
Basic net income per share (in usd per share)	$ 0	$ 0.19
Diluted net income per share (in usd per share)	$ 0	$ 0.19
Class M-I Shares
Basic and diluted net income per share:
Allocation of net income before performance fee	$ 2	$ 71
Allocation of performance fees	0	0
Net income	$ 2	$ 71
Denominator - weighted average number of common shares outstanding, basic (in shares)	513,768	379,734
Denominator - weighted average number of common shares outstanding, diluted (in shares)	513,768	379,734
Basic net income per share (in usd per share)	$ 0	$ 0.19
Diluted net income per share (in usd per share)	$ 0	$ 0.19
Class T2 Shares
Basic and diluted net income per share:
Allocation of net income before performance fee	$ 2	$ 100
Allocation of performance fees	0	0
Net income	$ 2	$ 100
Denominator - weighted average number of common shares outstanding, basic (in shares)	614,300	537,961
Denominator - weighted average number of common shares outstanding, diluted (in shares)	614,300	537,961
Basic net income per share (in usd per share)	$ 0	$ 0.19
Diluted net income per share (in usd per share)	$ 0	$ 0.19
Class Z Shares
Basic and diluted net income per share:
Allocation of net income before performance fee	$ 0	$ 14
Allocation of performance fees	0	0
Net income	$ 0	$ 14
Denominator - weighted average number of common shares outstanding, basic (in shares)	75,000	75,000
Denominator - weighted average number of common shares outstanding, diluted (in shares)	75,000	75,000
Basic net income per share (in usd per share)	$ 0	$ 0.19
Diluted net income per share (in usd per share)	$ 0	$ 0.19

DISTRIBUTIONS (Details)

DISTRIBUTIONS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Class of Stock [Line Items]
Percentage of taxable income required for REIT distribution	90%
Declared distribution amount per share, before adjustment for class-specific fees (usd per share)	$ 0.22485613	$ 0.22477276
Distributions paid or payable in cash	$ 1,912	$ 2,129
Distributions reinvested	2,010	2,357
Distributions declared	3,922	4,486
Class A Shares
Class of Stock [Line Items]
Distributions declared	767	783
Class I Shares
Class of Stock [Line Items]
Distributions declared	2,178	2,575
Class T Shares
Class of Stock [Line Items]
Distributions declared	19	40
Class D Shares
Class of Stock [Line Items]
Distributions declared	573	725
Class N Shares
Class of Stock [Line Items]
Distributions declared	131	153
Class M-I Shares
Class of Stock [Line Items]
Distributions declared	116	86
Class T2 Shares
Class of Stock [Line Items]
Distributions declared	121	107
Common Stock
Class of Stock [Line Items]
Distributions reinvested	$ 1	$ 1
Shares issued upon reinvestment (in shares)	146,776	151,160
Common Stock | Class A Shares
Class of Stock [Line Items]
Shares issued upon reinvestment (in shares)	33,805	31,585
Common Stock | Class I Shares
Class of Stock [Line Items]
Shares issued upon reinvestment (in shares)	70,863	78,943
Common Stock | Class T Shares
Class of Stock [Line Items]
Shares issued upon reinvestment (in shares)	500	836
Common Stock | Class D Shares
Class of Stock [Line Items]
Shares issued upon reinvestment (in shares)	24,960	28,498
Common Stock | Class N Shares
Class of Stock [Line Items]
Shares issued upon reinvestment (in shares)	4,936	3,849
Common Stock | Class M-I Shares
Class of Stock [Line Items]
Shares issued upon reinvestment (in shares)	6,365	3,099
Common Stock | Class T2 Shares
Class of Stock [Line Items]
Shares issued upon reinvestment (in shares)	5,347	4,350

DISTRIBUTIONS - Schedule of Dis

DISTRIBUTIONS - Schedule of Distributions Declared (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Class of Stock [Line Items]
Distributions declared	$ 3,922	$ 4,486
Class A
Class of Stock [Line Items]
Distributions declared	767	783
Class I
Class of Stock [Line Items]
Distributions declared	2,178	2,575
Class T
Class of Stock [Line Items]
Distributions declared	19	40
Class D
Class of Stock [Line Items]
Distributions declared	573	725
Class N
Class of Stock [Line Items]
Distributions declared	131	153
Class M-I
Class of Stock [Line Items]
Distributions declared	116	86
Class T2
Class of Stock [Line Items]
Distributions declared	121	107
Class Z
Class of Stock [Line Items]
Distributions declared	$ 17	$ 17

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Taxes paid to states where Company owns real estate properties	$ 57	$ 27

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) segment	Mar. 31, 2023 USD ($) segment	Dec. 31, 2023 USD ($)
Additional Disclosure [Abstract]
Number of reportable segments | segment	3	3
Reconciliation to total assets of March 31, 2024
Real estate investment property, net	$ 377,789		$ 373,806
Investment in marketable securities	111		109
Deferred leasing costs	2,484		2,647
Prepaid and other assets	3,401		2,646
Total assets	1,559,637		1,576,756
Segment Reporting Information, Operating Income (Loss) [Abstract]
Property related income	9,886	$ 13,168
Investment income on marketable securities	1	43
Total revenues	9,887
Total revenues	9,915	13,211
Segment operating expenses	(3,033)	(3,209)
Net realized gain on sale of real estate	0	542
Net realized gain upon sale of marketable securities	4	3,472
Net realized gain upon partial sale of investment in CMBS Trust	465	0
Net unrealized change in fair value of investment in marketable securities	(3)	(1,283)
Change in net assets of consolidated CMBS Trust	205	765
Change in net assets of consolidated CMBS trust	205	765
Operating income	3,363	7,164
Reconciliation to net income
Operating income - segments	3,363	7,164
Interest income	28	0
General and administrative expenses	(692)	(684)
Advisory expenses	(648)	(868)
Depreciation	(2,342)	(2,823)
Amortization	(513)	(1,967)
Operating income	3,363	7,164
Interest expense	(3,298)	(3,059)
Net income	65	4,105
Real Estate Loans
Segment Reporting Information, Operating Income (Loss) [Abstract]
Net realized gain upon partial sale of investment in CMBS Trust	465
Change in net assets of consolidated CMBS trust	205	765
Operating income	670	765
Reconciliation to net income
Operating income - segments	670	765
Operating income	670	765
Reportable Segments
Reconciliation to total assets of March 31, 2024
Total investment in real estate assets, marketable securities and real estate loans, net	1,537,408		1,556,910
Receivables	8,851		9,448
Deferred leasing costs	2,484		2,647
Prepaid and other assets	1,827		1,393
Total assets	1,550,570		1,570,398
Segment Reporting Information, Operating Income (Loss) [Abstract]
Operating income	7,525	13,498
Reconciliation to net income
Operating income - segments	7,525	13,498
Operating income	7,525	13,498
Reportable Segments | Real Estate Properties
Reconciliation to total assets of March 31, 2024
Real estate investment property, net	377,789		373,806
Receivables	4,612		5,210
Deferred leasing costs	2,484		2,647
Prepaid and other assets	1,827		1,393
Total assets	386,712		383,056
Segment Reporting Information, Operating Income (Loss) [Abstract]
Property related income	9,886	13,168
Investment income on marketable securities	0	0
Total revenues	9,886
Total revenues		13,168
Segment operating expenses	(3,028)	(3,201)
Net realized gain on sale of real estate		542
Net realized gain upon sale of marketable securities	0	0
Net realized gain upon partial sale of investment in CMBS Trust	0
Net unrealized change in fair value of investment in marketable securities	0	0
Change in net assets of consolidated CMBS Trust	0	0
Operating income	6,858	10,509
Reconciliation to net income
Operating income - segments	6,858	10,509
Operating income	6,858	10,509
Reportable Segments | Real Estate Equity Securities
Reconciliation to total assets of March 31, 2024
Investment in marketable securities	111		109
Receivables	1		0
Total assets	112		109
Segment Reporting Information, Operating Income (Loss) [Abstract]
Property related income	0	0
Investment income on marketable securities	1	43
Total revenues	1
Total revenues		43
Segment operating expenses	(5)	(8)
Net realized gain on sale of real estate		0
Net realized gain upon sale of marketable securities	4	3,472
Net realized gain upon partial sale of investment in CMBS Trust	0
Net unrealized change in fair value of investment in marketable securities	(3)	(1,283)
Change in net assets of consolidated CMBS Trust	0	0
Operating income	(3)	2,224
Reconciliation to net income
Operating income - segments	(3)	2,224
Operating income	(3)	2,224
Reportable Segments | Real Estate Loans
Reconciliation to total assets of March 31, 2024
Debt securities	1,159,508		1,182,995
Receivables	4,238		4,238
Total assets	1,163,746		1,187,233
Other assets
Reconciliation to total assets of March 31, 2024
Total assets	9,067		$ 6,358
Segment Reconciling Items
Reconciliation to net income
General and administrative expenses	$ (687)	$ (676)