Nuveen Global Cities REIT (NUVEEN) 10-Q 9 Nov 23 2023 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2023	Nov. 09, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	000-56273
Entity Registrant Name	Nuveen Global Cities REIT, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	82-1419222
Entity Address, Address Line One	730 Third Avenue, 3rd Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10017
City Area Code	212
Local Phone Number	490-9000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001711799
Current Fiscal Year End Date	--12-31
Class T Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		16,928,096
Class S Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		45,134,864
Class D Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		7,406,568
Class I Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		82,259,233
Class N Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		29,730,608

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Assets
Investments in real estate, net	$ 1,740,171	$ 1,760,484
Investments in commercial mortgage loans, at fair value	351,524	343,970
Investments in international affiliated funds	116,619	127,224
Investments in real estate debt, at fair value	114,391	98,252
Investments in real estate-related securities, at fair value	105,166	116,164
Intangible assets, net	103,762	122,991
Cash and cash equivalents	30,061	43,073
Restricted cash	21,256	32,348
Other assets	40,480	26,355
Total assets	2,623,430	2,670,861
Liabilities and Equity
Credit facility	246,000	190,000
Mortgages payable, net	188,692	187,908
Loan participations, at fair value	180,080	175,830
Accounts payable, accrued expenses and other liabilities	90,257	74,571
Note payable, at fair value	69,160	69,030
Due to affiliates	48,994	50,637
Intangible liabilities, net	35,710	40,232
Subscriptions received in advance	20,315	31,147
Distributions payable	9,790	10,065
Total liabilities	888,998	829,420
Redeemable non-controlling interest	419	610
Equity
Series A Preferred Stock	125	125
Additional paid-in capital	2,068,242	2,060,366
Accumulated deficit and cumulative distributions	(333,718)	(220,425)
Accumulated other comprehensive loss	(6,272)	(5,137)
Total stockholders' equity	1,730,180	1,836,729
Non-controlling interests attributable to third party joint ventures	3,833	4,102
Total equity	1,734,013	1,840,831
Total liabilities and equity	2,623,430	2,670,861
Related Party
Liabilities and Equity
Due to affiliates	48,994	50,637
Class T Shares
Equity
Common stock	168	172
Class S Shares
Equity
Common stock	448	453
Class D Shares
Equity
Common stock	75	79
Class I Shares
Equity
Common stock	815	799
Class N Shares
Equity
Common stock	$ 297	$ 297

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Class T Shares
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock authorized (in shares)	500,000,000	500,000,000
Common stock issued (in shares)	16,809,755	17,285,298
Common stock outstanding (in shares)	16,809,755	17,285,298
Class S Shares
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock authorized (in shares)	500,000,000	500,000,000
Common stock issued (in shares)	44,830,697	45,277,146
Common stock outstanding (in shares)	44,830,697	45,277,146
Class D Shares
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock authorized (in shares)	500,000,000	500,000,000
Common stock issued (in shares)	7,543,654	8,009,944
Common stock outstanding (in shares)	7,543,654	8,009,944
Class I Shares
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock authorized (in shares)	500,000,000	500,000,000
Common stock issued (in shares)	81,486,190	79,727,458
Common stock outstanding (in shares)	81,486,190	79,727,458
Class N Shares
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock authorized (in shares)	100,000,000	100,000,000
Common stock issued (in shares)	29,730,608	29,730,608
Common stock outstanding (in shares)	29,730,608	29,730,608

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues
Rental revenue	$ 43,384	$ 31,427	$ 129,366	$ 77,577
Income from commercial mortgage loans	7,471	5,587	21,008	9,479
Total revenues	50,855	37,014	150,374	87,056
Expenses
Rental property operating	14,977	10,040	44,696	25,386
General and administrative	2,641	2,491	7,024	7,112
Advisory fee due to affiliate	7,847	7,583	23,796	18,720
Depreciation and amortization	21,047	17,357	63,955	43,764
Total expenses	46,512	37,471	139,471	94,982
Other income (expense)
Realized and unrealized loss from real estate-related securities	(9,609)	(10,663)	(4,308)	(32,601)
Realized and unrealized loss from real estate debt	(708)	(819)	(365)	(3,337)
(Loss) income from equity investments in unconsolidated international affiliated funds	(2,870)	436	(6,024)	5,421
Unrealized gain (loss) on commercial mortgage loans	431	670	(1,266)	(1,578)
Unrealized gain from interest rate derivatives	136	0	24	0
Unrealized loss on note payable	(20)	0	(130)	0
Interest income	2,381	1,541	6,481	3,048
Interest expense	(10,788)	(4,685)	(29,346)	(9,628)
Total other income (expense)	(21,047)	(13,520)	(34,934)	(38,675)
Net loss	(16,704)	(13,977)	(24,031)	(46,601)
Net loss attributable to non-controlling interests in third party joint ventures	(21)	(25)	(79)	(47)
Net income attributable to preferred stock	3	3	11	11
Net loss attributable to common stockholders	$ (16,686)	$ (13,955)	$ (23,963)	$ (46,565)
Net loss per share of common stock - basic (in dollars per share)	$ (0.09)	$ (0.08)	$ (0.13)	$ (0.33)
Net loss per share of common stock - diluted (in dollars per share)	$ (0.09)	$ (0.08)	$ (0.13)	$ (0.33)
Weighted-average shares of common stock outstanding, basic (in shares)	180,218,154	166,094,422	181,065,611	142,141,411
Weighted-average shares of common stock outstanding, diluted (in shares)	180,218,154	166,094,422	181,065,611	142,141,411

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net loss	$ (16,704)	$ (13,977)	$ (24,031)	$ (46,601)
Other comprehensive loss:
Foreign currency translation adjustment	(2,757)	(5,386)	(1,135)	(11,820)
Comprehensive loss	(19,461)	(19,363)	(25,166)	(58,421)
Comprehensive loss attributable to non-controlling interests in third party joint ventures	(21)	(25)	(79)	(47)
Comprehensive income attributable to preferred stock	3	3	11	11
Comprehensive loss attributable to common stockholders	$ (19,443)	$ (19,341)	$ (25,098)	$ (58,385)

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands		Total	Total Stockholders' Equity	Preferred Stock	Common Stock Common Stock Class T	Common Stock Common Stock Class S	Common Stock Common Stock Class D	Common Stock Common Stock Class I	Common Stock Common Stock Class N	Additional Paid-in Capital	Accumulated Deficit and Cumulative Distributions	Accumulated Other Comprehensive Income (Loss)	Non-Controlling Interests Attributable to Third Party Joint Ventures
Beginning Balance at Dec. 31, 2021		$ 980,826	$ 979,991	$ 126	$ 92	$ 238	$ 46	$ 316	$ 297	$ 1,043,073	$ (63,958)	$ (239)	$ 835
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net of offering costs	[1]	875,961	875,961		73	189	33	407		875,259
Distribution reinvestment		26,357	26,357		2	6	1	11		26,337
Common stock repurchased		(17,851)	(17,851)		(1)	(5)	(1)	(8)		(17,836)
Amortization of restricted stock grants		105	105							105
Net income (loss)		(46,601)	(46,554)	11							(46,565)		(47)
Distributions on common stock		(72,272)	(72,272)								(72,272)
Contributions from non-controlling interests		3,347											3,347
Distributions to non-controlling interests		(20)											(20)
Distributions on Series A preferred stock		(9)	(9)	(9)
Foreign currency translation adjustment		(11,820)	(11,820)									(11,820)
Allocation to redeemable non-controlling interests		(564)	(564)							(564)
Ending Balance at Sep. 30, 2022		1,737,459	1,733,344	128	166	428	79	726	297	1,926,374	(182,795)	(12,059)	4,115
Beginning Balance at Jun. 30, 2022		1,570,197	1,569,384	126	147	388	73	627	297	1,714,792	(140,393)	(6,673)	813
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net of offering costs	[1]	207,713	207,713		19	40	6	98		207,550
Distribution reinvestment		11,839	11,839		1	2		5		11,831
Common stock repurchased		(7,634)	(7,634)		(1)	(2)		(4)		(7,627)
Amortization of restricted stock grants		66	66							66
Net income (loss)		(13,977)	(13,952)	3							(13,955)		(25)
Distributions on common stock		(28,447)	(28,447)								(28,447)
Contributions from non-controlling interests		3,347											3,347
Distributions to non-controlling interests		(20)											(20)
Distributions on Series A preferred stock		(1)	(1)	(1)
Foreign currency translation adjustment		(5,386)	(5,386)									(5,386)
Allocation to redeemable non-controlling interests		(238)	(238)							(238)
Ending Balance at Sep. 30, 2022		1,737,459	1,733,344	128	166	428	79	726	297	1,926,374	(182,795)	(12,059)	4,115
Beginning Balance at Dec. 31, 2022		1,840,831	1,836,729	125	172	453	79	799	297	2,060,366	(220,425)	(5,137)	4,102
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net of offering costs	[1]	229,277	229,277		(1)	45	4	136		229,093
Distribution reinvestment		40,557	40,557		3	9	2	18		40,525
Common stock repurchased		(262,343)	(262,343)		(6)	(59)	(10)	(138)		(262,130)
Amortization of restricted stock grants		197	197							197
Net income (loss)		(24,031)	(23,952)	11							(23,963)		(79)
Distributions on common stock		(89,330)	(89,330)								(89,330)
Distributions to non-controlling interests		(190)	0										(190)
Distributions on Series A preferred stock		(11)	(11)	(11)
Foreign currency translation adjustment		(1,135)	(1,135)									(1,135)
Allocation to redeemable non-controlling interests		191	191							191
Ending Balance at Sep. 30, 2023		1,734,013	1,730,180	125	168	448	75	815	297	2,068,242	(333,718)	(6,272)	3,833
Beginning Balance at Jun. 30, 2023		1,783,537	1,779,638	125	172	450	74	811	297	2,068,876	(287,652)	(3,515)	3,899
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net of offering costs	[1]	72,135	72,135		(4)	10	3	49		72,077
Distribution reinvestment		12,738	12,738		1	3	1	6		12,727
Common stock repurchased		(85,612)	(85,612)		(1)	(15)	(3)	(51)		(85,542)
Amortization of restricted stock grants		91	91							91
Net income (loss)		(16,704)	(16,683)	3							(16,686)		(21)
Distributions on common stock		(29,380)	(29,380)								(29,380)
Distributions to non-controlling interests		(45)	0										(45)
Distributions on Series A preferred stock		(3)	(3)	(3)
Foreign currency translation adjustment		(2,757)	(2,757)									(2,757)
Allocation to redeemable non-controlling interests		13	13							13
Ending Balance at Sep. 30, 2023		$ 1,734,013	$ 1,730,180	$ 125	$ 168	$ 448	$ 75	$ 815	$ 297	$ 2,068,242	$ (333,718)	$ (6,272)	$ 3,833
[1]Common stock issuance includes transfers and conversions between share classes; see Note 18.

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Offering costs	$ 249	$ 500	$ 890	$ 737
Common Stock
Issuance of common stock (in shares)	5,863,297	16,168,755	18,364,456	70,107,525

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net loss	$ (24,031)	$ (46,601)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	63,955	43,764
Unrealized (gain) loss on changes in fair value of real estate-related securities	(1,142)	39,569
Realized loss (gain) on sale of real estate-related securities	9,050	(4,231)
Unrealized loss on changes in fair value of real estate debt	296	3,333
Unrealized loss on changes in fair value of note payable	130	0
Unrealized loss on changes in fair value of commercial mortgage loans	1,266	1,578
Unrealized gain on changes in fair value of interest rate derivatives	(24)	0
Realized loss on sale of real estate debt	69	4
Loss (income) from equity investments in unconsolidated international affiliated funds	6,024	(5,421)
Income distributions from equity investments in unconsolidated international affiliated funds	3,394	1,688
Straight line rent adjustment	(3,321)	(1,829)
Amortization of above and below-market lease intangibles	(3,087)	(2,494)
Amortization of deferred financing costs	900	571
Amortization of mortgage discount	899	0
Amortization of restricted stock grants	197	105
Change in assets and liabilities:
(Increase) decrease in other assets	(11,804)	3,207
Increase in accounts payable, accrued expenses and other liabilities	15,710	21,839
Net cash provided by operating activities	58,481	55,082
Cash flows from investing activities:
Acquisitions of real estate	(13,759)	(691,679)
Origination and fundings of commercial mortgage loans	(4,570)	(253,032)
Capital improvements to real estate	(11,747)	(6,593)
Purchase of real estate-related securities	(65,431)	(79,065)
Proceeds from sale of real estate-related securities	68,521	44,362
Purchases of real estate debt	(33,823)	(81,615)
Proceeds from sale of real estate debt	17,319	1,165
Net cash used in investing activities	(43,490)	(1,066,457)
Cash flows from financing activities:
Proceeds from issuance of common stock	189,009	792,544
Repurchase of common stock	(253,218)	(14,502)
Offering costs paid	(943)	(737)
Borrowings under credit facility	104,500	222,000
Repayments on credit facility	(48,500)	(235,000)
Payments on mortgages payable	(305)	0
Proceeds from note payable	0	69,263
Payment of deferred financing costs	0	(194)
Proceeds from sale of loan participations	0	174,016
Contributions from non-controlling interests in third party joint ventures	0	3,347
Payment of offering and organization costs due to affiliate	(704)	(627)
Distributions to preferred stockholders	(11)	(9)
Distributions to non-controlling interests in third party joint ventures	(190)	(20)
Subscriptions received in advance	20,315	65,432
Distributions	(49,048)	(41,469)
Net cash (used in) provided by financing activities	(39,095)	1,034,044
Net (decrease) increase in cash and cash equivalents and restricted cash during the period	(24,104)	22,669
Cash and cash equivalents and restricted cash, beginning of period	75,421	130,576
Cash and cash equivalents and restricted cash, end of period	51,317	153,245
Reconciliation of cash and cash equivalents and restricted cash to the Consolidated Balance Sheets, end of period:
Cash and cash equivalents	30,061	86,754
Restricted cash	21,256	66,491
Total cash and cash equivalents and restricted cash	51,317	153,245
Supplemental disclosures:
Interest paid	31,146	7,111
Non-cash investing activities:
Assumption of other assets and liabilities in conjunction with acquisitions of investments in real estate	(79)	8,985
Accrued capital expenditures	(3,619)	9,194
Non-cash financing activities:
Assumption of mortgages payable in conjunction with acquisitions of investments in real estate	0	62,132
Accrued distributions	275	(4,446)
Accrued stockholder servicing fees	(939)	19,972
Distribution reinvestments	40,557	26,357
Allocation to redeemable non-controlling interests	(191)	564
Fundings of commercial mortgage loans through increases in loan participations	$ 4,870	$ 0

Organization and Business Purpo

Organization and Business Purpose	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business Purpose	Organization and Business Purpose Nuveen Global Cities REIT, Inc. (the “Company”) was formed on May 1, 2017 as a Maryland corporation and elected to be taxed as a real estate investment trust (“REIT”) for U.S. federal income tax purposes commencing with its taxable year ending December 31, 2018 and intends to operate in a manner that will allow it to continue to qualify as a REIT. The Company’s sponsor is Nuveen, LLC (the “Sponsor”), a wholly owned subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”). The Company is the sole general partner of Nuveen Global Cities REIT OP, LP, a Delaware limited partnership (“Nuveen OP”). Nuveen OP has issued a limited partner interest to Nuveen Global Cities REIT LP, LLC (the “Limited Partner”), a wholly owned subsidiary of the Company. The Company was organized to invest primarily in stabilized income-oriented commercial real estate in the United States and a substantial but lesser portion of the Company's portfolio will include real properties located in Canada, Europe and the Asia-Pacific region. Substantially all of the Company’s business is conducted through Nuveen OP. The Company and Nuveen OP are externally managed by Nuveen Real Estate Global Cities Advisors, LLC (the “Advisor”), an indirect, wholly owned subsidiary of the Sponsor and an investment advisory affiliate of Nuveen Real Estate. Pursuant to a Registration Statement on Form S-11 (File No. 333-222231) (the “IPO Registration Statement”), the Company registered with the Securities and Exchange Commission (the “SEC”) its initial public offering of up to $5.0 billion in shares of common stock (the “Initial Public Offering”). The IPO Registration Statement was initially declared effective on January 31, 2018 and the Initial Public Offering terminated on July 2, 2021. On January 13, 2021, the Company filed a Registration Statement on Form S-11 (File No. 333-252077) (the "Follow-on Registration Statement") to register up to $5.0 billion in shares of common stock, consisting of up to $4.0 billion in shares in its primary offering and up to $1.0 billion in shares pursuant to its distribution reinvestment plan (the "Follow-on Public Offering"). The Follow-on Registration Statement was initially declared effective by the SEC on July 2, 2021. In the Follow-on Public Offering, the Company is offering to the public any combination of four classes of shares of its common stock, Class T shares, Class S shares, Class D shares and Class I shares, with a dollar value up to the maximum offering amount. The publicly offered share classes have different upfront selling commissions and ongoing stockholder servicing fees. The purchase price per share for each class of common stock varies and generally equals the Company’s prior month’s net asset value (“NAV”) per share, as calculated monthly, plus applicable upfront selling commissions and dealer manager fees. As of September 30, 2023, the Company had received aggregate net proceeds of $2.2 billion from selling shares in the Initial Public Offering, the Follow-on Public Offering and in unregistered private offerings.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited consolidated financial statements include the accounts of the Company and its subsidiaries, and in the opinion of management, include all necessary adjustments, consisting of only normal and recurring items, necessary for a fair statement of the Company’s consolidated financial statements as of September 30, 2023 and December 31, 2022 and for the three and nine months ended September 30, 2023 and 2022. Results of operations for the interim periods are not necessarily indicative of results for the entire year. These financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the applicable rules and regulations of the SEC. The accompanying unaudited consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements prepared in accordance with GAAP, and the related notes thereto, that are included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022 as filed with the SEC. The year-end balance sheet was derived from those audited financial statements. The accompanying consolidated financial statements include the accounts of the Company, the Company's subsidiaries and joint ventures in which the Company has a controlling interest. All intercompany balances and transactions have been eliminated in consolidation. The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the balance sheet. 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. The Company is the primary beneficiary of a VIE when it has (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. When the requirements for consolidation are not met and the Company has significant influence over the operations of the entity, the investment is accounted for under the equity method of accounting. Equity method investments for which the Company has not elected the fair value option (“FVO”) are initially recorded at cost and subsequently adjusted for the Company’s pro-rata share of net income, contributions and distributions. When the Company elects the FVO, the Company records its share of net asset value of the entity and any related unrealized gains and losses. Each of the Company’s joint ventures is considered to be a VIE or VOE. The Company consolidates these entities because it has the ability to direct the most significant activities of the joint ventures, including unilateral decision-making on the disposition of the investments. For select joint ventures, the non-controlling partner’s share of the assets, liabilities and operations of each joint venture is included in noncontrolling interests as equity of the Company. The non-controlling partner’s interest is generally computed as the joint venture partner’s ownership percentage. Certain strategic partnerships of the Company provide the other partner a profits interest based on certain internal rate of return hurdles being achieved. Any profits interest due to the other partner is reported within redeemable non-controlling interests. As of September 30, 2023, and December 31, 2022, the total assets and liabilities of the Company’s consolidated VIEs were $49.8 million and $30.4 million, and $51.2 million and $30.2 million, respectively. Such amounts are included on the Company’s Consolidated Balance Sheets. The Company has limited contractual rights to obtain the financial records of certain of its consolidated single-family housing, retail, student housing, self-storage and direct international portfolios from the operating partner. The operating partner does not prepare separate GAAP financial statements; therefore, the Company compiles GAAP financial information for the portfolios based on reports prepared by and received from the operating partner. Such reports are not available to the Company until approximately 20 days after the end of any given period. As a result, these activities are generally included in the Company's consolidated financial statements on a one-month lag; however, any significant activity that occurs in the final month of the quarter is recorded in that period. Investments in Real Estate In accordance with the guidance for business combinations, the Company determines whether the acquisition of a property qualifies as a business combination, which requires that the assets acquired and liabilities assumed constitute a business. If the property acquired is not a business, the Company accounts for the transaction as an asset acquisition. All property acquisitions to date have been accounted for as asset acquisitions. Whether the acquisition of a property acquired is considered a business combination or asset acquisition, the Company recognizes the identifiable assets acquired, the liabilities assumed and any non-controlling interest in the acquired entity. In addition, for transactions that will be considered business combinations, the Company will evaluate the existence of goodwill or a gain from a bargain purchase. The Company expenses acquisition-related costs associated with business combinations as they are incurred. The Company capitalizes acquisition-related costs associated with asset acquisitions. Upon acquisition of a property, the Company assesses the fair value of acquired tangible and intangible assets (including land, buildings, tenant improvements, above-market and below-market leases, acquired in-place leases, other identified intangible assets and assumed liabilities) and allocates the purchase price to the acquired assets and assumed liabilities. The Company assesses and considers fair value based on estimated cash flow projections that utilize discount or capitalization rates that it deems appropriate, as well as other available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known and anticipated trends and market and economic conditions. The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. The Company also considers an allocation of purchase price of other acquired intangibles, including acquired in-place leases that may have a customer relationship intangible value, including but not limited to the nature and extent of the existing relationship with the tenants, the tenants’ credit quality and expectations of lease renewals. Based on its acquisitions to date, the Company’s allocation to customer relationship intangible assets has not been material. The Company records acquired above-market and below-market leases at their fair values (using a discount rate which reflects the risks associated with the leases acquired) equal to the difference between (1) the contractual amounts to be paid pursuant to each in-place lease and (2) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the initial term plus the term of any below-market fixed rate renewal options for below-market leases. Other intangible assets acquired include amounts for in-place lease values that are based on the Company’s evaluation of the specific characteristics of each tenant’s lease. Factors to be considered include estimates of carrying costs during hypothetical expected lease-up periods considering current market conditions, and costs to execute similar leases. In estimating carrying costs, the Company includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods, depending on local market conditions. In estimating costs to execute similar leases, the Company considers leasing commissions, legal and other related expenses. Intangible assets and intangible liabilities are recorded as separate components on the Company's Consolidated Balance Sheets. The amortization of acquired above-market and below-market leases is recorded as an adjustment to Rental Revenue on the Company’s Consolidated Statements of Operations. The amortization of in-place leases is recorded as an adjustment to Depreciation and Amortization on the Company's Consolidated Statements of Operations. The cost of buildings and improvements includes the purchase price of the Company’s properties and any acquisition-related adjustments, along with any subsequent improvements to such properties. The Company’s Investments in Real Estate are stated at cost and are generally depreciated on a straight-line basis over the estimated useful lives of the assets as follows: Description Depreciable Life Building 40 years Building, land and site improvements 15-40 years Furniture, fixtures and equipment 3-7 years Lease intangibles Over lease term Significant improvements to properties are capitalized. When assets are sold or retired, their costs and related accumulated depreciation or amortization are removed from the accounts with the resulting gains or losses reflected in net income or loss for the period. Repairs and maintenance are expensed to operations as incurred and are included in Rental Property Operating on the Company’s Consolidated Statements of Operations. The Company’s management reviews the Company's real estate properties for impairment each quarter or when there is an event or change in circumstances that indicates an impaired value. If the carrying amount of the real estate investment is no longer recoverable and exceeds the fair value of such investment, an impairment loss is recognized. The impairment loss is recognized based on the excess of the carrying amount of the asset over its fair value, or fair value, less cost to sell if classified as held for sale. If the Company’s strategy changes or market conditions otherwise dictate an earlier sale date, an impairment loss may be recognized and such loss could be material to the Company’s results. During the periods presented, no such impairment occurred. Investments in Real Estate-Related Securities The Company reports its investment in real estate-related securities at fair value and any changes in fair value are recorded in the current period earnings. Dividend income is recorded when declared and the resulting dividend income, along with gains and losses are recorded as a component of Realized and Unrealized Gain (Loss) from Real Estate-Related Securities on the Company’s Consolidated Statements of Operations. Investments in Real Estate Debt The Company’s investments in real estate debt consist of commercial mortgage-backed securities (“CMBS”), which are securities backed by one or more mortgage loans secured by real estate assets. The Company classifies its CMBS as trading securities and records such investments at fair value. As such, the resulting unrealized gains and losses of its CMBS are recorded as a component of Realized and Unrealized Gain (Loss) from Real Estate Debt on the Company’s Consolidated Statements of Operations. Interest income from the Company’s investments in CMBS is recognized over the life of each investment and is recorded on the accrual basis on the Company’s Consolidated Statements of Operations. Investments in International Affiliated Funds The Company reports its investment in European Cities Partnership SCSp (“ECF”) and Asia Pacific Cities Fund (“APCF”), investment funds managed by an affiliate of TIAA (collectively, the “International Affiliated Funds”), under the equity method of accounting. The equity method income (loss) from the investments in the International Affiliated Funds represents the Company’s allocable share of each fund’s net income or loss, which includes income and expense, realized gains and losses, foreign currency translation adjustments, and unrealized appreciation or depreciation as determined from the financial statements of ECF and APCF (which carry investments at fair value in accordance with GAAP) and is reported as Income (Loss) from Equity Investment in Unconsolidated International Affiliated Funds on the Company’s Consolidated Statements of Operations. All contributions to or distributions from the investment in the International Affiliated Funds are accrued when notice is received and recorded as a receivable from or payable to the International Affiliated Funds on the Company's Consolidated Balance Sheets. The Company uses the cumulative earnings approach to classify its distributions received from equity method investments. Under the cumulative earnings approach, distributions received are considered returns on investment and classified as cash inflows from operating activities, unless the investor’s cumulative distributions received less distributions received in prior periods that were determined to be returns on investment exceed cumulative equity in earnings recognized by the investor. When such an excess occurs, the current-period distribution up to this excess is considered a return of investment and classified as cash inflows from investing activities. Investments in Commercial Mortgage Loans The Company originates commercial mortgage loans and elects the fair value option for each loan. In accordance with the adoption of the fair value option allowed under ASC 825, Financial Instruments, and at the election of the Company, the commercial mortgage loans are stated at fair value and initially valued at the face amount of the loan funding. Subsequently, the commercial mortgage loans are valued at least quarterly by an independent third-party valuation firm with additional oversight being performed by the Advisor’s internal valuation department. The value is based on market factors, such as market interest rates and spreads for comparable loans, the performance of the underlying collateral (such as the loan-to-value ratio and the cash flow of the underlying collateral), and the credit quality of the borrower. The income from the commercial mortgage loans represents interest income and origination fee income, which is reported as Income from Commercial Mortgage Loans on the Company’s Consolidated Statements of Operations. Unrealized gains and losses are recorded as a component of Unrealized Gain (Loss) on Commercial Mortgage Loans on the Company’s Consolidated Statements of Operations. In the event of a partial or whole sale of the commercial mortgage loan that qualifies for sale accounting under GAAP, the Company derecognizes the corresponding asset and fees paid as part of the partial or whole sale are recognized on the Company’s Consolidated Statements of Operations. Senior Loan Participations In certain instances, the Company finances loans through the non-recourse syndication of a senior loan interest to a third party. Depending on the particular structure of the syndication, the senior loan interest may remain on the Company's Consolidated Balance Sheets or, in other cases, the sale will be recognized and the senior loan interest will no longer be included in its consolidated financial statements. When these sales do not qualify for sale accounting under GAAP, the Company reflects the transaction by recording a loan participations liability at fair value on the Consolidated Balance Sheets, however this gross presentation does not impact Stockholders’ Equity or Net Income. When the sales are recognized, the Consolidated Balance Sheets only includes the remaining subordinate loan. Note Payable The Company finances the acquisition of certain mortgage loans through the use of "note-on-note" transactions in which the Company pledges mortgage loans as collateral to secure a loan which is equal in value to a specified percentage of the estimated fair value of the pledged collateral. These "note-on-note" transactions are recorded in Note Payable, at Fair Value on the Consolidated Balance Sheets and are carried at fair value through the adoption of the fair value option allowed under ASC 825. Financing costs related to the Company's note payable are expensed as incurred and recorded in Interest Expense on the Consolidated Statements of Operations. Deferred Charges The Company's deferred charges include financing and leasing costs. Financing costs include legal, structuring and other loan costs incurred by the Company for its financing arrangements. Deferred financing costs related to the Credit Facility (as defined herein) are recorded as a component of Other Assets on the Company’s Consolidated Balance Sheets and are amortized on a straight-line basis over the term of the Credit Facility, which approximates the effective interest method. Unamortized deferred financing costs are charged to interest expense upon early repayment or significant modification of the Credit Facility and fully amortized deferred financing costs are removed from the books upon the maturity of the Credit Facility. Deferred financing costs related to the Company’s mortgages payable are recorded as an offset to the related liability and amortized on a straight-line basis over the term of the financing instrument, which approximates the effective interest method. Unamortized deferred financing costs related to the Company's mortgages payable are charged to interest expense upon early repayment or significant modification of the mortgages payable and fully amortized deferred financing costs are removed from the books upon maturity. Deferred leasing costs, which consist primarily of brokerage and legal fees, incurred in connection with new leases, are recorded as a component of Intangible Assets, Net on the Company’s Consolidated Balance Sheets and amortized over the life of the related lease. Unamortized deferred leasing costs are charged to amortization expense upon early termination or significant modification of the leases and fully amortized deferred leasing costs are removed from the books upon lease expiration. Fair Value Measurement Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Accounting guidance also establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: Level 1—quoted prices are available in active markets for identical investments as of the measurement date. The Company does not adjust the quoted price for these investments. Level 2—quoted prices are available in markets that are not active or model inputs are based on inputs that are either directly or indirectly observable as of the measurement date. Level 3—pricing inputs are unobservable and include instances where there is minimal, if any, market activity for the investment. These inputs require significant judgment or estimation by management or third parties when determining fair value and generally represent anything that does not meet the criteria of Levels 1 and 2. Due to the inherent uncertainty of these estimates, these values may differ materially from the values that would have been used had a ready market for these investments existed. The Company's investments in real estate-related securities are recorded at fair value based on the closing price of the common stock as reported by the applicable national securities exchange and have been classified as Level 1. The Company’s investments in real estate debt, which consists of CMBS, are reported at fair value. The Company generally determines the fair value of its investments in real estate debt by utilizing third-party pricing service providers whenever available and such investments have been classified as Level 2. The Company's derivative financial instruments, consisting of interest rate swaps, are reported at fair value. The fair values of the Company's interest rate contracts were estimated using advice from a third-party valuation service provider based on contractual cash flows and interest calculations using the appropriate discount rates and such investments have been classified as Level 2. The Company’s investments in commercial mortgage loans consist of floating rate senior and mezzanine loans the Company originated and have been classified as Level 3. The commercial mortgage loans are carried at fair value based on significant unobservable inputs. The Company's loan participations and note payable are carried at fair value based on significant unobservable inputs and have been classified as Level 3. The carrying amounts of financial instruments such as other assets, accounts payable, accrued expenses and other liabilities approximate their fair values due to the short-term maturities and market rates of interest of these instruments. The following table details the Company’s assets and liabilities measured at fair value on a recurring basis ($ in thousands): September 30, 2023 December 31, 2022 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Investments in real estate-related securities $ 105,166 $ — $ — $ 105,166 $ 116,164 $ — $ — $ 116,164 Investments in real estate debt — 114,391 — 114,391 — 98,252 — 98,252 Investments in commercial mortgage loans — — 351,524 351,524 — — 343,970 343,970 Interest rate derivatives (1) — 24 — 24 — — — — Total $ 105,166 $ 114,415 $ 351,524 $ 571,105 $ 116,164 $ 98,252 $ 343,970 $ 558,386 Liabilities: Loan participations $ — $ — $ 180,080 $ 180,080 $ — $ — $ 175,830 $ 175,830 Note payable — — 69,160 69,160 — — 69,030 69,030 Total $ — $ — $ 249,240 $ 249,240 $ — $ — $ 244,860 $ 244,860 (1) Included in Other Assets in the Company's Consolidated Balance Sheets. The following table details the Company’s assets and liabilities measured at fair value on a recurring basis using Level 3 inputs ($ in thousands): Investments in Commercial Mortgage Loans Loan Participations Note Payable Balance as of December 31, 2022 $ 343,970 $ 175,830 $ 69,030 Additional fundings 9,440 (a) 4,870 (a) — Net unrealized loss on assets (1,886) (b) — — Net unrealized (gain) loss on liabilities — (620) (b) 130 Balance as of September 30, 2023 $ 351,524 $ 180,080 $ 69,160 (a) Includes additional fundings on commercial mortgage loans of $4.5 million combined with additional fundings of $4.9 million associated with loan participations. (b) Unrealized Loss on Commercial Mortgage Loans of $1.3 million reported on the Company's Consolidated Statements of Operations for the nine months ended September 30, 2023 includes unrealized losses of $1.9 million associated with commercial mortgage loans, net of unrealized gains of $0.6 million associated with loan participations. The following table shows the quantitative information about unobservable inputs that constitute the Level 3 fair value measurements of the investments in commercial mortgage loans, loan participations and note payable as of September 30, 2023. Type Asset Class Valuation Technique Unobservable Inputs Range (Weighted Average) Commercial Mortgage Loans Various Discounted Cash Flow Method Equivalency Rate SOFR (1) + 2.00% - 9.55% (4.10%) Loan Participations Various Discounted Cash Flow Method Equivalency Rate SOFR (1) + 2.00% - 3.75% (2.63%) Note Payable Multifamily Discounted Cash Flow Method Equivalency Rate SOFR (1) + 1.75% (1.75%) (1) Secured Overnight Financing Rate ("SOFR") as of September 30, 2023 was 5.3%. As of September 30, 2023, the carrying value of the Company's credit facility approximated fair value. The fair value of the Company's mortgages payable was $174.3 million and $178.6 million as of September 30, 2023 and December 31, 2022, respectively. Fair value of the Company's indebtedness is estimated by modeling the cash flows required by the Company's debt agreements and discounting them back to present value using the appropriate discount rate. Additionally, the Company considers current market rates and conditions by evaluating similar borrowing agreements with comparable loan-to-value ratios and credit profiles. The inputs used in determining the fair value of the Company's indebtedness are considered Level 3. Revenue Recognition The Company’s sources of revenue and the related revenue recognition policies are as follows: Rental Revenue — consists primarily of base rent arising from tenant operating leases at the Company’s properties. Rental revenue is recognized on a straight-line basis over the life of the lease, including any rent steps or abatement provisions. The Company begins to recognize revenue when a tenant takes possession of the leased space. The Company includes in rental revenue its tenant reimbursement income, which consists of amounts due from tenants for costs related to common area maintenance, real estate taxes and other recoverable costs as defined in lease agreements. The Company evaluates the collectability of receivables related to rental revenue on an individual lease basis. Management exercises judgment in assessing collectability and considers the length of time a receivable has been outstanding, tenant credit-worthiness, payment history, available information about the financial condition of the tenant, and current economic trends, among other factors. Tenant receivables that are deemed uncollectible are recognized as a reduction to rental revenue. Income from Commercial Mortgage Loans — consists of income from interest earned and recognized as operating income based upon the principal amount outstanding and the contracted interest rate along with origination fees. The accrual of interest income on mortgage loans is discontinued when in management’s opinion, the borrower may be unable to meet payments as they become due (“nonaccrual mortgage loans”), unless the loan is well-secured and is in the process of collection. Interest income on nonaccrual mortgage loans is subsequently recognized only to the extent cash payments are received until the loans are returned to accrual status. As of September 30, 2023, the Company did not have any nonaccrual mortgage loans. Leases The Company derives revenue pursuant to lease agreements. At the inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. At the lease inception, the Company determines whether each lease is a sales-type, direct financing or operating lease. Such classification is based on whether: • The lessee gains control of the underlying asset and the lessor therefore relinquishes control to the lessee under certain criteria (sales-type or direct-financing); or • All other leases that do not meet the criteria as sales-type or direct financing leases (operating). The Company's leases are classified as operating leases in accordance with relevant accounting guidelines, and the related revenue is recognized on a straight-line basis. Upon the termination or vacation of a tenant lease, the associated straight-line rent receivable is written off. Cash and Cash Equivalents Cash and cash equivalents represent cash held in banks, cash on hand and liquid investments with original maturities of three months or less at the time of purchase. The Company may have bank balances in excess of federally insured amounts; however, the Company deposits its cash with high credit-quality institutions to minimize credit risk. Restricted Cash As of September 30, 2023, the Company had $21.3 million of restricted cash. The restricted cash consisted of $1.0 million of tenant security deposits and $20.3 million of cash received for subscriptions prior to the date in which the subscriptions are effective, which is held in a bank account controlled by the Company’s transfer agent, but in the name of the Company. Income Taxes The Company elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code (“Code”) commencing with its taxable year ended December 31, 2018, and intends to operate in a manner that will allow it to continue to qualify as a REIT. In qualifying for taxation as a REIT, the Company is subject to federal corporate income tax to the extent it distributes less than 100% of its REIT taxable income (including for this purpose its net capital gain) to its stockholders. The Company will be subject to a 4% nondeductible excise tax on the amount, if any, by which distributions it pays in any calendar year are less than the sum of 85% of its ordinary income, 95% of its net capital gains, and 100% of its undistributed income from prior years. The Company may elect to treat certain of its corporate subsidiaries as taxable REIT subsidiaries (“TRSs”). In general, a TRS may perform additional services for the Company’s tenants and generally may engage in any real estate or non-real estate-related business other than management or operation of a lodging facility or a health care facility. The Company’s dealings with the TRSs must be arm’s length in nature or be permitted under the Code. Otherwise, the Company may be subject to 100% penalty tax, or its TRSs may be denied deductions. A domestic TRS is subject to U.S. corporate federal income tax and state income or franchise tax. A Cayman Islands TRS is not subject to U.S. corporate federal income tax or Cayman Islands taxes. As of September 30, 2023, the Company had five active TRSs: the Company uses two Cayman Islands TRSs to hold its investments in the International Affiliated Funds, one Luxembourg TRS to hold minority interests in its direct European investment, one domestic TRS to hold the senior portions of the commercial mortgage loans, and one domestic TRS for self-storage, nonrental-related business. The asset tests that apply to REITs limit the Company's ownership of the securities of its TRSs to no more than 20% of the value of the Company's total assets. For the three and nine months ended September 30, 2023, the Company incurred federal income tax expense related to the TRSs of $0.1 million and $0.3 million, respectively. The Company accrues liabilities when it believes that it is more likely than not that it will not realize the benefits of tax positions that it has taken in its tax returns or for the amount of any tax benefit that exceeds the cumulative probability threshold in accordance with ASC 740-10, Uncertain Tax Positions. Interest and penalties related to unrecognized tax positions are included in income tax expense, and no amount has been accrued. Income tax returns for tax years 2019 through 2022 remain subject to governmental examination. Deferred Taxes As of September 30, 2023, the Company had a deferred tax liability of $2.7 million that is recorded in Accounts Payable, Accrued Expenses and Other Liabilities on the Company’s Consolidated Balance Sheets. The deferred tax liability is a value-based tax, calculated on the difference between acquisition cost and current tax basis, and was assumed during the acquisition of the multifamily portfolio in Copenhagen, Denmark. Organization and Offering Expenses The Advisor advanced organization and offering expenses on behalf of the Company (including legal, accounting and other expenses attributable to the organization, but excluding upfront selling commissions, dealer manager fees and stockholder servicing fees) through the fourth full fiscal quarter after the Company’s acquisition of its first property. The Company agreed to reimburs

Investments in Real Estate

Investments in Real Estate	9 Months Ended
	Sep. 30, 2023
Real Estate [Abstract]
Investments in Real Estate	Investments in Real Estate Investments in Real Estate, Net consisted of the following ($ in thousands): September 30, 2023 December 31, 2022 Building and building improvements $ 1,542,436 $ 1,522,540 Land and land improvements 315,439 312,989 Furniture, fixtures and equipment 14,850 13,285 Total 1,872,725 1,848,814 Accumulated depreciation (132,554) (88,330) Investments in real estate, net $ 1,740,171 $ 1,760,484 For the three and nine months ended September 30, 2023, depreciation expense was $14.7 million and $44.2 million, respectively. For the three and nine months ended September 30, 2022, depreciation expense was $11.7 million and $28.4 million, respectively. During the nine months ended September 30, 2023, the Company acquired one self-storage property. The following table provides details of the property acquired during the nine months ended September 30, 2023 ($ in thousands): Sectors Purchase Price (1) Number of Transactions Number of Properties Sq. Ft. (in thousands)/Units Self-Storage $ 13,759 1 1 716 Units (1) Purchase price is inclusive of acquisition costs and other acquisition related adjustments. Purchase price does not include any net liabilities assumed. The following table summarizes the purchase price allocation for the property acquired during the nine months ended September 30, 2023 ($ in thousands): Amount Building and building improvements $ 10,306 Land and land improvements 2,258 In-place lease intangibles 704 Furniture, fixtures and equipment 491 Total purchase price $ 13,759

Investments in Real Estate-Rela

Investments in Real Estate-Related Securities	9 Months Ended
	Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Investments in Real Estate-Related Securities	Investments in Real Estate-Related Securities As of September 30, 2023 and December 31, 2022, the Company’s investments in real estate-related securities consisted of shares of common stock of publicly-listed REITs. As described in Note 2, the Company records its investments in real estate-related securities at fair value on its Consolidated Balance Sheets. The following table summarizes the Investments in Real Estate-Related Securities as of September 30, 2023 ($ in thousands): Investments in Real Balance as of December 31, 2022 $ 116,164 Additions 65,431 Disposals (68,521) Unrealized gains 1,142 Realized losses (9,050) Balance at September 30, 2023 $ 105,166 The following table summarizes the components of Realized and Unrealized Income (Loss) from Real Estate-Related Securities during the three and nine months ended September 30, 2023 and 2022 ($ in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Unrealized (losses) gains $ (5,292) $ (11,213) $ 1,142 $ (39,569) Realized (losses) gains (5,453) (641) (9,050) 4,231 Dividend income 1,136 1,191 3,600 2,737 Total $ (9,609) $ (10,663) $ (4,308) $ (32,601)

Investments in Real Estate Debt

Investments in Real Estate Debt	9 Months Ended
	Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Investments in Real Estate Debt	Investments in Real Estate Debt The following tables detail the Company's Investments in Real Estate Debt ($ in thousands): September 30, 2023 Type of Security/Loan Weighted Average Coupon Weighted Average Maturity Date (1, 2) Face Amount Cost Basis Fair Value CMBS - Fixed 3.88 % 10/2/2043 $ 19,266 $ 17,780 $ 15,392 CMBS - Floating 7.66 % 3/23/2037 103,631 101,047 98,999 Total 7.07 % 4/19/2038 $ 122,897 $ 118,827 $ 114,391 December 31, 2022 Type of Security/Loan Weighted Average Coupon Weighted Average Maturity Date (1, 2) Face Amount Cost Basis Fair Value CMBS - Fixed 3.83 % 9/25/2043 $ 19,541 $ 18,324 $ 17,157 CMBS - Floating 6.48 % 4/28/2037 86,035 84,068 81,095 Total 5.99 % 7/05/2038 $ 105,576 $ 102,392 $ 98,252 (1) Weighted by face amount. The following table details the collateral type of the properties securing the Company's Investments in Real Estate Debt ($ in thousands): September 30, 2023 December 31, 2022 Collateral Cost Basis Fair Value Percentage based on Fair Value Cost Basis Fair Value Percentage based on Fair Value Industrial $ 41,130 $ 40,831 35.7 % $ 31,069 $ 29,979 30.5 % Multifamily 18,621 17,948 15.7 % 17,457 17,083 17.3 % Office 10,391 8,653 7.6 % 13,148 12,194 12.4 % Diversified 10,289 9,401 8.2 % 10,833 10,179 10.4 % Retail 8,188 8,127 7.1 % 4,245 4,106 4.2 % Hotel 7,996 7,852 6.9 % 4,798 4,637 4.7 % Cold Storage 6,844 6,883 6.0 % 9,799 9,664 9.8 % Manufactured Housing 4,625 4,726 4.1 % 3,149 3,148 3.2 % Net Lease 3,861 3,390 3.0 % 3,907 3,493 3.6 % Self-Storage 3,647 3,551 3.1 % 2,494 2,330 2.4 % Life Science 3,235 3,029 2.6 % 1,493 1,439 1.5 % Total $ 118,827 $ 114,391 100.0 % $ 102,392 $ 98,252 100.0 % The following table details the credit rating of the Company's Investments in Real Estate Debt ($ in thousands): September 30, 2023 December 31, 2022 Credit Rating (1) Cost Basis Fair Value Percentage based on Fair Value Cost Basis Fair Value Percentage based on Fair Value AAA $ 8,094 $ 7,949 6.9 % $ 3,528 $ 3,347 3.4 % AA 8,640 8,653 7.6 % 9,903 9,861 10.0 % A 26,532 25,602 22.4 % 25,406 24,364 24.8 % BBB 70,936 68,499 59.8 % 60,856 58,254 59.3 % BB 4,090 3,381 3.0 % 2,164 2,021 2.1 % B 535 307 0.3 % 535 405 0.4 % Total $ 118,827 $ 114,391 100.0 % $ 102,392 $ 98,252 100.0 % (1) Composite rating at the time of purchase. The following table summarizes the Investments in Real Estate Debt as of September 30, 2023 ($ in thousands): Investments in Real Estate Debt Balance as of December 31, 2022 $ 98,252 Additions 33,823 Disposals (17,319) Unrealized losses (296) Realized losses (69) Balance at September 30, 2023 $ 114,391

Investment in International Aff

Investment in International Affiliated Funds	9 Months Ended
	Sep. 30, 2023
Schedule of Investments [Abstract]
Investment in International Affiliated Funds	Investment in International Affiliated Funds Investment in ECF: ECF was launched in March 2016 as an open-end, Euro-denominated fund that seeks to build a diversified portfolio of high quality and stabilized commercial real estate with good fundamentals (i.e., core real estate) located in or around certain investment cities in Europe selected for their resilience, potential for long-term structural performance and ability to deliver an attractive and stable distribution yield. The Company invested approximately $79 million (€70 million) and has a 6% ownership in ECF as of September 30, 2023. As described in Note 2, the Company records its investment in ECF using the equity method on its Consolidated Balance Sheets. While the Company has strategies to manage the foreign exchange risk associated with its investment made in Euros, there can be no assurance that these strategies will be successful or that foreign exchange fluctuations will not negatively impact the Company’s financial performance and results of operations in a material manner. The following table summarizes the Equity Investment in Unconsolidated International Affiliated Funds from ECF as of September 30, 2023 ($ in thousands): Investment in ECF Balance as of December 31, 2022 $ 78,353 Income distributions (2,510) Loss from equity investment in unconsolidated international affiliated fund (7,915) Foreign currency translation adjustment (1,187) Balance at September 30, 2023 $ 66,741 Loss from equity investments in unconsolidated international affiliated funds from ECF for the three and nine months ended September 30, 2023 was $1.6 million and $7.9 million, respectively. Income from equity investments in unconsolidated international affiliated funds from ECF for the three and nine months ended September 30, 2022 was $2.3 million and $6.1 million, respectively. Investment in APCF: APCF was launched in November 2018 as an open-end, U.S. dollar-denominated fund that seeks durable income and capital appreciation from a balanced and diversified portfolio of real estate investments in a defined list of investment cities in the Asia-Pacific region. The Company invested $50 million and has a 6% ownership in APCF as of September 30, 2023. As described in Note 2, the Company records its investment in APCF using the equity method on its Consolidated Balance Sheets. The following table summarizes the Equity Investment in Unconsolidated International Affiliated Funds from APCF as of September 30, 2023 ($ in thousands): Investment in APCF Balance as of December 31, 2022 $ 48,871 Income distributions (884) Income from equity investment in unconsolidated international affiliated fund 1,891 Balance at September 30, 2023 $ 49,878 (Loss) income from equity investments in unconsolidated international affiliated funds from APCF for the three and nine months ended September 30, 2023 was ($1.2) million and $1.9 million, respectively. Loss from equity investments in unconsolidated international affiliated funds from APCF for the three and nine months ended September 30, 2022 was $1.9 million and $0.7 million, respectively.

Investments in Commercial Mortg

Investments in Commercial Mortgage Loans	9 Months Ended
	Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Investment in Commercial Mortgage Loans	Investments in Commercial Mortgage Loans The following table summarizes the Investments in Commercial Mortgage Loans as of September 30, 2023 ($ in thousands): Investment Name Origination Date Loan Type Property Type Location Interest Rate Maturity Date Periodic Payment Terms Commitment Amount Principal Receivable Fair Value 9-90 Corporate Center (1) 11/9/2021 Senior Office Framingham, MA SOFR + 175 bps 11/9/2024 Interest only $72,033 $64,095 $62,730 9-90 Corporate Center 11/9/2021 Mezzanine Office Framingham, MA SOFR + 575 bps 11/9/2024 Interest only $23,344 $21,365 $20,714 Panorama House (1) 11/16/2021 Senior Multifamily Roseville, CA SOFR + 165 bps 12/9/2025 Interest only $66,488 $66,488 $65,990 Panorama House 11/16/2021 Mezzanine Multifamily Roseville, CA SOFR + 597 bps 12/9/2025 Interest only $22,163 $22,163 $21,300 Tucson IV 3/28/2022 Senior Multifamily Tucson, AZ SOFR + 295 bps 4/9/2025 Interest only $76,260 $72,803 $73,050 Tucson IV 3/28/2022 Mezzanine Multifamily Tucson, AZ SOFR + 295 bps 4/9/2025 Interest only $25,420 $24,268 $22,680 Dolce Living Royal Palm (1) 7/8/2022 Senior Multifamily Kissimmee, FL SOFR + 185 bps 7/9/2024 Interest only $51,432 $51,432 $51,360 Dolce Living Royal Palm 7/8/2022 Mezzanine Multifamily Kissimmee, FL SOFR + 525 bps 7/9/2024 Interest only $17,144 $17,144 $16,960 Luxe Scottsdale (1) 7/19/2022 Mezzanine Multifamily Scottsdale, AZ SOFR + 570 bps 8/9/2025 Interest only $17,043 $17,109 $16,740 Total $351,524 (1) During the year ended December 31, 2022, the Company sold four senior loans to unaffiliated parties, receiving total proceeds of $208.5 million, which are net of disposition fees and additional fundings. The senior loan sales, with the exception of Luxe Scottsdale, did not qualify for sale accounting under GAAP and as such, the loans were not de-recognized. For the three and nine months ended September 30, 2023, the Company had unrealized gains (losses) on its commercial mortgage loans of $0.4 million and $(1.3) million, respectively. For the three and nine months ended September 30, 2022, the Company had unrealized gains (losses) on its commercial mortgage loans of $0.7 million and $(1.6) million, respectively. For the three and nine months ended September 30, 2023, the Company recognized interest income from its investments in commercial mortgage loans of $7.5 million and $21.0 million, respectively. For the three and nine months ended September 30, 2022, the Company recognized interest income and loan origination fee income from its investments in commercial mortgage loans of $5.6 million and $9.5 million, respectively. The following table summarizes the Company’s investments in commercial mortgage loans as of September 30, 2023 ($ in thousands): Investments in Commercial Mortgage Loans Balance as of December 31, 2022 $ 343,970 Additional fundings (1) 9,440 Net unrealized loss (2) (1,886) Balance as of September 30, 2023 $ 351,524 (1) Includes additional fundings on commercial mortgage loans of $4.5 million combined with additional fundings of $4.9 million associated with loan participations. (2) Unrealized Loss on Commercial Mortgage Loans of $1.3 million reported on the Company's Consolidated Statements of Operations for the nine months ended September 30, 2023 includes unrealized losses of $1.9 million associated with commercial mortgage loans, net of unrealized gains of $0.6 million associated with loan participations.

Intangibles

Intangibles	9 Months Ended
	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Intangibles	Intangibles The gross carrying amount and accumulated amortization of the Company’s intangible assets and liabilities consisted of the following ($ in thousands): September 30, 2023 December 31, 2022 Intangible assets: In-place lease intangibles $ 96,026 $ 95,325 Above-market lease intangibles 13,030 13,030 Leasing commissions 43,546 41,757 Other intangibles 18,300 18,881 Total intangible assets 170,902 168,993 Accumulated amortization: In-place lease intangibles (46,027) (33,200) Above-market lease intangibles (2,378) (943) Leasing commissions (13,554) (9,034) Other intangibles (5,181) (2,825) Total accumulated amortization (67,140) (46,002) Intangible assets, net $ 103,762 $ 122,991 Intangible liabilities: Below-market lease intangibles $ (47,785) $ (47,785) Accumulated amortization 12,075 7,553 Intangible liabilities, net $ (35,710) $ (40,232) Amortization expense relating to intangible assets was $6.9 million and $21.1 million, respectively, for the three and nine months ended September 30, 2023, which includes above-market lease amortization of $0.5 million and $1.4 million , respectively, that is recorded to Rental Revenue on the Consolidated Statements of Operations. Amortization expense relating to intangible assets was $6.0 million and $15.7 million, respectively, for the three and nine months ended September 30, 2022, which includes above-market lease amortization of $0.3 million for each period , that is recorded to Rental Revenue on the Consolidated Statement of Operations. Income from the amortization of below-market lease intangibles was $1.5 million and $4.5 million, respectively, for the three and nine months ended September 30, 2023. Income from the amortization of intangible liabilities was $1.1 million and $2.8 million, respectively, for the three and nine months ended September 30, 2022. The estimated future amortization on the Company’s intangibles for each of the next five years and thereafter as of September 30, 2023 is as follows ($ in thousands): In-Place Lease Above-Market Lease Intangibles Leasing Commissions Other Below-Market 2023 (Remaining) $ 3,814 $ 469 $ 1,487 $ 720 $ (1,505) 2024 10,772 1,849 5,610 2,661 (5,472) 2025 8,687 1,784 5,043 2,343 (5,019) 2026 6,437 1,727 4,230 1,861 (4,528) 2027 5,070 1,687 3,535 1,474 (3,922) Thereafter 15,219 3,136 10,087 4,060 (15,264) Total $ 49,999 $ 10,652 $ 29,992 $ 13,119 $ (35,710) As of September 30, 2023, the weighted-average amortization periods for the acquired in-place lease intangibles, above-market lease intangibles, leasing commissions, other intangibles and below-market lease intangibles of the properties acquired were 3, 6, 7, 9 and 12 years, respectively.

Credit Facility

Credit Facility	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Credit Facility	Credit Facility On October 24, 2018, the Company entered into a credit agreement (“Credit Agreement”) with Wells Fargo Bank, National Association (“Wells Fargo”), as administrative agent and lead arranger. The Credit Agreement provided for aggregate commitments of up to $60.0 million for unsecured revolving loans, with an accordion feature that may increase the aggregate commitments to up to $500.0 million (the “Credit Facility”). On September 30, 2021, Wells Fargo Bank, N.A., the Company and Nuveen OP amended the Credit Agreement to increase the Credit Facility to $335.0 million in aggregate commitments, consisting of a $235.0 million revolving facility, and a senior delayed draw term loan facility in the aggregate amount of up to $100.0 million (the “DDTL Facility”). Loans under the DDTL Facility may be borrowed in up to three advances, each in a minimum amount of $30.0 million. The Credit Facility will terminate, and all amounts outstanding thereunder will be due and payable in full, on September 30, 2024 (the “Revolving Termination Date”), with two additional one-year extension options held by Nuveen OP, including the payment of an extension fee of 0.125% of the aggregate commitment. The DDTL Facility will mature, and all amounts outstanding thereunder will be due and payable in full, on September 30, 2026. On February 17, 2023, the Company amended its Credit Agreement to increase the Credit Facility to $455.0 million in aggregate commitments, consisting of a $321.0 million Credit Facility and a DDTL Facility of $134.0 million, with an accordion feature that may increase aggregate commitments up to $800.0 million. The Credit Facility converted to SOFR effective May 1, 2023, at SOFR plus 0.10% ("Adjusted Term SOFR"), plus applicable margin under the existing margin, with all other terms remaining the same. Subsequent to the SOFR conversion, loans outstanding under the Credit Facility bear interest, at Nuveen OP’s option, at either an adjusted base rate or an adjusted SOFR rate, in each case, plus an applicable margin. The applicable margin ranges from 0.30% to 0.90% for Credit Facility borrowings for base rate loans, in each case, based on the total leverage ratio of Nuveen OP and its subsidiaries. The applicable margin ranges from 1.30% to 1.90% for Credit Facility borrowings at the Adjusted Term SOFR rate, in each case, based on the total leverage ratio of Nuveen OP and its subsidiaries. Loans outstanding under the DDTL Facility bear interest, at Nuveen OP’s option, at either an adjusted base rate or an adjusted SOFR rate, in each case, plus an applicable margin. The applicable margin ranges from 0.25% to 0.85% for DDTL Facility borrowings for base rate loans, in each case, based on the total leverage ratio of Nuveen OP and its subsidiaries. The applicable margin ranges from 1.25% to 1.85% for DDTL Facility borrowings at the adjusted SOFR rate, in each case, based on the total leverage ratio of the Nuveen OP and its subsidiaries. There is an unused fee of 0.15% if the usage is greater than or equal to 50% of the aggregate commitments and 0.25% of the usage is less than 50% of the aggregate commitments. The DDTL Facility is fully disbursed as of September 30, 2023. The following is a summary of the Credit Facility ($ in thousands): Principal Balance Outstanding Indebtedness Interest Rate Maturity Date Maximum Facility Size September 30, 2023 December 31, 2022 Revolving facility S+applicable margin (1) September 30, 2024 $ 321,000 $ 112,000 $ 90,000 DDTL facility S+applicable margin (2) September 30, 2026 134,000 134,000 100,000 Credit facility $ 455,000 $ 246,000 $ 190,000 (1) The weighted-average interest rates for the three and nine months ended September 30, 2023 for the Revolving facility were 6.79% and 6.47%, respectively. (2) The weighted-average interest rates for the three and nine months ended September 30, 2023 for the DDTL facility were 6.82% and 6.36%, respectively. As of September 30, 2023, the Company had $246.0 million in borrowings and had outstanding accrued interest of $1.2 million under the Credit Facility. For the three and nine months ended September 30, 2023, the Company incurred $4.2 million and $10.4 million, respectively, in interest expense under the Credit Facility. For the three and nine months ended September 30, 2022, the Company incurred $1.8 million and $4.0 million, respectively, in interest expense under the Credit Facility. As of September 30, 2023, the Company was in compliance with all loan covenants with respect to the Credit Agreement. The following table presents future principal payments due under the Credit Facility as of September 30, 2023 ($ in thousands): Year Credit Facility 2023 (Remaining) $ — 2024 112,000 2025 — 2026 134,000 2027 — Thereafter — Total $ 246,000 The following table is a summary of the Company's Mortgages Payable secured by the Company’s properties ($ in thousands): Principal Balance Outstanding Indebtedness Lender Interest Rate Maturity Date September 30, 2023 December 31, 2022 Fixed rate mortgages payable: Main Street at Kingwood Nationwide Life Insurance Company 3.15% 12/01/26 $ 48,000 $ 48,000 Tacara Steiner Ranch Brighthouse Life Insurance 2.62% 06/01/28 28,750 28,750 Signature at Hartwell Allstate/American Heritage 3.01% 12/01/28 29,500 29,500 GFI Grocery Anchored Portfolio Nationwide/Amerant/Synovus 2.98% - 3.40% Various 69,394 69,634 Total fixed rate mortgages payable 175,644 175,884 Variable rate mortgage payable: CASA Nord Portfolio Nyrkredit Realkredit C + 0.70% (1) (2) 12/31/32 20,210 20,173 Total mortgages payable 195,854 196,057 Deferred financing costs, net (776) (865) Discount on assumed mortgage notes (6,386) (7,284) Mortgages payable, net $ 188,692 $ 187,908 (1) The term "C" refers to the relevant floating benchmark rates, which is the three-month Copenhagen Interbank Offered Rate ("CIBOR") for the CASA Nord variable rate mortgage payable. (2) CASA Nord entered into an interest rate swap on January 3, 2023, which fixed the rate at 3.18%. As of September 30, 2023, the Company had outstanding accrued interest of $0.5 million on mortgages payable. For the three and nine months ended September 30, 2023, the Company incurred $1.5 million and $4.6 million, respectively, in interest expense on mortgages payable. For the three and nine months ended September 30, 2022, the Company incurred $0.8 million and $2.4 million, respectively, in interest expense on mortgages payable. The following table presents the future principal payments due under the mortgages payable as of September 30, 2023 ($ in thousands): Year Mortgages Payable 2023 (Remaining) $ 89 2024 542 2025 1,486 2026 54,639 2027 15,641 Thereafter 123,457 Total $ 195,854 The Company finances the acquisition of certain commercial mortgage loans through the use of "note-on-note" transactions. The notes bear interest based on competitive market rates determined at the time of issuance. The notes involve leverage risk and also the risk that the market value of the collateral will decline below the amount of the funding advanced. As of September 30, 2023, the Company had one note outstanding with Capital One which matures on April 9, 2025. As of September 30, 2023, the total principal amount of the note was $69.3 million and the Company had $0.3 million in accrued interest outstanding. Interest expense incurred for the three and nine months ended September 30, 2023 was $1.3 million and $3.5 million, respectively, based on a rate of SOFR plus 1.65%. Interest expense incurred for the three and nine months ended September 30, 2022 was $0.7 million and $0.8 million, respectively, based on a rate of SOFR plus 1.65%. The following table summarizes the Company's note payable balance as of September 30, 2023 ($ in thousands): Note Payable Balance as of December 31, 2022 $ 69,030 Net unrealized loss 130 Balance as of September 30, 2023 $ 69,160 The following table presents the future principal payments due under the Note Payable as of September 30, 2023 ($ in thousands): Year Note Payable (1) 2023 (Remaining) $ — 2024 — 2025 69,263 2026 — 2027 — Thereafter — Total $ 69,263 (1) The weighted-average interest rate on the note payable for the three and nine months ended September 30, 2023 was 7.07% and 6.65%, respectively.

Mortgages Payable

Mortgages Payable	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Mortgages Payable	Credit Facility On October 24, 2018, the Company entered into a credit agreement (“Credit Agreement”) with Wells Fargo Bank, National Association (“Wells Fargo”), as administrative agent and lead arranger. The Credit Agreement provided for aggregate commitments of up to $60.0 million for unsecured revolving loans, with an accordion feature that may increase the aggregate commitments to up to $500.0 million (the “Credit Facility”). On September 30, 2021, Wells Fargo Bank, N.A., the Company and Nuveen OP amended the Credit Agreement to increase the Credit Facility to $335.0 million in aggregate commitments, consisting of a $235.0 million revolving facility, and a senior delayed draw term loan facility in the aggregate amount of up to $100.0 million (the “DDTL Facility”). Loans under the DDTL Facility may be borrowed in up to three advances, each in a minimum amount of $30.0 million. The Credit Facility will terminate, and all amounts outstanding thereunder will be due and payable in full, on September 30, 2024 (the “Revolving Termination Date”), with two additional one-year extension options held by Nuveen OP, including the payment of an extension fee of 0.125% of the aggregate commitment. The DDTL Facility will mature, and all amounts outstanding thereunder will be due and payable in full, on September 30, 2026. On February 17, 2023, the Company amended its Credit Agreement to increase the Credit Facility to $455.0 million in aggregate commitments, consisting of a $321.0 million Credit Facility and a DDTL Facility of $134.0 million, with an accordion feature that may increase aggregate commitments up to $800.0 million. The Credit Facility converted to SOFR effective May 1, 2023, at SOFR plus 0.10% ("Adjusted Term SOFR"), plus applicable margin under the existing margin, with all other terms remaining the same. Subsequent to the SOFR conversion, loans outstanding under the Credit Facility bear interest, at Nuveen OP’s option, at either an adjusted base rate or an adjusted SOFR rate, in each case, plus an applicable margin. The applicable margin ranges from 0.30% to 0.90% for Credit Facility borrowings for base rate loans, in each case, based on the total leverage ratio of Nuveen OP and its subsidiaries. The applicable margin ranges from 1.30% to 1.90% for Credit Facility borrowings at the Adjusted Term SOFR rate, in each case, based on the total leverage ratio of Nuveen OP and its subsidiaries. Loans outstanding under the DDTL Facility bear interest, at Nuveen OP’s option, at either an adjusted base rate or an adjusted SOFR rate, in each case, plus an applicable margin. The applicable margin ranges from 0.25% to 0.85% for DDTL Facility borrowings for base rate loans, in each case, based on the total leverage ratio of Nuveen OP and its subsidiaries. The applicable margin ranges from 1.25% to 1.85% for DDTL Facility borrowings at the adjusted SOFR rate, in each case, based on the total leverage ratio of the Nuveen OP and its subsidiaries. There is an unused fee of 0.15% if the usage is greater than or equal to 50% of the aggregate commitments and 0.25% of the usage is less than 50% of the aggregate commitments. The DDTL Facility is fully disbursed as of September 30, 2023. The following is a summary of the Credit Facility ($ in thousands): Principal Balance Outstanding Indebtedness Interest Rate Maturity Date Maximum Facility Size September 30, 2023 December 31, 2022 Revolving facility S+applicable margin (1) September 30, 2024 $ 321,000 $ 112,000 $ 90,000 DDTL facility S+applicable margin (2) September 30, 2026 134,000 134,000 100,000 Credit facility $ 455,000 $ 246,000 $ 190,000 (1) The weighted-average interest rates for the three and nine months ended September 30, 2023 for the Revolving facility were 6.79% and 6.47%, respectively. (2) The weighted-average interest rates for the three and nine months ended September 30, 2023 for the DDTL facility were 6.82% and 6.36%, respectively. As of September 30, 2023, the Company had $246.0 million in borrowings and had outstanding accrued interest of $1.2 million under the Credit Facility. For the three and nine months ended September 30, 2023, the Company incurred $4.2 million and $10.4 million, respectively, in interest expense under the Credit Facility. For the three and nine months ended September 30, 2022, the Company incurred $1.8 million and $4.0 million, respectively, in interest expense under the Credit Facility. As of September 30, 2023, the Company was in compliance with all loan covenants with respect to the Credit Agreement. The following table presents future principal payments due under the Credit Facility as of September 30, 2023 ($ in thousands): Year Credit Facility 2023 (Remaining) $ — 2024 112,000 2025 — 2026 134,000 2027 — Thereafter — Total $ 246,000 The following table is a summary of the Company's Mortgages Payable secured by the Company’s properties ($ in thousands): Principal Balance Outstanding Indebtedness Lender Interest Rate Maturity Date September 30, 2023 December 31, 2022 Fixed rate mortgages payable: Main Street at Kingwood Nationwide Life Insurance Company 3.15% 12/01/26 $ 48,000 $ 48,000 Tacara Steiner Ranch Brighthouse Life Insurance 2.62% 06/01/28 28,750 28,750 Signature at Hartwell Allstate/American Heritage 3.01% 12/01/28 29,500 29,500 GFI Grocery Anchored Portfolio Nationwide/Amerant/Synovus 2.98% - 3.40% Various 69,394 69,634 Total fixed rate mortgages payable 175,644 175,884 Variable rate mortgage payable: CASA Nord Portfolio Nyrkredit Realkredit C + 0.70% (1) (2) 12/31/32 20,210 20,173 Total mortgages payable 195,854 196,057 Deferred financing costs, net (776) (865) Discount on assumed mortgage notes (6,386) (7,284) Mortgages payable, net $ 188,692 $ 187,908 (1) The term "C" refers to the relevant floating benchmark rates, which is the three-month Copenhagen Interbank Offered Rate ("CIBOR") for the CASA Nord variable rate mortgage payable. (2) CASA Nord entered into an interest rate swap on January 3, 2023, which fixed the rate at 3.18%. As of September 30, 2023, the Company had outstanding accrued interest of $0.5 million on mortgages payable. For the three and nine months ended September 30, 2023, the Company incurred $1.5 million and $4.6 million, respectively, in interest expense on mortgages payable. For the three and nine months ended September 30, 2022, the Company incurred $0.8 million and $2.4 million, respectively, in interest expense on mortgages payable. The following table presents the future principal payments due under the mortgages payable as of September 30, 2023 ($ in thousands): Year Mortgages Payable 2023 (Remaining) $ 89 2024 542 2025 1,486 2026 54,639 2027 15,641 Thereafter 123,457 Total $ 195,854 The Company finances the acquisition of certain commercial mortgage loans through the use of "note-on-note" transactions. The notes bear interest based on competitive market rates determined at the time of issuance. The notes involve leverage risk and also the risk that the market value of the collateral will decline below the amount of the funding advanced. As of September 30, 2023, the Company had one note outstanding with Capital One which matures on April 9, 2025. As of September 30, 2023, the total principal amount of the note was $69.3 million and the Company had $0.3 million in accrued interest outstanding. Interest expense incurred for the three and nine months ended September 30, 2023 was $1.3 million and $3.5 million, respectively, based on a rate of SOFR plus 1.65%. Interest expense incurred for the three and nine months ended September 30, 2022 was $0.7 million and $0.8 million, respectively, based on a rate of SOFR plus 1.65%. The following table summarizes the Company's note payable balance as of September 30, 2023 ($ in thousands): Note Payable Balance as of December 31, 2022 $ 69,030 Net unrealized loss 130 Balance as of September 30, 2023 $ 69,160 The following table presents the future principal payments due under the Note Payable as of September 30, 2023 ($ in thousands): Year Note Payable (1) 2023 (Remaining) $ — 2024 — 2025 69,263 2026 — 2027 — Thereafter — Total $ 69,263 (1) The weighted-average interest rate on the note payable for the three and nine months ended September 30, 2023 was 7.07% and 6.65%, respectively.

Note Payable

Note Payable	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Note Payable	Credit Facility On October 24, 2018, the Company entered into a credit agreement (“Credit Agreement”) with Wells Fargo Bank, National Association (“Wells Fargo”), as administrative agent and lead arranger. The Credit Agreement provided for aggregate commitments of up to $60.0 million for unsecured revolving loans, with an accordion feature that may increase the aggregate commitments to up to $500.0 million (the “Credit Facility”). On September 30, 2021, Wells Fargo Bank, N.A., the Company and Nuveen OP amended the Credit Agreement to increase the Credit Facility to $335.0 million in aggregate commitments, consisting of a $235.0 million revolving facility, and a senior delayed draw term loan facility in the aggregate amount of up to $100.0 million (the “DDTL Facility”). Loans under the DDTL Facility may be borrowed in up to three advances, each in a minimum amount of $30.0 million. The Credit Facility will terminate, and all amounts outstanding thereunder will be due and payable in full, on September 30, 2024 (the “Revolving Termination Date”), with two additional one-year extension options held by Nuveen OP, including the payment of an extension fee of 0.125% of the aggregate commitment. The DDTL Facility will mature, and all amounts outstanding thereunder will be due and payable in full, on September 30, 2026. On February 17, 2023, the Company amended its Credit Agreement to increase the Credit Facility to $455.0 million in aggregate commitments, consisting of a $321.0 million Credit Facility and a DDTL Facility of $134.0 million, with an accordion feature that may increase aggregate commitments up to $800.0 million. The Credit Facility converted to SOFR effective May 1, 2023, at SOFR plus 0.10% ("Adjusted Term SOFR"), plus applicable margin under the existing margin, with all other terms remaining the same. Subsequent to the SOFR conversion, loans outstanding under the Credit Facility bear interest, at Nuveen OP’s option, at either an adjusted base rate or an adjusted SOFR rate, in each case, plus an applicable margin. The applicable margin ranges from 0.30% to 0.90% for Credit Facility borrowings for base rate loans, in each case, based on the total leverage ratio of Nuveen OP and its subsidiaries. The applicable margin ranges from 1.30% to 1.90% for Credit Facility borrowings at the Adjusted Term SOFR rate, in each case, based on the total leverage ratio of Nuveen OP and its subsidiaries. Loans outstanding under the DDTL Facility bear interest, at Nuveen OP’s option, at either an adjusted base rate or an adjusted SOFR rate, in each case, plus an applicable margin. The applicable margin ranges from 0.25% to 0.85% for DDTL Facility borrowings for base rate loans, in each case, based on the total leverage ratio of Nuveen OP and its subsidiaries. The applicable margin ranges from 1.25% to 1.85% for DDTL Facility borrowings at the adjusted SOFR rate, in each case, based on the total leverage ratio of the Nuveen OP and its subsidiaries. There is an unused fee of 0.15% if the usage is greater than or equal to 50% of the aggregate commitments and 0.25% of the usage is less than 50% of the aggregate commitments. The DDTL Facility is fully disbursed as of September 30, 2023. The following is a summary of the Credit Facility ($ in thousands): Principal Balance Outstanding Indebtedness Interest Rate Maturity Date Maximum Facility Size September 30, 2023 December 31, 2022 Revolving facility S+applicable margin (1) September 30, 2024 $ 321,000 $ 112,000 $ 90,000 DDTL facility S+applicable margin (2) September 30, 2026 134,000 134,000 100,000 Credit facility $ 455,000 $ 246,000 $ 190,000 (1) The weighted-average interest rates for the three and nine months ended September 30, 2023 for the Revolving facility were 6.79% and 6.47%, respectively. (2) The weighted-average interest rates for the three and nine months ended September 30, 2023 for the DDTL facility were 6.82% and 6.36%, respectively. As of September 30, 2023, the Company had $246.0 million in borrowings and had outstanding accrued interest of $1.2 million under the Credit Facility. For the three and nine months ended September 30, 2023, the Company incurred $4.2 million and $10.4 million, respectively, in interest expense under the Credit Facility. For the three and nine months ended September 30, 2022, the Company incurred $1.8 million and $4.0 million, respectively, in interest expense under the Credit Facility. As of September 30, 2023, the Company was in compliance with all loan covenants with respect to the Credit Agreement. The following table presents future principal payments due under the Credit Facility as of September 30, 2023 ($ in thousands): Year Credit Facility 2023 (Remaining) $ — 2024 112,000 2025 — 2026 134,000 2027 — Thereafter — Total $ 246,000 The following table is a summary of the Company's Mortgages Payable secured by the Company’s properties ($ in thousands): Principal Balance Outstanding Indebtedness Lender Interest Rate Maturity Date September 30, 2023 December 31, 2022 Fixed rate mortgages payable: Main Street at Kingwood Nationwide Life Insurance Company 3.15% 12/01/26 $ 48,000 $ 48,000 Tacara Steiner Ranch Brighthouse Life Insurance 2.62% 06/01/28 28,750 28,750 Signature at Hartwell Allstate/American Heritage 3.01% 12/01/28 29,500 29,500 GFI Grocery Anchored Portfolio Nationwide/Amerant/Synovus 2.98% - 3.40% Various 69,394 69,634 Total fixed rate mortgages payable 175,644 175,884 Variable rate mortgage payable: CASA Nord Portfolio Nyrkredit Realkredit C + 0.70% (1) (2) 12/31/32 20,210 20,173 Total mortgages payable 195,854 196,057 Deferred financing costs, net (776) (865) Discount on assumed mortgage notes (6,386) (7,284) Mortgages payable, net $ 188,692 $ 187,908 (1) The term "C" refers to the relevant floating benchmark rates, which is the three-month Copenhagen Interbank Offered Rate ("CIBOR") for the CASA Nord variable rate mortgage payable. (2) CASA Nord entered into an interest rate swap on January 3, 2023, which fixed the rate at 3.18%. As of September 30, 2023, the Company had outstanding accrued interest of $0.5 million on mortgages payable. For the three and nine months ended September 30, 2023, the Company incurred $1.5 million and $4.6 million, respectively, in interest expense on mortgages payable. For the three and nine months ended September 30, 2022, the Company incurred $0.8 million and $2.4 million, respectively, in interest expense on mortgages payable. The following table presents the future principal payments due under the mortgages payable as of September 30, 2023 ($ in thousands): Year Mortgages Payable 2023 (Remaining) $ 89 2024 542 2025 1,486 2026 54,639 2027 15,641 Thereafter 123,457 Total $ 195,854 The Company finances the acquisition of certain commercial mortgage loans through the use of "note-on-note" transactions. The notes bear interest based on competitive market rates determined at the time of issuance. The notes involve leverage risk and also the risk that the market value of the collateral will decline below the amount of the funding advanced. As of September 30, 2023, the Company had one note outstanding with Capital One which matures on April 9, 2025. As of September 30, 2023, the total principal amount of the note was $69.3 million and the Company had $0.3 million in accrued interest outstanding. Interest expense incurred for the three and nine months ended September 30, 2023 was $1.3 million and $3.5 million, respectively, based on a rate of SOFR plus 1.65%. Interest expense incurred for the three and nine months ended September 30, 2022 was $0.7 million and $0.8 million, respectively, based on a rate of SOFR plus 1.65%. The following table summarizes the Company's note payable balance as of September 30, 2023 ($ in thousands): Note Payable Balance as of December 31, 2022 $ 69,030 Net unrealized loss 130 Balance as of September 30, 2023 $ 69,160 The following table presents the future principal payments due under the Note Payable as of September 30, 2023 ($ in thousands): Year Note Payable (1) 2023 (Remaining) $ — 2024 — 2025 69,263 2026 — 2027 — Thereafter — Total $ 69,263 (1) The weighted-average interest rate on the note payable for the three and nine months ended September 30, 2023 was 7.07% and 6.65%, respectively.

Other Assets and Other Liabilit

Other Assets and Other Liabilities	9 Months Ended
	Sep. 30, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets and Other Liabilities	Other Assets and Other Liabilities The following table summarizes the components of Other Assets ($ in thousands): September 30, 2023 December 31, 2022 Receivables $ 17,720 $ 7,788 Straight-line rent receivable 12,763 9,442 Prepaid expenses 3,592 2,057 Right-of-use asset - finance leases 2,466 2,531 Right-of-use asset - operating lease 2,076 2,123 Deferred financing costs on credit facility, net 1,201 1,140 Other 662 1,274 Total $ 40,480 $ 26,355 The following table summarizes the components of Accounts Payable, Accrued Expenses and Other Liabilities ($ in thousands): September 30, 2023 December 31, 2022 Accounts payable and accrued expenses $ 27,671 $ 29,343 Common stock repurchases 21,494 12,637 Real estate taxes payable 13,902 6,794 Tenant security deposits 7,429 6,531 Deferred tax liability 2,725 2,273 Lease liability - finance leases 2,524 2,531 Lease liability - operating lease 2,153 2,123 Accrued interest expense 1,994 3,794 Prepaid rental income 1,936 2,332 Other 8,429 6,213 Total $ 90,257 $ 74,571

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Advisory Fees Pursuant to the advisory agreement among the Company, Nuveen OP, and the Advisor, the Advisor is responsible for sourcing, evaluating and monitoring the Company’s investment opportunities and making decisions related to the acquisition, management, financing and disposition of the Company’s assets, in accordance with the Company’s investment objectives, guidelines, policies and limitations, subject to oversight by the Company’s board of directors. The Advisor receives fees, payable monthly in arrears, in connection with the management of the Company, as follows: Class T Shares Class S Shares Class D Shares Class I Shares Class N Shares Advisory Fee (% of NAV) 1.25% 1.25% 1.25% 1.25% 0.65% As of September 30, 2023 and December 31, 2022, the Company had accrued advisory fees of $2.0 million and $2.3 million, respectively, which has been included in Accounts Payable, Accrued Expenses and Other Liabilities on the Company’s Consolidated Balance Sheets. For the three and nine months ended September 30, 2023, the Company incurred advisory fee expenses of $6.2 million and $18.6 million, respectively. For the three and nine months ended September 30, 2022, the Company incurred advisory fee expenses of $5.9 million and $14.5 million, respectively. Fees Due to Affiliated Service Providers The Company may retain certain of the Advisor’s affiliates for necessary services relating to the Company’s investments or its operations, including construction, special servicing, leasing, development, property oversight and other property management services, as well as services related to mortgage servicing, group purchasing, healthcare, consulting/brokerage, capital markets/credit origination, loan servicing, property, title and other types of insurance, management consulting and other similar operational matters. The Company has engaged NexCore Companies LLC ("NexCore"), an affiliate of TIAA, to provide property management, accounting and leasing services for certain of its investments in healthcare properties. NexCore is a real estate development company focused exclusively on development, acquisition and management of healthcare real estate. As part of this engagement, the Company may pay acquisition fees to NexCore for sourcing deals and the Company may also enter into joint ventures with NexCore, and pursuant to the terms of the joint venture agreements, if certain internal rate of return hurdles are met, Nexcore will participate in the profits based on set criteria once each member has received distributions in excess of hurdle rates or at the crystallization event. NexCore has the ability to exercise the crystallization event at any time following the fifth anniversary from the effective date of the agreement. As of September 30, 2023, the Company has entered into eight joint venture agreements with NexCore. The Company entered into an agreement with Imajn Homes Holdings ("Sparrow"), an affiliate of TIAA, to assist the Company in acquiring and managing single-family housing in the United States. Sparrow is a vertically integrated company with acquisition, asset, property and construction management capabilities. As part of the joint venture arrangement with Sparrow, if certain internal rate of return hurdles are met, Sparrow will participate in the profits based on set criteria at the crystallization event. Additionally, Sparrow has the ability to exercise the crystallization event between the fifth and sixth anniversaries from the effective date of the agreement. Subsequent to entering into the agreement, the Company committed $150.0 million to acquire single family rentals identified by Sparrow. The Company entered into an agreement with Frigatebird CP Holdings LLC ("MyPlace"), an affiliate of TIAA, to assist the Company in acquiring and managing self-storage properties in the United States. MyPlace is a vertically integrated company with acquisition, asset, property and construction management capabilities. As part of the joint venture arrangement with MyPlace, if certain internal rate of return hurdles are met, MyPlace will participate in the profits based on set criteria once each member has received distributions in excess of hurdle rates or at the crystallization event. MyPlace has the ability to exercise the crystallization event between the fifth and seventh anniversaries from the effective date of the agreement. As of September 30, 2023, the Company has entered into a pooled joint venture agreement with MyPlace which includes five self-storage properties. The Company entered into a master services agreement with Nuveen Real Estate Project Management Services, LLC (“Nuveen RE PMS”), an affiliate of the Advisor, for the purpose of Nuveen RE PMS providing professional services in connection with certain of the Company's real estate investments. For project management services provided by Nuveen RE PMS, the Company will pay Nuveen RE PMS fees determined by the estimated total cost of the any project; provided that such fees shall not exceed 6% of project costs. For development and management services provided by Nuveen RE PMS, the Company will pay Nuveen RE PMS fees to be determined by the complexity and size of the project; provided that such fees shall not exceed 4% of project costs. The following table is a summary of the Company’s affiliated service providers and the fees incurred by the Company to those service providers for the three months ended September 30, 2023 ($ in thousands): Service provided NexCore Sparrow MyPlace Nuveen RE PMS Property and project management services $ 120 $ 191 $ — $ 19 Acquisition and asset management services — 133 17 — Accounting and leasing services 207 — — — Total $ 327 $ 324 $ 17 $ 19 The following table is a summary of the Company’s affiliated service providers and the fees incurred by the Company to those service providers for the three months ended September 30, 2022 ($ in thousands): Service provided NexCore Sparrow Property and project management services $ 107 $ 138 Acquisition and asset management services 67 149 Accounting and leasing services 25 — Total $ 199 $ 287 The following table is a summary of the Company’s affiliated service providers and the fees incurred by the Company to those service providers for the nine months ended September 30, 2023 ($ in thousands): Service provided NexCore Sparrow MyPlace Nuveen RE PMS Property and project management services $ 363 $ 557 $ — $ 81 Acquisition and asset management services — 461 108 — Accounting and leasing services 654 — — — Total $ 1,017 $ 1,018 $ 108 $ 81 The following table is a summary of the Company’s affiliated service providers and the fees incurred by the Company to those service providers for the nine months ended September 30, 2022 ($ in thousands): Service provided NexCore Sparrow Property and project management services $ 265 $ 293 Acquisition and asset management services 67 333 Accounting and leasing services 66 — Total $ 398 $ 626 Fees Due to Dealer Manager Nuveen Securities, LLC (the "Dealer Manager") served as the dealer manager for the Initial Public Offering and serves as the dealer manager for the Follow-on Public Offering (together, the "Offerings"). The Dealer Manager is a registered broker-dealer affiliated with the Advisor. The Company's obligations under the Dealer Manager Agreement to pay stockholder servicing fees with respect to the Class T, Class S and Class D shares distributed in the Offerings will survive until such shares are no longer outstanding or are converted into Class I shares. For the three and nine months ended September 30, 2023, the Company incurred stockholder servicing fees of $1.7 million and $5.2 million, respectively. For the three and nine months ended September 30, 2022, the Company incurred stockholder servicing fees of $1.7 million and $4.2 million, respectively. As of September 30, 2023, the Company accrued approximately $46.1 million of stockholder servicing fees with respect to the outstanding Class T, Class S and Class D common shares, which includes $0.6 million for the current month. The following table presents the upfront selling commissions and dealer manager fees for each class of shares sold in the Offerings, and the stockholder servicing fees per annum based on the aggregate outstanding NAV: Class T Shares Class S Shares Class D Shares Class I Shares Maximum Upfront Selling Commissions (% of Transaction Price) up to 3.0% up to 3.5% up to 1.5% — Maximum Upfront Dealer Manager Fees (% of Transaction Price) up to 0.5% — — — Stockholder Servicing Fee (% of NAV) 0.85% (1) 0.85% 0.25% — (1) Consists of an advisor stockholder servicing fee of 0.65% per annum and a dealer stockholder servicing fee of 0.20% per annum (or other amounts, provided that the sum equals 0.85%), of the aggregate NAV of outstanding Class T shares. Due to Affiliates The following table summarizes the components of Due to Affiliates ($ in thousands): September 30, December 31, Accrued stockholder servicing fees (1) $ 46,147 $ 47,086 Advanced organization and offering expenses 2,847 3,551 Total $ 48,994 $ 50,637 (1) The Company accrues the full amount of future stockholder servicing fees payable to the Dealer Manager for Class T, Class S and Class D shares up to 8.75% of gross proceeds at the time such shares are sold. The Dealer Manager has entered into agreements with the selected dealers distributing the Company’s shares in the Offerings, which provide, among other things, for the re-allowance of the full amount of the selling commissions and the dealer manager fee and all or a portion of stockholder servicing fees received by the Dealer Manager to such selected dealers. The Company will no longer incur the stockholder servicing fee after September 2056 in connection with those Class T, Class S and Class D shares currently outstanding; the fees may end sooner if the total underwriting compensation paid in respect of the Offering reaches 10.0% of the gross offering proceeds or if the Company completes a liquidity event. The Company will incur stockholder servicing fees in connection with future issuances of Class D shares for a 35-year period from the date of issuance and seven years for Class T shares and Class S shares from date of issuance, assuming the maximum up-front selling commissions and dealer manager fees are paid. See "Note 18. Equity and Redeemable Non-controlling Interest" for additional information related to TIAA's purchase of $300.0 million Class N shares of the Company's common stock through its wholly-owned subsidiary and redeemable non-controlling interests related to affiliated partners crystallization rights, which allow the partners to trigger the payment on the promote. See "Note 6. Investment in International Affiliated Funds" for additional information related to the Company's investment in International Affiliated Funds.

Economic Dependency

Economic Dependency	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Economic Dependency	Economic DependencyThe Company depends on the Advisor and its affiliates for certain services that are essential to it, including the sale of the Company’s shares of common stock, acquisition and disposition decisions, and certain other responsibilities. In the event that the Advisor and its affiliates are unable to provide such services, the Company would be required to find alternative service providers.

Risks and Contingencies

Risks and Contingencies	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Risks and Contingencies	Risks and ContingenciesConcentrations of risk may arise when a number of properties are located in a similar geographic region such that the economic conditions of that region could impact tenants’ obligations to meet their contractual obligations or cause the values of individual properties to decline. Additionally, concentrations of risk may arise if any one tenant comprises a significant amount of the Company's rent, or if tenants are concentrated in a particular industry. As of September 30, 2023, the Company had no significant geographic concentrations of risk. Additionally, the Company had no significant concentrations of tenants, as no single tenant had annual contract rent that made up more than 7% of the rental income of the Company. There are no significant lease expirations scheduled to occur over the next twelve months. In the normal course of business, the Company enters into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Company’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Company that have not yet occurred. However, based on experience, the Advisor expects the risk of loss to be remote.

Leases

Leases	9 Months Ended
	Sep. 30, 2023
Leases [Abstract]
Leases	Leases The Company’s real estate properties are leased to tenants under operating lease agreements which expire on various dates. Certain leases have the option to extend or terminate at the tenant’s discretion, with termination options resulting in additional fees due to the Company. Rental income is recognized on a straight-line basis. The leases do not have material variable payments, material residual value guarantees or material restrictive covenants. Rental income for the three and nine months ended September 30, 2023 was $43.4 million and $129.4 million, respectively. Rental income for the three and nine months ended September 30, 2022 was $31.4 million and $77.6 million, respectively. Aggregate minimum annual rentals for wholly-owned real estate investments owned by the Company through the non-cancelable lease term, excluding short-term multifamily, self-storage and single-family rentals as of September 30, 2023 are as follows ($ in thousands): Year September 30, 2023 2023 (Remaining) $ 22,596 2024 84,712 2025 77,845 2026 66,633 2027 55,446 Thereafter 160,046 Total $ 467,278 Certain leases provide for additional rental amounts based upon the recovery of actual operating expenses in excess of specified base amounts, sales volume or contractual increases as defined in the lease agreement. These contractual contingent rentals are not included in the table above. Lessee Certain of the Company’s investments in real estate are subject to ground leases for which the Company is a lessee. The Company’s ground leases are classified as either operating leases or finance leases based on the characteristics of each lease. As of September 30, 2023, the Company had one ground lease classified as operating and two ground leases classified as finance. The right-of-use assets and lease liabilities related to ground leases are reflected within Other Assets and Accounts Payable, Accrued Expenses and Other Liabilities on the Company’s Consolidated Balance Sheets, respectively. Each of the Company’s ground leases were acquired as part of the acquisition of real estate, and no incremental costs were incurred for such ground leases. The leases do not contain material residual value guarantees or material restrictive covenants. The Company’s ground leases are non-cancelable and certain leases contain renewal options. The balances of the right-of-use assets and lease liabilities related to the Company's ground leases as of September 30, 2023 are as follows ($ in thousands): Assets: September 30, 2023 December 31, 2022 Right-of-use asset - finance leases $ 2,466 $ 2,531 Right-of-use asset - operating lease 2,076 2,123 Liabilities: Lease liability - finance leases 2,524 2,531 Lease liability - operating lease 2,153 2,123 The Company utilized its incremental borrowing rate at the time of entering such leases, which was 8.43%, to determine its lease liabilities. As of September 30, 2023, the weighted average remaining lease terms of the Company’s operating lease and finance leases was 37 years and 44 years, respectively. Aggregate future minimum annual payments for ground leases held by the Company are as follows ($ in thousands): Operating Lease Finance Leases 2023 (Remaining) $ 38 $ 55 2024 154 219 2025 157 219 2026 165 219 2027 169 219 Thereafter 7,698 8,808 Total undiscounted future lease payments 8,381 9,739 Difference between undiscounted cash flows and discounted cash flows (6,228) (7,215) Total lease liability $ 2,153 $ 2,524 Payments under the Company's operating ground leases contain fixed payment components that may include periodic increases based on an index of periodic fixed percentage escalations. For the three and nine months ended September 30, 2023, the Company incurred operating lease costs of $0.1 million and $0.3 million, respectively. The Company did not have any operating ground leases for the three and nine months ended September 30, 2022. The following table details the components of the Company's finance leases ($ in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Interest on lease liabilities $ 53 $ — $ 249 $ — Amortization of right-of-use assets 14 — 65 — Total finance lease cost $ 67 $ — $ 314 $ —
Leases	Leases The Company’s real estate properties are leased to tenants under operating lease agreements which expire on various dates. Certain leases have the option to extend or terminate at the tenant’s discretion, with termination options resulting in additional fees due to the Company. Rental income is recognized on a straight-line basis. The leases do not have material variable payments, material residual value guarantees or material restrictive covenants. Rental income for the three and nine months ended September 30, 2023 was $43.4 million and $129.4 million, respectively. Rental income for the three and nine months ended September 30, 2022 was $31.4 million and $77.6 million, respectively. Aggregate minimum annual rentals for wholly-owned real estate investments owned by the Company through the non-cancelable lease term, excluding short-term multifamily, self-storage and single-family rentals as of September 30, 2023 are as follows ($ in thousands): Year September 30, 2023 2023 (Remaining) $ 22,596 2024 84,712 2025 77,845 2026 66,633 2027 55,446 Thereafter 160,046 Total $ 467,278 Certain leases provide for additional rental amounts based upon the recovery of actual operating expenses in excess of specified base amounts, sales volume or contractual increases as defined in the lease agreement. These contractual contingent rentals are not included in the table above. Lessee Certain of the Company’s investments in real estate are subject to ground leases for which the Company is a lessee. The Company’s ground leases are classified as either operating leases or finance leases based on the characteristics of each lease. As of September 30, 2023, the Company had one ground lease classified as operating and two ground leases classified as finance. The right-of-use assets and lease liabilities related to ground leases are reflected within Other Assets and Accounts Payable, Accrued Expenses and Other Liabilities on the Company’s Consolidated Balance Sheets, respectively. Each of the Company’s ground leases were acquired as part of the acquisition of real estate, and no incremental costs were incurred for such ground leases. The leases do not contain material residual value guarantees or material restrictive covenants. The Company’s ground leases are non-cancelable and certain leases contain renewal options. The balances of the right-of-use assets and lease liabilities related to the Company's ground leases as of September 30, 2023 are as follows ($ in thousands): Assets: September 30, 2023 December 31, 2022 Right-of-use asset - finance leases $ 2,466 $ 2,531 Right-of-use asset - operating lease 2,076 2,123 Liabilities: Lease liability - finance leases 2,524 2,531 Lease liability - operating lease 2,153 2,123 The Company utilized its incremental borrowing rate at the time of entering such leases, which was 8.43%, to determine its lease liabilities. As of September 30, 2023, the weighted average remaining lease terms of the Company’s operating lease and finance leases was 37 years and 44 years, respectively. Aggregate future minimum annual payments for ground leases held by the Company are as follows ($ in thousands): Operating Lease Finance Leases 2023 (Remaining) $ 38 $ 55 2024 154 219 2025 157 219 2026 165 219 2027 169 219 Thereafter 7,698 8,808 Total undiscounted future lease payments 8,381 9,739 Difference between undiscounted cash flows and discounted cash flows (6,228) (7,215) Total lease liability $ 2,153 $ 2,524 Payments under the Company's operating ground leases contain fixed payment components that may include periodic increases based on an index of periodic fixed percentage escalations. For the three and nine months ended September 30, 2023, the Company incurred operating lease costs of $0.1 million and $0.3 million, respectively. The Company did not have any operating ground leases for the three and nine months ended September 30, 2022. The following table details the components of the Company's finance leases ($ in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Interest on lease liabilities $ 53 $ — $ 249 $ — Amortization of right-of-use assets 14 — 65 — Total finance lease cost $ 67 $ — $ 314 $ —
Leases	Leases The Company’s real estate properties are leased to tenants under operating lease agreements which expire on various dates. Certain leases have the option to extend or terminate at the tenant’s discretion, with termination options resulting in additional fees due to the Company. Rental income is recognized on a straight-line basis. The leases do not have material variable payments, material residual value guarantees or material restrictive covenants. Rental income for the three and nine months ended September 30, 2023 was $43.4 million and $129.4 million, respectively. Rental income for the three and nine months ended September 30, 2022 was $31.4 million and $77.6 million, respectively. Aggregate minimum annual rentals for wholly-owned real estate investments owned by the Company through the non-cancelable lease term, excluding short-term multifamily, self-storage and single-family rentals as of September 30, 2023 are as follows ($ in thousands): Year September 30, 2023 2023 (Remaining) $ 22,596 2024 84,712 2025 77,845 2026 66,633 2027 55,446 Thereafter 160,046 Total $ 467,278 Certain leases provide for additional rental amounts based upon the recovery of actual operating expenses in excess of specified base amounts, sales volume or contractual increases as defined in the lease agreement. These contractual contingent rentals are not included in the table above. Lessee Certain of the Company’s investments in real estate are subject to ground leases for which the Company is a lessee. The Company’s ground leases are classified as either operating leases or finance leases based on the characteristics of each lease. As of September 30, 2023, the Company had one ground lease classified as operating and two ground leases classified as finance. The right-of-use assets and lease liabilities related to ground leases are reflected within Other Assets and Accounts Payable, Accrued Expenses and Other Liabilities on the Company’s Consolidated Balance Sheets, respectively. Each of the Company’s ground leases were acquired as part of the acquisition of real estate, and no incremental costs were incurred for such ground leases. The leases do not contain material residual value guarantees or material restrictive covenants. The Company’s ground leases are non-cancelable and certain leases contain renewal options. The balances of the right-of-use assets and lease liabilities related to the Company's ground leases as of September 30, 2023 are as follows ($ in thousands): Assets: September 30, 2023 December 31, 2022 Right-of-use asset - finance leases $ 2,466 $ 2,531 Right-of-use asset - operating lease 2,076 2,123 Liabilities: Lease liability - finance leases 2,524 2,531 Lease liability - operating lease 2,153 2,123 The Company utilized its incremental borrowing rate at the time of entering such leases, which was 8.43%, to determine its lease liabilities. As of September 30, 2023, the weighted average remaining lease terms of the Company’s operating lease and finance leases was 37 years and 44 years, respectively. Aggregate future minimum annual payments for ground leases held by the Company are as follows ($ in thousands): Operating Lease Finance Leases 2023 (Remaining) $ 38 $ 55 2024 154 219 2025 157 219 2026 165 219 2027 169 219 Thereafter 7,698 8,808 Total undiscounted future lease payments 8,381 9,739 Difference between undiscounted cash flows and discounted cash flows (6,228) (7,215) Total lease liability $ 2,153 $ 2,524 Payments under the Company's operating ground leases contain fixed payment components that may include periodic increases based on an index of periodic fixed percentage escalations. For the three and nine months ended September 30, 2023, the Company incurred operating lease costs of $0.1 million and $0.3 million, respectively. The Company did not have any operating ground leases for the three and nine months ended September 30, 2022. The following table details the components of the Company's finance leases ($ in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Interest on lease liabilities $ 53 $ — $ 249 $ — Amortization of right-of-use assets 14 — 65 — Total finance lease cost $ 67 $ — $ 314 $ —

Derivatives

Derivatives	9 Months Ended
	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Derivatives The Company uses derivative financial instruments to minimize the risks and costs associated with the Company’s investments and financing transactions. The Company has not designated any of its derivative financial instruments as hedges as defined under GAAP. Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements and other identified risks. The use of derivative financial instruments involves certain risks, including the risk that the counterparties to these contractual arrangements do not perform as agreed. To mitigate this risk, the Company enters into derivative financial instruments with counterparties it believes to have appropriate credit ratings and that are major financial institutions with which the Company and its affiliates may also have other financial relationships. Interest Rate Contracts Certain of the Company’s transactions expose the Company to interest rate risk, including exposure to variable interest rates on certain loans secured by the Company’s real estate. The Company uses derivative financial instruments, including interest rate swaps, to limit the Company’s exposure to the future variability of interest rates. The following table details the Company’s outstanding interest rate derivatives that were non-designated hedges of interest rate risk (notional amounts in thousands): September 30, 2023 Interest Rate Derivatives Number of instruments Notional Amount Weighted Average Strike Rate Index Weighted Average Maturity (Years) Commencement Date Maturity Date Interest rate swaps - property debt 4 DKK 142,452 3.18% CIBOR 4.3 1/5/2023 12/30/2027 The following table details the fair value of the Company's derivative financial instruments ($ in thousands): Fair Value of Derivative in an Asset Position (1) Derivative financial instrument September 30, 2023 December 31, 2022 Interest rate swaps - property debt $ 24 $ — Total derivative financial instrument $ 24 $ — (1) Included in Other Assets on the Company's Consolidated Balance Sheets. For the three and nine months ended September 30, 2023, the Company recorded unrealized gains related to changes in fair value of its derivative financial instrument of $136.0 thousand and $24.0 thousand, respectively. For the three and nine months ended September 30, 2022, the Company did not have any derivative financial instruments.

Equity and Redeemable Non-contr

Equity and Redeemable Non-controlling Interest	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Equity and Redeemable Non-controlling Interest	Equity and Redeemable Non-controlling Interest Authorized Capital As of September 30, 2023, the Company had authority to issue a total of 2.2 billion shares of capital stock consisting of the following: Classification Number of Shares Par Value Class T Shares 500,000 $ 0.01 Class S Shares 500,000 $ 0.01 Class D Shares 500,000 $ 0.01 Class I Shares 500,000 $ 0.01 Class N Shares 100,000 $ 0.01 Preferred Stock 100,000 $ 0.01 Total 2,200,000 The Company’s board of directors may amend the Charter from time to time, without stockholder approval, to increase or decrease the aggregate number of shares of stock or the number of shares of stock of any class or series that the Company has authority to issue, or to issue additional classes of stock. Preferred Stock On October 8, 2020, a subsidiary of Nuveen OP sold 125 shares of preferred stock in a private placement to effectuate the formation of a REIT established to hold the Company's industrial property located in Massachusetts for tax management purposes. Common Stock As of September 30, 2023, the Company had issued and outstanding 16,809,755 shares of Class T common stock, 44,830,697 shares of Class S common stock, 7,543,654 shares of Class D common stock, 81,486,190 shares of Class I common stock and 29,730,608 shares of Class N common stock. The following tables detail the movement in the Company's outstanding shares of common stock (in thousands) for the three and nine months ended September 30, 2023. Three Months Ended September 30, 2023 Class T Shares Class S Shares Class D Shares Class I Shares Class N Shares Total June 30, 2023 17,241 45,057 7,449 81,003 29,731 180,481 Common Stock Issued (1) (354) 980 372 4,866 — 5,864 Distribution Reinvestment 102 294 49 594 — 1,039 Vested Stock Grant — — — 18 — 18 Common Stock Repurchased (179) (1,501) (326) (4,995) — (7,001) September 30, 2023 16,810 44,830 7,544 81,486 29,731 180,401 Nine Months Ended September 30, 2023 Class T Shares Class S Shares Class D Shares Class I Shares Class N Shares Total December 31, 2022 17,285 45,277 8,010 79,727 29,731 180,030 Common Stock Issued (1) (153) 4,506 422 13,590 — 18,365 Distribution Reinvestment 314 904 151 1,820 — 3,189 Vested Stock Grant — — — 20 — 20 Common Stock Repurchased (636) (5,857) (1,039) (13,671) — (21,203) September 30, 2023 16,810 44,830 7,544 81,486 29,731 180,401 (1) Common stock issued includes transfers and conversions between share classes. TIAA has purchased $300.0 million of the Company’s Class N shares of common stock through its wholly owned subsidiary. Per the terms of the agreement between the Company and TIAA, beginning on January 31, 2023, TIAA may submit a portion of its Class N shares for repurchase, provided that after taking into account the repurchase, the total value of TIAA’s aggregate ownership of the Company's Class N shares shall not be less than $300.0 million. Beginning on January 31, 2025, TIAA may submit all of its remaining shares for repurchase, provided that provided that TIAA must continue to maintain ownership of the $200,000 initial investment in the Company’s shares for so long as the Advisor or its affiliate serves as the Company’s advisor. Notwithstanding the foregoing, the total amount of repurchases of Class N shares eligible for repurchase will be limited to no more than 0.67% of the Company’s aggregate NAV per month and no more than 1.67% of the Company’s aggregate NAV per calendar quarter; provided that, if in any month or quarter the total amount of aggregate repurchases of all classes of the Company’s common stock do not reach the overall share repurchase plan limits of 2% of the aggregate NAV per month and 5% of the aggregate NAV per calendar quarter, the above repurchase limits on the Class N shares shall not apply to that month or quarter and TIAA shall be entitled to submit shares for repurchase up to the overall share repurchase plan limits. Restricted Stock Grants Effective July 1, 2022, each independent director receives a $100,000 annual retainer, the chairperson of the audit committee receives an additional $20,000 annual retainer and the lead independent director receives an additional $5,000 annual retainer. The Company pays 50% of this compensation in cash, unrestricted stock, or a combination thereof in quarterly installments and the remaining 50% in the form of an annual grant of restricted stock based on the most recent transaction price. The restricted stock generally vests one year from the date of grant. Distribution Reinvestment Plan The Company has adopted a distribution reinvestment plan whereby holders of Class T, Class S, Class D and Class I shares (other than investors in certain states or who are clients of a participating broker-dealer that does not permit automatic enrollment in the distribution reinvestment plan) have their cash distributions automatically reinvested in additional shares of common stock unless they elect to receive their distributions in cash. Holders of Class N shares are not eligible to participate in the distribution reinvestment plan and receive their distributions in cash. Investors who are clients of a participating broker-dealer that does not permit automatic enrollment in the distribution reinvestment plan or are residents of those states that do not allow automatic enrollment receive their distributions in cash unless they elect to have their cash distributions reinvested in additional shares of the Company’s common stock. The per share purchase price for shares purchased pursuant to the distribution reinvestment plan will be equal to the transaction price at the time the distribution is payable, which will generally be equal to the Company’s prior month’s NAV per share for that share class. Stockholders do not pay upfront selling commissions or dealer manager fees when purchasing shares pursuant to the distribution reinvestment plan. The stockholder servicing fees with respect to shares of the Company’s Class T shares, Class S shares and Class D shares are calculated based on the NAV for those shares and may reduce the NAV or, alternatively, the distributions payable with respect to shares of each such class, including shares issued in respect of distributions on such shares under the distribution reinvestment plan. Distributions The Company generally intends to distribute substantially all of its taxable income, which does not necessarily equal net income as calculated in accordance with GAAP, to its stockholders each year to comply with the REIT provisions of the Code. The Company’s distribution policy reflects its intention to pay distributions monthly, subject to the discretion of the board of directors. Based on the monthly record dates established by the board of directors, the Company accrues for distributions on a monthly basis. As of September 30, 2023 and December 31, 2022, the Company had accrued $9.8 million and $10.1 million, respectively. For the three and nine months ended September 30, 2023, the Company declared and paid distributions of $29.3 million and $89.6 million, respectively. For the three and nine months ended September 30, 2022, the Company declared and paid distributions of $27.5 million and $67.8 million, respectively. Each class of common stock receives the same gross distribution per share, which was $0.2055 and $0.6279 per share for the three and nine months ended September 30, 2023, respectively. The net distribution varies for each class based on the applicable advisory fee and stockholder servicing fee, which is deducted from the monthly distribution per share. The following tables detail the net distribution for each of the Company's share classes for the three and nine months ended September 30, 2023: Three Months Ended September 30, 2023 Class T Common Stock Class S Common Stock Class D Common Stock Class I Common Stock Class N Common Stock Gross distribution per share of common stock $ 0.2055 $ 0.2055 $ 0.2055 $ 0.2055 $ 0.2055 Advisory fee per share of common stock (0.0380) (0.0367) (0.0377) (0.0364) (0.0216) Stockholder servicing fee per share of common stock (0.0262) (0.0262) (0.0077) — — Net distribution per share of common stock $ 0.1413 $ 0.1426 $ 0.1601 $ 0.1691 $ 0.1839 Nine Months Ended September 30, 2023 Class T Common Stock Class S Common Stock Class D Common Stock Class I Common Stock Class N Common Stock Gross distribution per share of common stock $ 0.6279 $ 0.6279 $ 0.6279 $ 0.6279 $ 0.6279 Advisory fee per share of common stock (0.1164) (0.1113) (0.1129) (0.1105) (0.0674) Stockholder servicing fee per share of common stock (0.0796) (0.0798) (0.0231) — — Net distribution per share of common stock $ 0.4319 $ 0.4368 $ 0.4919 $ 0.5174 $ 0.5605 Share Repurchases The Company has adopted a share repurchase plan, whereby on a monthly basis, stockholders may request that the Company repurchase all or any portion of their shares. The Company may choose to repurchase all, some or none of the shares that have been requested to be repurchased at the end of any particular month, in its discretion, subject to any limitations in the share repurchase plan. The total amount of aggregate repurchases of Class T, Class S, Class D and Class I shares will be limited to 2% of the aggregate NAV per month (measured using the aggregate NAV as of the end of the immediately preceding month) and 5% of the aggregate NAV per calendar quarter (measured using the aggregate NAV as of the end of the immediately preceding quarter). In addition, if during any consecutive 24-month period, the Company does not have at least one month in which the Company fully satisfies 100% of properly submitted repurchase requests or accepts all properly submitted tenders in a self-tender offer for the Company’s shares, the Company will not make any new investments (excluding short-term cash management investments under 30 days in duration) and will use all available investable assets to satisfy repurchase requests (subject to the limitations under this program) until all outstanding repurchase requests have been satisfied. Shares would be repurchased at a price equal to the transaction price on the applicable repurchase date, subject to any early repurchase deduction. Shares that have not been outstanding for at least one year would be repurchased at 95% of the transaction price. Due to the illiquid nature of investments in real estate, the Company may not have sufficient liquid resources to fund repurchase requests and has established limitations on the amount of funds the Company may use for repurchases during any calendar month and quarter. Further, the Company’s board of directors may modify, suspend or terminate the share repurchase plan. For the three and nine months ended September 30, 2023, the Company repurchased shares of its common stock for $85.6 million and $262.3 million, respectively. For the three and nine months ended September 30, 2022, the Company repurchased shares of its common stock for $7.6 million and $17.9 million, respectively. The Company had no unfulfilled repurchase requests during the nine months ended September 30, 2023. Redeemable Non-Controlling Interest The Company's affiliated partners have redeemable non-controlling interests in joint ventures due to crystallization rights, which allow the partners to trigger the payment on the promote. The Redeemable Non-Controlling Interests are recorded at the greater of (i) their carrying amount, adjusted for their share of the allocation of GAAP net income or loss and distributions, or (ii) their redemption value, which is equivalent to the fair value of such interests at the end of each measurement period. As the redemption value was greater than the adjusted carrying value as of September 30, 2023 and December 31, 2022, the Company recorded an allocation adjustment between Additional Paid-In-Capital and Redeemable Non-Controlling Interest. The balance was $0.4 million and $0.6 million as of September 30, 2023 and December 31, 2022.

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting The Company operates in eleven reportable segments: industrial properties, healthcare properties, multifamily properties, retail properties, single-family housing, office properties, self-storage properties, commercial mortgage loans, real estate-related securities, International Affiliated Funds, and other (corporate). These are operating segments that are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision-makers in deciding how to allocate resources and in assessing performance. The Company’s chief executive officer, chief financial officer and head of portfolio management have been identified as the chief operating decision-makers. The Company’s chief operating decision-makers direct the allocation of resources to operating segments based on the profitability and cash flows of each respective segment. The Company believes that segment net operating income is the performance metric that captures the unique operating characteristics of each segment. The following table sets forth the financial position by segment as of September 30, 2023 and December 31, 2022 ($ in thousands): September 30, December 31, Industrial $ 557,502 $ 569,607 Healthcare 461,080 476,894 Multifamily 327,396 292,081 Retail 210,127 223,248 Single-Family Housing 147,464 148,796 Office 116,004 120,322 Self-Storage 61,609 48,951 Commercial Mortgage Loans 351,524 343,970 Real Estate-Related Securities (1) 219,557 214,416 International Affiliated Funds 116,619 127,224 Other (Corporate) 54,548 105,352 Total assets $ 2,623,430 $ 2,670,861 (1) Includes investments in real estate-related securities and real estate debt as shown on the Company's Consolidated Balance Sheets. The following table sets forth the financial results by segment for the three months ended September 30, 2023 ($ in thousands): Industrial Healthcare Multifamily Retail Single-Family Housing Office Self-Storage Commercial Mortgage Loans Real Estate-Related Securities (1) International Affiliated Funds Total Revenues: Rental revenue $ 12,866 $ 10,700 $ 7,991 $ 4,376 $ 2,724 $ 3,653 $ 1,074 $ — $ — $ — $ 43,384 Income from commercial mortgage loans — — — — — — — 7,471 — — 7,471 Total segment revenues 12,866 10,700 7,991 4,376 2,724 3,653 1,074 7,471 — — 50,855 Expenses: Property operating 3,845 3,327 3,419 1,360 1,364 976 686 — — — 14,977 Total segment expenses 3,845 3,327 3,419 1,360 1,364 976 686 — — — 14,977 Realized and unrealized loss from real estate-related securities (9,609) (9,609) Realized and unrealized loss from real estate debt (708) (708) Loss from equity investments in unconsolidated international affiliated funds (2,870) (2,870) Unrealized gain on commercial mortgage loans 431 431 Segment net operating income $ 9,021 $ 7,373 $ 4,572 $ 3,016 $ 1,360 $ 2,677 $ 388 $ 7,902 $ (10,317) $ (2,870) $ 23,122 Depreciation and amortization (6,511) (6,145) (2,635) (2,161) (874) (1,821) (900) — — — (21,047) Unrealized gain from interest rate derivatives 136 Unrealized loss on note payable (20) General and administrative expenses (2,641) Advisory fee due to affiliate (7,847) Interest income 2,381 Interest expense (10,788) Net loss $ (16,704) Net loss attributable to non-controlling interests in third party joint ventures (21) Net income attributable to preferred stock 3 Net loss attributable to common stockholders $ (16,686) (1) Includes investments in real estate-related securities and real estate debt as shown on the Company's Consolidated Balance Sheets. The following table sets forth the financial results by segment for the three months ended September 30, 2022 ($ in thousands): Industrial Healthcare Multifamily Retail Single-Family Housing Office Self-Storage Commercial Mortgage Loans Real Estate-Related Securities (1) International Affiliated Funds Total Revenues: Rental revenue $ 8,731 $ 8,247 $ 6,916 $ 1,714 $ 2,132 $ 3,375 $ 312 $ — $ — $ — $ 31,427 Income from commercial mortgage loans — — — — — — — 5,587 — — 5,587 Total segment revenues 8,731 8,247 6,916 1,714 2,132 3,375 312 5,587 — — 37,014 Expenses: Property operating 2,584 2,401 2,612 416 987 855 185 — — — 10,040 Total segment expenses 2,584 2,401 2,612 416 987 855 185 — — — 10,040 Realized and unrealized loss from real estate-related securities (10,663) (10,663) Realized and unrealized loss from real estate debt (819) (819) Income from equity investments in unconsolidated international affiliated funds 436 436 Unrealized gain on commercial mortgage loans 670 670 Segment net operating income $ 6,147 $ 5,846 $ 4,304 $ 1,298 $ 1,145 $ 2,520 $ 127 $ — $ 6,257 $ (11,482) $ 436 $ 16,598 Depreciation and amortization (4,814) (6,089) (3,479) (907) (388) (1,414) (266) — — — (17,357) General and administrative expenses (2,491) Advisory fee due to affiliate (7,583) Interest income 1,541 Interest expense (4,685) Net loss $ (13,977) Net loss attributable to non-controlling interests in third party joint ventures (25) Net income attributable to preferred stock 3 Net loss attributable to common stockholders $ (13,955) (1) Includes investments in real estate-related securities and real estate debt as shown on the Company's Consolidated Balance Sheets. The following table sets forth the financial results by segment for the nine months ended September 30, 2023 ($ in thousands): Industrial Healthcare Multifamily Retail Single-Family Housing Office Self-Storage Commercial Mortgage Loans Real Estate-Related Securities (1) International Affiliated Funds Total Revenues: Rental revenue $ 38,385 $ 32,177 $ 23,370 $ 14,177 $ 7,926 $ 10,442 $ 2,889 $ — $ — $ — $ 129,366 Income from commercial mortgage loans — — — — — — — 21,008 — — 21,008 Total segment revenues 38,385 32,177 23,370 14,177 7,926 10,442 2,889 21,008 — — 150,374 Expenses: Property operating 11,039 11,036 9,721 4,021 4,389 2,862 1,628 — — 44,696 Total segment expenses 11,039 11,036 9,721 4,021 4,389 2,862 1,628 — — — 44,696 Realized and unrealized loss from real estate-related securities (4,308) (4,308) Realized and unrealized loss from real estate debt (365) (365) Loss from equity investments in unconsolidated international affiliated funds (6,024) (6,024) Unrealized loss on commercial mortgage loans (1,266) (1,266) Segment net operating income $ 27,346 $ 21,141 $ 13,649 $ 10,156 $ 3,537 $ 7,580 $ 1,261 $ 19,742 $ (4,673) $ (6,024) $ 93,715 Depreciation and amortization (19,411) (18,713) (7,935) (6,677) (2,914) (5,443) (2,862) — — — (63,955) Unrealized gain from interest rate derivatives 24 Unrealized loss on note payable (130) General and administrative expenses (7,024) Advisory fee due to affiliate (23,796) Interest income 6,481 Interest expense (29,346) Net loss $ (24,031) Net loss attributable to non-controlling interests in third party joint ventures (79) Net income attributable to preferred stock 11 Net loss attributable to common stockholders $ (23,963) (1) Includes investments in real estate-related securities and real estate debt as shown on the Company's Consolidated Balance Sheets. The following table sets forth the financial results by segment for the nine months ended September 30, 2022 ($ in thousands): Industrial Healthcare Multifamily Retail Single-Family Housing Office Self-Storage Commercial Mortgage Loans Real Estate-Related Securities (1) International Affiliated Funds Total Revenues: Rental revenue $ 20,961 $ 17,592 $ 19,904 $ 5,035 $ 4,372 $ 9,365 $ 348 $ — $ — $ — $ 77,577 Income from commercial mortgage loans — — — — — — — 9,479 — — 9,479 Total segment revenues 20,961 17,592 19,904 5,035 4,372 9,365 348 9,479 — — 87,056 Expenses: Property operating 5,710 4,844 8,303 1,168 2,545 2,631 185 — — — 25,386 Total segment expenses 5,710 4,844 8,303 1,168 2,545 2,631 185 — — — 25,386 Realized and unrealized loss from real estate-related securities (32,601) (32,601) Realized and unrealized loss from real estate debt (3,337) (3,337) Income from equity investments in unconsolidated international affiliated funds 5,421 5,421 Unrealized loss on commercial mortgage loans (1,578) (1,578) Segment net operating income $ 15,251 $ 12,748 $ 11,601 $ 3,867 $ 1,827 $ 6,734 $ 163 $ 7,901 $ (35,938) $ 5,421 $ 29,575 Depreciation and amortization (10,805) (10,581) (12,652) (2,310) (1,739) (5,411) (266) — — — (43,764) General and administrative expenses (7,112) Advisory fee due to affiliate (18,720) Interest income 3,048 Interest expense (9,628) Net loss $ (46,601) Net loss attributable to non-controlling interests in third party joint ventures (47) Net income attributable to preferred stock 11 Net loss attributable to common stockholders $ (46,565) (1) Includes investments in real estate-related securities and real estate debt as shown on the Company's Consolidated Balance Sheets.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsThere have been no events since September 30, 2023 that require recognition or disclosure in the Consolidated Financial Statements.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements include the accounts of the Company and its subsidiaries, and in the opinion of management, include all necessary adjustments, consisting of only normal and recurring items, necessary for a fair statement of the Company’s consolidated financial statements as of September 30, 2023 and December 31, 2022 and for the three and nine months ended September 30, 2023 and 2022. Results of operations for the interim periods are not necessarily indicative of results for the entire year. These financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the applicable rules and regulations of the SEC. The accompanying unaudited consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements prepared in accordance with GAAP, and the related notes thereto, that are included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022 as filed with the SEC. The year-end balance sheet was derived from those audited financial statements. The accompanying consolidated financial statements include the accounts of the Company, the Company's subsidiaries and joint ventures in which the Company has a controlling interest.
Principles of Consolidation	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. The Company is the primary beneficiary of a VIE when it has (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. When the requirements for consolidation are not met and the Company has significant influence over the operations of the entity, the investment is accounted for under the equity method of accounting. Equity method investments for which the Company has not elected the fair value option (“FVO”) are initially recorded at cost and subsequently adjusted for the Company’s pro-rata share of net income, contributions and distributions. When the Company elects the FVO, the Company records its share of net asset value of the entity and any related unrealized gains and losses. Each of the Company’s joint ventures is considered to be a VIE or VOE. The Company consolidates these entities because it has the ability to direct the most significant activities of the joint ventures, including unilateral decision-making on the disposition of the investments. For select joint ventures, the non-controlling partner’s share of the assets, liabilities and operations of each joint venture is included in noncontrolling interests as equity of the Company. The non-controlling partner’s interest is generally computed as the joint venture partner’s ownership percentage. Certain strategic partnerships of the Company provide the other partner a profits interest based on certain internal rate of return hurdles being achieved. Any profits interest due to the other partner is reported within redeemable non-controlling interests. As of September 30, 2023, and December 31, 2022, the total assets and liabilities of the Company’s consolidated VIEs were $49.8 million and $30.4 million, and $51.2 million and $30.2 million, respectively. Such amounts are included on the Company’s Consolidated Balance Sheets.
Investments in Real Estate	Investments in Real Estate In accordance with the guidance for business combinations, the Company determines whether the acquisition of a property qualifies as a business combination, which requires that the assets acquired and liabilities assumed constitute a business. If the property acquired is not a business, the Company accounts for the transaction as an asset acquisition. All property acquisitions to date have been accounted for as asset acquisitions. Whether the acquisition of a property acquired is considered a business combination or asset acquisition, the Company recognizes the identifiable assets acquired, the liabilities assumed and any non-controlling interest in the acquired entity. In addition, for transactions that will be considered business combinations, the Company will evaluate the existence of goodwill or a gain from a bargain purchase. The Company expenses acquisition-related costs associated with business combinations as they are incurred. The Company capitalizes acquisition-related costs associated with asset acquisitions. Upon acquisition of a property, the Company assesses the fair value of acquired tangible and intangible assets (including land, buildings, tenant improvements, above-market and below-market leases, acquired in-place leases, other identified intangible assets and assumed liabilities) and allocates the purchase price to the acquired assets and assumed liabilities. The Company assesses and considers fair value based on estimated cash flow projections that utilize discount or capitalization rates that it deems appropriate, as well as other available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known and anticipated trends and market and economic conditions. The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. The Company also considers an allocation of purchase price of other acquired intangibles, including acquired in-place leases that may have a customer relationship intangible value, including but not limited to the nature and extent of the existing relationship with the tenants, the tenants’ credit quality and expectations of lease renewals. Based on its acquisitions to date, the Company’s allocation to customer relationship intangible assets has not been material. The Company records acquired above-market and below-market leases at their fair values (using a discount rate which reflects the risks associated with the leases acquired) equal to the difference between (1) the contractual amounts to be paid pursuant to each in-place lease and (2) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the initial term plus the term of any below-market fixed rate renewal options for below-market leases. Other intangible assets acquired include amounts for in-place lease values that are based on the Company’s evaluation of the specific characteristics of each tenant’s lease. Factors to be considered include estimates of carrying costs during hypothetical expected lease-up periods considering current market conditions, and costs to execute similar leases. In estimating carrying costs, the Company includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods, depending on local market conditions. In estimating costs to execute similar leases, the Company considers leasing commissions, legal and other related expenses. Intangible assets and intangible liabilities are recorded as separate components on the Company's Consolidated Balance Sheets. The amortization of acquired above-market and below-market leases is recorded as an adjustment to Rental Revenue on the Company’s Consolidated Statements of Operations. The amortization of in-place leases is recorded as an adjustment to Depreciation and Amortization on the Company's Consolidated Statements of Operations. The cost of buildings and improvements includes the purchase price of the Company’s properties and any acquisition-related adjustments, along with any subsequent improvements to such properties. The Company’s Investments in Real Estate are stated at cost and are generally depreciated on a straight-line basis over the estimated useful lives of the assets as follows: Description Depreciable Life Building 40 years Building, land and site improvements 15-40 years Furniture, fixtures and equipment 3-7 years Lease intangibles Over lease term Significant improvements to properties are capitalized. When assets are sold or retired, their costs and related accumulated depreciation or amortization are removed from the accounts with the resulting gains or losses reflected in net income or loss for the period. Repairs and maintenance are expensed to operations as incurred and are included in Rental Property Operating on the Company’s Consolidated Statements of Operations. The Company’s management reviews the Company's real estate properties for impairment each quarter or when there is an event or change in circumstances that indicates an impaired value. If the carrying amount of the real estate investment is no longer recoverable and exceeds the fair value of such investment, an impairment loss is recognized. The impairment loss is recognized based on the excess of the carrying amount of the asset over its fair value, or fair value, less cost to sell if classified as held for sale. If the Company’s strategy changes or market conditions otherwise dictate an earlier sale date, an impairment loss may be recognized and such loss could be material to the Company’s results. During the periods presented, no such impairment occurred.
Investments in Real Estate-Related Securities	Investments in Real Estate-Related Securities The Company reports its investment in real estate-related securities at fair value and any changes in fair value are recorded in the current period earnings. Dividend income is recorded when declared and the resulting dividend income, along with gains and losses are recorded as a component of Realized and Unrealized Gain (Loss) from Real Estate-Related Securities on the Company’s Consolidated Statements of Operations.
Investments in Real Estate Debt	Investments in Real Estate Debt The Company’s investments in real estate debt consist of commercial mortgage-backed securities (“CMBS”), which are securities backed by one or more mortgage loans secured by real estate assets. The Company classifies its CMBS as trading securities and records such investments at fair value. As such, the resulting unrealized gains and losses of its CMBS are recorded as a component of Realized and Unrealized Gain (Loss) from Real Estate Debt on the Company’s Consolidated Statements of Operations. Interest income from the Company’s investments in CMBS is recognized over the life of each investment and is recorded on the accrual basis on the Company’s Consolidated Statements of Operations.
Investments in International Affiliated Funds	Investments in International Affiliated Funds The Company reports its investment in European Cities Partnership SCSp (“ECF”) and Asia Pacific Cities Fund (“APCF”), investment funds managed by an affiliate of TIAA (collectively, the “International Affiliated Funds”), under the equity method of accounting. The equity method income (loss) from the investments in the International Affiliated Funds represents the Company’s allocable share of each fund’s net income or loss, which includes income and expense, realized gains and losses, foreign currency translation adjustments, and unrealized appreciation or depreciation as determined from the financial statements of ECF and APCF (which carry investments at fair value in accordance with GAAP) and is reported as Income (Loss) from Equity Investment in Unconsolidated International Affiliated Funds on the Company’s Consolidated Statements of Operations. All contributions to or distributions from the investment in the International Affiliated Funds are accrued when notice is received and recorded as a receivable from or payable to the International Affiliated Funds on the Company's Consolidated Balance Sheets. The Company uses the cumulative earnings approach to classify its distributions received from equity method investments. Under the cumulative earnings approach, distributions received are considered returns on investment and classified as cash inflows from operating activities, unless the investor’s cumulative distributions received less distributions received in prior periods that were determined to be returns on investment exceed cumulative equity in earnings recognized by the investor. When such an excess occurs, the current-period distribution up to this excess is considered a return of investment and classified as cash inflows from investing activities.
Investments in Commercial Mortgage Loans	Investments in Commercial Mortgage Loans The Company originates commercial mortgage loans and elects the fair value option for each loan. In accordance with the adoption of the fair value option allowed under ASC 825, Financial Instruments, and at the election of the Company, the commercial mortgage loans are stated at fair value and initially valued at the face amount of the loan funding. Subsequently, the commercial mortgage loans are valued at least quarterly by an independent third-party valuation firm with additional oversight being performed by the Advisor’s internal valuation department. The value is based on market factors, such as market interest rates and spreads for comparable loans, the performance of the underlying collateral (such as the loan-to-value ratio and the cash flow of the underlying collateral), and the credit quality of the borrower. The income from the commercial mortgage loans represents interest income and origination fee income, which is reported as Income from Commercial Mortgage Loans on the Company’s Consolidated Statements of Operations. Unrealized gains and losses are recorded as a component of Unrealized Gain (Loss) on Commercial Mortgage Loans on the Company’s Consolidated Statements of Operations. In the event of a partial or whole sale of the commercial mortgage loan that qualifies for sale accounting under GAAP, the Company derecognizes the corresponding asset and fees paid as part of the partial or whole sale are recognized on the Company’s Consolidated Statements of Operations.
Senior Loan Participations	Senior Loan Participations In certain instances, the Company finances loans through the non-recourse syndication of a senior loan interest to a third party. Depending on the particular structure of the syndication, the senior loan interest may remain on the Company's Consolidated Balance Sheets or, in other cases, the sale will be recognized and the senior loan interest will no longer be included in its consolidated financial statements. When these sales do not qualify for sale accounting under GAAP, the Company reflects the transaction by recording a loan participations liability at fair value on the Consolidated Balance Sheets, however this gross presentation does not impact Stockholders’ Equity or Net Income. When the sales are recognized, the Consolidated Balance Sheets only includes the remaining subordinate loan.
Note Payable	Note Payable The Company finances the acquisition of certain mortgage loans through the use of "note-on-note" transactions in which the Company pledges mortgage loans as collateral to secure a loan which is equal in value to a specified percentage of the estimated fair value of the pledged collateral. These "note-on-note" transactions are recorded in Note Payable, at Fair Value on the Consolidated Balance Sheets and are carried at fair value through the adoption of the fair value option allowed under ASC 825. Financing costs related to the Company's note payable are expensed as incurred and recorded in Interest Expense on the Consolidated Statements of Operations.
Deferred Charges	Deferred Charges The Company's deferred charges include financing and leasing costs. Financing costs include legal, structuring and other loan costs incurred by the Company for its financing arrangements. Deferred financing costs related to the Credit Facility (as defined herein) are recorded as a component of Other Assets on the Company’s Consolidated Balance Sheets and are amortized on a straight-line basis over the term of the Credit Facility, which approximates the effective interest method. Unamortized deferred financing costs are charged to interest expense upon early repayment or significant modification of the Credit Facility and fully amortized deferred financing costs are removed from the books upon the maturity of the Credit Facility. Deferred financing costs related to the Company’s mortgages payable are recorded as an offset to the related liability and amortized on a straight-line basis over the term of the financing instrument, which approximates the effective interest method. Unamortized deferred financing costs related to the Company's mortgages payable are charged to interest expense upon early repayment or significant modification of the mortgages payable and fully amortized deferred financing costs are removed from the books upon maturity. Deferred leasing costs, which consist primarily of brokerage and legal fees, incurred in connection with new leases, are recorded as a component of Intangible Assets, Net on the Company’s Consolidated Balance Sheets and amortized over the life of the related lease. Unamortized deferred leasing costs are charged to amortization expense upon early termination or significant modification of the leases and fully amortized deferred leasing costs are removed from the books upon lease expiration.
Fair Value Measurement	Fair Value Measurement Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Accounting guidance also establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: Level 1—quoted prices are available in active markets for identical investments as of the measurement date. The Company does not adjust the quoted price for these investments. Level 2—quoted prices are available in markets that are not active or model inputs are based on inputs that are either directly or indirectly observable as of the measurement date. Level 3—pricing inputs are unobservable and include instances where there is minimal, if any, market activity for the investment. These inputs require significant judgment or estimation by management or third parties when determining fair value and generally represent anything that does not meet the criteria of Levels 1 and 2. Due to the inherent uncertainty of these estimates, these values may differ materially from the values that would have been used had a ready market for these investments existed. The Company's investments in real estate-related securities are recorded at fair value based on the closing price of the common stock as reported by the applicable national securities exchange and have been classified as Level 1. The Company’s investments in real estate debt, which consists of CMBS, are reported at fair value. The Company generally determines the fair value of its investments in real estate debt by utilizing third-party pricing service providers whenever available and such investments have been classified as Level 2. The Company's derivative financial instruments, consisting of interest rate swaps, are reported at fair value. The fair values of the Company's interest rate contracts were estimated using advice from a third-party valuation service provider based on contractual cash flows and interest calculations using the appropriate discount rates and such investments have been classified as Level 2. The Company’s investments in commercial mortgage loans consist of floating rate senior and mezzanine loans the Company originated and have been classified as Level 3. The commercial mortgage loans are carried at fair value based on significant unobservable inputs. The Company's loan participations and note payable are carried at fair value based on significant unobservable inputs and have been classified as Level 3. The carrying amounts of financial instruments such as other assets, accounts payable, accrued expenses and other liabilities approximate their fair values due to the short-term maturities and market rates of interest of these instruments.
Revenue Recognition	Revenue Recognition The Company’s sources of revenue and the related revenue recognition policies are as follows: Rental Revenue — consists primarily of base rent arising from tenant operating leases at the Company’s properties. Rental revenue is recognized on a straight-line basis over the life of the lease, including any rent steps or abatement provisions. The Company begins to recognize revenue when a tenant takes possession of the leased space. The Company includes in rental revenue its tenant reimbursement income, which consists of amounts due from tenants for costs related to common area maintenance, real estate taxes and other recoverable costs as defined in lease agreements. The Company evaluates the collectability of receivables related to rental revenue on an individual lease basis. Management exercises judgment in assessing collectability and considers the length of time a receivable has been outstanding, tenant credit-worthiness, payment history, available information about the financial condition of the tenant, and current economic trends, among other factors. Tenant receivables that are deemed uncollectible are recognized as a reduction to rental revenue. Income from Commercial Mortgage Loans — consists of income from interest earned and recognized as operating income based upon the principal amount outstanding and the contracted interest rate along with origination fees. The accrual of interest income on mortgage loans is discontinued when in management’s opinion, the borrower may be unable to meet payments as they become due (“nonaccrual mortgage loans”), unless the loan is well-secured and is in the process of collection. Interest income on nonaccrual mortgage loans is subsequently recognized only to the extent cash payments are received until the loans are returned to accrual status. As of September 30, 2023, the Company did not have any nonaccrual mortgage loans.
Leases	Leases The Company derives revenue pursuant to lease agreements. At the inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. At the lease inception, the Company determines whether each lease is a sales-type, direct financing or operating lease. Such classification is based on whether: • The lessee gains control of the underlying asset and the lessor therefore relinquishes control to the lessee under certain criteria (sales-type or direct-financing); or • All other leases that do not meet the criteria as sales-type or direct financing leases (operating). The Company's leases are classified as operating leases in accordance with relevant accounting guidelines, and the related revenue is recognized on a straight-line basis. Upon the termination or vacation of a tenant lease, the associated straight-line rent receivable is written off.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents represent cash held in banks, cash on hand and liquid investments with original maturities of three months or less at the time of purchase. The Company may have bank balances in excess of federally insured amounts; however, the Company deposits its cash with high credit-quality institutions to minimize credit risk.
Restricted Cash	Restricted CashAs of September 30, 2023, the Company had $21.3 million of restricted cash. The restricted cash consisted of $1.0 million of tenant security deposits and $20.3 million of cash received for subscriptions prior to the date in which the subscriptions are effective, which is held in a bank account controlled by the Company’s transfer agent, but in the name of the Company.
Income Taxes	Income Taxes The Company elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code (“Code”) commencing with its taxable year ended December 31, 2018, and intends to operate in a manner that will allow it to continue to qualify as a REIT. In qualifying for taxation as a REIT, the Company is subject to federal corporate income tax to the extent it distributes less than 100% of its REIT taxable income (including for this purpose its net capital gain) to its stockholders. The Company will be subject to a 4% nondeductible excise tax on the amount, if any, by which distributions it pays in any calendar year are less than the sum of 85% of its ordinary income, 95% of its net capital gains, and 100% of its undistributed income from prior years. The Company may elect to treat certain of its corporate subsidiaries as taxable REIT subsidiaries (“TRSs”). In general, a TRS may perform additional services for the Company’s tenants and generally may engage in any real estate or non-real estate-related business other than management or operation of a lodging facility or a health care facility. The Company’s dealings with the TRSs must be arm’s length in nature or be permitted under the Code. Otherwise, the Company may be subject to 100% penalty tax, or its TRSs may be denied deductions. A domestic TRS is subject to U.S. corporate federal income tax and state income or franchise tax. A Cayman Islands TRS is not subject to U.S. corporate federal income tax or Cayman Islands taxes. As of September 30, 2023, the Company had five active TRSs: the Company uses two Cayman Islands TRSs to hold its investments in the International Affiliated Funds, one Luxembourg TRS to hold minority interests in its direct European investment, one domestic TRS to hold the senior portions of the commercial mortgage loans, and one domestic TRS for self-storage, nonrental-related business. The asset tests that apply to REITs limit the Company's ownership of the securities of its TRSs to no more than 20% of the value of the Company's total assets. For the three and nine months ended September 30, 2023, the Company incurred federal income tax expense related to the TRSs of $0.1 million and $0.3 million, respectively. The Company accrues liabilities when it believes that it is more likely than not that it will not realize the benefits of tax positions that it has taken in its tax returns or for the amount of any tax benefit that exceeds the cumulative probability threshold in accordance with ASC 740-10, Uncertain Tax Positions. Interest and penalties related to unrecognized tax positions are included in income tax expense, and no amount has been accrued. Income tax returns for tax years 2019 through 2022 remain subject to governmental examination. Deferred Taxes As of September 30, 2023, the Company had a deferred tax liability of $2.7 million that is recorded in Accounts Payable, Accrued Expenses and Other Liabilities on the Company’s Consolidated Balance Sheets. The deferred tax liability is a value-based tax, calculated on the difference between acquisition cost and current tax basis, and was assumed during the acquisition of the multifamily portfolio in Copenhagen, Denmark.
Organization and Offering Expenses	Organization and Offering Expenses The Advisor advanced organization and offering expenses on behalf of the Company (including legal, accounting and other expenses attributable to the organization, but excluding upfront selling commissions, dealer manager fees and stockholder servicing fees) through the fourth full fiscal quarter after the Company’s acquisition of its first property. The Company agreed to reimburse the Advisor for all such advanced expenses it incurred in 60 equal monthly installments commencing on the earlier of the date the Company’s NAV reached $1.0 billion or January 31, 2023.The Company's NAV reached $1.0 billion in October 2021 and as of September 30, 2023, the Company had reimbursed the Advisor $1.8 million of such costs. The Advisor and its affiliates have incurred organization and offering expenses on the Company’s behalf for the Initial Public Offering of $4.6 million, consisting of offering costs of $3.5 million and organization costs of $1.1 million, of which $2.8 million and $3.6 million remained outstanding as of September 30, 2023 and December 31, 2022, respectively. These organization and offering costs are recorded as Due to Affiliates on the Company’s Consolidated Balance Sheets.
Foreign Currency	Foreign Currency The financial position and results of operations of ECF are measured using the local currency (Euro) as the functional currency and are translated into U.S. dollars for purposes of recording the related activity under the equity method of accounting. Net income (loss), which includes the Company’s allocable share of ECF's income and expense, realized gains and losses and unrealized appreciation or depreciation, has been translated using the weighted average exchange rates during the period. Assets and liabilities have been translated at the rates of exchange on the balance sheet date. The financial position and results of operations of the Company's wholly-owned multifamily property located in Copenhagen, Denmark ("CASA Nord") are measured using the local currency (Danish Krone) as the functional currency and are translated into U.S. dollars for purposes of recording the related activity. Net income (loss) has been translated using the weighted average exchange rates during the period. Assets and liabilities have been translated at the rates of exchange on the balance sheet date. The resulting translation gain and loss adjustments are recorded directly as a separate component of Accumulated Other Comprehensive Income (Loss), unless there is a sale or complete liquidation of the underlying foreign investments. Foreign currency translation adjustments resulted in other comprehensive losses of approximately $2.8 million and $1.1 million for the three and nine months ended September 30, 2023, respectively. Foreign currency translation adjustments resulted in other comprehensive losses of approximately $5.4 million and $11.8 million for the three and nine months ended September 30, 2022, respectively. The financial position and results of operations of APCF are measured in U.S. dollars for purposes of recording the related activity under the equity method of accounting. There is no direct foreign currency exposure to the Company for its investment in APCF.
Derivative Instruments	Derivative InstrumentsThe Company uses derivative financial instruments such as interest rate swaps to manage risks from fluctuations in interest rates. The Company records its derivatives at fair value and such amounts are reflected in Other Assets or Accounts Payable, Accrued Expenses and Other Liabilities on the Company’s Consolidated Balance Sheets. Any changes in the fair value of these derivatives are recorded as Unrealized Gain (Loss) from Interest Rate Derivatives on the Company's Consolidated Statements of Operations.
Earnings per Share	Earnings per Share Basic net income (loss) per share of common stock is determined by dividing net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding during the period. All classes of common stock are allocated net income (loss) at the same rate per share. The Company does not have any dilutive securities outstanding that would cause basic earnings per share and diluted earnings per share to differ.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The guidance provides optional expedients and exceptions for applying GAAP to contract modifications and hedging relationships, subject to meeting certain criteria, that reference London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued. The expedients and exceptions are effective for the period from March 12, 2020 to December 31, 2022. Management adopted the guidance and it did not have a material impact to the Company. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”). The amendments in ASU 2022-06 extend the period of time preparers can utilize the reference rate reform relief guidance. ASU 2022-06 is effective for all entities upon issuance. To ensure the relief in Topic 848 covers the period of time during which a significant number of modifications may take place, the ASU defers the sunset date of Topic 848 from December 31, 2022, to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. Management adopted the guidance and it did not have a material impact to the Company.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Schedule of Estimated Useful Life of Assets	The Company’s Investments in Real Estate are stated at cost and are generally depreciated on a straight-line basis over the estimated useful lives of the assets as follows: Description Depreciable Life Building 40 years Building, land and site improvements 15-40 years Furniture, fixtures and equipment 3-7 years Lease intangibles Over lease term
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 ($ in thousands): September 30, 2023 December 31, 2022 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Investments in real estate-related securities $ 105,166 $ — $ — $ 105,166 $ 116,164 $ — $ — $ 116,164 Investments in real estate debt — 114,391 — 114,391 — 98,252 — 98,252 Investments in commercial mortgage loans — — 351,524 351,524 — — 343,970 343,970 Interest rate derivatives (1) — 24 — 24 — — — — Total $ 105,166 $ 114,415 $ 351,524 $ 571,105 $ 116,164 $ 98,252 $ 343,970 $ 558,386 Liabilities: Loan participations $ — $ — $ 180,080 $ 180,080 $ — $ — $ 175,830 $ 175,830 Note payable — — 69,160 69,160 — — 69,030 69,030 Total $ — $ — $ 249,240 $ 249,240 $ — $ — $ 244,860 $ 244,860 (1) Included in Other Assets in the Company's Consolidated Balance Sheets.
Schedule of Investment in Joint Venture at Fair Value	The following table details the Company’s assets and liabilities measured at fair value on a recurring basis using Level 3 inputs ($ in thousands): Investments in Commercial Mortgage Loans Loan Participations Note Payable Balance as of December 31, 2022 $ 343,970 $ 175,830 $ 69,030 Additional fundings 9,440 (a) 4,870 (a) — Net unrealized loss on assets (1,886) (b) — — Net unrealized (gain) loss on liabilities — (620) (b) 130 Balance as of September 30, 2023 $ 351,524 $ 180,080 $ 69,160 (a) Includes additional fundings on commercial mortgage loans of $4.5 million combined with additional fundings of $4.9 million associated with loan participations. (b) Unrealized Loss on Commercial Mortgage Loans of $1.3 million reported on the Company's Consolidated Statements of Operations for the nine months ended September 30, 2023 includes unrealized losses of $1.9 million associated with commercial mortgage loans, net of unrealized gains of $0.6 million associated with loan participations. The following table summarizes the Company's note payable balance as of September 30, 2023 ($ in thousands): Note Payable Balance as of December 31, 2022 $ 69,030 Net unrealized loss 130 Balance as of September 30, 2023 $ 69,160
Schedule of Disclosure Details of Significant Unobservable Input Used in Measurement of Commercial Mortgage Loans	The following table shows the quantitative information about unobservable inputs that constitute the Level 3 fair value measurements of the investments in commercial mortgage loans, loan participations and note payable as of September 30, 2023. Type Asset Class Valuation Technique Unobservable Inputs Range (Weighted Average) Commercial Mortgage Loans Various Discounted Cash Flow Method Equivalency Rate SOFR (1) + 2.00% - 9.55% (4.10%) Loan Participations Various Discounted Cash Flow Method Equivalency Rate SOFR (1) + 2.00% - 3.75% (2.63%) Note Payable Multifamily Discounted Cash Flow Method Equivalency Rate SOFR (1) + 1.75% (1.75%) (1) Secured Overnight Financing Rate ("SOFR") as of September 30, 2023 was 5.3%.

Investments in Real Estate (Tab

Investments in Real Estate (Tables)	9 Months Ended
	Sep. 30, 2023
Real Estate [Abstract]
Schedule of Investments in Real Estate, Net	Investments in Real Estate, Net consisted of the following ($ in thousands): September 30, 2023 December 31, 2022 Building and building improvements $ 1,542,436 $ 1,522,540 Land and land improvements 315,439 312,989 Furniture, fixtures and equipment 14,850 13,285 Total 1,872,725 1,848,814 Accumulated depreciation (132,554) (88,330) Investments in real estate, net $ 1,740,171 $ 1,760,484
Schedule of Asset Acquisition	The following table provides details of the property acquired during the nine months ended September 30, 2023 ($ in thousands): Sectors Purchase Price (1) Number of Transactions Number of Properties Sq. Ft. (in thousands)/Units Self-Storage $ 13,759 1 1 716 Units (1) Purchase price is inclusive of acquisition costs and other acquisition related adjustments. Purchase price does not include any net liabilities assumed.
Schedule of Purchase Price Allocation for Properties Acquired	The following table summarizes the purchase price allocation for the property acquired during the nine months ended September 30, 2023 ($ in thousands): Amount Building and building improvements $ 10,306 Land and land improvements 2,258 In-place lease intangibles 704 Furniture, fixtures and equipment 491 Total purchase price $ 13,759

Investments in Real Estate-Re_2

Investments in Real Estate-Related Securities (Tables)	9 Months Ended
	Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Schedule of Investments in Real-Estate Securities	The following table summarizes the Investments in Real Estate-Related Securities as of September 30, 2023 ($ in thousands): Investments in Real Balance as of December 31, 2022 $ 116,164 Additions 65,431 Disposals (68,521) Unrealized gains 1,142 Realized losses (9,050) Balance at September 30, 2023 $ 105,166
Schedule of Components of Realized and Unrealized Income (Loss) From Real Estate Related Securities	The following table summarizes the components of Realized and Unrealized Income (Loss) from Real Estate-Related Securities during the three and nine months ended September 30, 2023 and 2022 ($ in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Unrealized (losses) gains $ (5,292) $ (11,213) $ 1,142 $ (39,569) Realized (losses) gains (5,453) (641) (9,050) 4,231 Dividend income 1,136 1,191 3,600 2,737 Total $ (9,609) $ (10,663) $ (4,308) $ (32,601)

Investments in Real Estate De_2

Investments in Real Estate Debt (Tables)	9 Months Ended
	Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Schedule of Investments in Real Estate Debt	The following tables detail the Company's Investments in Real Estate Debt ($ in thousands): September 30, 2023 Type of Security/Loan Weighted Average Coupon Weighted Average Maturity Date (1, 2) Face Amount Cost Basis Fair Value CMBS - Fixed 3.88 % 10/2/2043 $ 19,266 $ 17,780 $ 15,392 CMBS - Floating 7.66 % 3/23/2037 103,631 101,047 98,999 Total 7.07 % 4/19/2038 $ 122,897 $ 118,827 $ 114,391 December 31, 2022 Type of Security/Loan Weighted Average Coupon Weighted Average Maturity Date (1, 2) Face Amount Cost Basis Fair Value CMBS - Fixed 3.83 % 9/25/2043 $ 19,541 $ 18,324 $ 17,157 CMBS - Floating 6.48 % 4/28/2037 86,035 84,068 81,095 Total 5.99 % 7/05/2038 $ 105,576 $ 102,392 $ 98,252 (1) Weighted by face amount.
Schedule of Collateral Type of Properties Securing the Investments in Real Estate Debt	The following table details the collateral type of the properties securing the Company's Investments in Real Estate Debt ($ in thousands): September 30, 2023 December 31, 2022 Collateral Cost Basis Fair Value Percentage based on Fair Value Cost Basis Fair Value Percentage based on Fair Value Industrial $ 41,130 $ 40,831 35.7 % $ 31,069 $ 29,979 30.5 % Multifamily 18,621 17,948 15.7 % 17,457 17,083 17.3 % Office 10,391 8,653 7.6 % 13,148 12,194 12.4 % Diversified 10,289 9,401 8.2 % 10,833 10,179 10.4 % Retail 8,188 8,127 7.1 % 4,245 4,106 4.2 % Hotel 7,996 7,852 6.9 % 4,798 4,637 4.7 % Cold Storage 6,844 6,883 6.0 % 9,799 9,664 9.8 % Manufactured Housing 4,625 4,726 4.1 % 3,149 3,148 3.2 % Net Lease 3,861 3,390 3.0 % 3,907 3,493 3.6 % Self-Storage 3,647 3,551 3.1 % 2,494 2,330 2.4 % Life Science 3,235 3,029 2.6 % 1,493 1,439 1.5 % Total $ 118,827 $ 114,391 100.0 % $ 102,392 $ 98,252 100.0 %
Schedule of Debt Securities, Held-to-maturity, Credit Quality Indicator	The following table details the credit rating of the Company's Investments in Real Estate Debt ($ in thousands): September 30, 2023 December 31, 2022 Credit Rating (1) Cost Basis Fair Value Percentage based on Fair Value Cost Basis Fair Value Percentage based on Fair Value AAA $ 8,094 $ 7,949 6.9 % $ 3,528 $ 3,347 3.4 % AA 8,640 8,653 7.6 % 9,903 9,861 10.0 % A 26,532 25,602 22.4 % 25,406 24,364 24.8 % BBB 70,936 68,499 59.8 % 60,856 58,254 59.3 % BB 4,090 3,381 3.0 % 2,164 2,021 2.1 % B 535 307 0.3 % 535 405 0.4 % Total $ 118,827 $ 114,391 100.0 % $ 102,392 $ 98,252 100.0 % (1) Composite rating at the time of purchase.
Schedule of Investment in Commercial Mortgage Loan Backed Securities Held to Maturity	The following table summarizes the Investments in Real Estate Debt as of September 30, 2023 ($ in thousands): Investments in Real Estate Debt Balance as of December 31, 2022 $ 98,252 Additions 33,823 Disposals (17,319) Unrealized losses (296) Realized losses (69) Balance at September 30, 2023 $ 114,391

Investment in International A_2

Investment in International Affiliated Funds (Tables)	9 Months Ended
	Sep. 30, 2023
Schedule of Investments [Abstract]
Schedule of Equity Method Investments	The following table summarizes the Equity Investment in Unconsolidated International Affiliated Funds from ECF as of September 30, 2023 ($ in thousands): Investment in ECF Balance as of December 31, 2022 $ 78,353 Income distributions (2,510) Loss from equity investment in unconsolidated international affiliated fund (7,915) Foreign currency translation adjustment (1,187) Balance at September 30, 2023 $ 66,741 The following table summarizes the Equity Investment in Unconsolidated International Affiliated Funds from APCF as of September 30, 2023 ($ in thousands): Investment in APCF Balance as of December 31, 2022 $ 48,871 Income distributions (884) Income from equity investment in unconsolidated international affiliated fund 1,891 Balance at September 30, 2023 $ 49,878

Investments in Commercial Mor_2

Investments in Commercial Mortgage Loans (Tables)	9 Months Ended
	Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable	The following table summarizes the Investments in Commercial Mortgage Loans as of September 30, 2023 ($ in thousands): Investment Name Origination Date Loan Type Property Type Location Interest Rate Maturity Date Periodic Payment Terms Commitment Amount Principal Receivable Fair Value 9-90 Corporate Center (1) 11/9/2021 Senior Office Framingham, MA SOFR + 175 bps 11/9/2024 Interest only $72,033 $64,095 $62,730 9-90 Corporate Center 11/9/2021 Mezzanine Office Framingham, MA SOFR + 575 bps 11/9/2024 Interest only $23,344 $21,365 $20,714 Panorama House (1) 11/16/2021 Senior Multifamily Roseville, CA SOFR + 165 bps 12/9/2025 Interest only $66,488 $66,488 $65,990 Panorama House 11/16/2021 Mezzanine Multifamily Roseville, CA SOFR + 597 bps 12/9/2025 Interest only $22,163 $22,163 $21,300 Tucson IV 3/28/2022 Senior Multifamily Tucson, AZ SOFR + 295 bps 4/9/2025 Interest only $76,260 $72,803 $73,050 Tucson IV 3/28/2022 Mezzanine Multifamily Tucson, AZ SOFR + 295 bps 4/9/2025 Interest only $25,420 $24,268 $22,680 Dolce Living Royal Palm (1) 7/8/2022 Senior Multifamily Kissimmee, FL SOFR + 185 bps 7/9/2024 Interest only $51,432 $51,432 $51,360 Dolce Living Royal Palm 7/8/2022 Mezzanine Multifamily Kissimmee, FL SOFR + 525 bps 7/9/2024 Interest only $17,144 $17,144 $16,960 Luxe Scottsdale (1) 7/19/2022 Mezzanine Multifamily Scottsdale, AZ SOFR + 570 bps 8/9/2025 Interest only $17,043 $17,109 $16,740 Total $351,524 (1) During the year ended December 31, 2022, the Company sold four senior loans to unaffiliated parties, receiving total proceeds of $208.5 million, which are net of disposition fees and additional fundings. The senior loan sales, with the exception of Luxe Scottsdale, did not qualify for sale accounting under GAAP and as such, the loans were not de-recognized.
Schedule of Loan Terms	The following table summarizes the Company’s investments in commercial mortgage loans as of September 30, 2023 ($ in thousands): Investments in Commercial Mortgage Loans Balance as of December 31, 2022 $ 343,970 Additional fundings (1) 9,440 Net unrealized loss (2) (1,886) Balance as of September 30, 2023 $ 351,524 (1) Includes additional fundings on commercial mortgage loans of $4.5 million combined with additional fundings of $4.9 million associated with loan participations. (2) Unrealized Loss on Commercial Mortgage Loans of $1.3 million reported on the Company's Consolidated Statements of Operations for the nine months ended September 30, 2023 includes unrealized losses of $1.9 million associated with commercial mortgage loans, net of unrealized gains of $0.6 million associated with loan participations.

Intangibles (Tables)

Intangibles (Tables)	9 Months Ended
	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Gross Carrying Amount and Accumulated Amortization of Intangible Assets and Liabilities	The gross carrying amount and accumulated amortization of the Company’s intangible assets and liabilities consisted of the following ($ in thousands): September 30, 2023 December 31, 2022 Intangible assets: In-place lease intangibles $ 96,026 $ 95,325 Above-market lease intangibles 13,030 13,030 Leasing commissions 43,546 41,757 Other intangibles 18,300 18,881 Total intangible assets 170,902 168,993 Accumulated amortization: In-place lease intangibles (46,027) (33,200) Above-market lease intangibles (2,378) (943) Leasing commissions (13,554) (9,034) Other intangibles (5,181) (2,825) Total accumulated amortization (67,140) (46,002) Intangible assets, net $ 103,762 $ 122,991 Intangible liabilities: Below-market lease intangibles $ (47,785) $ (47,785) Accumulated amortization 12,075 7,553 Intangible liabilities, net $ (35,710) $ (40,232)
Schedule of Estimated Future Amortization	The estimated future amortization on the Company’s intangibles for each of the next five years and thereafter as of September 30, 2023 is as follows ($ in thousands): In-Place Lease Above-Market Lease Intangibles Leasing Commissions Other Below-Market 2023 (Remaining) $ 3,814 $ 469 $ 1,487 $ 720 $ (1,505) 2024 10,772 1,849 5,610 2,661 (5,472) 2025 8,687 1,784 5,043 2,343 (5,019) 2026 6,437 1,727 4,230 1,861 (4,528) 2027 5,070 1,687 3,535 1,474 (3,922) Thereafter 15,219 3,136 10,087 4,060 (15,264) Total $ 49,999 $ 10,652 $ 29,992 $ 13,119 $ (35,710)

Credit Facility (Tables)

Credit Facility (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The following is a summary of the Credit Facility ($ in thousands): Principal Balance Outstanding Indebtedness Interest Rate Maturity Date Maximum Facility Size September 30, 2023 December 31, 2022 Revolving facility S+applicable margin (1) September 30, 2024 $ 321,000 $ 112,000 $ 90,000 DDTL facility S+applicable margin (2) September 30, 2026 134,000 134,000 100,000 Credit facility $ 455,000 $ 246,000 $ 190,000 (1) The weighted-average interest rates for the three and nine months ended September 30, 2023 for the Revolving facility were 6.79% and 6.47%, respectively. (2) The weighted-average interest rates for the three and nine months ended September 30, 2023 for the DDTL facility were 6.82% and 6.36%, respectively. The following table is a summary of the Company's Mortgages Payable secured by the Company’s properties ($ in thousands): Principal Balance Outstanding Indebtedness Lender Interest Rate Maturity Date September 30, 2023 December 31, 2022 Fixed rate mortgages payable: Main Street at Kingwood Nationwide Life Insurance Company 3.15% 12/01/26 $ 48,000 $ 48,000 Tacara Steiner Ranch Brighthouse Life Insurance 2.62% 06/01/28 28,750 28,750 Signature at Hartwell Allstate/American Heritage 3.01% 12/01/28 29,500 29,500 GFI Grocery Anchored Portfolio Nationwide/Amerant/Synovus 2.98% - 3.40% Various 69,394 69,634 Total fixed rate mortgages payable 175,644 175,884 Variable rate mortgage payable: CASA Nord Portfolio Nyrkredit Realkredit C + 0.70% (1) (2) 12/31/32 20,210 20,173 Total mortgages payable 195,854 196,057 Deferred financing costs, net (776) (865) Discount on assumed mortgage notes (6,386) (7,284) Mortgages payable, net $ 188,692 $ 187,908 (1) The term "C" refers to the relevant floating benchmark rates, which is the three-month Copenhagen Interbank Offered Rate ("CIBOR") for the CASA Nord variable rate mortgage payable. (2) CASA Nord entered into an interest rate swap on January 3, 2023, which fixed the rate at 3.18%.
Schedule of Maturities of Long-term Debt	The following table presents future principal payments due under the Credit Facility as of September 30, 2023 ($ in thousands): Year Credit Facility 2023 (Remaining) $ — 2024 112,000 2025 — 2026 134,000 2027 — Thereafter — Total $ 246,000 The following table presents the future principal payments due under the mortgages payable as of September 30, 2023 ($ in thousands): Year Mortgages Payable 2023 (Remaining) $ 89 2024 542 2025 1,486 2026 54,639 2027 15,641 Thereafter 123,457 Total $ 195,854 The following table presents the future principal payments due under the Note Payable as of September 30, 2023 ($ in thousands): Year Note Payable (1) 2023 (Remaining) $ — 2024 — 2025 69,263 2026 — 2027 — Thereafter — Total $ 69,263 (1) The weighted-average interest rate on the note payable for the three and nine months ended September 30, 2023 was 7.07% and 6.65%, respectively.

Mortgages Payable (Tables)

Mortgages Payable (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The following is a summary of the Credit Facility ($ in thousands): Principal Balance Outstanding Indebtedness Interest Rate Maturity Date Maximum Facility Size September 30, 2023 December 31, 2022 Revolving facility S+applicable margin (1) September 30, 2024 $ 321,000 $ 112,000 $ 90,000 DDTL facility S+applicable margin (2) September 30, 2026 134,000 134,000 100,000 Credit facility $ 455,000 $ 246,000 $ 190,000 (1) The weighted-average interest rates for the three and nine months ended September 30, 2023 for the Revolving facility were 6.79% and 6.47%, respectively. (2) The weighted-average interest rates for the three and nine months ended September 30, 2023 for the DDTL facility were 6.82% and 6.36%, respectively. The following table is a summary of the Company's Mortgages Payable secured by the Company’s properties ($ in thousands): Principal Balance Outstanding Indebtedness Lender Interest Rate Maturity Date September 30, 2023 December 31, 2022 Fixed rate mortgages payable: Main Street at Kingwood Nationwide Life Insurance Company 3.15% 12/01/26 $ 48,000 $ 48,000 Tacara Steiner Ranch Brighthouse Life Insurance 2.62% 06/01/28 28,750 28,750 Signature at Hartwell Allstate/American Heritage 3.01% 12/01/28 29,500 29,500 GFI Grocery Anchored Portfolio Nationwide/Amerant/Synovus 2.98% - 3.40% Various 69,394 69,634 Total fixed rate mortgages payable 175,644 175,884 Variable rate mortgage payable: CASA Nord Portfolio Nyrkredit Realkredit C + 0.70% (1) (2) 12/31/32 20,210 20,173 Total mortgages payable 195,854 196,057 Deferred financing costs, net (776) (865) Discount on assumed mortgage notes (6,386) (7,284) Mortgages payable, net $ 188,692 $ 187,908 (1) The term "C" refers to the relevant floating benchmark rates, which is the three-month Copenhagen Interbank Offered Rate ("CIBOR") for the CASA Nord variable rate mortgage payable. (2) CASA Nord entered into an interest rate swap on January 3, 2023, which fixed the rate at 3.18%.
Schedule of Maturities of Long-term Debt	The following table presents future principal payments due under the Credit Facility as of September 30, 2023 ($ in thousands): Year Credit Facility 2023 (Remaining) $ — 2024 112,000 2025 — 2026 134,000 2027 — Thereafter — Total $ 246,000 The following table presents the future principal payments due under the mortgages payable as of September 30, 2023 ($ in thousands): Year Mortgages Payable 2023 (Remaining) $ 89 2024 542 2025 1,486 2026 54,639 2027 15,641 Thereafter 123,457 Total $ 195,854 The following table presents the future principal payments due under the Note Payable as of September 30, 2023 ($ in thousands): Year Note Payable (1) 2023 (Remaining) $ — 2024 — 2025 69,263 2026 — 2027 — Thereafter — Total $ 69,263 (1) The weighted-average interest rate on the note payable for the three and nine months ended September 30, 2023 was 7.07% and 6.65%, respectively.

Note Payable (Tables)

Note Payable (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of Investment in Joint Venture at Fair Value	The following table details the Company’s assets and liabilities measured at fair value on a recurring basis using Level 3 inputs ($ in thousands): Investments in Commercial Mortgage Loans Loan Participations Note Payable Balance as of December 31, 2022 $ 343,970 $ 175,830 $ 69,030 Additional fundings 9,440 (a) 4,870 (a) — Net unrealized loss on assets (1,886) (b) — — Net unrealized (gain) loss on liabilities — (620) (b) 130 Balance as of September 30, 2023 $ 351,524 $ 180,080 $ 69,160 (a) Includes additional fundings on commercial mortgage loans of $4.5 million combined with additional fundings of $4.9 million associated with loan participations. (b) Unrealized Loss on Commercial Mortgage Loans of $1.3 million reported on the Company's Consolidated Statements of Operations for the nine months ended September 30, 2023 includes unrealized losses of $1.9 million associated with commercial mortgage loans, net of unrealized gains of $0.6 million associated with loan participations. The following table summarizes the Company's note payable balance as of September 30, 2023 ($ in thousands): Note Payable Balance as of December 31, 2022 $ 69,030 Net unrealized loss 130 Balance as of September 30, 2023 $ 69,160
Schedule of Maturities of Long-term Debt	The following table presents future principal payments due under the Credit Facility as of September 30, 2023 ($ in thousands): Year Credit Facility 2023 (Remaining) $ — 2024 112,000 2025 — 2026 134,000 2027 — Thereafter — Total $ 246,000 The following table presents the future principal payments due under the mortgages payable as of September 30, 2023 ($ in thousands): Year Mortgages Payable 2023 (Remaining) $ 89 2024 542 2025 1,486 2026 54,639 2027 15,641 Thereafter 123,457 Total $ 195,854 The following table presents the future principal payments due under the Note Payable as of September 30, 2023 ($ in thousands): Year Note Payable (1) 2023 (Remaining) $ — 2024 — 2025 69,263 2026 — 2027 — Thereafter — Total $ 69,263 (1) The weighted-average interest rate on the note payable for the three and nine months ended September 30, 2023 was 7.07% and 6.65%, respectively.

Other Assets and Other Liabil_2

Other Assets and Other Liabilities (Tables)	9 Months Ended
	Sep. 30, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Components of Other Assets	The following table summarizes the components of Other Assets ($ in thousands): September 30, 2023 December 31, 2022 Receivables $ 17,720 $ 7,788 Straight-line rent receivable 12,763 9,442 Prepaid expenses 3,592 2,057 Right-of-use asset - finance leases 2,466 2,531 Right-of-use asset - operating lease 2,076 2,123 Deferred financing costs on credit facility, net 1,201 1,140 Other 662 1,274 Total $ 40,480 $ 26,355
Schedule of Components of Accounts Payable, Accrued Expenses, and Other Liabilities	The following table summarizes the components of Accounts Payable, Accrued Expenses and Other Liabilities ($ in thousands): September 30, 2023 December 31, 2022 Accounts payable and accrued expenses $ 27,671 $ 29,343 Common stock repurchases 21,494 12,637 Real estate taxes payable 13,902 6,794 Tenant security deposits 7,429 6,531 Deferred tax liability 2,725 2,273 Lease liability - finance leases 2,524 2,531 Lease liability - operating lease 2,153 2,123 Accrued interest expense 1,994 3,794 Prepaid rental income 1,936 2,332 Other 8,429 6,213 Total $ 90,257 $ 74,571

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2023
Related Party Transactions [Abstract]
Schedule of Certain Affiliates Receive Fee and Compensation with Offering and Ongoing Management of Assets	The Advisor receives fees, payable monthly in arrears, in connection with the management of the Company, as follows: Class T Shares Class S Shares Class D Shares Class I Shares Class N Shares Advisory Fee (% of NAV) 1.25% 1.25% 1.25% 1.25% 0.65%
Schedule of Components of Due to Affiliates	The following table is a summary of the Company’s affiliated service providers and the fees incurred by the Company to those service providers for the three months ended September 30, 2023 ($ in thousands): Service provided NexCore Sparrow MyPlace Nuveen RE PMS Property and project management services $ 120 $ 191 $ — $ 19 Acquisition and asset management services — 133 17 — Accounting and leasing services 207 — — — Total $ 327 $ 324 $ 17 $ 19 The following table is a summary of the Company’s affiliated service providers and the fees incurred by the Company to those service providers for the three months ended September 30, 2022 ($ in thousands): Service provided NexCore Sparrow Property and project management services $ 107 $ 138 Acquisition and asset management services 67 149 Accounting and leasing services 25 — Total $ 199 $ 287 The following table is a summary of the Company’s affiliated service providers and the fees incurred by the Company to those service providers for the nine months ended September 30, 2023 ($ in thousands): Service provided NexCore Sparrow MyPlace Nuveen RE PMS Property and project management services $ 363 $ 557 $ — $ 81 Acquisition and asset management services — 461 108 — Accounting and leasing services 654 — — — Total $ 1,017 $ 1,018 $ 108 $ 81 The following table is a summary of the Company’s affiliated service providers and the fees incurred by the Company to those service providers for the nine months ended September 30, 2022 ($ in thousands): Service provided NexCore Sparrow Property and project management services $ 265 $ 293 Acquisition and asset management services 67 333 Accounting and leasing services 66 — Total $ 398 $ 626 The following table summarizes the components of Due to Affiliates ($ in thousands): September 30, December 31, Accrued stockholder servicing fees (1) $ 46,147 $ 47,086 Advanced organization and offering expenses 2,847 3,551 Total $ 48,994 $ 50,637 (1) The Company accrues the full amount of future stockholder servicing fees payable to the Dealer Manager for Class T, Class S and Class D shares up to 8.75% of gross proceeds at the time such shares are sold. The Dealer Manager has entered into agreements with the selected dealers distributing the Company’s shares in the Offerings, which provide, among other things, for the re-allowance of the full amount of the selling commissions and the dealer manager fee and all or a portion of stockholder servicing fees received by the Dealer Manager to such selected dealers. The Company will no longer incur the stockholder servicing fee after September 2056 in connection with those Class T, Class S and Class D shares currently outstanding; the fees may end sooner if the total underwriting compensation paid in respect of the Offering reaches 10.0% of the gross offering proceeds or if the Company completes a liquidity event. The Company will incur stockholder servicing fees in connection with future issuances of Class D shares for a 35-year period from the date of issuance and seven years for Class T shares and Class S shares from date of issuance, assuming the maximum up-front selling commissions and dealer manager fees are paid.
Schedule of Upfront Selling Commissions and Manager Fees and Stockholder Servicing Fees Per Annum on Aggregate Outstanding NAV	The following table presents the upfront selling commissions and dealer manager fees for each class of shares sold in the Offerings, and the stockholder servicing fees per annum based on the aggregate outstanding NAV: Class T Shares Class S Shares Class D Shares Class I Shares Maximum Upfront Selling Commissions (% of Transaction Price) up to 3.0% up to 3.5% up to 1.5% — Maximum Upfront Dealer Manager Fees (% of Transaction Price) up to 0.5% — — — Stockholder Servicing Fee (% of NAV) 0.85% (1) 0.85% 0.25% — (1) Consists of an advisor stockholder servicing fee of 0.65% per annum and a dealer stockholder servicing fee of 0.20% per annum (or other amounts, provided that the sum equals 0.85%), of the aggregate NAV of outstanding Class T shares.

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2023
Leases [Abstract]
Schedule of Future Minimum Rent Expected	Aggregate minimum annual rentals for wholly-owned real estate investments owned by the Company through the non-cancelable lease term, excluding short-term multifamily, self-storage and single-family rentals as of September 30, 2023 are as follows ($ in thousands): Year September 30, 2023 2023 (Remaining) $ 22,596 2024 84,712 2025 77,845 2026 66,633 2027 55,446 Thereafter 160,046 Total $ 467,278
Schedule of Right-of-use Assets and Lease Liabilities	The balances of the right-of-use assets and lease liabilities related to the Company's ground leases as of September 30, 2023 are as follows ($ in thousands): Assets: September 30, 2023 December 31, 2022 Right-of-use asset - finance leases $ 2,466 $ 2,531 Right-of-use asset - operating lease 2,076 2,123 Liabilities: Lease liability - finance leases 2,524 2,531 Lease liability - operating lease 2,153 2,123 The following table details the components of the Company's finance leases ($ in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Interest on lease liabilities $ 53 $ — $ 249 $ — Amortization of right-of-use assets 14 — 65 — Total finance lease cost $ 67 $ — $ 314 $ —
Schedule of Future Minimum Annual Payment	Aggregate future minimum annual payments for ground leases held by the Company are as follows ($ in thousands): Operating Lease Finance Leases 2023 (Remaining) $ 38 $ 55 2024 154 219 2025 157 219 2026 165 219 2027 169 219 Thereafter 7,698 8,808 Total undiscounted future lease payments 8,381 9,739 Difference between undiscounted cash flows and discounted cash flows (6,228) (7,215) Total lease liability $ 2,153 $ 2,524
Schedule of Future Minimum Annual Payment	Aggregate future minimum annual payments for ground leases held by the Company are as follows ($ in thousands): Operating Lease Finance Leases 2023 (Remaining) $ 38 $ 55 2024 154 219 2025 157 219 2026 165 219 2027 169 219 Thereafter 7,698 8,808 Total undiscounted future lease payments 8,381 9,739 Difference between undiscounted cash flows and discounted cash flows (6,228) (7,215) Total lease liability $ 2,153 $ 2,524

Derivatives (Tables)

Derivatives (Tables)	9 Months Ended
	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Interest Rate Derivatives	September 30, 2023 Interest Rate Derivatives Number of instruments Notional Amount Weighted Average Strike Rate Index Weighted Average Maturity (Years) Commencement Date Maturity Date Interest rate swaps - property debt 4 DKK 142,452 3.18% CIBOR 4.3 1/5/2023 12/30/2027
Schedule of Derivative Financial Instruments	The following table details the fair value of the Company's derivative financial instruments ($ in thousands): Fair Value of Derivative in an Asset Position (1) Derivative financial instrument September 30, 2023 December 31, 2022 Interest rate swaps - property debt $ 24 $ — Total derivative financial instrument $ 24 $ — (1) Included in Other Assets on the Company's Consolidated Balance Sheets.

Equity and Redeemable Non-con_2

Equity and Redeemable Non-controlling Interest (Tables)	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Schedule of Capital Stock	As of September 30, 2023, the Company had authority to issue a total of 2.2 billion shares of capital stock consisting of the following: Classification Number of Shares Par Value Class T Shares 500,000 $ 0.01 Class S Shares 500,000 $ 0.01 Class D Shares 500,000 $ 0.01 Class I Shares 500,000 $ 0.01 Class N Shares 100,000 $ 0.01 Preferred Stock 100,000 $ 0.01 Total 2,200,000
Schedule of Common Stock Outstanding Roll Forward	The following tables detail the movement in the Company's outstanding shares of common stock (in thousands) for the three and nine months ended September 30, 2023. Three Months Ended September 30, 2023 Class T Shares Class S Shares Class D Shares Class I Shares Class N Shares Total June 30, 2023 17,241 45,057 7,449 81,003 29,731 180,481 Common Stock Issued (1) (354) 980 372 4,866 — 5,864 Distribution Reinvestment 102 294 49 594 — 1,039 Vested Stock Grant — — — 18 — 18 Common Stock Repurchased (179) (1,501) (326) (4,995) — (7,001) September 30, 2023 16,810 44,830 7,544 81,486 29,731 180,401 Nine Months Ended September 30, 2023 Class T Shares Class S Shares Class D Shares Class I Shares Class N Shares Total December 31, 2022 17,285 45,277 8,010 79,727 29,731 180,030 Common Stock Issued (1) (153) 4,506 422 13,590 — 18,365 Distribution Reinvestment 314 904 151 1,820 — 3,189 Vested Stock Grant — — — 20 — 20 Common Stock Repurchased (636) (5,857) (1,039) (13,671) — (21,203) September 30, 2023 16,810 44,830 7,544 81,486 29,731 180,401 (1) Common stock issued includes transfers and conversions between share classes.
Schedule of Declared Dividend Distributions	The following tables detail the net distribution for each of the Company's share classes for the three and nine months ended September 30, 2023: Three Months Ended September 30, 2023 Class T Common Stock Class S Common Stock Class D Common Stock Class I Common Stock Class N Common Stock Gross distribution per share of common stock $ 0.2055 $ 0.2055 $ 0.2055 $ 0.2055 $ 0.2055 Advisory fee per share of common stock (0.0380) (0.0367) (0.0377) (0.0364) (0.0216) Stockholder servicing fee per share of common stock (0.0262) (0.0262) (0.0077) — — Net distribution per share of common stock $ 0.1413 $ 0.1426 $ 0.1601 $ 0.1691 $ 0.1839 Nine Months Ended September 30, 2023 Class T Common Stock Class S Common Stock Class D Common Stock Class I Common Stock Class N Common Stock Gross distribution per share of common stock $ 0.6279 $ 0.6279 $ 0.6279 $ 0.6279 $ 0.6279 Advisory fee per share of common stock (0.1164) (0.1113) (0.1129) (0.1105) (0.0674) Stockholder servicing fee per share of common stock (0.0796) (0.0798) (0.0231) — — Net distribution per share of common stock $ 0.4319 $ 0.4368 $ 0.4919 $ 0.5174 $ 0.5605

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Schedule of Total Assets by Segment	The following table sets forth the financial position by segment as of September 30, 2023 and December 31, 2022 ($ in thousands): September 30, December 31, Industrial $ 557,502 $ 569,607 Healthcare 461,080 476,894 Multifamily 327,396 292,081 Retail 210,127 223,248 Single-Family Housing 147,464 148,796 Office 116,004 120,322 Self-Storage 61,609 48,951 Commercial Mortgage Loans 351,524 343,970 Real Estate-Related Securities (1) 219,557 214,416 International Affiliated Funds 116,619 127,224 Other (Corporate) 54,548 105,352 Total assets $ 2,623,430 $ 2,670,861 (1) Includes investments in real estate-related securities and real estate debt as shown on the Company's Consolidated Balance Sheets.
Schedule of Financial Results by Segment	The following table sets forth the financial results by segment for the three months ended September 30, 2023 ($ in thousands): Industrial Healthcare Multifamily Retail Single-Family Housing Office Self-Storage Commercial Mortgage Loans Real Estate-Related Securities (1) International Affiliated Funds Total Revenues: Rental revenue $ 12,866 $ 10,700 $ 7,991 $ 4,376 $ 2,724 $ 3,653 $ 1,074 $ — $ — $ — $ 43,384 Income from commercial mortgage loans — — — — — — — 7,471 — — 7,471 Total segment revenues 12,866 10,700 7,991 4,376 2,724 3,653 1,074 7,471 — — 50,855 Expenses: Property operating 3,845 3,327 3,419 1,360 1,364 976 686 — — — 14,977 Total segment expenses 3,845 3,327 3,419 1,360 1,364 976 686 — — — 14,977 Realized and unrealized loss from real estate-related securities (9,609) (9,609) Realized and unrealized loss from real estate debt (708) (708) Loss from equity investments in unconsolidated international affiliated funds (2,870) (2,870) Unrealized gain on commercial mortgage loans 431 431 Segment net operating income $ 9,021 $ 7,373 $ 4,572 $ 3,016 $ 1,360 $ 2,677 $ 388 $ 7,902 $ (10,317) $ (2,870) $ 23,122 Depreciation and amortization (6,511) (6,145) (2,635) (2,161) (874) (1,821) (900) — — — (21,047) Unrealized gain from interest rate derivatives 136 Unrealized loss on note payable (20) General and administrative expenses (2,641) Advisory fee due to affiliate (7,847) Interest income 2,381 Interest expense (10,788) Net loss $ (16,704) Net loss attributable to non-controlling interests in third party joint ventures (21) Net income attributable to preferred stock 3 Net loss attributable to common stockholders $ (16,686) (1) Includes investments in real estate-related securities and real estate debt as shown on the Company's Consolidated Balance Sheets. The following table sets forth the financial results by segment for the three months ended September 30, 2022 ($ in thousands): Industrial Healthcare Multifamily Retail Single-Family Housing Office Self-Storage Commercial Mortgage Loans Real Estate-Related Securities (1) International Affiliated Funds Total Revenues: Rental revenue $ 8,731 $ 8,247 $ 6,916 $ 1,714 $ 2,132 $ 3,375 $ 312 $ — $ — $ — $ 31,427 Income from commercial mortgage loans — — — — — — — 5,587 — — 5,587 Total segment revenues 8,731 8,247 6,916 1,714 2,132 3,375 312 5,587 — — 37,014 Expenses: Property operating 2,584 2,401 2,612 416 987 855 185 — — — 10,040 Total segment expenses 2,584 2,401 2,612 416 987 855 185 — — — 10,040 Realized and unrealized loss from real estate-related securities (10,663) (10,663) Realized and unrealized loss from real estate debt (819) (819) Income from equity investments in unconsolidated international affiliated funds 436 436 Unrealized gain on commercial mortgage loans 670 670 Segment net operating income $ 6,147 $ 5,846 $ 4,304 $ 1,298 $ 1,145 $ 2,520 $ 127 $ — $ 6,257 $ (11,482) $ 436 $ 16,598 Depreciation and amortization (4,814) (6,089) (3,479) (907) (388) (1,414) (266) — — — (17,357) General and administrative expenses (2,491) Advisory fee due to affiliate (7,583) Interest income 1,541 Interest expense (4,685) Net loss $ (13,977) Net loss attributable to non-controlling interests in third party joint ventures (25) Net income attributable to preferred stock 3 Net loss attributable to common stockholders $ (13,955) (1) Includes investments in real estate-related securities and real estate debt as shown on the Company's Consolidated Balance Sheets. The following table sets forth the financial results by segment for the nine months ended September 30, 2023 ($ in thousands): Industrial Healthcare Multifamily Retail Single-Family Housing Office Self-Storage Commercial Mortgage Loans Real Estate-Related Securities (1) International Affiliated Funds Total Revenues: Rental revenue $ 38,385 $ 32,177 $ 23,370 $ 14,177 $ 7,926 $ 10,442 $ 2,889 $ — $ — $ — $ 129,366 Income from commercial mortgage loans — — — — — — — 21,008 — — 21,008 Total segment revenues 38,385 32,177 23,370 14,177 7,926 10,442 2,889 21,008 — — 150,374 Expenses: Property operating 11,039 11,036 9,721 4,021 4,389 2,862 1,628 — — 44,696 Total segment expenses 11,039 11,036 9,721 4,021 4,389 2,862 1,628 — — — 44,696 Realized and unrealized loss from real estate-related securities (4,308) (4,308) Realized and unrealized loss from real estate debt (365) (365) Loss from equity investments in unconsolidated international affiliated funds (6,024) (6,024) Unrealized loss on commercial mortgage loans (1,266) (1,266) Segment net operating income $ 27,346 $ 21,141 $ 13,649 $ 10,156 $ 3,537 $ 7,580 $ 1,261 $ 19,742 $ (4,673) $ (6,024) $ 93,715 Depreciation and amortization (19,411) (18,713) (7,935) (6,677) (2,914) (5,443) (2,862) — — — (63,955) Unrealized gain from interest rate derivatives 24 Unrealized loss on note payable (130) General and administrative expenses (7,024) Advisory fee due to affiliate (23,796) Interest income 6,481 Interest expense (29,346) Net loss $ (24,031) Net loss attributable to non-controlling interests in third party joint ventures (79) Net income attributable to preferred stock 11 Net loss attributable to common stockholders $ (23,963) (1) Includes investments in real estate-related securities and real estate debt as shown on the Company's Consolidated Balance Sheets. The following table sets forth the financial results by segment for the nine months ended September 30, 2022 ($ in thousands): Industrial Healthcare Multifamily Retail Single-Family Housing Office Self-Storage Commercial Mortgage Loans Real Estate-Related Securities (1) International Affiliated Funds Total Revenues: Rental revenue $ 20,961 $ 17,592 $ 19,904 $ 5,035 $ 4,372 $ 9,365 $ 348 $ — $ — $ — $ 77,577 Income from commercial mortgage loans — — — — — — — 9,479 — — 9,479 Total segment revenues 20,961 17,592 19,904 5,035 4,372 9,365 348 9,479 — — 87,056 Expenses: Property operating 5,710 4,844 8,303 1,168 2,545 2,631 185 — — — 25,386 Total segment expenses 5,710 4,844 8,303 1,168 2,545 2,631 185 — — — 25,386 Realized and unrealized loss from real estate-related securities (32,601) (32,601) Realized and unrealized loss from real estate debt (3,337) (3,337) Income from equity investments in unconsolidated international affiliated funds 5,421 5,421 Unrealized loss on commercial mortgage loans (1,578) (1,578) Segment net operating income $ 15,251 $ 12,748 $ 11,601 $ 3,867 $ 1,827 $ 6,734 $ 163 $ 7,901 $ (35,938) $ 5,421 $ 29,575 Depreciation and amortization (10,805) (10,581) (12,652) (2,310) (1,739) (5,411) (266) — — — (43,764) General and administrative expenses (7,112) Advisory fee due to affiliate (18,720) Interest income 3,048 Interest expense (9,628) Net loss $ (46,601) Net loss attributable to non-controlling interests in third party joint ventures (47) Net income attributable to preferred stock 11 Net loss attributable to common stockholders $ (46,565) (1) Includes investments in real estate-related securities and real estate debt as shown on the Company's Consolidated Balance Sheets.

Organization and Business Pur_2

Organization and Business Purpose - Narrative (Details) $ in Billions	Sep. 30, 2023 USD ($)	Jan. 13, 2021 USD ($) class	Jan. 31, 2018 USD ($)
Organization And Business Activities [Line Items]
Common stock, value, authorized		$ 5	$ 5
Number of classes | class		4
Proceeds from offerings	$ 2.2
Primary Offering
Organization And Business Activities [Line Items]
Common stock, value, authorized		$ 4
Dividend Reinvestment Plan
Organization And Business Activities [Line Items]
Common stock, value, authorized		$ 1

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) subsidiary security	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Significant Of Accounting Policies [Line Items]
Total assets	$ 2,623,430		$ 2,623,430		$ 2,670,861
Total liabilities	888,998		888,998		829,420
Restricted cash	21,256		$ 21,256		32,348
Number of active TRSs | subsidiary			5
Number of held TRSs | security			2
Federal income tax expense	100		$ 300
Deferred tax liability	2,700		2,700
Accounts payable, accrued expenses and other liabilities	90,257		90,257		74,571
Offering costs	249	$ 500	890	$ 737
Foreign currency translation adjustment	2,757	$ 5,386	$ 1,135	$ 11,820
Advisor
Significant Of Accounting Policies [Line Items]
Period for reimbursement of advance expenses (in months)			60 months
Investments in and advances to affiliates, advanced expenses reimbursement NAV threshold	1,000,000		$ 1,000,000
Payment of reimbursement for organization and offering expenses			1,800
Organizational and offering costs			4,600
Offering costs			3,500
Organization costs			1,100
Accounts payable, accrued expenses and other liabilities	2,800		2,800		3,600
Tenant Deposit Funds
Significant Of Accounting Policies [Line Items]
Restricted cash	1,000		1,000
Common Stock Subscription Funds
Significant Of Accounting Policies [Line Items]
Restricted cash	20,300		20,300
Level 3 | Mortgages Payable | Secured Debt
Significant Of Accounting Policies [Line Items]
Long-term debt, fair value	174,300		174,300		178,600
Variable Interest Entity, Primary Beneficiary
Significant Of Accounting Policies [Line Items]
Total assets	49,800		49,800		51,200
Total liabilities	$ 30,400		$ 30,400		$ 30,200

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives of Assets (Details)	Sep. 30, 2023
Building
Real Estate Properties [Line Items]
Depreciable Life	40 years
Building, land and site improvements | Minimum
Real Estate Properties [Line Items]
Depreciable Life	15 years
Building, land and site improvements | Maximum
Real Estate Properties [Line Items]
Depreciable Life	40 years
Furniture, fixtures and equipment | Minimum
Real Estate Properties [Line Items]
Depreciable Life	3 years
Furniture, fixtures and equipment | Maximum
Real Estate Properties [Line Items]
Depreciable Life	7 years

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Assets Measured at Fair Value (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Assets:
Investments in real estate-related securities	$ 105,166	$ 116,164
Investments in real estate debt	1,740,171	1,760,484
Investments in commercial mortgage loans	351,524	343,970
Liabilities:
Loan participations	180,080	175,830
Note payable	69,160	69,030
Investments in Commercial Mortgage Loans
Beginning balance	343,970
Additional fundings	9,440
Net unrealized loss on assets	(1,886)
Ending balance	351,524
Loan Participations
Beginning balance	175,830
Additional fundings	4,870
Net unrealized (gain) loss on liabilities	(620)
Ending balance	180,080
Note Payable
Beginning balance	69,030
Net unrealized (gain) loss on liabilities	130
Ending balance	69,160
Commercial Mortgage Loan
Note Payable
Net unrealized loss	1,300
Debt Securities
Note Payable
Net unrealized loss	1,900
Net unrealized gain	$ 600
SOFR
Note Payable
Interest Rate	5.30%
SOFR | Measurement Input, Discount Rate
Note Payable
Note Payable	1.75%
SOFR | Measurement Input, Discount Rate | Weighted Average
Note Payable
Commercial Mortgage Loans	0.0410
Loan Participations	0.0263
Note Payable	1.75%
SOFR | Measurement Input, Discount Rate | Minimum
Note Payable
Commercial Mortgage Loans	0.0200
Loan Participations	0.0200
SOFR | Measurement Input, Discount Rate | Maximum
Note Payable
Commercial Mortgage Loans	0.0955
Loan Participations	0.0375
Fair Value, Recurring
Assets:
Investments in real estate-related securities	$ 105,166	116,164
Investments in real estate debt	114,391	98,252
Investments in commercial mortgage loans	351,524	343,970
Interest rate derivatives	24	0
Total	571,105	558,386
Liabilities:
Loan participations	180,080	175,830
Note payable	69,160	69,030
Total	249,240	244,860
Investments in Commercial Mortgage Loans
Beginning balance	343,970
Ending balance	351,524
Loan Participations
Beginning balance	175,830
Ending balance	180,080
Note Payable
Beginning balance	69,030
Ending balance	69,160
Fair Value, Recurring | Level 1
Assets:
Investments in real estate-related securities	105,166	116,164
Investments in real estate debt	0	0
Investments in commercial mortgage loans	0	0
Interest rate derivatives	0	0
Total	105,166	116,164
Liabilities:
Loan participations	0	0
Note payable	0	0
Total	0	0
Investments in Commercial Mortgage Loans
Beginning balance	0
Ending balance	0
Loan Participations
Beginning balance	0
Ending balance	0
Note Payable
Beginning balance	0
Ending balance	0
Fair Value, Recurring | Level 2
Assets:
Investments in real estate-related securities	0	0
Investments in real estate debt	114,391	98,252
Investments in commercial mortgage loans	0	0
Interest rate derivatives	24	0
Total	114,415	98,252
Liabilities:
Loan participations	0	0
Note payable	0	0
Total	0	0
Investments in Commercial Mortgage Loans
Beginning balance	0
Ending balance	0
Loan Participations
Beginning balance	0
Ending balance	0
Note Payable
Beginning balance	0
Ending balance	0
Fair Value, Recurring | Level 3
Assets:
Investments in real estate-related securities	0	0
Investments in real estate debt	0	0
Investments in commercial mortgage loans	351,524	343,970
Interest rate derivatives	0	0
Total	351,524	343,970
Liabilities:
Loan participations	180,080	175,830
Note payable	69,160	69,030
Total	249,240	$ 244,860
Investments in Commercial Mortgage Loans
Beginning balance	343,970
Ending balance	351,524
Loan Participations
Beginning balance	175,830
Ending balance	180,080
Note Payable
Beginning balance	69,030
Ending balance	$ 69,160

Investments in Real Estate - Sc

Investments in Real Estate - Schedule of Investments in Real Estate, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Real Estate [Abstract]
Building and building improvements	$ 1,542,436	$ 1,522,540
Land and land improvements	315,439	312,989
Furniture, fixtures and equipment	14,850	13,285
Total	1,872,725	1,848,814
Accumulated depreciation	(132,554)	(88,330)
Investments in real estate, net	$ 1,740,171	$ 1,760,484

Investments in Real Estate - Na

Investments in Real Estate - Narrative (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) property	Sep. 30, 2022 USD ($)
Real Estate Properties [Line Items]
Depreciation expense | $	$ 14.7	$ 11.7	$ 44.2	$ 28.4
Self Storage Investments
Real Estate Properties [Line Items]
Number of properties | property			1

Investments in Real Estate - Su

Investments in Real Estate - Summary of Properties Acquired (Details) - Self-Storage $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($) unit property
Real Estate Properties [Line Items]
Purchase Price | $	$ 13,759
Number of Transactions	1
Number of Properties	1
Sq. Ft. (in thousands)/Units | unit	716

Investments in Real Estate - Pu

Investments in Real Estate - Purchase Price Allocation (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Real Estate [Abstract]
Building and building improvements	$ 10,306
Land and land improvements	2,258
In-place lease intangibles	704
Furniture, fixtures and equipment	491
Total purchase price	$ 13,759

Investments in Real Estate-Re_3

Investments in Real Estate-Related Securities - Schedule of Investments in Real-Estate Securities (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Investments, Debt and Equity Securities [Abstract]
Beginning balance	$ 116,164
Additions	65,431
Disposals	(68,521)
Unrealized gains	1,142
Realized losses	(9,050)
Ending balance	$ 105,166

Investments in Real Estate-Re_4

Investments in Real Estate-Related Securities - Schedule of Components of Realized and Unrealized Income (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Unrealized (losses) gains	$ (5,292)	$ (11,213)	$ 1,142	$ (39,569)
Realized (losses) gains	(5,453)	(641)	(9,050)	4,231
Dividend income	1,136	1,191	3,600	2,737
Total	$ (9,609)	$ (10,663)	$ (4,308)	$ (32,601)

Investments in Real Estate De_3

Investments in Real Estate Debt - Schedule of Investments in Real Estate Debt (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Schedule of Held-to-maturity Securities [Line Items]
Weighted Average Coupon	7.07%	5.99%
Weighted Average Maturity Date	Apr. 19, 2038	Jul. 05, 2038
Face Amount	$ 122,897	$ 105,576
Cost Basis	118,827	102,392
Fair Value	$ 114,391	$ 98,252
CMBS - Fixed
Schedule of Held-to-maturity Securities [Line Items]
Weighted Average Coupon	3.88%	3.83%
Weighted Average Maturity Date	Oct. 02, 2043	Sep. 25, 2043
Face Amount	$ 19,266	$ 19,541
Cost Basis	17,780	18,324
Fair Value	$ 15,392	$ 17,157
CMBS - Floating
Schedule of Held-to-maturity Securities [Line Items]
Weighted Average Coupon	7.66%	6.48%
Weighted Average Maturity Date	Mar. 23, 2037	Apr. 28, 2037
Face Amount	$ 103,631	$ 86,035
Cost Basis	101,047	84,068
Fair Value	$ 98,999	$ 81,095

Investments in Real Estate De_4

Investments in Real Estate Debt - Collateral Type of Properties (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Cost Basis	$ 118,827	$ 102,392
Fair Value	$ 114,391	$ 98,252
Percentage based on Fair Value	100%	100%
AAA
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Cost Basis	$ 8,094	$ 3,528
Fair Value	$ 7,949	$ 3,347
Percentage based on Fair Value	6.90%	3.40%
AA
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Cost Basis	$ 8,640	$ 9,903
Fair Value	$ 8,653	$ 9,861
Percentage based on Fair Value	7.60%	10%
A
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Cost Basis	$ 26,532	$ 25,406
Fair Value	$ 25,602	$ 24,364
Percentage based on Fair Value	22.40%	24.80%
BBB
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Cost Basis	$ 70,936	$ 60,856
Fair Value	$ 68,499	$ 58,254
Percentage based on Fair Value	59.80%	59.30%
BB
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Cost Basis	$ 4,090	$ 2,164
Fair Value	$ 3,381	$ 2,021
Percentage based on Fair Value	3%	2.10%
B
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Cost Basis	$ 535	$ 535
Fair Value	$ 307	$ 405
Percentage based on Fair Value	0.30%	0.40%
Industrial
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Cost Basis	$ 41,130	$ 31,069
Fair Value	$ 40,831	$ 29,979
Percentage based on Fair Value	35.70%	30.50%
Multifamily
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Cost Basis	$ 18,621	$ 17,457
Fair Value	$ 17,948	$ 17,083
Percentage based on Fair Value	15.70%	17.30%
Office
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Cost Basis	$ 10,391	$ 13,148
Fair Value	$ 8,653	$ 12,194
Percentage based on Fair Value	7.60%	12.40%
Diversified
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Cost Basis	$ 10,289	$ 10,833
Fair Value	$ 9,401	$ 10,179
Percentage based on Fair Value	8.20%	10.40%
Retail
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Cost Basis	$ 8,188	$ 4,245
Fair Value	$ 8,127	$ 4,106
Percentage based on Fair Value	7.10%	4.20%
Hotel
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Cost Basis	$ 7,996	$ 4,798
Fair Value	$ 7,852	$ 4,637
Percentage based on Fair Value	6.90%	4.70%
Cold Storage
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Cost Basis	$ 6,844	$ 9,799
Fair Value	$ 6,883	$ 9,664
Percentage based on Fair Value	6%	9.80%
Manufactured Housing
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Cost Basis	$ 4,625	$ 3,149
Fair Value	$ 4,726	$ 3,148
Percentage based on Fair Value	4.10%	3.20%
Net Lease
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Cost Basis	$ 3,861	$ 3,907
Fair Value	$ 3,390	$ 3,493
Percentage based on Fair Value	3%	3.60%
Self-Storage
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Cost Basis	$ 3,647	$ 2,494
Fair Value	$ 3,551	$ 2,330
Percentage based on Fair Value	3.10%	2.40%
Life Science
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Cost Basis	$ 3,235	$ 1,493
Fair Value	$ 3,029	$ 1,439
Percentage based on Fair Value	2.60%	1.50%

Investments in Real Estate De_5

Investments in Real Estate Debt - Roll Forward (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Investments, Debt and Equity Securities [Abstract]
Balance as of December 31, 2022	$ 98,252
Additions	33,823
Disposals	(17,319)
Unrealized losses	(296)
Realized losses	(69)
Balance at September 30, 2023	$ 114,391

Investment in International A_3

Investment in International Affiliated Funds - Narrative (Details) $ in Thousands, € in Millions	1 Months Ended		3 Months Ended		9 Months Ended
	Mar. 31, 2016 USD ($)	Mar. 31, 2016 EUR (€)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Schedule Of Investments [Line Items]
(Loss) income from equity investments in unconsolidated international affiliated funds			$ (2,870)	$ 436	$ (6,024)	$ 5,421
ECF
Schedule Of Investments [Line Items]
Equity method investment, amount funded	$ 79,000	€ 70
Ownership percentage			6%		6%
(Loss) income from equity investments in unconsolidated international affiliated funds			$ (1,600)	2,300	$ (7,915)	6,100
Equity method investments			$ 66,741		$ 66,741		$ 78,353
APCF
Schedule Of Investments [Line Items]
Ownership percentage			6%		6%
(Loss) income from equity investments in unconsolidated international affiliated funds			$ (1,200)	$ (1,900)	$ 1,891	$ (700)
Equity method investments			$ 49,878		$ 49,878		$ 48,871

Investment in International A_4

Investment in International Affiliated Funds - Schedule of Components of Income from Equity Method Investment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Schedule of Equity Method Investments [Roll Forward]
Income distributions			$ (3,394)	$ (1,688)
(Loss) income from equity investments in unconsolidated international affiliated funds	$ (2,870)	$ 436	(6,024)	5,421
ECF
Schedule of Equity Method Investments [Roll Forward]
Beginning balance			78,353
Income distributions			(2,510)
(Loss) income from equity investments in unconsolidated international affiliated funds	(1,600)	2,300	(7,915)	6,100
Foreign currency translation adjustment			(1,187)
Ending balance	66,741		66,741
APCF
Schedule of Equity Method Investments [Roll Forward]
Beginning balance			48,871
Income distributions			(884)
(Loss) income from equity investments in unconsolidated international affiliated funds	(1,200)	$ (1,900)	1,891	$ (700)
Ending balance	$ 49,878		$ 49,878

Investments in Commercial Mor_3

Investments in Commercial Mortgage Loans - Schedule of Investments in Commercial Mortgage Loans (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) seniorLoan	Sep. 30, 2023 USD ($)
Summary of Investment Holdings [Line Items]
Fair Value		$ 351,524
SOFR
Summary of Investment Holdings [Line Items]
Interest Rate		5.30%
Senior Loan Portion Sold
Summary of Investment Holdings [Line Items]
Number of loans | seniorLoan	4
Financial instruments sold, not yet purchased, corporate debt	$ 208,500
9-90 Corporate Center | Senior | Office | Massachusetts, MA | Framingham
Summary of Investment Holdings [Line Items]
Commitment Amount		$ 72,033
Principal Receivable		64,095
Fair Value		$ 62,730
9-90 Corporate Center | Senior | Office | Massachusetts, MA | Framingham | SOFR
Summary of Investment Holdings [Line Items]
Interest Rate		1.75%
9-90 Corporate Center | Mezzanine | Office | Massachusetts, MA | Framingham
Summary of Investment Holdings [Line Items]
Commitment Amount		$ 23,344
Principal Receivable		21,365
Fair Value		$ 20,714
9-90 Corporate Center | Mezzanine | Office | Massachusetts, MA | Framingham | SOFR
Summary of Investment Holdings [Line Items]
Interest Rate		5.75%
Panorama House | Senior | Multifamily | California, CA | Roseville
Summary of Investment Holdings [Line Items]
Commitment Amount		$ 66,488
Principal Receivable		66,488
Fair Value		$ 65,990
Panorama House | Senior | Multifamily | California, CA | Roseville | SOFR
Summary of Investment Holdings [Line Items]
Interest Rate		1.65%
Panorama House | Mezzanine | Multifamily | California, CA | Roseville
Summary of Investment Holdings [Line Items]
Commitment Amount		$ 22,163
Principal Receivable		22,163
Fair Value		$ 21,300
Panorama House | Mezzanine | Multifamily | California, CA | Roseville | SOFR
Summary of Investment Holdings [Line Items]
Interest Rate		5.97%
Tucson IV | Senior | Multifamily | Arizona, AZ | Tuscon
Summary of Investment Holdings [Line Items]
Commitment Amount		$ 76,260
Principal Receivable		72,803
Fair Value		$ 73,050
Tucson IV | Senior | Multifamily | Arizona, AZ | Tuscon | SOFR
Summary of Investment Holdings [Line Items]
Interest Rate		2.95%
Tucson IV | Mezzanine | Multifamily | Arizona, AZ | Tuscon
Summary of Investment Holdings [Line Items]
Commitment Amount		$ 25,420
Principal Receivable		24,268
Fair Value		$ 22,680
Tucson IV | Mezzanine | Multifamily | Arizona, AZ | Tuscon | SOFR
Summary of Investment Holdings [Line Items]
Interest Rate		2.95%
Dolce Living Royal Palm | Senior | Multifamily | Florida, FL | Kissimmee
Summary of Investment Holdings [Line Items]
Commitment Amount		$ 51,432
Principal Receivable		51,432
Fair Value		$ 51,360
Dolce Living Royal Palm | Senior | Multifamily | Florida, FL | Kissimmee | SOFR
Summary of Investment Holdings [Line Items]
Interest Rate		1.85%
Dolce Living Royal Palm | Mezzanine | Multifamily | Florida, FL | Kissimmee
Summary of Investment Holdings [Line Items]
Commitment Amount		$ 17,144
Principal Receivable		17,144
Fair Value		$ 16,960
Dolce Living Royal Palm | Mezzanine | Multifamily | Florida, FL | Kissimmee | SOFR
Summary of Investment Holdings [Line Items]
Interest Rate		5.25%
Luxe Scottsdale | Mezzanine | Multifamily | Arizona, AZ | Scottsdale
Summary of Investment Holdings [Line Items]
Commitment Amount		$ 17,043
Principal Receivable		17,109
Fair Value		$ 16,740
Luxe Scottsdale | Mezzanine | Multifamily | Arizona, AZ | Scottsdale | SOFR
Summary of Investment Holdings [Line Items]
Interest Rate		5.70%

Investments in Commercial Mor_4

Investments in Commercial Mortgage Loans - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Unrealized gains (losses) on commercial mortgage loans	$ 431	$ 670	$ (1,266)	$ (1,578)
Income from commercial mortgage loans	$ 7,471	$ 5,587	$ 21,008	$ 9,479

Investments in Commercial Mor_5

Investments in Commercial Mortgage Loans - Schedule of Loan Terms (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Financing Receivable, After Allowance For Credit Loss [Roll Forward]
Ending balance	$ 351,524
Investments in Commercial Mortgage Loans
Financing Receivable, After Allowance For Credit Loss [Roll Forward]
Beginning balance	343,970
Additional fundings	9,440
Net unrealized loss	(1,886)
Ending balance	351,524
Net unrealized loss	1,300
Commercial Mortgage-Backed Securities
Financing Receivable, After Allowance For Credit Loss [Roll Forward]
Additional fundings	4,500
Debt Securities
Financing Receivable, After Allowance For Credit Loss [Roll Forward]
Additional fundings	4,900
Net unrealized loss	1,900
Net unrealized gain	$ 600

Intangibles - Gross Carrying Am

Intangibles - Gross Carrying Amount and Accumulated Amortization of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Intangible assets:
Total intangible assets	$ 170,902	$ 168,993
Accumulated amortization:
Total accumulated amortization	(67,140)	(46,002)
Intangible assets, net	103,762	122,991
Intangible liabilities:
Intangible liabilities, net	(35,710)	(40,232)
In-place lease intangibles
Intangible assets:
Total intangible assets	96,026	95,325
Accumulated amortization:
Total accumulated amortization	(46,027)	(33,200)
Intangible assets, net	49,999
Above-market lease intangibles
Intangible assets:
Total intangible assets	13,030	13,030
Accumulated amortization:
Total accumulated amortization	(2,378)	(943)
Intangible assets, net	10,652
Leasing commissions
Intangible assets:
Total intangible assets	43,546	41,757
Accumulated amortization:
Total accumulated amortization	(13,554)	(9,034)
Intangible assets, net	29,992
Other intangibles
Intangible assets:
Total intangible assets	18,300	18,881
Accumulated amortization:
Total accumulated amortization	(5,181)	(2,825)
Intangible assets, net	13,119
Below-market lease intangibles
Intangible liabilities:
Below-market lease intangibles	(47,785)	(47,785)
Accumulated amortization	12,075	7,553
Intangible liabilities, net	$ (35,710)	$ (40,232)

Intangibles - Narrative (Detail

Intangibles - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items]
Amortization expense relating to intangible assets	$ 6.9	$ 6	$ 21.1	$ 15.7
Income from amortization of below-market lease intangibles	1.5
Income from amortization of intangible liabilities		1.1	4.5	2.8
Above-market lease intangibles
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items]
Amortization expense relating to intangible assets	$ 0.5	$ 0.3	$ 1.4	$ 0.3
Weighted average amortization of useful life			6 years
In-place lease intangibles
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items]
Weighted average amortization of useful life			3 years
Leasing commissions
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items]
Weighted average amortization of useful life			7 years
Other intangibles
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items]
Weighted average amortization of useful life			9 years
Below-market lease intangibles
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items]
Weighted average amortization of useful life			12 years

Intangibles - Estimated Future

Intangibles - Estimated Future Amortization (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
In-place Lease Intangibles and Other Intangibles
Intangible assets, net	$ 103,762	$ 122,991
Below-Market Lease Intangibles
Intangible liabilities, net	(35,710)	(40,232)
In-place lease intangibles
In-place Lease Intangibles and Other Intangibles
2023 (Remaining)	3,814
2024	10,772
2025	8,687
2026	6,437
2027	5,070
Thereafter	15,219
Intangible assets, net	49,999
Above-market lease intangibles
In-place Lease Intangibles and Other Intangibles
2023 (Remaining)	469
2024	1,849
2025	1,784
2026	1,727
2027	1,687
Thereafter	3,136
Intangible assets, net	10,652
Leasing commissions
In-place Lease Intangibles and Other Intangibles
2023 (Remaining)	1,487
2024	5,610
2025	5,043
2026	4,230
2027	3,535
Thereafter	10,087
Intangible assets, net	29,992
Other intangibles
In-place Lease Intangibles and Other Intangibles
2023 (Remaining)	720
2024	2,661
2025	2,343
2026	1,861
2027	1,474
Thereafter	4,060
Intangible assets, net	13,119
Below-market lease intangibles
Below-Market Lease Intangibles
2023 (Remaining)	(1,505)
2024	(5,472)
2025	(5,019)
2026	(4,528)
2027	(3,922)
Thereafter	(15,264)
Intangible liabilities, net	$ (35,710)	$ (40,232)

Credit Facility - Narrative (De

Credit Facility - Narrative (Details)			3 Months Ended		9 Months Ended
	Feb. 17, 2023 USD ($)	Sep. 30, 2021 USD ($) property	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	Oct. 24, 2018 USD ($)
Line of Credit Facility [Line Items]
Accrued interest expense			$ 1,994,000		$ 1,994,000		$ 3,794,000
Unsecured Revolving Loans
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity								$ 60,000,000
Credit Agreement With Accordion Feature
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 800,000,000							$ 500,000,000
Line of Credit
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity			455,000,000		455,000,000
Credit facility			246,000,000		246,000,000		190,000,000
Line of Credit | September 2021 Amended Credit Agreement
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity		$ 335,000,000
Number of term extension options | property		2
Extension term		1 year
Extension fee, percentage		0.125%
Accrued interest expense			1,200,000		1,200,000
Interest expense			4,200,000	$ 1,800,000	10,400,000	$ 4,000,000
Line of Credit | September 2021 Amended Credit Agreement | Revolving facility
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity		$ 235,000,000	321,000,000		321,000,000
Credit facility			112,000,000		112,000,000		90,000,000
Line of Credit | September 2021 Amended Credit Agreement | Revolving facility | SOFR | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate		1.30%
Line of Credit | September 2021 Amended Credit Agreement | Revolving facility | SOFR | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate		1.90%
Line of Credit | September 2021 Amended Credit Agreement | Revolving facility | Base Rate | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate		0.30%
Line of Credit | September 2021 Amended Credit Agreement | Revolving facility | Base Rate | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate		0.90%
Line of Credit | September 2021 Amended Credit Agreement | DDTL facility
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity		$ 100,000,000	134,000,000		134,000,000
Number of advances | property		3
Minimum amount of advance		$ 30,000,000
Minimum threshold to trigger minimum unused fee, percentage of aggregate commitments		50%
Credit facility			$ 134,000,000		$ 134,000,000		$ 100,000,000
Line of Credit | September 2021 Amended Credit Agreement | DDTL facility | Minimum
Line of Credit Facility [Line Items]
Unused fee, percentage		0.15%
Line of Credit | September 2021 Amended Credit Agreement | DDTL facility | Maximum
Line of Credit Facility [Line Items]
Unused fee, percentage		0.25%
Line of Credit | September 2021 Amended Credit Agreement | DDTL facility | SOFR | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate		1.25%
Line of Credit | September 2021 Amended Credit Agreement | DDTL facility | SOFR | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate		1.85%
Line of Credit | September 2021 Amended Credit Agreement | DDTL facility | Base Rate | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate		0.25%
Line of Credit | September 2021 Amended Credit Agreement | DDTL facility | Base Rate | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate		0.85%
Line of Credit | February 2023 Amended Credit Agreement
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	455,000,000
Line of Credit | February 2023 Amended Credit Agreement | Revolving facility
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 321,000,000
Line of Credit | February 2023 Amended Credit Agreement | Revolving facility | SOFR
Line of Credit Facility [Line Items]
Basis spread on variable rate	10%
Line of Credit | February 2023 Amended Credit Agreement | DDTL facility
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 134,000,000

Credit Facility - Schedule of C

Credit Facility - Schedule of Credit Facility (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2021
Debt Instrument [Line Items]
Weighted-average interest rate	7.07%	6.65%
Line of Credit
Debt Instrument [Line Items]
Maximum Facility Size	$ 455,000,000	$ 455,000,000
Principal Balance Outstanding	$ 246,000,000	$ 246,000,000	$ 190,000,000
September 2021 Amended Credit Agreement | Line of Credit
Debt Instrument [Line Items]
Maximum Facility Size				$ 335,000,000
September 2021 Amended Credit Agreement | Revolving facility
Debt Instrument [Line Items]
Weighted-average interest rate	6.79%	6.47%
September 2021 Amended Credit Agreement | Revolving facility | Line of Credit
Debt Instrument [Line Items]
Maximum Facility Size	$ 321,000,000	$ 321,000,000		235,000,000
Principal Balance Outstanding	$ 112,000,000	$ 112,000,000	90,000,000
September 2021 Amended Credit Agreement | DDTL facility
Debt Instrument [Line Items]
Weighted-average interest rate	6.82%	6.36%
September 2021 Amended Credit Agreement | DDTL facility | Line of Credit
Debt Instrument [Line Items]
Maximum Facility Size	$ 134,000,000	$ 134,000,000		$ 100,000,000
Principal Balance Outstanding	$ 134,000,000	$ 134,000,000	$ 100,000,000

Credit Facility - Long-term Deb

Credit Facility - Long-term Debt Maturities (Details) - Line of Credit - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total	$ 246,000	$ 190,000
Credit Facility
Debt Instrument [Line Items]
2023 (Remaining)	0
2024	112,000
2025	0
2026	134,000
2027	0
Thereafter	0
Total	$ 246,000

Mortgages Payable - Summary of

Mortgages Payable - Summary of Mortgages Payable (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jan. 03, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Deferred financing costs, net	$ (1,201)		$ (1,140)
Discount on assumed mortgage notes	(6,386)		(7,284)
Mortgages
Debt Instrument [Line Items]
Principal Balance Outstanding	175,644		175,884
Deferred financing costs, net	(776)		(865)
Total	188,692		187,908
Mortgages Payable
Debt Instrument [Line Items]
Total	195,854
Mortgages Payable | Mortgages
Debt Instrument [Line Items]
Principal Balance Outstanding	$ 195,854		196,057
Main Street at Kingwood | Mortgages
Debt Instrument [Line Items]
Interest Rate	3.15%
Principal Balance Outstanding	$ 48,000		48,000
Tacara Steiner Ranch | Mortgages
Debt Instrument [Line Items]
Interest Rate	2.62%
Principal Balance Outstanding	$ 28,750		28,750
Signature at Hartwell | Mortgages
Debt Instrument [Line Items]
Interest Rate	3.01%
Principal Balance Outstanding	$ 29,500		29,500
GFI Grocery Anchored Portfolio | Mortgages
Debt Instrument [Line Items]
Principal Balance Outstanding	$ 69,394		69,634
GFI Grocery Anchored Portfolio | Mortgages | Minimum
Debt Instrument [Line Items]
Interest Rate	2.98%
GFI Grocery Anchored Portfolio | Mortgages | Maximum
Debt Instrument [Line Items]
Interest Rate	3.40%
CASA Nord Portfolio | Mortgages
Debt Instrument [Line Items]
Interest Rate	0.70%
Principal Balance Outstanding	$ 20,210		$ 20,173
CASA Nord Portfolio | Mortgages | Interest rate swaps - property debt
Debt Instrument [Line Items]
Interest Rate		3.18%

Mortgages Payable - Narrative (

Mortgages Payable - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Debt Instrument [Line Items]
Accrued interest expense	$ 1,994		$ 1,994		$ 3,794
Mortgages Payable | Mortgages
Debt Instrument [Line Items]
Accrued interest expense	500		500
Interest expense	$ 1,500	$ 800	$ 4,600	$ 2,400

Mortgages Payable - Long-term D

Mortgages Payable - Long-term Debt Maturities (Details) - Mortgages Payable $ in Thousands	Sep. 30, 2023 USD ($)
Debt Instrument [Line Items]
2023 (Remaining)	$ 89
2024	542
2025	1,486
2026	54,639
2027	15,641
Thereafter	123,457
Total	$ 195,854

Note Payable - Narrative (Detai

Note Payable - Narrative (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) note	Sep. 30, 2022 USD ($)
Debt Instrument [Line Items]
Number of notes outstanding | note			1
Tuscon Loan Asset | Notes Payable
Debt Instrument [Line Items]
Mortgages payable	$ 69.3		$ 69.3
Outstanding accrued interest	0.3		0.3
Interest expense	$ 1.3	$ 0.7	$ 3.5	$ 0.8
Tuscon Loan Asset | Notes Payable | SOFR
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	1.65%	1.65%	1.65%	1.65%

Note Payable - Summary of Note

Note Payable - Summary of Note Payable (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Note Payable
Beginning balance	$ 69,030
Net unrealized loss	130
Ending balance	$ 69,160

Note Payable - Long-term Debt M

Note Payable - Long-term Debt Maturities (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2023 USD ($)
Debt Instrument [Line Items]
Weighted-average interest rate	7.07%	6.65%
Tuscon Loan Asset
Debt Instrument [Line Items]
2023 (Remaining)	$ 0	$ 0
2024	0	0
2025	69,263	69,263
2026	0	0
2027	0	0
Thereafter	0	0
Total	$ 69,263	$ 69,263

Other Assets and Other Liabil_3

Other Assets and Other Liabilities - Schedule of Components of Other Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Receivables	$ 17,720	$ 7,788
Straight-line rent receivable	12,763	9,442
Prepaid expenses	3,592	2,057
Right-of-use asset - finance leases	2,466	2,531
Right-of-use asset - operating lease	2,076	2,123
Deferred financing costs on credit facility, net	1,201	1,140
Other	662	1,274
Total	$ 40,480	$ 26,355

Other Assets and Other Liabil_4

Other Assets and Other Liabilities - Schedule of Components of Accounts Payable, Accrued Expenses, and Other Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Accounts payable and accrued expenses	$ 27,671	$ 29,343
Common stock repurchases	21,494	12,637
Real estate taxes payable	13,902	6,794
Tenant security deposits	7,429	6,531
Deferred tax liability	2,725	2,273
Lease liability - finance leases	2,524	2,531
Lease liability - operating lease	2,153	2,123
Accrued interest expense	1,994	3,794
Prepaid rental income	1,936	2,332
Other	8,429	6,213
Total	$ 90,257	$ 74,571

Related Party Transactions - Su

Related Party Transactions - Summary of Certain Affiliates Receive Fee and Compensation with Offering and Ongoing Management of Assets (Details)	9 Months Ended
	Sep. 30, 2023
Class T Shares
Related Party Transaction [Line Items]
Advisory Fee (% of NAV)	1.25%
Class S Shares
Related Party Transaction [Line Items]
Advisory Fee (% of NAV)	1.25%
Class D Shares
Related Party Transaction [Line Items]
Advisory Fee (% of NAV)	1.25%
Class I Shares
Related Party Transaction [Line Items]
Advisory Fee (% of NAV)	1.25%
Class N Shares
Related Party Transaction [Line Items]
Advisory Fee (% of NAV)	0.65%

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($) property	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) jointVenture property	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Related Party Transaction [Line Items]
Accounts payable, accrued expenses and other liabilities	$ 90,257		$ 90,257		$ 74,571
Common Stock Class N | TIAA
Related Party Transaction [Line Items]
Common stock value under purchase agreement	300,000		300,000
Sparrow | Other Affiliates
Related Party Transaction [Line Items]
Single family housing project investments, commitment	$ 150,000		$ 150,000
MyPlace | Other Affiliates
Related Party Transaction [Line Items]
Number of storage properties | property	5		5
Advisory fees
Related Party Transaction [Line Items]
Related party expense	$ 6,200	$ 5,900	$ 18,600	$ 14,500
Acquisition Fees
Related Party Transaction [Line Items]
Number of joint venture arrangements | jointVenture			8
Project management fees | Nuveen RE PMS
Related Party Transaction [Line Items]
Maximum amount of transaction, percentage of project costs	6%		6%
Development and management fees | Nuveen RE PMS
Related Party Transaction [Line Items]
Maximum amount of transaction, percentage of project costs	4%		4%
Accrued stockholder servicing fees
Related Party Transaction [Line Items]
Related party expense	$ 1,700	$ 1,700	$ 5,200	$ 4,200
Accrued stockholder servicing fees | Class S Shares
Related Party Transaction [Line Items]
Accounts payable, accrued expenses and other liabilities	46,100		46,100
Accrued stockholder servicing fees | Class D Shares
Related Party Transaction [Line Items]
Accounts payable, accrued expenses and other liabilities	46,100		46,100
Accrued stockholder servicing fees | Class T Shares
Related Party Transaction [Line Items]
Accounts payable, accrued expenses and other liabilities	46,100		46,100
Accounts Payable, Accrued Expenses and Other Liabilities | Advisory fees
Related Party Transaction [Line Items]
Accounts payable, accrued expenses and other liabilities	2,000		2,000		$ 2,300
Due to Affiliates | Accrued stockholder servicing fees
Related Party Transaction [Line Items]
Accounts payable, accrued expenses and other liabilities	$ 600		$ 600

Related Party Transactions - Sc

Related Party Transactions - Schedule of Affiliated Service Providers and the Fees Incurred (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Related Party Transaction [Line Items]
Advisory fee due to affiliate	$ 7,847	$ 7,583	$ 23,796	$ 18,720
NexCore
Related Party Transaction [Line Items]
Advisory fee due to affiliate	327	199	1,017	398
NexCore | Property and project management services
Related Party Transaction [Line Items]
Advisory fee due to affiliate	120	107	363	265
NexCore | Acquisition and asset management services
Related Party Transaction [Line Items]
Advisory fee due to affiliate	0	67	0	67
NexCore | Accounting and leasing services
Related Party Transaction [Line Items]
Advisory fee due to affiliate	207	25	654	66
Sparrow
Related Party Transaction [Line Items]
Advisory fee due to affiliate	324	287	1,018	626
Sparrow | Property and project management services
Related Party Transaction [Line Items]
Advisory fee due to affiliate	191	138	557	293
Sparrow | Acquisition and asset management services
Related Party Transaction [Line Items]
Advisory fee due to affiliate	133	149	461	333
Sparrow | Accounting and leasing services
Related Party Transaction [Line Items]
Advisory fee due to affiliate	0	$ 0	0	$ 0
MyPlace
Related Party Transaction [Line Items]
Advisory fee due to affiliate	17		108
MyPlace | Property and project management services
Related Party Transaction [Line Items]
Advisory fee due to affiliate	0		0
MyPlace | Acquisition and asset management services
Related Party Transaction [Line Items]
Advisory fee due to affiliate	17		108
MyPlace | Accounting and leasing services
Related Party Transaction [Line Items]
Advisory fee due to affiliate	0		0
Nuveen RE PMS
Related Party Transaction [Line Items]
Advisory fee due to affiliate	19		81
Nuveen RE PMS | Property and project management services
Related Party Transaction [Line Items]
Advisory fee due to affiliate	19		81
Nuveen RE PMS | Acquisition and asset management services
Related Party Transaction [Line Items]
Advisory fee due to affiliate	0		0
Nuveen RE PMS | Accounting and leasing services
Related Party Transaction [Line Items]
Advisory fee due to affiliate	$ 0		$ 0

Related Party Transactions - Up

Related Party Transactions - Upfront Selling Commissions and Manager Fees and Stockholder Servicing Fees Per Annum on Aggregate Outstanding NAV (Details)	Sep. 30, 2023
Class T Shares
Related Party Transaction [Line Items]
Maximum Upfront Selling Commissions (% of Transaction Price)	3%
Maximum Upfront Dealer Manager Fees (% of Transaction Price)	0.50%
Stockholder Servicing Fee (% of NAV)	0.85%
Class T Shares | Advisor
Related Party Transaction [Line Items]
Stockholder Servicing Fee (% of NAV)	0.65%
Class T Shares | Dealer
Related Party Transaction [Line Items]
Stockholder Servicing Fee (% of NAV)	0.20%
Class S Shares
Related Party Transaction [Line Items]
Maximum Upfront Selling Commissions (% of Transaction Price)	3.50%
Stockholder Servicing Fee (% of NAV)	85%
Class D Shares
Related Party Transaction [Line Items]
Maximum Upfront Selling Commissions (% of Transaction Price)	1.50%
Stockholder Servicing Fee (% of NAV)	25%

Related Party Transactions - _2

Related Party Transactions - Schedule of Components of Due to Affiliates (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Due to affiliates	$ 48,994	$ 50,637
Class T Shares
Related Party Transaction [Line Items]
Percentage of gross proceeds from sale of shares	8.75%
Class S Shares
Related Party Transaction [Line Items]
Percentage of gross proceeds from sale of shares	8.75%
Class D Shares
Related Party Transaction [Line Items]
Percentage of gross proceeds from sale of shares	8.75%
Accrued stockholder servicing fees
Related Party Transaction [Line Items]
Due to affiliates	$ 46,147	47,086
Threshold percent of gross proceeds	10%
Accrued stockholder servicing fees | Class D Shares
Related Party Transaction [Line Items]
Period from date of issuance for future shares issued	35 years
Accrued stockholder servicing fees | Class T and S
Related Party Transaction [Line Items]
Period from date of issuance for future shares issued	7 years
Advanced organization and offering expenses
Related Party Transaction [Line Items]
Due to affiliates	$ 2,847	$ 3,551

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) lease	Sep. 30, 2022 USD ($)
Leases [Abstract]
Rental revenue | $	$ 43,384	$ 31,427	$ 129,366	$ 77,577
Number of ground lease classified as operating | lease			1
Number of ground leases classified as finance | lease			2
Weighted-average discount rate	8.43%		8.43%
Weighted average remaining lease term, operating lease	37 years		37 years
Weighted average remaining lease term, finance lease	44 years		44 years
Lease costs | $	$ 100		$ 300

Leases - Schedule of Minimum Re

Leases - Schedule of Minimum Rents Expects to Receive for Industrial, Retail and Office Properties, Excluding Tenant Reimbursements of Operating Expenses (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Leases [Abstract]
2023 (Remaining)	$ 22,596
2024	84,712
2025	77,845
2026	66,633
2027	55,446
Thereafter	160,046
Total	$ 467,278

Leases - Schedule of Right-of-u

Leases - Schedule of Right-of-use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Assets
Right-of-use asset - finance leases	$ 2,466	$ 2,531
Right-of-use asset - operating lease	2,076	2,123
Liabilities:
Lease liability - finance leases	2,524	2,531
Lease liability - operating lease	$ 2,153	$ 2,123

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Annual Payment (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Operating Lease
2023 (Remaining)	$ 38
2024	154
2025	157
2026	165
2027	169
Thereafter	7,698
Total undiscounted future lease payments	8,381
Difference between undiscounted cash flows and discounted cash flows	(6,228)
Total lease liability	2,153	$ 2,123
Finance Leases
2023 (Remaining)	55
2024	219
2025	219
2026	219
2027	219
Thereafter	8,808
Total undiscounted future lease payments	9,739
Difference between undiscounted cash flows and discounted cash flows	(7,215)
Total lease liability	$ 2,524	$ 2,531

Leases - Financing Leases (Deta

Leases - Financing Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Interest on lease liabilities	$ 53	$ 0	$ 249	$ 0
Amortization of right-of-use assets	14	0	65	0
Total finance lease cost	$ 67	$ 0	$ 314	$ 0

Derivatives - Schedule of Inter

Derivatives - Schedule of Interest Rate Derivatives (Details) - Interest rate swaps - property debt - Designated as Hedging Instrument $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($) instrument
Derivative [Line Items]
Number of instruments | instrument	4
Notional Amount | $	$ 142,452
Weighted Average Strike Rate	3.18%
Weighted Average Maturity (Years)	4 years 3 months 18 days

Derivatives - Schedule of Deriv

Derivatives - Schedule of Derivative Financial Instruments (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Derivative [Line Items]
Total derivative financial instrument	$ 24	$ 0
Interest rate swaps - property debt
Derivative [Line Items]
Total derivative financial instrument	$ 24	$ 0

Derivatives - Narrative (Detail

Derivatives - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain from interest rate derivatives	$ 136,000	$ 0	$ 24,000	$ 0
Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain from interest rate derivatives	$ 136,000		$ 24,000

Equity and Redeemable Non-con_3

Equity and Redeemable Non-controlling Interest - Narrative (Details) - USD ($)			3 Months Ended		9 Months Ended		12 Months Ended
	Jul. 01, 2022	Oct. 08, 2020	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Equity [Line Items]
Number of shares, authorized to issue (in shares)			2,200,000,000		2,200,000,000
Restricted stock, vesting period	1 year
Dividends payable			$ 9,790,000		$ 9,790,000		$ 10,065,000
Dividends			29,300,000	$ 27,500,000	$ 89,600,000	$ 67,800,000
Repurchase fulfillment term					24 months
Least number of months required for satisfaction of requests					1 month
Properly submitted repurchase requests (in percent)					100%
Number of minimum days for which no investments will be made					30 days
Common stock repurchased			(85,612,000)	(7,634,000)	$ (262,343,000)	(17,851,000)
Additional Paid-in Capital
Equity [Line Items]
Common stock repurchased			$ (85,542,000)	$ (7,627,000)	$ (262,130,000)	$ (17,836,000)
Gross distribution per share of common stock
Equity [Line Items]
Net distributions per share of common stock (in dollars per share)			$ 0.2055		$ 0.6279
Non-employee Directors
Equity [Line Items]
Annual retainer	$ 100,000
Percent of annual compensation paid in share-based payment	50%
Audit Committee Chairperson
Equity [Line Items]
Annual retainer	$ 20,000
Percent of annual compensation paid in cash	50%
Lead Independent Director
Equity [Line Items]
Annual retainer	$ 5,000
TIAA
Equity [Line Items]
Restricted stock, vesting period					1 year
Percentage of shares to be repurchased at transaction price					95%
Class T Shares
Equity [Line Items]
Common stock issued (in shares)			16,809,755		16,809,755		17,285,298
Common stock outstanding (in shares)			16,809,755		16,809,755		17,285,298
Net distributions per share of common stock (in dollars per share)			$ 0.1413		$ 0.4319
Class T Shares | Gross distribution per share of common stock
Equity [Line Items]
Net distributions per share of common stock (in dollars per share)			$ 0.2055		$ 0.6279
Class S Shares
Equity [Line Items]
Common stock issued (in shares)			44,830,697		44,830,697		45,277,146
Common stock outstanding (in shares)			44,830,697		44,830,697		45,277,146
Net distributions per share of common stock (in dollars per share)			$ 0.1426		$ 0.4368
Class S Shares | Gross distribution per share of common stock
Equity [Line Items]
Net distributions per share of common stock (in dollars per share)			$ 0.2055		$ 0.6279
Class D Shares
Equity [Line Items]
Common stock issued (in shares)			7,543,654		7,543,654		8,009,944
Common stock outstanding (in shares)			7,543,654		7,543,654		8,009,944
Net distributions per share of common stock (in dollars per share)			$ 0.1601		$ 0.4919
Class D Shares | Gross distribution per share of common stock
Equity [Line Items]
Net distributions per share of common stock (in dollars per share)			$ 0.2055		$ 0.6279
Class I Shares
Equity [Line Items]
Common stock issued (in shares)			81,486,190		81,486,190		79,727,458
Common stock outstanding (in shares)			81,486,190		81,486,190		79,727,458
Net distributions per share of common stock (in dollars per share)			$ 0.1691		$ 0.5174
Class I Shares | Gross distribution per share of common stock
Equity [Line Items]
Net distributions per share of common stock (in dollars per share)			$ 0.2055		$ 0.6279
Class N Shares
Equity [Line Items]
Common stock issued (in shares)			29,730,608		29,730,608		29,730,608
Common stock outstanding (in shares)			29,730,608		29,730,608		29,730,608
Net distributions per share of common stock (in dollars per share)			$ 0.1839		$ 0.5605
Class N Shares | Gross distribution per share of common stock
Equity [Line Items]
Net distributions per share of common stock (in dollars per share)			$ 0.2055		$ 0.6279
Class N Shares | TIAA
Equity [Line Items]
Common stock value under purchase agreement			$ 300,000,000		$ 300,000,000
Initial investment threshold			$ 200,000		$ 200,000
Class N Shares | TIAA | Minimum
Equity [Line Items]
Percentage of repurchase plan limits per month					0.67%
Class N Shares | TIAA | Maximum
Equity [Line Items]
Percentage of repurchase plan limits per quarter					1.67%
Class D and Class S and Class T and Class I | TIAA | Maximum
Equity [Line Items]
Percentage of repurchase plan limits per month					2%
Percentage of repurchase plan limits per quarter					5%
Private Placement | Additional Paid-in Capital
Equity [Line Items]
Allocation to redeemable non-controlling interest					$ 400,000		$ 600,000
Private Placement | Series A Preferred Stock
Equity [Line Items]
Sale of stock (in shares)		125

Equity and Redeemable Non-con_4

Equity and Redeemable Non-controlling Interest - Schedule of Capital Stock Issuable (Details) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Preferred stock authorized (in shares)	100,000,000
Preferred stock, par value (in dollars per share)	$ 0.01
Number of shares, authorized to issue (in shares)	2,200,000,000
Class T Shares
Class of Stock [Line Items]
Common stock authorized (in shares)	500,000,000	500,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Class S Shares
Class of Stock [Line Items]
Common stock authorized (in shares)	500,000,000	500,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Class D Shares
Class of Stock [Line Items]
Common stock authorized (in shares)	500,000,000	500,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Class I Shares
Class of Stock [Line Items]
Common stock authorized (in shares)	500,000,000	500,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Class N Shares
Class of Stock [Line Items]
Common stock authorized (in shares)	100,000,000	100,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01

Equity and Redeemable Non-con_5

Equity and Redeemable Non-controlling Interest - Schedule of Sales of Common Stock (Details) - shares shares in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	180,481	180,030
Common stock issued (in shares)	5,864	18,365
Distribution reinvestment plan (in shares)	1,039	3,189
Vested stock grant (in shares)	18	20
Common stock repurchased (in shares)	(7,001)	(21,203)
Ending balance (in shares)	180,401	180,401
Class T Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	17,241	17,285
Common stock issued (in shares)	(354)	(153)
Distribution reinvestment plan (in shares)	102	314
Vested stock grant (in shares)	0	0
Common stock repurchased (in shares)	(179)	(636)
Ending balance (in shares)	16,810	16,810
Class S Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	45,057	45,277
Common stock issued (in shares)	980	4,506
Distribution reinvestment plan (in shares)	294	904
Vested stock grant (in shares)	0	0
Common stock repurchased (in shares)	(1,501)	(5,857)
Ending balance (in shares)	44,830	44,830
Class D Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	7,449	8,010
Common stock issued (in shares)	372	422
Distribution reinvestment plan (in shares)	49	151
Vested stock grant (in shares)	0	0
Common stock repurchased (in shares)	(326)	(1,039)
Ending balance (in shares)	7,544	7,544
Class I Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	81,003	79,727
Common stock issued (in shares)	4,866	13,590
Distribution reinvestment plan (in shares)	594	1,820
Vested stock grant (in shares)	18	20
Common stock repurchased (in shares)	(4,995)	(13,671)
Ending balance (in shares)	81,486	81,486
Class N Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	29,731	29,731
Common stock issued (in shares)	0	0
Distribution reinvestment plan (in shares)	0	0
Vested stock grant (in shares)	0	0
Common stock repurchased (in shares)	0	0
Ending balance (in shares)	29,731	29,731

Equity and Redeemable Non-con_6

Equity and Redeemable Non-controlling Interest - Schedule of Declared Distributions (Details) - $ / shares	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Gross distribution per share of common stock
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	$ 0.2055	$ 0.6279
Class T Shares
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	0.1413	0.4319
Class T Shares | Gross distribution per share of common stock
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	0.2055	0.6279
Class T Shares | Advisory fee per share of common stock
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	(0.0380)	(0.1164)
Class T Shares | Stockholder servicing fee per share of common stock
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	(0.0262)	(0.0796)
Class S Shares
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	0.1426	0.4368
Class S Shares | Gross distribution per share of common stock
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	0.2055	0.6279
Class S Shares | Advisory fee per share of common stock
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	(0.0367)	(0.1113)
Class S Shares | Stockholder servicing fee per share of common stock
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	(0.0262)	(0.0798)
Class D Shares
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	0.1601	0.4919
Class D Shares | Gross distribution per share of common stock
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	0.2055	0.6279
Class D Shares | Advisory fee per share of common stock
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	(0.0377)	(0.1129)
Class D Shares | Stockholder servicing fee per share of common stock
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	(0.0077)	(0.0231)
Class I Shares
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	0.1691	0.5174
Class I Shares | Gross distribution per share of common stock
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	0.2055	0.6279
Class I Shares | Advisory fee per share of common stock
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	(0.0364)	(0.1105)
Class I Shares | Stockholder servicing fee per share of common stock
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	0	0
Class N Shares
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	0.1839	0.5605
Class N Shares | Gross distribution per share of common stock
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	0.2055	0.6279
Class N Shares | Advisory fee per share of common stock
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	(0.0216)	(0.0674)
Class N Shares | Stockholder servicing fee per share of common stock
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	$ 0	$ 0

Segment Reporting - Narrative (

Segment Reporting - Narrative (Details)	9 Months Ended
	Sep. 30, 2023 segment
Segment Reporting [Abstract]
Number of reportable segments	11

Segment Reporting - Schedule of

Segment Reporting - Schedule of Total Assets by Segment (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Total assets	$ 2,623,430	$ 2,670,861
Industrial
Segment Reporting Information [Line Items]
Total assets	557,502	569,607
Healthcare
Segment Reporting Information [Line Items]
Total assets	461,080	476,894
Multifamily
Segment Reporting Information [Line Items]
Total assets	327,396	292,081
Retail
Segment Reporting Information [Line Items]
Total assets	210,127	223,248
Single-Family Housing
Segment Reporting Information [Line Items]
Total assets	147,464	148,796
Office
Segment Reporting Information [Line Items]
Total assets	116,004	120,322
Self-Storage
Segment Reporting Information [Line Items]
Total assets	61,609	48,951
Commercial Mortgage Loans
Segment Reporting Information [Line Items]
Total assets	351,524	343,970
Real Estate-Related Securities
Segment Reporting Information [Line Items]
Total assets	219,557	214,416
International Affiliated Funds
Segment Reporting Information [Line Items]
Total assets	116,619	127,224
Other (Corporate)
Segment Reporting Information [Line Items]
Total assets	$ 54,548	$ 105,352

Segment Reporting - Schedule _2

Segment Reporting - Schedule of Financial Results by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues
Rental revenue	$ 43,384	$ 31,427	$ 129,366	$ 77,577
Income from commercial mortgage loans	7,471	5,587	21,008	9,479
Total revenues	50,855	37,014	150,374	87,056
Expenses:
Total segment expenses	14,977	10,040	44,696	25,386
Realized and unrealized loss from real estate-related securities	(9,609)	(10,663)	(4,308)	(32,601)
Realized and unrealized loss from real estate debt	(708)	(819)	(365)	(3,337)
(Loss) income from equity investments in unconsolidated international affiliated funds	(2,870)	436	(6,024)	5,421
Unrealized gain on commercial mortgage loans	431	670	(1,266)	(1,578)
Segment net operating income	23,122	16,598	93,715	29,575
Depreciation and amortization	(21,047)	(17,357)	(63,955)	(43,764)
Unrealized gain from interest rate derivatives	136	0	24	0
Unrealized loss on note payable	(20)	0	(130)	0
General and administrative expenses	(2,641)	(2,491)	(7,024)	(7,112)
Advisory fee due to affiliate	(7,847)	(7,583)	(23,796)	(18,720)
Interest income	2,381	1,541	6,481	3,048
Interest expense	(10,788)	(4,685)	(29,346)	(9,628)
Net loss	(16,704)	(13,977)	(24,031)	(46,601)
Net loss attributable to non-controlling interests in third party joint ventures	(21)	(25)	(79)	(47)
Net income attributable to preferred stock	3	3	11	11
Net loss attributable to common stockholders	(16,686)	(13,955)	(23,963)	(46,565)
Industrial
Revenues
Rental revenue	12,866	8,731	38,385	20,961
Income from commercial mortgage loans	0	0	0	0
Total revenues	12,866	8,731	38,385	20,961
Expenses:
Total segment expenses	3,845	2,584	11,039	5,710
Segment net operating income	9,021	6,147	27,346	15,251
Depreciation and amortization	(6,511)	(4,814)	(19,411)	(10,805)
Healthcare
Revenues
Rental revenue	10,700	8,247	32,177	17,592
Income from commercial mortgage loans	0	0	0	0
Total revenues	10,700	8,247	32,177	17,592
Expenses:
Total segment expenses	3,327	2,401	11,036	4,844
Segment net operating income	7,373	5,846	21,141	12,748
Depreciation and amortization	(6,145)	(6,089)	(18,713)	(10,581)
Multifamily
Revenues
Rental revenue	7,991	6,916	23,370	19,904
Income from commercial mortgage loans	0	0	0	0
Total revenues	7,991	6,916	23,370	19,904
Expenses:
Total segment expenses	3,419	2,612	9,721	8,303
Segment net operating income	4,572	4,304	13,649	11,601
Depreciation and amortization	(2,635)	(3,479)	(7,935)	(12,652)
Unrealized gain from interest rate derivatives			24
Retail
Revenues
Rental revenue	4,376	1,714	14,177	5,035
Income from commercial mortgage loans	0	0	0	0
Total revenues	4,376	1,714	14,177	5,035
Expenses:
Total segment expenses	1,360	416	4,021	1,168
Segment net operating income	3,016	1,298	10,156	3,867
Depreciation and amortization	(2,161)	(907)	(6,677)	(2,310)
Single-Family Housing
Revenues
Rental revenue	2,724	2,132	7,926	4,372
Income from commercial mortgage loans	0	0	0	0
Total revenues	2,724	2,132	7,926	4,372
Expenses:
Total segment expenses	1,364	987	4,389	2,545
Segment net operating income	1,360	1,145	3,537	1,827
Depreciation and amortization	(874)	(388)	(2,914)	(1,739)
Office
Revenues
Rental revenue	3,653	3,375	10,442	9,365
Income from commercial mortgage loans	0	0	0	0
Total revenues	3,653	3,375	10,442	9,365
Expenses:
Total segment expenses	976	855	2,862	2,631
Segment net operating income	2,677	2,520	7,580	6,734
Depreciation and amortization	(1,821)	(1,414)	(5,443)	(5,411)
Self-Storage
Revenues
Rental revenue	1,074	312	2,889	348
Income from commercial mortgage loans	0	0	0	0
Total revenues	1,074	312	2,889	348
Expenses:
Total segment expenses	686	185	1,628	185
Segment net operating income	388	127	1,261	163
Depreciation and amortization	(900)	(266)	(2,862)	(266)
Commercial Mortgage Loans
Revenues
Rental revenue	0	0	0	0
Income from commercial mortgage loans	7,471	5,587	21,008	9,479
Total revenues	7,471	5,587	21,008	9,479
Expenses:
Total segment expenses	0	0	0	0
Unrealized gain on commercial mortgage loans	431	670		(1,578)
Depreciation and amortization	0	0	0	0
Commercial Mortgage Loans | Commercial Mortgage Loans
Expenses:
Unrealized gain on commercial mortgage loans			(1,266)
Segment net operating income	7,902	6,257	19,742	7,901
Commercial Mortgage Loans | Loans Payable
Expenses:
Unrealized loss on note payable			(130)
Real Estate-Related Securities
Revenues
Rental revenue	0	0	0	0
Income from commercial mortgage loans	0	0	0	0
Total revenues	0	0	0	0
Expenses:
Total segment expenses	0	0	0	0
Realized and unrealized loss from real estate-related securities	(9,609)	(10,663)	(4,308)	(32,601)
Realized and unrealized loss from real estate debt	(708)	(819)	(365)	(3,337)
Segment net operating income	(10,317)	(11,482)	(4,673)	(35,938)
Depreciation and amortization	0	0	0	0
International Affiliated Funds
Revenues
Rental revenue	0	0	0	0
Income from commercial mortgage loans	0	0	0	0
Total revenues	0	0	0	0
Expenses:
Total segment expenses	0	0	0	0
(Loss) income from equity investments in unconsolidated international affiliated funds	(2,870)	436	(6,024)	5,421
Segment net operating income	(2,870)	436	(6,024)	5,421
Depreciation and amortization	$ 0	$ 0	$ 0	$ 0