Nuveen Global Cities REIT (NUVEEN) 10-Q 9 Aug 24 2024 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2024	Aug. 09, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
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	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001711799
Current Fiscal Year End Date	--12-31
Class T Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		16,542,976
Class S Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		45,291,338
Class D Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		7,200,843
Class I Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		81,306,612
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	Jun. 30, 2024	Dec. 31, 2023
Assets
Investments in real estate, net	$ 1,710,182	$ 1,734,696
Investments in commercial mortgage loans, at fair value	358,683	338,978
Investments in international affiliated funds	111,749	118,055
Investments in real estate-related securities, at fair value	91,558	119,014
Investments in real estate debt, at fair value	80,786	89,388
Intangible assets, net	87,876	97,876
Cash and cash equivalents	25,126	27,638
Restricted cash	17,022	25,847
Other assets	28,774	28,506
Total assets	2,511,756	2,579,998
Liabilities and Equity
Credit facility	287,000	250,000
Mortgages payable, net	189,567	189,789
Loan participations, at fair value	166,810	167,890
Note payable, at fair value	71,680	69,170
Accounts payable, accrued expenses, and other liabilities	74,302	75,995
Intangible liabilities, net	31,401	34,204
Subscriptions received in advance	16,058	24,905
Distributions payable	9,509	9,713
Total liabilities	893,297	869,617
Redeemable non-controlling interest	409	430
Equity
Series A Preferred Stock	125	125
Additional paid-in capital	2,036,007	2,058,699
Accumulated deficit and cumulative distributions	(418,340)	(351,943)
Accumulated other comprehensive loss	(5,140)	(2,547)
Total stockholders’ equity	1,614,427	1,706,129
Non-controlling interests attributable to third-party joint ventures	3,623	3,822
Total equity	1,618,050	1,709,951
Total liabilities and equity	2,511,756	2,579,998
Related Party
Liabilities and Equity
Due to affiliates	46,970	47,951
Class T Shares
Equity
Common stock	165	167
Class S Shares
Equity
Common stock	449	446
Class D Shares
Equity
Common stock	71	73
Class I Shares
Equity
Common stock	793	812
Class N Shares
Equity
Common stock	$ 297	$ 297

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
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)	16,524,535	16,727,973
Common stock outstanding (in shares)	16,524,535	16,727,973
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)	44,851,222	44,562,862
Common stock outstanding (in shares)	44,851,222	44,562,862
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)	7,111,153	7,300,445
Common stock outstanding (in shares)	7,111,153	7,300,445
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)	79,299,748	81,188,939
Common stock outstanding (in shares)	79,299,748	81,188,939
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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues
Rental revenue	$ 44,214	$ 43,648	$ 88,864	$ 85,982
Income from commercial mortgage loans	7,812	7,052	15,381	13,537
Total revenues	52,026	50,700	104,245	99,519
Expenses
Rental property operating	15,076	14,780	31,499	29,719
General and administrative	2,229	1,946	4,405	4,383
Advisory fee due to affiliates	7,376	7,907	14,864	15,949
Depreciation and amortization	19,584	21,648	39,757	42,908
Total expenses	44,265	46,281	90,525	92,959
Other income (expense)
Realized and unrealized (loss) gain from real estate-related securities	(858)	2,305	(2,830)	5,301
Realized and unrealized gain from real estate debt	145	746	2,020	343
Realized gain on sale of real estate investments	0	0	15	0
Loss from equity investments in unconsolidated international affiliated funds	(2,005)	(2,799)	(2,629)	(3,154)
Unrealized gain (loss) from interest rate derivatives	152	(112)	55	(112)
Unrealized gain (loss) on note payable	5	(80)	175	(110)
Interest income	1,810	2,216	3,671	4,100
Interest expense	(11,277)	(9,929)	(22,146)	(18,558)
Total other income (expense)	(11,965)	(8,401)	(21,728)	(13,887)
Net loss	(4,204)	(3,982)	(8,008)	(7,327)
Net loss attributable to non-controlling interests in third-party joint ventures	(7)	(22)	(14)	(58)
Net income attributable to preferred stock	4	4	8	8
Net loss attributable to common stockholders	$ (4,201)	$ (3,964)	$ (8,002)	$ (7,277)
Net loss per share of common stock - basic (in dollars per share)	$ (0.02)	$ (0.02)	$ (0.04)	$ (0.04)
Net loss per share of common stock - diluted (in dollars per share)	$ (0.02)	$ (0.02)	$ (0.04)	$ (0.04)
Weighted-average shares of common stock outstanding, basic (in shares)	178,152,930	180,790,109	178,674,225	181,496,362
Weighted-average shares of common stock outstanding, diluted (in shares)	178,152,930	180,790,109	178,674,225	181,496,362
Commercial Mortgage Loans
Other income (expense)
Unrealized gain (loss) on commercial mortgage loans	$ 63	$ (748)	$ (59)	$ (1,697)

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (4,204)	$ (3,982)	$ (8,008)	$ (7,327)
Other comprehensive (loss) income:
Foreign currency translation adjustment	(620)	237	(2,593)	1,622
Comprehensive loss	(4,824)	(3,745)	(10,601)	(5,705)
Comprehensive loss attributable to non-controlling interests in third-party joint ventures	(7)	(22)	(14)	(58)
Comprehensive income attributable to preferred stock	4	4	8	8
Comprehensive loss attributable to common stockholders	$ (4,821)	$ (3,727)	$ (10,595)	$ (5,655)

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 Loss	Non-Controlling Interests Attributable to Third-Party Joint Ventures
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]
Common stock issued		157,142	157,142		3	35	1	87		157,016
Distribution reinvestment		27,819	27,819		2	6	1	12		27,798
Common stock repurchased		(176,731)	(176,731)		(5)	(44)	(7)	(87)		(176,588)
Amortization of restricted stock grants		106	106							106
Net income (loss)		(7,327)	(7,269)	8							(7,277)		(58)
Distributions on common stock		(59,950)	(59,950)								(59,950)
Distributions to non-controlling interests		(145)											(145)
Distributions on Series A preferred stock		(8)	(8)	(8)
Foreign currency translation adjustment		1,622	1,622									1,622
Allocation to redeemable non-controlling interests		178	178							178
Ending 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
Beginning Balance at Mar. 31, 2023		1,839,974	1,835,908	125	176	461	79	811	297	2,091,877	(254,166)	(3,752)	4,066
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued	[1]	74,448	74,448		(2)	17	1	45		74,387
Distribution reinvestment		14,001	14,001		1	3		6		13,991
Common stock repurchased		(111,451)	(111,451)		(3)	(31)	(6)	(51)		(111,360)
Amortization of restricted stock grants		53	53							53
Net income (loss)		(3,982)	(3,960)	4							(3,964)		(22)
Distributions on common stock		(29,522)	(29,522)								(29,522)
Distributions to non-controlling interests		(145)											(145)
Distributions on Series A preferred stock		(4)	(4)	(4)
Foreign currency translation adjustment		237	237									237
Allocation to redeemable non-controlling interests		(72)	(72)							(72)
Ending 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
Beginning Balance at Dec. 31, 2023		1,709,951	1,706,129	125	167	446	73	812	297	2,058,699	(351,943)	(2,547)	3,822
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued		125,079	125,079		4	22	2	78		124,973
Distribution reinvestment		25,631	25,631		2	6	1	13		25,609
Common stock repurchased		(173,549)	(173,549)		(8)	(25)	(5)	(110)		(173,401)
Amortization of restricted stock grants		106	106							106
Net income (loss)		(8,008)	(7,994)	8							(8,002)		(14)
Distributions on common stock		(58,395)	(58,395)								(58,395)
Distributions to non-controlling interests		(185)											(185)
Distributions on Series A preferred stock		(8)	(8)	(8)
Foreign currency translation adjustment		(2,593)	(2,593)									(2,593)
Allocation to redeemable non-controlling interests		21	21							21
Ending Balance at Jun. 30, 2024		1,618,050	1,614,427	125	165	449	71	793	297	2,036,007	(418,340)	(5,140)	3,623
Beginning Balance at Mar. 31, 2024		1,672,926	1,669,216	125	167	441	73	814	297	2,056,984	(385,165)	(4,520)	3,710
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued		62,233	62,233			14	1	38		62,180
Distribution reinvestment		12,903	12,903		1	3		7		12,892
Common stock repurchased		(96,126)	(96,126)		(3)	(9)	(3)	(66)		(96,045)
Amortization of restricted stock grants		53	53							53
Net income (loss)		(4,204)	(4,197)	4							(4,201)		(7)
Distributions on common stock		(28,974)	(28,974)								(28,974)
Distributions to non-controlling interests		(80)											(80)
Distributions on Series A preferred stock		(4)	(4)	(4)
Foreign currency translation adjustment		(620)	(620)									(620)
Allocation to redeemable non-controlling interests		(57)	(57)							(57)
Ending Balance at Jun. 30, 2024		$ 1,618,050	$ 1,614,427	$ 125	$ 165	$ 449	$ 71	$ 793	$ 297	$ 2,036,007	$ (418,340)	$ (5,140)	$ 3,623
[1] Common stock issuance includes conversions between share classes; see Note 19.

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net loss	$ (8,008)	$ (7,327)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	39,757	42,908
Unrealized loss (gain) on changes in fair value of real estate-related securities	3,649	(6,434)
Realized loss on sale of real estate-related securities	1,181	3,597
Unrealized gain on changes in fair value of real estate debt	(2,422)	(400)
Realized loss on sale of real estate debt	402	57
Unrealized (gain) loss on changes in fair value of note payable	(175)	110
Unrealized (gain) loss on changes in fair value of interest rate derivatives	(55)	112
Realized gain on sale of real estate investments	(15)	0
Loss from equity investments in unconsolidated international affiliated funds	2,629	3,154
Income distributions from equity investments in unconsolidated international affiliated funds	1,379	2,651
Interest received through commercial loan funding	(203)	0
Straight line rent adjustment	(1,024)	(2,433)
Amortization of above- and below-market lease intangibles	(1,865)	(2,056)
Amortization of deferred financing costs	643	581
Amortization of mortgage discount	589	605
Amortization of restricted stock grants	106	106
Change in assets and liabilities:
Decrease in other assets	178	435
(Decrease) increase in accounts payable, accrued expenses and other liabilities	1,673	7,754
Net cash provided by operating activities	38,478	45,117
Cash flows from investing activities:
Acquisitions of real estate	0	(13,759)
Origination and fundings of commercial mortgage loans	(21,099)	(3,946)
Proceeds from paydown of commercial mortgage loans	458	0
Capital improvements to real estate	(10,760)	(6,843)
Proceeds from sale of real estate investments	351	0
Purchase of real estate-related securities	(31,433)	(35,848)
Proceeds from sale of real estate-related securities	54,059	26,292
Purchases of real estate debt	(10,385)	(25,772)
Proceeds from sale of real estate debt	21,007	12,626
Net cash provided by (used in) investing activities	2,198	(47,250)
Cash flows from financing activities:
Proceeds from issuance of common stock	94,294	109,410
Repurchase of common stock	(167,705)	(159,888)
Offering costs paid	(503)	(693)
Borrowings under credit facility	65,500	84,500
Repayments on credit facility	(28,500)	(39,000)
Payments on mortgages payable	(239)	(279)
Borrowings under note payable	2,685	0
Payment of offering and organization costs due to affiliate	(442)	(469)
Distributions to preferred stockholders	(8)	(8)
Distributions to non-controlling interests in third-party joint ventures	(185)	(145)
Subscriptions received in advance	16,058	25,506
Distributions	(32,968)	(32,454)
Net cash used in financing activities	(52,013)	(13,520)
Net decrease in cash and cash equivalents and restricted cash during the period	(11,337)	(15,653)
Cash and cash equivalents and restricted cash, beginning of period	53,485	75,421
Cash and cash equivalents and restricted cash, end of period	42,148	59,768
Reconciliation of cash and cash equivalents and restricted cash to the Consolidated Balance Sheets, end of period:
Cash and cash equivalents	25,126	33,260
Restricted cash	17,022	26,508
Total cash and cash equivalents and restricted cash	42,148	59,768
Supplemental disclosures:
Interest paid	21,997	20,446
Non-cash investing activities:
Assumption of other assets and liabilities in conjunction with acquisitions of investments in real estate	0	(79)
Accrued capital expenditures	0	(4,638)
Fundings of commercial mortgage loans through increases in loan participations	(386)	(4,352)
Paydown of commercial mortgage loans through decrease in loan participations	1,374	0
Interest paid through funding of commercial mortgage loan	0	0
Non-cash financing activities:
Accrued distributions	204	323
Accrued stockholder servicing fees	(539)	(435)
Distribution reinvestments	25,631	27,819
Allocation to redeemable non-controlling interests	(21)	(178)
Increases in loan participations through fundings of commercial mortgage loans	386	4,352
Decrease in loan participations through paydown of commercial mortgage loans	(1,374)	0
Accrued offering costs	77	(53)
Commercial Mortgage Loans
Adjustments to reconcile net loss to net cash provided by operating activities:
Unrealized loss on changes in fair value of commercial mortgage loans	$ 59	$ 1,697

Organization and Business Purpo

Organization and Business Purpose	6 Months Ended
	Jun. 30, 2024
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 (“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 June 30, 2024, the Company had received aggregate net proceeds of $2.4 billion from selling shares in the Initial Public Offering, the Follow-on Public Offering and unregistered private offerings.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
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, its subsidiaries and joint ventures in which the Company has a controlling interest, 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 June 30, 2024 and December 31, 2023 and for the three and six months ended June 30, 2024 and 2023. 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. Accordingly, they do not include all information and footnotes required by GAAP for complete financial statements. Certain footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed in this report pursuant to the rules 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 notes thereto, that are included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 as filed with the SEC. The year-end balance sheet was derived from those audited financial statements. 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 (“VIEs”) 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 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 the joint venture is included in non-controlling 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 June 30, 2024, and December 31, 2023, the total assets and liabilities of the Company’s consolidated VIE were $47.8 million and $29.9 million, and $49.5 million and $30.3 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 accounted for as business combinations, the Company evaluates 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 using the income approach’s discounted cash flow method, using discount and capitalization rates that it deems appropriate, and taking into consideration all contractual rent payments over the life of the lease term offset by any capitalized expenditures, as well as other available market information. Estimates of future cash flows are based on a number of factors, including 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 the nature and extent of the existing relationship with the tenants, the tenants’ credit quality and expectations of lease renewals. For 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 fair value (using a discount rate which reflects the risks associated with the leases acquired), which is 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. 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 investments 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 (Loss) Gain 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 them at fair value. As such, the resulting unrealized gains and losses of its CMBS are recorded as a component of Realized and Unrealized Gain 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 investments 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 Loss from Equity Investments in Unconsolidated International Affiliated Funds on the Company’s Consolidated Statements of Operations. All contributions to or distributions from investments 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 will be 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 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. 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 no longer 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, but this gross presentation does not impact Stockholders’ Equity or Net Income. When the sales are recognized, the Consolidated Balance Sheets only include the remaining subordinate loan. The Company and its loan service provider have limited access to contractual and financial information pertaining to these senior loan interests and rely on the third-party senior lenders to provide the latest information as it becomes available. 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 Company’s 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 lives of the related leases. 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 consist of CMBS, are reported at fair value. The Company generally determines the fair value of its investments in real estate debt by using 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 their short-term maturities and market rates of interest. The following table details the Company’s assets and liabilities measured at fair value on a recurring basis ($ in thousands): June 30, 2024 December 31, 2023 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Investments in real estate-related securities $ 91,558 $ — $ — $ 91,558 $ 119,014 $ — $ — $ 119,014 Investments in real estate debt — 80,786 — 80,786 — 89,388 — 89,388 Investments in commercial mortgage loans — — 358,683 358,683 — — 338,978 338,978 Total $ 91,558 $ 80,786 $ 358,683 $ 531,027 $ 119,014 $ 89,388 $ 338,978 $ 547,380 Liabilities: Loan participations $ — $ — $ 166,810 $ 166,810 $ — $ — $ 167,890 $ 167,890 Note payable — — 71,680 71,680 — — 69,170 69,170 Interest rate derivatives (1) — 65 — 65 — 124 — 124 Total $ — $ 65 $ 238,490 $ 238,555 $ — $ 124 $ 237,060 $ 237,184 (1) Included in Accounts Payable, Accrued Expenses, and Other Liabilities on 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, 2023 $ 338,978 $ 167,890 $ 69,170 Loan originations 20,000 — — Additional fundings 1,688 (a) 386 (a) — Financing proceeds — — 2,685 Paydowns (1,832) (b) (1,374) (b) — Net unrealized loss on assets (151) (c) — — Net unrealized gain on liabilities — (92) (c) (175) Balance as of June 30, 2024 $ 358,683 $ 166,810 $ 71,680 (a) Includes additional fundings on commercial mortgage loans and loan participations of $1.3 million and $0.4 million, respectively. (b) Includes paydowns on commercial mortgage loans and loan participations of $0.5 million and $1.4 million, respectively. (c) Unrealized Loss on Commercial Mortgage Loans of $0.1 million reported on the Company’s Consolidated Statements of Operations for the six months ended June 30, 2024 includes unrealized losses of $0.2 million associated with commercial mortgage loans, net of unrealized gains of $0.1 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 June 30, 2024. Type Asset Class Valuation Technique Unobservable Inputs Range (Weighted Average) Commercial Mortgage Loans Various Discounted Cash Flow Method Equivalency Rate SOFR (1) + 2.75% - 10.90% (4.88%) Loan Participations Various Discounted Cash Flow Method Equivalency Rate SOFR (1) + 2.75% - 4.10% (3.23%) Note Payable Multifamily Discounted Cash Flow Method Equivalency Rate SOFR (1) + 2.00% (2.00%) (1) Secured Overnight Financing Rate (“SOFR”) as of June 30, 2024 was 5.3%. As of June 30, 2024, the carrying value of the Company’s credit facility approximated fair value. The fair value of the Company’s mortgages payable was $177.3 million and $173.6 million as of June 30, 2024 and December 31, 2023, 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 contractual 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 June 30, 2024, 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 represents 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 June 30, 2024, the Company had $17.0 million of restricted cash. The restricted cash consisted of $1.0 million of tenant security deposits and $16.0 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 (the “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 is also subject to a number of other organizational and operational requirements. 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, to the extent it does not have U.S. source income, or Cayman Islands taxes. A Luxembourg TRS is not subject to U.S. corporate federal income tax, to the extent it does not have U.S. source income, but may be subject to Luxembourg taxes. As of June 30, 2024, 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 its 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 six months ended June 30, 2024, the Company incurred federal income tax expense related to the TRSs of $0.2 million and $0.3 million, respectively. Luxembourg tax imposed on the Luxembourg TRS is not material for the three and six months ended June 30, 2024. 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

Investments in Real Estate

Investments in Real Estate	6 Months Ended
	Jun. 30, 2024
Real Estate [Abstract]
Investments in Real Estate	Investments in Real Estate Investments in Real Estate, Net consisted of the following ($ in thousands): June 30, 2024 December 31, 2023 Building and building improvements $ 1,556,209 $ 1,551,417 Land and land improvements 315,520 315,797 Furniture, fixtures and equipment 15,581 15,038 Total 1,887,310 1,882,252 Accumulated depreciation (177,128) (147,556) Investments in real estate, net $ 1,710,182 $ 1,734,696 For the three and six months ended June 30, 2024, depreciation expense was $14.9 million and $29.6 million, respectively. For the three and six months ended June 30, 2023, depreciation expense was $14.9 million and $29.5 million, respectively. Acquisitions The Company did not acquire any properties during the six months ended June 30, 2024. Dispositions The following table details the Company’s disposition during the six months ended June 30, 2024 ($ in thousands): Sector Number of Properties Net Proceeds Net Gain Single-Family Rentals 1 $351 $15

Investments in Real Estate-Rela

Investments in Real Estate-Related Securities	6 Months Ended
	Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Investments in Real Estate-Related Securities	Investments in Real Estate-Related Securities As of June 30, 2024 and December 31, 2023, 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 ($ in thousands): June 30, 2024 Beginning balance $ 119,014 Additions 31,433 Disposals (54,059) Unrealized losses (3,649) Realized losses (1,181) Ending balance $ 91,558 The following table summarizes the components of Unrealized (Losses) Gains and Realized Losses from Real Estate-Related Securities ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Unrealized (losses) gains $ (189) $ 2,718 $ (3,649) $ 6,434 Realized losses (1,539) (1,700) (1,181) (3,597) Dividend income 870 1,287 2,000 2,464 Total $ (858) $ 2,305 $ (2,830) $ 5,301

Investments in Real Estate Debt

Investments in Real Estate Debt	6 Months Ended
	Jun. 30, 2024
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): June 30, 2024 Type of Security/Loan Weighted- Average Coupon Weighted- Average Maturity Date (1, 2) Face Amount Cost Basis Fair Value CMBS - Fixed 3.81 % 10/2/2043 $ 17,998 $ 16,795 $ 14,984 CMBS - Floating 7.93 % 6/2/2037 68,393 66,767 65,802 Total 7.12 % 8/31/2038 86,391 83,562 80,786 December 31, 2023 Type of Security/Loan Weighted- Average Coupon Weighted- Average Maturity Date (1, 2) Face Amount Cost Basis Fair Value CMBS - Fixed 3.81 % 10/02/2043 $ 19,266 $ 17,780 $ 14,845 CMBS - Floating 7.93 % 6/02/2037 78,658 76,806 74,543 Total 7.12 % 8/31/2038 97,924 94,586 89,388 (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): June 30, 2024 December 31, 2023 Collateral Cost Basis Fair Value Percentage based on Fair Value Cost Basis Fair Value Percentage based on Fair Value Industrial $ 27,307 $ 27,601 34.1 % $ 31,577 $ 31,206 34.9 % Diversified 9,938 9,504 11.8 % 10,289 9,347 10.5 % Hotel 9,364 9,381 11.6 % 7,966 7,962 8.9 % Multifamily 9,207 8,600 10.6 % 10,247 9,529 10.6 % Office 7,992 6,684 8.3 % 10,391 8,577 9.6 % Retail 6,202 6,225 7.7 % 6,208 6,181 6.9 % Manufactured Housing 4,856 4,896 6.1 % 2,639 2,669 3.0 % Net Lease 2,687 1,842 2.3 % 3,861 2,673 3.0 % Cold Storage 2,425 2,448 3.0 % 6,844 6,881 7.7 % Life Science 1,938 1,925 2.4 % 3,412 3,204 3.6 % Self-Storage 1,646 1,680 2.1 % 1,152 1,159 1.3 % Total $ 83,562 $ 80,786 100.0 % $ 94,586 $ 89,388 100.0 % The following table details the credit rating of the Company’s Investments in Real Estate Debt ($ in thousands): June 30, 2024 December 31, 2023 Credit Rating (1) Cost Basis Fair Value Percentage based on Fair Value Cost Basis Fair Value Percentage based on Fair Value AAA $ 4,474 $ 4,495 5.6 % $ 6,260 $ 6,177 6.9 % AA 8,187 8,301 10.3 % 10,124 10,132 11.3 % A 19,658 19,277 23.8 % 21,792 20,711 23.2 % BBB 42,275 40,680 50.3 % 51,785 48,704 54.5 % BB 7,953 6,937 8.6 % 4,090 3,384 3.8 % B 1,015 1,096 1.4 % 535 280 0.3 % Total $ 83,562 $ 80,786 100.0 % $ 94,586 $ 89,388 100.0 % (1) Composite rating at the time of purchase. The following table summarizes the Investments in Real Estate Debt ($ in thousands): June 30, 2024 Beginning balance $ 89,388 Additions 10,385 Disposals (21,007) Unrealized gains 2,422 Realized losses (402) Ending balance $ 80,786

Investments in International Af

Investments in International Affiliated Funds	6 Months Ended
	Jun. 30, 2024
Schedule of Investments [Abstract]
Investments in International Affiliated Funds	Investments 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 $79 million (€70 million) and had a 5.8% ownership in ECF as of June 30, 2024. As described in Note 2, the Company records its investment in ECF using the equity method on its Consolidated Balance Sheets. While the Company has strategies to manage the foreign exchange risk associated with its investment made in Euros, there can be no assurance that these strategies will be successful or that foreign exchange fluctuations will not negatively impact the Company’s financial performance and results of operations in a material manner. The following table summarizes the Equity Investments in Unconsolidated International Affiliated Funds from ECF ($ in thousands): June 30, 2024 Beginning balance $ 68,599 Income distributions (951) Loss from equity investments in unconsolidated international affiliated fund (3,169) Foreign currency translation adjustment (2,298) Ending balance $ 62,181 Loss from Equity Investments in Unconsolidated International Affiliated Funds from ECF for the three and six months ended June 30, 2024 was $0.8 million and $3.2 million, respectively. Loss from Equity Investments in Unconsolidated International Affiliated Funds from ECF for the three and six months ended June 30, 2023 was $2.0 million and $6.3 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 $50 million and had a 5.2% ownership in APCF as of June 30, 2024. As described in Note 2, the Company records its investment in APCF using the equity method on its Consolidated Balance Sheets. The following table summarizes the Equity Investments in Unconsolidated International Affiliated Funds from APCF ($ in thousands): June 30, 2024 Beginning balance $ 49,456 Income distributions (428) Income from equity investments in unconsolidated international affiliated fund 540 Ending balance $ 49,568 (Loss) income from Equity Investments in Unconsolidated International Affiliated Funds from APCF for the three and six months ended June 30, 2024 was ($1.3) million and $0.5 million, respectively. (Loss) income from Equity Investments in Unconsolidated International Affiliated Funds from APCF for the three and six months ended June 30, 2023 was ($0.8) million and $3.1 million, respectively.

Investments in Commercial Mortg

Investments in Commercial Mortgage Loans	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024 ($ 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 $54,526 $51,770 9-90 Corporate Center 11/9/2021 Mezzanine Office Framingham, MA SOFR + 575 bps 11/9/2024 Interest only $23,344 $21,509 $19,310 Panorama House (1) 11/16/2021 Senior Multifamily Roseville, CA SOFR + 165 bps 12/9/2025 Interest only $66,488 $65,113 $64,070 Panorama House 11/16/2021 Mezzanine Multifamily Roseville, CA SOFR + 597 bps 12/9/2025 Interest only $22,163 $21,704 $20,790 Tucson IV 3/28/2022 Senior Multifamily Tucson, AZ SOFR + 295 bps 4/9/2025 Interest only $76,260 $74,757 $74,680 Tucson IV 3/28/2022 Mezzanine Multifamily Tucson, AZ SOFR + 295 bps 4/9/2025 Interest only $25,420 $24,919 $23,700 Dolce Living Royal Palm (1) 7/8/2022 Senior Multifamily Kissimmee, FL SOFR + 185 bps 7/9/2024 Interest only $51,432 $51,432 $50,970 Dolce Living Royal Palm 7/8/2022 Mezzanine Multifamily Kissimmee, FL SOFR + 525 bps 7/9/2024 Interest only $17,144 $17,144 $16,540 Luxe Scottsdale 7/19/2022 Mezzanine Multifamily Scottsdale, AZ SOFR + 570 bps 8/9/2025 Interest only $17,043 $17,163 $16,650 Sterling Self-Storage 3/28/2024 Senior Self-Storage various SOFR + 370 bps 4/9/2027 Interest only $20,850 $20,203 $20,203 Total $358,683 (1) Sold to unaffiliated parties, but did not qualify for sale accounting under GAAP, were not derecognized and are reported on the Consolidated Balance Sheets as further described in Note 9. For the three and six months ended June 30, 2024, the Company had unrealized gains (losses) on its commercial mortgage loans of $0.1 million and $(0.1) million, respectively. For the three and six months ended June 30, 2023, the Company had unrealized losses on its commercial mortgage loans of $0.7 million and $1.7 million, respectively. For the three and six months ended June 30, 2024, the Company recognized interest and loan origination income from its investments in commercial mortgage loans of $7.8 million and $15.4 million, respectively. For the three and six months ended June 30, 2023, the Company recognized interest and loan origination income from its investments in commercial mortgage loans of $7.1 million and $13.5 million, respectively. The following table summarizes the Company’s investments in commercial mortgage loans ($ in thousands): June 30, 2024 Beginning balance $ 338,978 Loan originations 20,000 Additional fundings (1) 1,688 Paydowns (2) (1,832) Net unrealized loss (3) (151) Ending balance $ 358,683 (1) For the six months ended June 30, 2024, includes additional fundings on commercial mortgage loans and loan participations of $1.3 million and $0.4 million, respectively. (2) For the six months ended June 30, 2024, includes paydowns on commercial mortgage loans and loan participations of $0.5 million and $1.4 million, respectively.

Intangibles

Intangibles	6 Months Ended
	Jun. 30, 2024
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): June 30, 2024 December 31, 2023 Intangible assets: In-place lease intangibles $ 96,030 $ 96,039 Above-market lease intangibles 13,030 13,030 Leasing commissions 45,530 44,123 Other intangibles 18,045 18,368 Total intangible assets 172,635 171,560 Accumulated amortization: In-place lease intangibles (55,667) (49,826) Above-market lease intangibles (3,786) (2,847) Leasing commissions (17,980) (15,032) Other intangibles (7,326) (5,979) Total accumulated amortization (84,759) (73,684) Intangible assets, net $ 87,876 $ 97,876 Intangible liabilities: Below-market lease intangibles $ (47,785) $ (47,785) Accumulated amortization 16,384 13,581 Intangible liabilities, net $ (31,401) $ (34,204) For the three and six months ended June 30, 2024, amortization expense relating to intangible assets was $5.2 million and $11.1 million, respectively, which includes above-market lease amortization of $0.5 million and $0.9 million, respectively, that is recorded to Rental Revenue on the Consolidated Statement of Operations. For the three and six months ended June 30, 2023, amortization expense relating to intangible assets was $7.1 million and $14.2 million, respectively, which includes above-market lease amortization of $0.5 million and $1.0 million, respectively, that is recorded to Rental Revenue on the Consolidated Statement of Operations. Income from the amortization of below-market lease intangibles was $1.4 million and $2.8 million, respectively, for the three and six months ended June 30, 2024. Income from the amortization of below-market lease intangibles was $1.5 million and $3.0 million, respectively, for the three and six months ended June 30, 2023. The estimated future amortization on the Company’s intangibles for each of the next five years and thereafter as of June 30, 2024 is as follows ($ in thousands): In-Place Lease Above-Market Lease Intangibles Leasing Commissions Other Below-Market 2024 (remaining) $ 6,090 $ 1,068 $ 3,409 $ 1,536 $ (3,099) 2025 9,261 1,843 5,416 2,382 (5,060) 2026 7,207 1,776 4,603 1,916 (4,592) 2027 5,884 1,613 3,893 1,533 (3,990) 2028 3,883 1,448 3,118 1,185 (3,345) Thereafter 8,038 1,496 7,111 2,167 (11,315) Total $ 40,363 $ 9,244 $ 27,550 $ 10,719 $ (31,401) As of June 30, 2024, 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.

Loan Participations

Loan Participations	6 Months Ended
	Jun. 30, 2024
Receivables [Abstract]
Loan Participations	Loan Participations The sale of a non-recourse interest in a loan through a participation agreement does not qualify for sale accounting under GAAP. For such transactions, the Company presents the whole loan as an asset within Investments in Commercial Mortgage Loans and the loan participation sold within Loan Participations, at Fair Value on the Consolidated Balance Sheets until the loan is repaid. The Company has no obligation to pay principal and interest under these liabilities, and the gross presentation of loan participations sold does not impact the stockholders’ equity or net income. The following table summarizes the Loan Participations as of June 30, 2024 ($ in thousands): Investment Name Loan Type Property Type Location Interest Rate Maturity Date Periodic Payment Terms Commitment Amount Principal Balance Fair Value 9-90 Corporate Center Senior Office Framingham, MA SOFR + 175 bps 11/9/2024 Interest only $72,033 $54,526 $51,770 Panorama House Senior Multifamily Roseville, CA SOFR + 165 bps 12/9/2025 Interest only $66,488 $65,113 $64,070 Dolce Living Royal Palm Senior Multifamily Kissimmee, FL SOFR + 185 bps 7/9/2024 Interest only $51,432 $51,432 $50,970 Total $166,810 The following table shows the Company’s loan participations ($ in thousands): June 30, 2024 Beginning balance $ 167,890 Additional fundings 386 Paydowns (1,374) Net unrealized gain (92) Ending balance $ 166,810 For the three and six months ended June 30, 2024, the Company recognized interest expense related to its loan participations of $3.1 million and $6.2 million, respectively, with a corresponding offset to interest income related to the senior portion of the whole loan. For the three and six months ended June 30, 2023, the Company recognized interest expense related to its loan participations of $3.0 million and $5.8 million, respectively, with a corresponding offset to interest income related to the senior portion of the whole loan. 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, 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 (the “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 the Credit Agreement to increase the Credit Facility to $455.0 million in aggregate commitments, consisting of a $321.0 million Revolving Facility and a DDTL Facility of $134.0 million, with an accordion feature that may increase aggregate commitments to up to $800.0 million. The Credit Facility converted to SOFR effective May 1, 2023, at SOFR plus 0.10% (“Adjusted Term SOFR”), plus applicable margin under the existing margin, with all other terms remaining the same. Subsequent to the SOFR conversion, loans outstanding under the Credit Facility bear interest, at Nuveen OP’s option, at either an adjusted base rate or an adjusted SOFR rate, in each case, plus an applicable margin. The applicable margin ranges from 0.30% to 0.90% for Credit Facility borrowings for base rate loans, in each case, based on the total leverage ratio of Nuveen OP and its subsidiaries. The applicable margin ranges from 1.30% to 1.90% for Credit Facility borrowings at the Adjusted Term SOFR rate, in each case, based on the total leverage ratio of Nuveen OP and its subsidiaries. Loans outstanding under the DDTL Facility bear interest, at Nuveen OP’s option, at either an adjusted base rate or an adjusted SOFR rate, in each case, plus an applicable margin. The applicable margin ranges from 0.25% to 0.85% for DDTL Facility borrowings for base rate loans, in each case, based on the total leverage ratio of Nuveen OP and its subsidiaries. The applicable margin ranges from 1.25% to 1.85% for DDTL Facility borrowings at the adjusted SOFR rate, in each case, based on the total leverage ratio of Nuveen OP and its subsidiaries. There is an unused fee of 0.15% of the aggregate amount of commitments under the Revolving Facility if the usage is greater than or equal to 50% of the aggregate commitments and 0.25% if the usage is less than 50% of the aggregate commitments. The DDTL Facility is fully disbursed as of June 30, 2024. The following is a summary of the Credit Facility ($ in thousands): Principal Balance Outstanding Indebtedness Interest Rate Maturity Date Maximum Facility Size June 30, 2024 December 31, 2023 Revolving facility S+applicable margin (1) September 30, 2024 $ 321,000 $ 153,000 $ 116,000 DDTL facility S+applicable margin (2) September 30, 2026 134,000 134,000 134,000 Credit facility $ 455,000 $ 287,000 $ 250,000 (1) The weighted-average interest rates for the three and six months ended June 30, 2024 for the Revolving facility were 6.80% and 6.93%, respectively. (2) The weighted-average interest rates for the three and six months ended June 30, 2024 for the DDTL facility were 6.75% and 6.64%, respectively. As of June 30, 2024, the Company had $287.0 million in borrowings and had outstanding accrued interest of $1.4 million under the Credit Facility. For the three and six months ended June 30, 2024, the Company incurred $4.7 million and $9.1 million, respectively, in interest expense under the Credit Facility. For the three and six months ended June 30, 2023, the Company incurred $3.5 million and $6.2 million, respectively, in interest expense under the Credit Facility. As of June 30, 2024, the Company was in compliance with all loan covenants with respect to the Credit Agreement. The following table presents future principal payments due under the Credit Facility as of June 30, 2024 ($ in thousands): Year Credit Facility 2024 (remaining) $ 153,000 2025 — 2026 134,000 2027 — 2028 — Thereafter — Total $ 287,000 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 June 30, 2024 December 31, 2023 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 69,038 69,277 Total fixed rate mortgages payable 175,288 175,527 Variable-rate mortgage payable: CASA Nord Portfolio Nyrkredit Realkredit C + 0.70% (1) (2) 12/31/32 20,454 21,096 Total mortgages payable 195,742 196,623 Deferred financing costs, net (674) (743) Discount on assumed mortgage notes, net (5,501) (6,091) Mortgages payable, net $ 189,567 $ 189,789 (1) The term “C” refers to the relevant floating benchmark rate, which is the three-month Copenhagen Interbank Offered Rate (“CIBOR”). (2) CASA Nord entered into an interest rate swap on January 3, 2023, which fixed the rate at 3.18%. As of June 30, 2024, the Company had outstanding accrued interest of $0.4 million on mortgages payable. For the three and six months ended June 30, 2024, the Company incurred $1.5 million and $3.1 million, respectively, in interest expense on mortgages payable. For the three and six months ended June 30, 2023, the Company incurred $1.6 million and $3.1 million, respectively, in interest expense on mortgages payable. The following table presents the future principal payments due under mortgages payable as of June 30, 2024 ($ in thousands): Year Mortgages Payable 2024 (remaining) $ 309 2025 1,490 2026 54,645 2027 15,596 2028 71,063 Thereafter 52,639 Total $ 195,742 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 June 30, 2024, the Company had one note outstanding with Capital One which matures on April 9, 2025. As of June 30, 2024, the total principal amount of the note was $71.9 million and the Company had $0.3 million in accrued interest outstanding. Interest expense incurred for the three and six months ended June 30, 2024 was $1.3 million and $2.5 million, respectively, based on a rate of SOFR plus 1.65%. Interest expense incurred for the three and six months ended June 30, 2023 was $1.2 million and $2.2 million, respectively, based on a rate of SOFR plus 1.65%. The following table summarizes the Company’s note payable balance ($ in thousands): June 30, 2024 Beginning balance $ 69,170 Financing proceeds 2,685 Net unrealized gain (175) Ending balance $ 71,680 The following table presents the future principal payments due under the note payable as of June 30, 2024 ($ in thousands): Year Note Payable (1) 2024 (remaining) $ — 2025 71,947 2026 — 2027 — 2028 — Thereafter — Total $ 71,947 (1) The weighted-average interest rates on the note payable for the three and six months ended June 30, 2024 were 7.05% and 7.06%, respectively.

Credit Facility

Credit Facility	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Credit Facility	Loan Participations The sale of a non-recourse interest in a loan through a participation agreement does not qualify for sale accounting under GAAP. For such transactions, the Company presents the whole loan as an asset within Investments in Commercial Mortgage Loans and the loan participation sold within Loan Participations, at Fair Value on the Consolidated Balance Sheets until the loan is repaid. The Company has no obligation to pay principal and interest under these liabilities, and the gross presentation of loan participations sold does not impact the stockholders’ equity or net income. The following table summarizes the Loan Participations as of June 30, 2024 ($ in thousands): Investment Name Loan Type Property Type Location Interest Rate Maturity Date Periodic Payment Terms Commitment Amount Principal Balance Fair Value 9-90 Corporate Center Senior Office Framingham, MA SOFR + 175 bps 11/9/2024 Interest only $72,033 $54,526 $51,770 Panorama House Senior Multifamily Roseville, CA SOFR + 165 bps 12/9/2025 Interest only $66,488 $65,113 $64,070 Dolce Living Royal Palm Senior Multifamily Kissimmee, FL SOFR + 185 bps 7/9/2024 Interest only $51,432 $51,432 $50,970 Total $166,810 The following table shows the Company’s loan participations ($ in thousands): June 30, 2024 Beginning balance $ 167,890 Additional fundings 386 Paydowns (1,374) Net unrealized gain (92) Ending balance $ 166,810 For the three and six months ended June 30, 2024, the Company recognized interest expense related to its loan participations of $3.1 million and $6.2 million, respectively, with a corresponding offset to interest income related to the senior portion of the whole loan. For the three and six months ended June 30, 2023, the Company recognized interest expense related to its loan participations of $3.0 million and $5.8 million, respectively, with a corresponding offset to interest income related to the senior portion of the whole loan. 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, 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 (the “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 the Credit Agreement to increase the Credit Facility to $455.0 million in aggregate commitments, consisting of a $321.0 million Revolving Facility and a DDTL Facility of $134.0 million, with an accordion feature that may increase aggregate commitments to up to $800.0 million. The Credit Facility converted to SOFR effective May 1, 2023, at SOFR plus 0.10% (“Adjusted Term SOFR”), plus applicable margin under the existing margin, with all other terms remaining the same. Subsequent to the SOFR conversion, loans outstanding under the Credit Facility bear interest, at Nuveen OP’s option, at either an adjusted base rate or an adjusted SOFR rate, in each case, plus an applicable margin. The applicable margin ranges from 0.30% to 0.90% for Credit Facility borrowings for base rate loans, in each case, based on the total leverage ratio of Nuveen OP and its subsidiaries. The applicable margin ranges from 1.30% to 1.90% for Credit Facility borrowings at the Adjusted Term SOFR rate, in each case, based on the total leverage ratio of Nuveen OP and its subsidiaries. Loans outstanding under the DDTL Facility bear interest, at Nuveen OP’s option, at either an adjusted base rate or an adjusted SOFR rate, in each case, plus an applicable margin. The applicable margin ranges from 0.25% to 0.85% for DDTL Facility borrowings for base rate loans, in each case, based on the total leverage ratio of Nuveen OP and its subsidiaries. The applicable margin ranges from 1.25% to 1.85% for DDTL Facility borrowings at the adjusted SOFR rate, in each case, based on the total leverage ratio of Nuveen OP and its subsidiaries. There is an unused fee of 0.15% of the aggregate amount of commitments under the Revolving Facility if the usage is greater than or equal to 50% of the aggregate commitments and 0.25% if the usage is less than 50% of the aggregate commitments. The DDTL Facility is fully disbursed as of June 30, 2024. The following is a summary of the Credit Facility ($ in thousands): Principal Balance Outstanding Indebtedness Interest Rate Maturity Date Maximum Facility Size June 30, 2024 December 31, 2023 Revolving facility S+applicable margin (1) September 30, 2024 $ 321,000 $ 153,000 $ 116,000 DDTL facility S+applicable margin (2) September 30, 2026 134,000 134,000 134,000 Credit facility $ 455,000 $ 287,000 $ 250,000 (1) The weighted-average interest rates for the three and six months ended June 30, 2024 for the Revolving facility were 6.80% and 6.93%, respectively. (2) The weighted-average interest rates for the three and six months ended June 30, 2024 for the DDTL facility were 6.75% and 6.64%, respectively. As of June 30, 2024, the Company had $287.0 million in borrowings and had outstanding accrued interest of $1.4 million under the Credit Facility. For the three and six months ended June 30, 2024, the Company incurred $4.7 million and $9.1 million, respectively, in interest expense under the Credit Facility. For the three and six months ended June 30, 2023, the Company incurred $3.5 million and $6.2 million, respectively, in interest expense under the Credit Facility. As of June 30, 2024, the Company was in compliance with all loan covenants with respect to the Credit Agreement. The following table presents future principal payments due under the Credit Facility as of June 30, 2024 ($ in thousands): Year Credit Facility 2024 (remaining) $ 153,000 2025 — 2026 134,000 2027 — 2028 — Thereafter — Total $ 287,000 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 June 30, 2024 December 31, 2023 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 69,038 69,277 Total fixed rate mortgages payable 175,288 175,527 Variable-rate mortgage payable: CASA Nord Portfolio Nyrkredit Realkredit C + 0.70% (1) (2) 12/31/32 20,454 21,096 Total mortgages payable 195,742 196,623 Deferred financing costs, net (674) (743) Discount on assumed mortgage notes, net (5,501) (6,091) Mortgages payable, net $ 189,567 $ 189,789 (1) The term “C” refers to the relevant floating benchmark rate, which is the three-month Copenhagen Interbank Offered Rate (“CIBOR”). (2) CASA Nord entered into an interest rate swap on January 3, 2023, which fixed the rate at 3.18%. As of June 30, 2024, the Company had outstanding accrued interest of $0.4 million on mortgages payable. For the three and six months ended June 30, 2024, the Company incurred $1.5 million and $3.1 million, respectively, in interest expense on mortgages payable. For the three and six months ended June 30, 2023, the Company incurred $1.6 million and $3.1 million, respectively, in interest expense on mortgages payable. The following table presents the future principal payments due under mortgages payable as of June 30, 2024 ($ in thousands): Year Mortgages Payable 2024 (remaining) $ 309 2025 1,490 2026 54,645 2027 15,596 2028 71,063 Thereafter 52,639 Total $ 195,742 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 June 30, 2024, the Company had one note outstanding with Capital One which matures on April 9, 2025. As of June 30, 2024, the total principal amount of the note was $71.9 million and the Company had $0.3 million in accrued interest outstanding. Interest expense incurred for the three and six months ended June 30, 2024 was $1.3 million and $2.5 million, respectively, based on a rate of SOFR plus 1.65%. Interest expense incurred for the three and six months ended June 30, 2023 was $1.2 million and $2.2 million, respectively, based on a rate of SOFR plus 1.65%. The following table summarizes the Company’s note payable balance ($ in thousands): June 30, 2024 Beginning balance $ 69,170 Financing proceeds 2,685 Net unrealized gain (175) Ending balance $ 71,680 The following table presents the future principal payments due under the note payable as of June 30, 2024 ($ in thousands): Year Note Payable (1) 2024 (remaining) $ — 2025 71,947 2026 — 2027 — 2028 — Thereafter — Total $ 71,947 (1) The weighted-average interest rates on the note payable for the three and six months ended June 30, 2024 were 7.05% and 7.06%, respectively.

Mortgages Payable

Mortgages Payable	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Loan Participations	Loan Participations The sale of a non-recourse interest in a loan through a participation agreement does not qualify for sale accounting under GAAP. For such transactions, the Company presents the whole loan as an asset within Investments in Commercial Mortgage Loans and the loan participation sold within Loan Participations, at Fair Value on the Consolidated Balance Sheets until the loan is repaid. The Company has no obligation to pay principal and interest under these liabilities, and the gross presentation of loan participations sold does not impact the stockholders’ equity or net income. The following table summarizes the Loan Participations as of June 30, 2024 ($ in thousands): Investment Name Loan Type Property Type Location Interest Rate Maturity Date Periodic Payment Terms Commitment Amount Principal Balance Fair Value 9-90 Corporate Center Senior Office Framingham, MA SOFR + 175 bps 11/9/2024 Interest only $72,033 $54,526 $51,770 Panorama House Senior Multifamily Roseville, CA SOFR + 165 bps 12/9/2025 Interest only $66,488 $65,113 $64,070 Dolce Living Royal Palm Senior Multifamily Kissimmee, FL SOFR + 185 bps 7/9/2024 Interest only $51,432 $51,432 $50,970 Total $166,810 The following table shows the Company’s loan participations ($ in thousands): June 30, 2024 Beginning balance $ 167,890 Additional fundings 386 Paydowns (1,374) Net unrealized gain (92) Ending balance $ 166,810 For the three and six months ended June 30, 2024, the Company recognized interest expense related to its loan participations of $3.1 million and $6.2 million, respectively, with a corresponding offset to interest income related to the senior portion of the whole loan. For the three and six months ended June 30, 2023, the Company recognized interest expense related to its loan participations of $3.0 million and $5.8 million, respectively, with a corresponding offset to interest income related to the senior portion of the whole loan. 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, 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 (the “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 the Credit Agreement to increase the Credit Facility to $455.0 million in aggregate commitments, consisting of a $321.0 million Revolving Facility and a DDTL Facility of $134.0 million, with an accordion feature that may increase aggregate commitments to up to $800.0 million. The Credit Facility converted to SOFR effective May 1, 2023, at SOFR plus 0.10% (“Adjusted Term SOFR”), plus applicable margin under the existing margin, with all other terms remaining the same. Subsequent to the SOFR conversion, loans outstanding under the Credit Facility bear interest, at Nuveen OP’s option, at either an adjusted base rate or an adjusted SOFR rate, in each case, plus an applicable margin. The applicable margin ranges from 0.30% to 0.90% for Credit Facility borrowings for base rate loans, in each case, based on the total leverage ratio of Nuveen OP and its subsidiaries. The applicable margin ranges from 1.30% to 1.90% for Credit Facility borrowings at the Adjusted Term SOFR rate, in each case, based on the total leverage ratio of Nuveen OP and its subsidiaries. Loans outstanding under the DDTL Facility bear interest, at Nuveen OP’s option, at either an adjusted base rate or an adjusted SOFR rate, in each case, plus an applicable margin. The applicable margin ranges from 0.25% to 0.85% for DDTL Facility borrowings for base rate loans, in each case, based on the total leverage ratio of Nuveen OP and its subsidiaries. The applicable margin ranges from 1.25% to 1.85% for DDTL Facility borrowings at the adjusted SOFR rate, in each case, based on the total leverage ratio of Nuveen OP and its subsidiaries. There is an unused fee of 0.15% of the aggregate amount of commitments under the Revolving Facility if the usage is greater than or equal to 50% of the aggregate commitments and 0.25% if the usage is less than 50% of the aggregate commitments. The DDTL Facility is fully disbursed as of June 30, 2024. The following is a summary of the Credit Facility ($ in thousands): Principal Balance Outstanding Indebtedness Interest Rate Maturity Date Maximum Facility Size June 30, 2024 December 31, 2023 Revolving facility S+applicable margin (1) September 30, 2024 $ 321,000 $ 153,000 $ 116,000 DDTL facility S+applicable margin (2) September 30, 2026 134,000 134,000 134,000 Credit facility $ 455,000 $ 287,000 $ 250,000 (1) The weighted-average interest rates for the three and six months ended June 30, 2024 for the Revolving facility were 6.80% and 6.93%, respectively. (2) The weighted-average interest rates for the three and six months ended June 30, 2024 for the DDTL facility were 6.75% and 6.64%, respectively. As of June 30, 2024, the Company had $287.0 million in borrowings and had outstanding accrued interest of $1.4 million under the Credit Facility. For the three and six months ended June 30, 2024, the Company incurred $4.7 million and $9.1 million, respectively, in interest expense under the Credit Facility. For the three and six months ended June 30, 2023, the Company incurred $3.5 million and $6.2 million, respectively, in interest expense under the Credit Facility. As of June 30, 2024, the Company was in compliance with all loan covenants with respect to the Credit Agreement. The following table presents future principal payments due under the Credit Facility as of June 30, 2024 ($ in thousands): Year Credit Facility 2024 (remaining) $ 153,000 2025 — 2026 134,000 2027 — 2028 — Thereafter — Total $ 287,000 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 June 30, 2024 December 31, 2023 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 69,038 69,277 Total fixed rate mortgages payable 175,288 175,527 Variable-rate mortgage payable: CASA Nord Portfolio Nyrkredit Realkredit C + 0.70% (1) (2) 12/31/32 20,454 21,096 Total mortgages payable 195,742 196,623 Deferred financing costs, net (674) (743) Discount on assumed mortgage notes, net (5,501) (6,091) Mortgages payable, net $ 189,567 $ 189,789 (1) The term “C” refers to the relevant floating benchmark rate, which is the three-month Copenhagen Interbank Offered Rate (“CIBOR”). (2) CASA Nord entered into an interest rate swap on January 3, 2023, which fixed the rate at 3.18%. As of June 30, 2024, the Company had outstanding accrued interest of $0.4 million on mortgages payable. For the three and six months ended June 30, 2024, the Company incurred $1.5 million and $3.1 million, respectively, in interest expense on mortgages payable. For the three and six months ended June 30, 2023, the Company incurred $1.6 million and $3.1 million, respectively, in interest expense on mortgages payable. The following table presents the future principal payments due under mortgages payable as of June 30, 2024 ($ in thousands): Year Mortgages Payable 2024 (remaining) $ 309 2025 1,490 2026 54,645 2027 15,596 2028 71,063 Thereafter 52,639 Total $ 195,742 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 June 30, 2024, the Company had one note outstanding with Capital One which matures on April 9, 2025. As of June 30, 2024, the total principal amount of the note was $71.9 million and the Company had $0.3 million in accrued interest outstanding. Interest expense incurred for the three and six months ended June 30, 2024 was $1.3 million and $2.5 million, respectively, based on a rate of SOFR plus 1.65%. Interest expense incurred for the three and six months ended June 30, 2023 was $1.2 million and $2.2 million, respectively, based on a rate of SOFR plus 1.65%. The following table summarizes the Company’s note payable balance ($ in thousands): June 30, 2024 Beginning balance $ 69,170 Financing proceeds 2,685 Net unrealized gain (175) Ending balance $ 71,680 The following table presents the future principal payments due under the note payable as of June 30, 2024 ($ in thousands): Year Note Payable (1) 2024 (remaining) $ — 2025 71,947 2026 — 2027 — 2028 — Thereafter — Total $ 71,947 (1) The weighted-average interest rates on the note payable for the three and six months ended June 30, 2024 were 7.05% and 7.06%, respectively.

Note Payable

Note Payable	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Note Payable	Loan Participations The sale of a non-recourse interest in a loan through a participation agreement does not qualify for sale accounting under GAAP. For such transactions, the Company presents the whole loan as an asset within Investments in Commercial Mortgage Loans and the loan participation sold within Loan Participations, at Fair Value on the Consolidated Balance Sheets until the loan is repaid. The Company has no obligation to pay principal and interest under these liabilities, and the gross presentation of loan participations sold does not impact the stockholders’ equity or net income. The following table summarizes the Loan Participations as of June 30, 2024 ($ in thousands): Investment Name Loan Type Property Type Location Interest Rate Maturity Date Periodic Payment Terms Commitment Amount Principal Balance Fair Value 9-90 Corporate Center Senior Office Framingham, MA SOFR + 175 bps 11/9/2024 Interest only $72,033 $54,526 $51,770 Panorama House Senior Multifamily Roseville, CA SOFR + 165 bps 12/9/2025 Interest only $66,488 $65,113 $64,070 Dolce Living Royal Palm Senior Multifamily Kissimmee, FL SOFR + 185 bps 7/9/2024 Interest only $51,432 $51,432 $50,970 Total $166,810 The following table shows the Company’s loan participations ($ in thousands): June 30, 2024 Beginning balance $ 167,890 Additional fundings 386 Paydowns (1,374) Net unrealized gain (92) Ending balance $ 166,810 For the three and six months ended June 30, 2024, the Company recognized interest expense related to its loan participations of $3.1 million and $6.2 million, respectively, with a corresponding offset to interest income related to the senior portion of the whole loan. For the three and six months ended June 30, 2023, the Company recognized interest expense related to its loan participations of $3.0 million and $5.8 million, respectively, with a corresponding offset to interest income related to the senior portion of the whole loan. 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, 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 (the “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 the Credit Agreement to increase the Credit Facility to $455.0 million in aggregate commitments, consisting of a $321.0 million Revolving Facility and a DDTL Facility of $134.0 million, with an accordion feature that may increase aggregate commitments to up to $800.0 million. The Credit Facility converted to SOFR effective May 1, 2023, at SOFR plus 0.10% (“Adjusted Term SOFR”), plus applicable margin under the existing margin, with all other terms remaining the same. Subsequent to the SOFR conversion, loans outstanding under the Credit Facility bear interest, at Nuveen OP’s option, at either an adjusted base rate or an adjusted SOFR rate, in each case, plus an applicable margin. The applicable margin ranges from 0.30% to 0.90% for Credit Facility borrowings for base rate loans, in each case, based on the total leverage ratio of Nuveen OP and its subsidiaries. The applicable margin ranges from 1.30% to 1.90% for Credit Facility borrowings at the Adjusted Term SOFR rate, in each case, based on the total leverage ratio of Nuveen OP and its subsidiaries. Loans outstanding under the DDTL Facility bear interest, at Nuveen OP’s option, at either an adjusted base rate or an adjusted SOFR rate, in each case, plus an applicable margin. The applicable margin ranges from 0.25% to 0.85% for DDTL Facility borrowings for base rate loans, in each case, based on the total leverage ratio of Nuveen OP and its subsidiaries. The applicable margin ranges from 1.25% to 1.85% for DDTL Facility borrowings at the adjusted SOFR rate, in each case, based on the total leverage ratio of Nuveen OP and its subsidiaries. There is an unused fee of 0.15% of the aggregate amount of commitments under the Revolving Facility if the usage is greater than or equal to 50% of the aggregate commitments and 0.25% if the usage is less than 50% of the aggregate commitments. The DDTL Facility is fully disbursed as of June 30, 2024. The following is a summary of the Credit Facility ($ in thousands): Principal Balance Outstanding Indebtedness Interest Rate Maturity Date Maximum Facility Size June 30, 2024 December 31, 2023 Revolving facility S+applicable margin (1) September 30, 2024 $ 321,000 $ 153,000 $ 116,000 DDTL facility S+applicable margin (2) September 30, 2026 134,000 134,000 134,000 Credit facility $ 455,000 $ 287,000 $ 250,000 (1) The weighted-average interest rates for the three and six months ended June 30, 2024 for the Revolving facility were 6.80% and 6.93%, respectively. (2) The weighted-average interest rates for the three and six months ended June 30, 2024 for the DDTL facility were 6.75% and 6.64%, respectively. As of June 30, 2024, the Company had $287.0 million in borrowings and had outstanding accrued interest of $1.4 million under the Credit Facility. For the three and six months ended June 30, 2024, the Company incurred $4.7 million and $9.1 million, respectively, in interest expense under the Credit Facility. For the three and six months ended June 30, 2023, the Company incurred $3.5 million and $6.2 million, respectively, in interest expense under the Credit Facility. As of June 30, 2024, the Company was in compliance with all loan covenants with respect to the Credit Agreement. The following table presents future principal payments due under the Credit Facility as of June 30, 2024 ($ in thousands): Year Credit Facility 2024 (remaining) $ 153,000 2025 — 2026 134,000 2027 — 2028 — Thereafter — Total $ 287,000 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 June 30, 2024 December 31, 2023 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 69,038 69,277 Total fixed rate mortgages payable 175,288 175,527 Variable-rate mortgage payable: CASA Nord Portfolio Nyrkredit Realkredit C + 0.70% (1) (2) 12/31/32 20,454 21,096 Total mortgages payable 195,742 196,623 Deferred financing costs, net (674) (743) Discount on assumed mortgage notes, net (5,501) (6,091) Mortgages payable, net $ 189,567 $ 189,789 (1) The term “C” refers to the relevant floating benchmark rate, which is the three-month Copenhagen Interbank Offered Rate (“CIBOR”). (2) CASA Nord entered into an interest rate swap on January 3, 2023, which fixed the rate at 3.18%. As of June 30, 2024, the Company had outstanding accrued interest of $0.4 million on mortgages payable. For the three and six months ended June 30, 2024, the Company incurred $1.5 million and $3.1 million, respectively, in interest expense on mortgages payable. For the three and six months ended June 30, 2023, the Company incurred $1.6 million and $3.1 million, respectively, in interest expense on mortgages payable. The following table presents the future principal payments due under mortgages payable as of June 30, 2024 ($ in thousands): Year Mortgages Payable 2024 (remaining) $ 309 2025 1,490 2026 54,645 2027 15,596 2028 71,063 Thereafter 52,639 Total $ 195,742 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 June 30, 2024, the Company had one note outstanding with Capital One which matures on April 9, 2025. As of June 30, 2024, the total principal amount of the note was $71.9 million and the Company had $0.3 million in accrued interest outstanding. Interest expense incurred for the three and six months ended June 30, 2024 was $1.3 million and $2.5 million, respectively, based on a rate of SOFR plus 1.65%. Interest expense incurred for the three and six months ended June 30, 2023 was $1.2 million and $2.2 million, respectively, based on a rate of SOFR plus 1.65%. The following table summarizes the Company’s note payable balance ($ in thousands): June 30, 2024 Beginning balance $ 69,170 Financing proceeds 2,685 Net unrealized gain (175) Ending balance $ 71,680 The following table presents the future principal payments due under the note payable as of June 30, 2024 ($ in thousands): Year Note Payable (1) 2024 (remaining) $ — 2025 71,947 2026 — 2027 — 2028 — Thereafter — Total $ 71,947 (1) The weighted-average interest rates on the note payable for the three and six months ended June 30, 2024 were 7.05% and 7.06%, respectively.

Other Assets and Other Liabilit

Other Assets and Other Liabilities	6 Months Ended
	Jun. 30, 2024
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): June 30, 2024 December 31, 2023 Straight-line rent receivable $ 14,549 $ 13,525 Prepaid expenses 4,563 2,738 Receivables 4,242 6,249 Right-of-use asset – finance leases 2,424 2,452 Right-of-use asset – operating lease 2,046 2,066 Deferred financing costs on credit facility, net 335 912 Other 615 564 Total $ 28,774 $ 28,506 The following table summarizes the components of Accounts Payable, Accrued Expenses and Other Liabilities ($ in thousands): June 30, 2024 December 31, 2023 Common stock repurchases $ 24,968 $ 19,034 Accounts payable and accrued expenses 12,175 21,526 Real estate taxes payable 8,602 9,811 Prepaid rental income 7,868 2,126 Tenant security deposits 6,835 7,119 Lease liability – finance leases 2,520 2,523 Deferred tax liability 2,369 2,184 Accrued interest expense 2,197 2,048 Lease liability – operating lease 2,172 2,159 Other 4,596 7,465 Total $ 74,302 $ 75,995

Related-Party Transactions

Related-Party Transactions	6 Months Ended
	Jun. 30, 2024
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% The Company does not pay the advisory fee with regard to its investments in the International Affiliated Funds. As of June 30, 2024 and December 31, 2023, the Company had accrued advisory fees of $1.9 million and $2.1 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 six months ended June 30, 2024, the Company incurred advisory fee expenses of $5.8 million and $11.7 million, respectively. For the three and six months ended June 30, 2023, the Company incurred advisory fee expenses of $6.1 million and $12.4 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, construction, 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 each respective agreement, with such amounts being recorded as Redeemable Non-Controlling Interest. 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, with such amounts being recorded as Redeemable Non-Controlling Interest. On March 15, 2024, the Company entered into new property and asset management agreements with a large, institutional-quality single-family rental operator in the United States. While the Company is changing day-to-day operational management responsibilities of its single-family rental portfolio, the Company will maintain all approval rights over its single-family rental investments. The Company’s existing joint venture agreement with Sparrow has been amended in connection with the closing of the transaction, including certain modifications to Sparrow’s performance incentives that limit the duration of the period in which those incentives would be paid. 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,with such amounts being recorded as Redeemable Non-Controlling Interest. As of both June 30, 2024 and December 31, 2023, the Company recorded Redeemable Non-Controlling Interest of $0.4 million on the Company’s Consolidated Balance Sheets as further described in Note 19. The Company entered into a master services agreement with Nuveen Real Estate Project Management Services, LLC (“Nuveen RE PMS”), an affiliate of the Advisor, for the purpose of Nuveen RE PMS providing professional services in connection with certain of the Company’s real estate investments. For project management services provided by Nuveen RE PMS, the Company will pay Nuveen RE PMS fees determined by the estimated total cost of the project; provided that such fees shall not exceed 6% of project costs. For development and management services provided by Nuveen RE PMS, the Company will pay Nuveen RE PMS fees to be determined by the complexity and size of the project; provided that such fees shall not exceed 4% of project costs. For the three and six months ended June 30, 2024, the Company did not incur any charges attributable to Nuveen RE PMS. The following table is a summary of the Company’s affiliated service providers and the fees incurred by the Company to those service providers for the three months ended June 30, 2024 ($ in thousands): Service provided NexCore Sparrow MyPlace Property and project management services $ 142 $ 180 $ 7 Acquisition and asset management services — 102 43 Accounting, construction and leasing services 61 — — Total $ 203 $ 282 $ 50 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 June 30, 2023 ($ in thousands): Service provided NexCore Sparrow MyPlace Nuveen Property and project management services $ 132 $ 191 $ — $ 62 Acquisition and asset management services — 164 22 — Accounting, construction and leasing services 172 — — — Total $ 304 $ 355 $ 22 $ 62 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 six months ended June 30, 2024 ($ in thousands): Service provided NexCore Sparrow MyPlace Property and project management services $ 268 $ 378 $ 18 Acquisition and asset management services — 220 96 Accounting, construction and leasing services 84 — — Total $ 352 $ 598 $ 114 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 six months ended June 30, 2023 ($ in thousands): Service provided NexCore Sparrow MyPlace Nuveen Property and project management services $ 243 $ 366 $ — $ 62 Acquisition and asset management services — 328 91 — Accounting, construction and leasing services 447 — — — Total $ 690 $ 694 $ 91 $ 62 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 six months ended June 30, 2024, the Company incurred stockholder servicing fees of $1.6 million and $3.2 million, respectively. For the three and six months ended June 30, 2023, the Company incurred stockholder servicing fees of $1.8 million and $3.5 million, respectively. As of June 30, 2024, the Company had accrued approximately $44.8 million of stockholder servicing fees with respect to the outstanding Class T, Class S and Class D common shares, which includes $0.6 million for the current month. The following table presents the upfront selling commissions and dealer manager fees for each class of shares sold in the Offerings, and the stockholder servicing fees per annum: Class T Shares Class S Shares Class D Shares Class I Shares Maximum Upfront Selling Commissions (% of Transaction Price) up to 3.0% up to 3.5% up to 1.5% — Maximum Upfront Dealer Manager Fees (% of Transaction Price) up to 0.5% — — — Stockholder Servicing Fee (% of NAV) 0.85% (1) 0.85% 0.25% — (1) Consists of an advisor stockholder servicing fee of 0.65% per annum and a dealer stockholder servicing fee of 0.20% per annum (or other amounts, provided that the sum equals 0.85%), of the aggregate NAV of outstanding Class T shares. Due to Affiliates The following table summarizes the components of Due to Affiliates ($ in thousands): June 30, 2024 December 31, Accrued stockholder servicing fees (1) $ 44,800 $ 45,339 Advanced organization and offering expenses 2,170 2,612 Total $ 46,970 $ 47,951 (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 March 2059 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 upfront selling commissions and dealer manager fees are paid. See “Note 19. Equity and Redeemable Non-Controlling Interest” for additional information related to TIAA’s purchase of $300.0 million Class N shares 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, in which affiliates of the Advisor serve as the investment adviser and receive management fees.

Economic Dependency

Economic Dependency	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Economic Dependency	Economic Dependency The 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. If 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	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Risks and Contingencies	Risks and Contingencies Concentrations 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 June 30, 2024, 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. No significant lease expirations are 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 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	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Leases	Leases Lessor 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 six months ended June 30, 2024 was $44.2 million and $88.9 million, respectively. Rental income for the three and six months ended June 30, 2023 was $43.6 million and $86.0 million, respectively. Aggregate minimum annual rentals for wholly owned real estate investments owned by the Company through the non-cancelable lease term, excluding short-term multifamily, self-storage and single-family rentals are as follows ($ in thousands): Year June 30, 2024 2024 (remaining) $ 45,733 2025 82,434 2026 71,340 2027 60,165 2028 48,573 Thereafter 121,591 Total $ 429,836 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 June 30, 2024, 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, respectively, on the Company’s Consolidated Balance Sheets. Each of the Company’s ground leases was 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 are as follows ($ in thousands): Assets: June 30, 2024 December 31, 2023 Right-of-use asset – finance leases $ 2,424 $ 2,452 Right-of-use asset – operating lease 2,046 2,066 Liabilities: Lease liability – finance leases 2,520 2,523 Lease liability – operating lease 2,172 2,159 The Company used its incremental borrowing rate at the time of entering such leases, which was 8.43%, to determine its lease liabilities. As of June 30, 2024, the weighted-average remaining lease terms of the Company’s operating lease and finance leases were 36 years and 44 years, respectively. Aggregate future minimum annual payments for ground leases held by the Company as of June 30, 2024 are as follows ($ in thousands): Operating Lease Finance Leases 2024 (remaining) $ 77 $ 109 2025 158 219 2026 165 219 2027 169 219 2028 169 219 Thereafter 7,515 8,571 Total undiscounted future lease payments 8,253 9,556 Difference between undiscounted cash flows and discounted cash flows (6,081) (7,036) Total lease liability $ 2,172 $ 2,520 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. Operating ground lease costs are reported in Rental Property Operating on the Company’s Consolidated Statements of Operations. For both the three and six months ended June 30, 2024, the Company incurred operating ground lease costs of $0.1 million. For the three and six months ended June 30, 2023, the Company incurred operating ground lease costs of $0.1 million and $0.2 million, respectively. The following table details the components of the Company’s finance leases ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Interest on lease liabilities $ 54 $ 54 $ 107 $ 196 Amortization of right-of-use assets 14 14 28 51 Total finance lease cost $ 68 $ 68 $ 135 $ 247
Leases	Leases Lessor 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 six months ended June 30, 2024 was $44.2 million and $88.9 million, respectively. Rental income for the three and six months ended June 30, 2023 was $43.6 million and $86.0 million, respectively. Aggregate minimum annual rentals for wholly owned real estate investments owned by the Company through the non-cancelable lease term, excluding short-term multifamily, self-storage and single-family rentals are as follows ($ in thousands): Year June 30, 2024 2024 (remaining) $ 45,733 2025 82,434 2026 71,340 2027 60,165 2028 48,573 Thereafter 121,591 Total $ 429,836 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 June 30, 2024, 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, respectively, on the Company’s Consolidated Balance Sheets. Each of the Company’s ground leases was 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 are as follows ($ in thousands): Assets: June 30, 2024 December 31, 2023 Right-of-use asset – finance leases $ 2,424 $ 2,452 Right-of-use asset – operating lease 2,046 2,066 Liabilities: Lease liability – finance leases 2,520 2,523 Lease liability – operating lease 2,172 2,159 The Company used its incremental borrowing rate at the time of entering such leases, which was 8.43%, to determine its lease liabilities. As of June 30, 2024, the weighted-average remaining lease terms of the Company’s operating lease and finance leases were 36 years and 44 years, respectively. Aggregate future minimum annual payments for ground leases held by the Company as of June 30, 2024 are as follows ($ in thousands): Operating Lease Finance Leases 2024 (remaining) $ 77 $ 109 2025 158 219 2026 165 219 2027 169 219 2028 169 219 Thereafter 7,515 8,571 Total undiscounted future lease payments 8,253 9,556 Difference between undiscounted cash flows and discounted cash flows (6,081) (7,036) Total lease liability $ 2,172 $ 2,520 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. Operating ground lease costs are reported in Rental Property Operating on the Company’s Consolidated Statements of Operations. For both the three and six months ended June 30, 2024, the Company incurred operating ground lease costs of $0.1 million. For the three and six months ended June 30, 2023, the Company incurred operating ground lease costs of $0.1 million and $0.2 million, respectively. The following table details the components of the Company’s finance leases ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Interest on lease liabilities $ 54 $ 54 $ 107 $ 196 Amortization of right-of-use assets 14 14 28 51 Total finance lease cost $ 68 $ 68 $ 135 $ 247
Leases	Leases Lessor 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 six months ended June 30, 2024 was $44.2 million and $88.9 million, respectively. Rental income for the three and six months ended June 30, 2023 was $43.6 million and $86.0 million, respectively. Aggregate minimum annual rentals for wholly owned real estate investments owned by the Company through the non-cancelable lease term, excluding short-term multifamily, self-storage and single-family rentals are as follows ($ in thousands): Year June 30, 2024 2024 (remaining) $ 45,733 2025 82,434 2026 71,340 2027 60,165 2028 48,573 Thereafter 121,591 Total $ 429,836 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 June 30, 2024, 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, respectively, on the Company’s Consolidated Balance Sheets. Each of the Company’s ground leases was 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 are as follows ($ in thousands): Assets: June 30, 2024 December 31, 2023 Right-of-use asset – finance leases $ 2,424 $ 2,452 Right-of-use asset – operating lease 2,046 2,066 Liabilities: Lease liability – finance leases 2,520 2,523 Lease liability – operating lease 2,172 2,159 The Company used its incremental borrowing rate at the time of entering such leases, which was 8.43%, to determine its lease liabilities. As of June 30, 2024, the weighted-average remaining lease terms of the Company’s operating lease and finance leases were 36 years and 44 years, respectively. Aggregate future minimum annual payments for ground leases held by the Company as of June 30, 2024 are as follows ($ in thousands): Operating Lease Finance Leases 2024 (remaining) $ 77 $ 109 2025 158 219 2026 165 219 2027 169 219 2028 169 219 Thereafter 7,515 8,571 Total undiscounted future lease payments 8,253 9,556 Difference between undiscounted cash flows and discounted cash flows (6,081) (7,036) Total lease liability $ 2,172 $ 2,520 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. Operating ground lease costs are reported in Rental Property Operating on the Company’s Consolidated Statements of Operations. For both the three and six months ended June 30, 2024, the Company incurred operating ground lease costs of $0.1 million. For the three and six months ended June 30, 2023, the Company incurred operating ground lease costs of $0.1 million and $0.2 million, respectively. The following table details the components of the Company’s finance leases ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Interest on lease liabilities $ 54 $ 54 $ 107 $ 196 Amortization of right-of-use assets 14 14 28 51 Total finance lease cost $ 68 $ 68 $ 135 $ 247

Derivatives

Derivatives	6 Months Ended
	Jun. 30, 2024
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 (notional amounts in thousands): June 30, 2024 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 3.5 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 a Liability Position (1) Derivative financial instrument June 30, 2024 December 31, 2023 Interest rate swaps – property debt $ 65 $ 124 Total derivative financial instrument $ 65 $ 124 (1) Included in Accounts Payable, Accrued Expenses, and Other Liabilities on the Company’s Consolidated Balance Sheets. For the three and six months ended June 30, 2024, the Company recorded unrealized gains (losses) related to changes in fair value of its derivative financial instruments of $0.2 million and $0.1 million, respectively. For both the three and six months ended June 30, 2023 the Company recorded unrealized losses related to changes in fair value of its derivative financial instruments of $0.1 million.

Equity and Redeemable Non-Contr

Equity and Redeemable Non-Controlling Interest	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Equity and Redeemable Non-Controlling Interest	Equity and Redeemable Non-Controlling Interest Authorized Capital As of June 30, 2024, 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 June 30, 2024, the Company had issued and outstanding 16,524,535 shares of Class T common stock, 44,851,222 shares of Class S common stock, 7,111,153 shares of Class D common stock, 79,299,748 shares of Class I common stock and 29,730,608 shares of Class N common stock. The following table details the movement in the Company’s outstanding shares of common stock (in thousands): Three Months Ended June 30, 2024 Class T Shares Class S Shares Class D Shares Class I Shares Class N Shares Total March 31, 2024 16,744 44,095 7,309 81,441 29,731 179,320 Common Stock Issued (54) 1,374 96 3,884 — 5,300 Distribution Reinvestment 99 303 53 641 — 1,096 Vested Stock Grant — — — 1 — 1 Common Stock Repurchased (264) (921) (347) (6,668) — (8,200) June 30, 2024 16,525 44,851 7,111 79,299 29,731 177,517 Six Months Ended June 30, 2024 Class T Shares Class S Shares Class D Shares Class I Shares Class N Shares Total December 31, 2023 16,728 44,563 7,300 81,189 29,731 179,511 Common Stock Issued 367 2,154 206 7,816 — 10,543 Distribution Reinvestment 199 598 105 1,260 — 2,162 Vested Stock Grant — — — 2 — 2 Common Stock Repurchased (769) (2,464) (500) (10,968) — (14,701) June 30, 2024 16,525 44,851 7,111 79,299 29,731 177,517 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 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 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, but 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 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 June 30, 2024 and December 31, 2023, the Company had accrued $9.5 million and $9.7 million, respectively. For the three and six months ended June 30, 2024, the Company declared and paid distributions of $29.2 million and $58.6 million, respectively. For the three and six months ended June 30, 2023, the Company declared and paid distributions of $29.9 million and $60.3 million, respectively. Each class of common stock receives the same gross distribution per share, which was $0.2025 and $0.4060 per share for the three and six months ended June 30, 2024, 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: Three Months Ended June 30, 2024 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 $ 0.2025 $ 0.2025 $ 0.2025 $ 0.2025 $ 0.2025 Advisory fee per share of common stock (0.0354) (0.0349) (0.0353) (0.0353) (0.0191) Stockholder servicing fee per share of common stock (0.0250) (0.0249) (0.0070) — — Net distribution per share of common stock $ 0.1421 $ 0.1427 $ 0.1602 $ 0.1672 $ 0.1834 Six Months Ended June 30, 2024 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 $ 0.4060 $ 0.4060 $ 0.4060 $ 0.4060 $ 0.4060 Advisory fee per share of common stock (0.0709) (0.0699) (0.0711) (0.0707) (0.0383) Stockholder servicing fee per share of common stock (0.0504) (0.0501) (0.0142) — — Net distribution per share of common stock $ 0.2847 $ 0.2860 $ 0.3207 $ 0.3353 $ 0.3677 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 attributable to Class T, Class S, Class D and Class I stockholders per month (measured using the aggregate NAV as of the end of the immediately preceding month) and 5% of the aggregate NAV attributable to Class T, Class S, Class D and Class I stockholders per calendar quarter (measured using the aggregate NAV as of the end of the immediately preceding quarter). From and after the date that the Class N shares held by TIAA become eligible for repurchase pursuant to the share repurchase plan, the total amount of aggregate repurchases of all classes of shares, including the Class N shares, is limited to no more than 2% of the Company’s aggregate NAV attributable to stockholders per month and no more than 5% of the Company’s aggregate NAV attributable to stockholders per calendar 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 six months ended June 30, 2024, the Company repurchased shares of its common stock for $96.1 million and $173.5 million. For the three and six months ended June 30, 2023, the Company repurchased shares of its common stock for $111.5 million and $176.7 million. During May 2024, the Company received repurchase requests equal to approximately 2.47% of the Company’s NAV. The Company’s board of directors unanimously authorized repurchases in excess of the 2% limit for May 2024 such that 100% of share repurchase requests timely received in May 2024 were satisfied. The Company had no unfulfilled repurchase requests during the six months ended June 30, 2024. 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 for certain affiliates as of June 30, 2024 and December 31, 2023, the Company recorded an allocation adjustment between Additional Paid-In-Capital and Redeemable Non-Controlling Interest. The balance was $0.4 million as of both June 30, 2024 and December 31, 2023.

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 2024
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 CODMs 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 CODMs. The Company’s CODMs 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 ($ in thousands): June 30, 2024 December 31, Industrial $ 542,279 $ 552,413 Healthcare 448,591 457,964 Multifamily 321,367 326,862 Retail 205,870 206,824 Single-Family Housing 143,625 145,700 Office 113,143 116,334 Self-Storage 58,645 61,505 Commercial Mortgage Loans 358,683 338,978 Real Estate-Related Securities (1) 172,344 208,402 International Affiliated Funds 111,749 118,055 Other (Corporate) 35,460 46,961 Total assets $ 2,511,756 $ 2,579,998 (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 June 30, 2024 ($ in thousands): Industrial Healthcare Multifamily Retail Single-Family Housing Office Self-Storage Commercial Mortgage Loans Real Estate-Related Securities (1) International Affiliated Funds Other Total Revenues: Rental revenue $ 12,789 $ 10,889 $ 8,058 $ 4,742 $ 2,887 $ 3,870 $ 979 $ — $ — $ — $ — $ 44,214 Income from commercial mortgage loans — — — — — — — 7,812 — — — 7,812 Total segment revenues 12,789 10,889 8,058 4,742 2,887 3,870 979 7,812 — — — 52,026 Expenses: Property operating 3,898 3,509 3,321 1,336 1,434 961 617 — — — — 15,076 Total segment expenses 3,898 3,509 3,321 1,336 1,434 961 617 — — — — 15,076 Realized and unrealized loss from real estate-related securities (858) (858) Realized and unrealized gain from real estate debt 145 145 Unrealized gain on note payable 5 5 Unrealized gain from interest rate derivatives 152 152 Loss from equity investments in unconsolidated international affiliated funds (2,005) (2,005) Unrealized gain on commercial mortgage loans 63 63 Segment net operating income $ 8,891 $ 7,380 $ 4,737 $ 3,406 $ 1,453 $ 2,909 $ 362 $ 7,875 $ (713) $ (2,005) $ 157 $ 34,452 Depreciation and amortization (5,748) (5,968) (2,518) (2,134) (1,090) (1,834) (292) — — — (19,584) General and administrative expenses (2,229) Advisory fee due to affiliates (7,376) Interest income 1,810 Interest expense (11,277) Net loss $ (4,204) Net loss attributable to non-controlling interests in third-party joint ventures (7) Net income attributable to preferred stock 4 Net loss attributable to common stockholders $ (4,201) (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 June 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 Other Total Revenues: Rental revenue $ 12,907 $ 10,602 $ 7,759 $ 5,208 $ 2,667 $ 3,450 $ 1,055 $ — $ — $ — $ — $ 43,648 Income from commercial mortgage loans — — — — — — — 7,052 — — — 7,052 Total segment revenues 12,907 10,602 7,759 5,208 2,667 3,450 1,055 7,052 — — — 50,700 Expenses: Property operating 3,198 3,974 3,215 1,402 1,547 933 511 — — — — 14,780 Total segment expenses 3,198 3,974 3,215 1,402 1,547 933 511 — — — — 14,780 Realized and unrealized gain from real estate-related securities 2,305 2,305 Realized and unrealized gain from real estate debt 746 746 Unrealized loss on note payable (80) (80) Unrealized loss from interest rate derivatives (112) (112) Loss from equity investments in unconsolidated international affiliated funds (2,799) (2,799) Unrealized loss on commercial mortgage loans (748) (748) Segment net operating income $ 9,709 $ 6,628 $ 4,544 $ 3,806 $ 1,120 $ 2,517 $ 544 $ 6,304 $ 3,051 $ (2,799) $ (192) $ 35,232 Depreciation and amortization (6,437) (6,190) (2,638) (2,242) (1,188) (1,801) (1,152) — — — — (21,648) General and administrative expenses (1,946) Advisory fee due to affiliates (7,907) Interest income 2,216 Interest expense (9,929) Net loss $ (3,982) Net loss attributable to non-controlling interests in third-party joint ventures (22) Net income attributable to preferred stock 4 Net loss attributable to common stockholders $ (3,964) (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 six months ended June 30, 2024 ($ in thousands): Industrial Healthcare Multifamily Retail Single-Family Housing Office Self-Storage Commercial Mortgage Loans Real Estate-Related Securities (1) International Affiliated Funds Other Total Revenues: Rental revenue $ 25,614 $ 22,315 $ 16,054 $ 9,587 $ 5,685 $ 7,661 $ 1,948 $ — $ — $ — $ — $ 88,864 Income from commercial mortgage loans — — — — — — — 15,381 — — — 15,381 Total segment revenues 25,614 22,315 16,054 9,587 5,685 7,661 1,948 15,381 — — — 104,245 Expenses: Property operating 7,862 7,654 6,565 2,888 2,923 2,115 1,492 — — — — 31,499 Total segment expenses 7,862 7,654 6,565 2,888 2,923 2,115 1,492 — — — — 31,499 Realized gain on sale of real estate investments 15 15 Realized and unrealized loss from real estate-related securities (2,830) (2,830) Realized and unrealized gain from real estate debt 2,020 2,020 Unrealized gain on note payable 175 175 Unrealized gain from interest rate derivatives 55 55 Loss from equity investments in unconsolidated international affiliated funds (2,629) (2,629) Unrealized loss on commercial mortgage loans (59) (59) Segment net operating income $ 17,752 $ 14,661 $ 9,489 $ 6,699 $ 2,777 $ 5,546 $ 456 $ 15,322 $ (810) $ (2,629) $ 230 $ 69,493 Depreciation and amortization (11,696) (11,947) (4,906) (4,278) (2,236) (3,672) (1,022) — — — — (39,757) General and administrative expenses (4,405) Advisory fee due to affiliates (14,864) Interest income 3,671 Interest expense (22,146) Net loss $ (8,008) Net loss attributable to non-controlling interests in third-party joint ventures (14) Net income attributable to preferred stock 8 Net loss attributable to common stockholders $ (8,002) (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 six months ended June 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 Other Total Revenues: Rental revenue $ 25,519 $ 21,477 $ 15,379 $ 9,801 $ 5,202 $ 6,789 $ 1,815 $ — $ — $ — $ — $ 85,982 Income from commercial mortgage loans — — — — — — — 13,537 — — — 13,537 Total segment revenues 25,519 21,477 15,379 9,801 5,202 6,789 1,815 13,537 — — — 99,519 Expenses: Property operating 7,194 7,709 6,302 2,661 3,025 1,886 942 — — — — 29,719 Total segment expenses 7,194 7,709 6,302 2,661 3,025 1,886 942 — — — — 29,719 Realized and unrealized gain from real estate-related securities 5,301 5,301 Realized and unrealized gain from real estate debt 343 343 Unrealized loss on note payable (110) (110) Unrealized loss from interest rate derivatives (112) (112) Loss from equity investments in unconsolidated international affiliated funds (3,154) (3,154) Unrealized loss on commercial mortgage loans (1,697) (1,697) Segment net operating income $ 18,325 $ 13,768 $ 9,077 $ 7,140 $ 2,177 $ 4,903 $ 873 $ 11,840 $ 5,644 $ (3,154) $ (222) $ 70,371 Depreciation and amortization (12,900) (12,568) (5,300) (4,516) (2,040) (3,622) (1,962) — — — (42,908) General and administrative expenses (4,383) Advisory fee due to affiliates (15,949) Interest income 4,100 Interest expense (18,558) Net loss $ (7,327) Net loss attributable to non-controlling interests in third-party joint ventures (58) Net income attributable to preferred stock 8 Net loss attributable to common stockholders $ (7,277) (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	6 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events There have been no events since June 30, 2024 that require recognition or disclosure in the Consolidated Financial Statements.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements include the accounts of the Company, its subsidiaries and joint ventures in which the Company has a controlling interest, 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 June 30, 2024 and December 31, 2023 and for the three and six months ended June 30, 2024 and 2023. 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. Accordingly, they do not include all information and footnotes required by GAAP for complete financial statements. Certain footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed in this report pursuant to the rules 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 notes thereto, that are included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 as filed with the SEC. The year-end balance sheet was derived from those audited financial statements.
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 (“VIEs”) 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 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 the joint venture is included in non-controlling 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 June 30, 2024, and December 31, 2023, the total assets and liabilities of the Company’s consolidated VIE were $47.8 million and $29.9 million, and $49.5 million and $30.3 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 accounted for as business combinations, the Company evaluates 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 using the income approach’s discounted cash flow method, using discount and capitalization rates that it deems appropriate, and taking into consideration all contractual rent payments over the life of the lease term offset by any capitalized expenditures, as well as other available market information. Estimates of future cash flows are based on a number of factors, including 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 the nature and extent of the existing relationship with the tenants, the tenants’ credit quality and expectations of lease renewals. For 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 fair value (using a discount rate which reflects the risks associated with the leases acquired), which is 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. 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 investments 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 (Loss) Gain 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 them at fair value. As such, the resulting unrealized gains and losses of its CMBS are recorded as a component of Realized and Unrealized Gain 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 investments 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 Loss from Equity Investments in Unconsolidated International Affiliated Funds on the Company’s Consolidated Statements of Operations. All contributions to or distributions from investments 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 will be 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 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.
Loan Participations	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 no longer 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, but this gross presentation does not impact Stockholders’ Equity or Net Income. When the sales are recognized, the Consolidated Balance Sheets only include the remaining subordinate loan. The Company and its loan service provider have limited access to contractual and financial information pertaining to these senior loan interests and rely on the third-party senior lenders to provide the latest information as it becomes available.
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 Company’s 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 lives of the related leases. 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 consist of CMBS, are reported at fair value. The Company generally determines the fair value of its investments in real estate debt by using 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 their short-term maturities and market rates of interest.
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 contractual 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 June 30, 2024, 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 represents 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 Cash
Income Taxes	Income Taxes The Company elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code (the “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 is also subject to a number of other organizational and operational requirements. 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, to the extent it does not have U.S. source income, or Cayman Islands taxes. A Luxembourg TRS is not subject to U.S. corporate federal income tax, to the extent it does not have U.S. source income, but may be subject to Luxembourg taxes. As of June 30, 2024, 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 its 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 six months ended June 30, 2024, the Company incurred federal income tax expense related to the TRSs of $0.2 million and $0.3 million, respectively. Luxembourg tax imposed on the Luxembourg TRS is not material for the three and six months ended June 30, 2024. 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 2020 through 2022 remain subject to governmental examination. Deferred Taxes As of June 30, 2024, the Company had a deferred tax liability of $2.4 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 carrying value and current tax basis, and was assumed during the acquisition of the Company’s multifamily portfolio in Copenhagen, Denmark.
Organization and Offering Expenses	Organization and Offering Expenses The Advisor advanced organization and offering expenses (including legal, accounting and other expenses attributable to the organization, but excluding upfront selling commissions, dealer manager fees and stockholder servicing fees) on behalf of the Company 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 June 30, 2024, the Company had reimbursed the Advisor $2.4 million of such costs. The Advisor and its affiliates 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 $2.2 million and $2.6 million remained outstanding as of June 30, 2024 and December 31, 2023, 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, foreign currency translation adjustments 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 portfolio 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 Loss on the Company’s Consolidated Balance Sheets, unless there is a sale or complete liquidation of the underlying foreign investments. Foreign currency translation adjustments resulted in other comprehensive loss of $0.6 million and $2.6 million for the three and six months ended June 30, 2024, respectively. Foreign currency translation adjustments resulted in other comprehensive income of $0.2 million and $1.6 million for the three and six months ended June 30, 2023, 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 Instruments
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 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. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 enhances the disclosures required for reportable segments on an annual and interim basis. The amendments require, among other items, enhanced disclosures around significant expenses regularly provided to the chief operating decision maker (“CODM”), as well as the CODM's title and position. ASU 2023-07 is effective on a retrospective basis for annual periods beginning after December 15, 2023, for interim periods within fiscal years beginning after December 15, 2024, and early adoption is permitted. Management is currently assessing the impact this standard will have on the Company’s financial statements. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). The primary purpose of the amendments within ASU 2023-09 is to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes paid information. The amendments in ASU 2023-09 require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. In addition, the amendments in ASU 2023-09 require that all entities disclose, on an annual basis, taxes paid disaggregated by: federal, state, foreign, and jurisdiction (when income taxes paid is equal to or greater than 5 percent of total income taxes paid). The amendments in ASU 2023-09 are effective for public business entities beginning after December 15, 2024. For entities other than public business entities, the amendments are effective for annual periods beginning after December 15, 2025. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments in ASU 2023-09 should be applied on a prospective basis. Retrospective application is permitted. Management is currently assessing the impact this standard will have on the Company’s financial statements as well as the method by which the Company will adopt the new standard.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2024
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): June 30, 2024 December 31, 2023 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Investments in real estate-related securities $ 91,558 $ — $ — $ 91,558 $ 119,014 $ — $ — $ 119,014 Investments in real estate debt — 80,786 — 80,786 — 89,388 — 89,388 Investments in commercial mortgage loans — — 358,683 358,683 — — 338,978 338,978 Total $ 91,558 $ 80,786 $ 358,683 $ 531,027 $ 119,014 $ 89,388 $ 338,978 $ 547,380 Liabilities: Loan participations $ — $ — $ 166,810 $ 166,810 $ — $ — $ 167,890 $ 167,890 Note payable — — 71,680 71,680 — — 69,170 69,170 Interest rate derivatives (1) — 65 — 65 — 124 — 124 Total $ — $ 65 $ 238,490 $ 238,555 $ — $ 124 $ 237,060 $ 237,184 (1) Included in Accounts Payable, Accrued Expenses, and Other Liabilities on 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, 2023 $ 338,978 $ 167,890 $ 69,170 Loan originations 20,000 — — Additional fundings 1,688 (a) 386 (a) — Financing proceeds — — 2,685 Paydowns (1,832) (b) (1,374) (b) — Net unrealized loss on assets (151) (c) — — Net unrealized gain on liabilities — (92) (c) (175) Balance as of June 30, 2024 $ 358,683 $ 166,810 $ 71,680 (a) Includes additional fundings on commercial mortgage loans and loan participations of $1.3 million and $0.4 million, respectively. (b) Includes paydowns on commercial mortgage loans and loan participations of $0.5 million and $1.4 million, respectively. (c) Unrealized Loss on Commercial Mortgage Loans of $0.1 million reported on the Company’s Consolidated Statements of Operations for the six months ended June 30, 2024 includes unrealized losses of $0.2 million associated with commercial mortgage loans, net of unrealized gains of $0.1 million associated with loan participations. The following table summarizes the Company’s note payable balance ($ in thousands): June 30, 2024 Beginning balance $ 69,170 Financing proceeds 2,685 Net unrealized gain (175) Ending balance $ 71,680
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 June 30, 2024. Type Asset Class Valuation Technique Unobservable Inputs Range (Weighted Average) Commercial Mortgage Loans Various Discounted Cash Flow Method Equivalency Rate SOFR (1) + 2.75% - 10.90% (4.88%) Loan Participations Various Discounted Cash Flow Method Equivalency Rate SOFR (1) + 2.75% - 4.10% (3.23%) Note Payable Multifamily Discounted Cash Flow Method Equivalency Rate SOFR (1) + 2.00% (2.00%) (1) Secured Overnight Financing Rate (“SOFR”) as of June 30, 2024 was 5.3%.

Investments in Real Estate (Tab

Investments in Real Estate (Tables)	6 Months Ended
	Jun. 30, 2024
Real Estate [Abstract]
Schedule of Investments in Real Estate, Net	Investments in Real Estate, Net consisted of the following ($ in thousands): June 30, 2024 December 31, 2023 Building and building improvements $ 1,556,209 $ 1,551,417 Land and land improvements 315,520 315,797 Furniture, fixtures and equipment 15,581 15,038 Total 1,887,310 1,882,252 Accumulated depreciation (177,128) (147,556) Investments in real estate, net $ 1,710,182 $ 1,734,696 The following table details the Company’s disposition during the six months ended June 30, 2024 ($ in thousands): Sector Number of Properties Net Proceeds Net Gain Single-Family Rentals 1 $351 $15

Investments in Real Estate-Re_2

Investments in Real Estate-Related Securities (Tables)	6 Months Ended
	Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Schedule of Investments in Real-Estate Securities	The following table summarizes the Investments in Real Estate-Related Securities ($ in thousands): June 30, 2024 Beginning balance $ 119,014 Additions 31,433 Disposals (54,059) Unrealized losses (3,649) Realized losses (1,181) Ending balance $ 91,558
Schedule of Components of Unrealized and Realized (Loss) Gain From Real Estate Related Securities	The following table summarizes the components of Unrealized (Losses) Gains and Realized Losses from Real Estate-Related Securities ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Unrealized (losses) gains $ (189) $ 2,718 $ (3,649) $ 6,434 Realized losses (1,539) (1,700) (1,181) (3,597) Dividend income 870 1,287 2,000 2,464 Total $ (858) $ 2,305 $ (2,830) $ 5,301

Investments in Real Estate De_2

Investments in Real Estate Debt (Tables)	6 Months Ended
	Jun. 30, 2024
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): June 30, 2024 Type of Security/Loan Weighted- Average Coupon Weighted- Average Maturity Date (1, 2) Face Amount Cost Basis Fair Value CMBS - Fixed 3.81 % 10/2/2043 $ 17,998 $ 16,795 $ 14,984 CMBS - Floating 7.93 % 6/2/2037 68,393 66,767 65,802 Total 7.12 % 8/31/2038 86,391 83,562 80,786 December 31, 2023 Type of Security/Loan Weighted- Average Coupon Weighted- Average Maturity Date (1, 2) Face Amount Cost Basis Fair Value CMBS - Fixed 3.81 % 10/02/2043 $ 19,266 $ 17,780 $ 14,845 CMBS - Floating 7.93 % 6/02/2037 78,658 76,806 74,543 Total 7.12 % 8/31/2038 97,924 94,586 89,388 (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): June 30, 2024 December 31, 2023 Collateral Cost Basis Fair Value Percentage based on Fair Value Cost Basis Fair Value Percentage based on Fair Value Industrial $ 27,307 $ 27,601 34.1 % $ 31,577 $ 31,206 34.9 % Diversified 9,938 9,504 11.8 % 10,289 9,347 10.5 % Hotel 9,364 9,381 11.6 % 7,966 7,962 8.9 % Multifamily 9,207 8,600 10.6 % 10,247 9,529 10.6 % Office 7,992 6,684 8.3 % 10,391 8,577 9.6 % Retail 6,202 6,225 7.7 % 6,208 6,181 6.9 % Manufactured Housing 4,856 4,896 6.1 % 2,639 2,669 3.0 % Net Lease 2,687 1,842 2.3 % 3,861 2,673 3.0 % Cold Storage 2,425 2,448 3.0 % 6,844 6,881 7.7 % Life Science 1,938 1,925 2.4 % 3,412 3,204 3.6 % Self-Storage 1,646 1,680 2.1 % 1,152 1,159 1.3 % Total $ 83,562 $ 80,786 100.0 % $ 94,586 $ 89,388 100.0 %
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): June 30, 2024 December 31, 2023 Credit Rating (1) Cost Basis Fair Value Percentage based on Fair Value Cost Basis Fair Value Percentage based on Fair Value AAA $ 4,474 $ 4,495 5.6 % $ 6,260 $ 6,177 6.9 % AA 8,187 8,301 10.3 % 10,124 10,132 11.3 % A 19,658 19,277 23.8 % 21,792 20,711 23.2 % BBB 42,275 40,680 50.3 % 51,785 48,704 54.5 % BB 7,953 6,937 8.6 % 4,090 3,384 3.8 % B 1,015 1,096 1.4 % 535 280 0.3 % Total $ 83,562 $ 80,786 100.0 % $ 94,586 $ 89,388 100.0 % (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 ($ in thousands): June 30, 2024 Beginning balance $ 89,388 Additions 10,385 Disposals (21,007) Unrealized gains 2,422 Realized losses (402) Ending balance $ 80,786

Investments in International _2

Investments in International Affiliated Funds (Tables)	6 Months Ended
	Jun. 30, 2024
Schedule of Investments [Abstract]
Schedule of Equity Method Investments	The following table summarizes the Equity Investments in Unconsolidated International Affiliated Funds from ECF ($ in thousands): June 30, 2024 Beginning balance $ 68,599 Income distributions (951) Loss from equity investments in unconsolidated international affiliated fund (3,169) Foreign currency translation adjustment (2,298) Ending balance $ 62,181 The following table summarizes the Equity Investments in Unconsolidated International Affiliated Funds from APCF ($ in thousands): June 30, 2024 Beginning balance $ 49,456 Income distributions (428) Income from equity investments in unconsolidated international affiliated fund 540 Ending balance $ 49,568

Investments in Commercial Mor_2

Investments in Commercial Mortgage Loans (Tables)	6 Months Ended
	Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Schedule of Investments in Commercial Mortgage Loans	The following table summarizes the Investments in Commercial Mortgage Loans as of June 30, 2024 ($ 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 $54,526 $51,770 9-90 Corporate Center 11/9/2021 Mezzanine Office Framingham, MA SOFR + 575 bps 11/9/2024 Interest only $23,344 $21,509 $19,310 Panorama House (1) 11/16/2021 Senior Multifamily Roseville, CA SOFR + 165 bps 12/9/2025 Interest only $66,488 $65,113 $64,070 Panorama House 11/16/2021 Mezzanine Multifamily Roseville, CA SOFR + 597 bps 12/9/2025 Interest only $22,163 $21,704 $20,790 Tucson IV 3/28/2022 Senior Multifamily Tucson, AZ SOFR + 295 bps 4/9/2025 Interest only $76,260 $74,757 $74,680 Tucson IV 3/28/2022 Mezzanine Multifamily Tucson, AZ SOFR + 295 bps 4/9/2025 Interest only $25,420 $24,919 $23,700 Dolce Living Royal Palm (1) 7/8/2022 Senior Multifamily Kissimmee, FL SOFR + 185 bps 7/9/2024 Interest only $51,432 $51,432 $50,970 Dolce Living Royal Palm 7/8/2022 Mezzanine Multifamily Kissimmee, FL SOFR + 525 bps 7/9/2024 Interest only $17,144 $17,144 $16,540 Luxe Scottsdale 7/19/2022 Mezzanine Multifamily Scottsdale, AZ SOFR + 570 bps 8/9/2025 Interest only $17,043 $17,163 $16,650 Sterling Self-Storage 3/28/2024 Senior Self-Storage various SOFR + 370 bps 4/9/2027 Interest only $20,850 $20,203 $20,203 Total $358,683 (1) Sold to unaffiliated parties, but did not qualify for sale accounting under GAAP, were not derecognized and are reported on the Consolidated Balance Sheets as further described in Note 9.
Schedule of Loan Terms	The following table summarizes the Company’s investments in commercial mortgage loans ($ in thousands): June 30, 2024 Beginning balance $ 338,978 Loan originations 20,000 Additional fundings (1) 1,688 Paydowns (2) (1,832) Net unrealized loss (3) (151) Ending balance $ 358,683 (1) For the six months ended June 30, 2024, includes additional fundings on commercial mortgage loans and loan participations of $1.3 million and $0.4 million, respectively. (2) For the six months ended June 30, 2024, includes paydowns on commercial mortgage loans and loan participations of $0.5 million and $1.4 million, respectively. (3) Unrealized Loss on Commercial Mortgage Loans of $0.1 million reported on the Company’s Consolidated Statements of Operations for the six months ended June 30, 2024 includes unrealized losses of $0.2 million associated with commercial mortgage loans, net of unrealized gains of $0.1 million associated with loan participations. The following table summarizes the Loan Participations as of June 30, 2024 ($ in thousands): Investment Name Loan Type Property Type Location Interest Rate Maturity Date Periodic Payment Terms Commitment Amount Principal Balance Fair Value 9-90 Corporate Center Senior Office Framingham, MA SOFR + 175 bps 11/9/2024 Interest only $72,033 $54,526 $51,770 Panorama House Senior Multifamily Roseville, CA SOFR + 165 bps 12/9/2025 Interest only $66,488 $65,113 $64,070 Dolce Living Royal Palm Senior Multifamily Kissimmee, FL SOFR + 185 bps 7/9/2024 Interest only $51,432 $51,432 $50,970 Total $166,810 The following table shows the Company’s loan participations ($ in thousands): June 30, 2024 Beginning balance $ 167,890 Additional fundings 386 Paydowns (1,374) Net unrealized gain (92) Ending balance $ 166,810

Intangibles (Tables)

Intangibles (Tables)	6 Months Ended
	Jun. 30, 2024
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): June 30, 2024 December 31, 2023 Intangible assets: In-place lease intangibles $ 96,030 $ 96,039 Above-market lease intangibles 13,030 13,030 Leasing commissions 45,530 44,123 Other intangibles 18,045 18,368 Total intangible assets 172,635 171,560 Accumulated amortization: In-place lease intangibles (55,667) (49,826) Above-market lease intangibles (3,786) (2,847) Leasing commissions (17,980) (15,032) Other intangibles (7,326) (5,979) Total accumulated amortization (84,759) (73,684) Intangible assets, net $ 87,876 $ 97,876 Intangible liabilities: Below-market lease intangibles $ (47,785) $ (47,785) Accumulated amortization 16,384 13,581 Intangible liabilities, net $ (31,401) $ (34,204)
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 June 30, 2024 is as follows ($ in thousands): In-Place Lease Above-Market Lease Intangibles Leasing Commissions Other Below-Market 2024 (remaining) $ 6,090 $ 1,068 $ 3,409 $ 1,536 $ (3,099) 2025 9,261 1,843 5,416 2,382 (5,060) 2026 7,207 1,776 4,603 1,916 (4,592) 2027 5,884 1,613 3,893 1,533 (3,990) 2028 3,883 1,448 3,118 1,185 (3,345) Thereafter 8,038 1,496 7,111 2,167 (11,315) Total $ 40,363 $ 9,244 $ 27,550 $ 10,719 $ (31,401)

Loan Participations (Tables)

Loan Participations (Tables)	6 Months Ended
	Jun. 30, 2024
Receivables [Abstract]
Schedule of Loan Terms	The following table summarizes the Company’s investments in commercial mortgage loans ($ in thousands): June 30, 2024 Beginning balance $ 338,978 Loan originations 20,000 Additional fundings (1) 1,688 Paydowns (2) (1,832) Net unrealized loss (3) (151) Ending balance $ 358,683 (1) For the six months ended June 30, 2024, includes additional fundings on commercial mortgage loans and loan participations of $1.3 million and $0.4 million, respectively. (2) For the six months ended June 30, 2024, includes paydowns on commercial mortgage loans and loan participations of $0.5 million and $1.4 million, respectively. (3) Unrealized Loss on Commercial Mortgage Loans of $0.1 million reported on the Company’s Consolidated Statements of Operations for the six months ended June 30, 2024 includes unrealized losses of $0.2 million associated with commercial mortgage loans, net of unrealized gains of $0.1 million associated with loan participations. The following table summarizes the Loan Participations as of June 30, 2024 ($ in thousands): Investment Name Loan Type Property Type Location Interest Rate Maturity Date Periodic Payment Terms Commitment Amount Principal Balance Fair Value 9-90 Corporate Center Senior Office Framingham, MA SOFR + 175 bps 11/9/2024 Interest only $72,033 $54,526 $51,770 Panorama House Senior Multifamily Roseville, CA SOFR + 165 bps 12/9/2025 Interest only $66,488 $65,113 $64,070 Dolce Living Royal Palm Senior Multifamily Kissimmee, FL SOFR + 185 bps 7/9/2024 Interest only $51,432 $51,432 $50,970 Total $166,810 The following table shows the Company’s loan participations ($ in thousands): June 30, 2024 Beginning balance $ 167,890 Additional fundings 386 Paydowns (1,374) Net unrealized gain (92) Ending balance $ 166,810

Credit Facility (Tables)

Credit Facility (Tables)	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024 December 31, 2023 Revolving facility S+applicable margin (1) September 30, 2024 $ 321,000 $ 153,000 $ 116,000 DDTL facility S+applicable margin (2) September 30, 2026 134,000 134,000 134,000 Credit facility $ 455,000 $ 287,000 $ 250,000 (1) The weighted-average interest rates for the three and six months ended June 30, 2024 for the Revolving facility were 6.80% and 6.93%, respectively. (2) The weighted-average interest rates for the three and six months ended June 30, 2024 for the DDTL facility were 6.75% and 6.64%, 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 June 30, 2024 December 31, 2023 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 69,038 69,277 Total fixed rate mortgages payable 175,288 175,527 Variable-rate mortgage payable: CASA Nord Portfolio Nyrkredit Realkredit C + 0.70% (1) (2) 12/31/32 20,454 21,096 Total mortgages payable 195,742 196,623 Deferred financing costs, net (674) (743) Discount on assumed mortgage notes, net (5,501) (6,091) Mortgages payable, net $ 189,567 $ 189,789 (1) The term “C” refers to the relevant floating benchmark rate, which is the three-month Copenhagen Interbank Offered Rate (“CIBOR”). (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 June 30, 2024 ($ in thousands): Year Credit Facility 2024 (remaining) $ 153,000 2025 — 2026 134,000 2027 — 2028 — Thereafter — Total $ 287,000 The following table presents the future principal payments due under mortgages payable as of June 30, 2024 ($ in thousands): Year Mortgages Payable 2024 (remaining) $ 309 2025 1,490 2026 54,645 2027 15,596 2028 71,063 Thereafter 52,639 Total $ 195,742 The following table presents the future principal payments due under the note payable as of June 30, 2024 ($ in thousands): Year Note Payable (1) 2024 (remaining) $ — 2025 71,947 2026 — 2027 — 2028 — Thereafter — Total $ 71,947 (1) The weighted-average interest rates on the note payable for the three and six months ended June 30, 2024 were 7.05% and 7.06%, respectively.

Mortgages Payable (Tables)

Mortgages Payable (Tables)	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024 December 31, 2023 Revolving facility S+applicable margin (1) September 30, 2024 $ 321,000 $ 153,000 $ 116,000 DDTL facility S+applicable margin (2) September 30, 2026 134,000 134,000 134,000 Credit facility $ 455,000 $ 287,000 $ 250,000 (1) The weighted-average interest rates for the three and six months ended June 30, 2024 for the Revolving facility were 6.80% and 6.93%, respectively. (2) The weighted-average interest rates for the three and six months ended June 30, 2024 for the DDTL facility were 6.75% and 6.64%, 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 June 30, 2024 December 31, 2023 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 69,038 69,277 Total fixed rate mortgages payable 175,288 175,527 Variable-rate mortgage payable: CASA Nord Portfolio Nyrkredit Realkredit C + 0.70% (1) (2) 12/31/32 20,454 21,096 Total mortgages payable 195,742 196,623 Deferred financing costs, net (674) (743) Discount on assumed mortgage notes, net (5,501) (6,091) Mortgages payable, net $ 189,567 $ 189,789 (1) The term “C” refers to the relevant floating benchmark rate, which is the three-month Copenhagen Interbank Offered Rate (“CIBOR”). (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 June 30, 2024 ($ in thousands): Year Credit Facility 2024 (remaining) $ 153,000 2025 — 2026 134,000 2027 — 2028 — Thereafter — Total $ 287,000 The following table presents the future principal payments due under mortgages payable as of June 30, 2024 ($ in thousands): Year Mortgages Payable 2024 (remaining) $ 309 2025 1,490 2026 54,645 2027 15,596 2028 71,063 Thereafter 52,639 Total $ 195,742 The following table presents the future principal payments due under the note payable as of June 30, 2024 ($ in thousands): Year Note Payable (1) 2024 (remaining) $ — 2025 71,947 2026 — 2027 — 2028 — Thereafter — Total $ 71,947 (1) The weighted-average interest rates on the note payable for the three and six months ended June 30, 2024 were 7.05% and 7.06%, respectively.

Note Payable (Tables)

Note Payable (Tables)	6 Months Ended
	Jun. 30, 2024
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, 2023 $ 338,978 $ 167,890 $ 69,170 Loan originations 20,000 — — Additional fundings 1,688 (a) 386 (a) — Financing proceeds — — 2,685 Paydowns (1,832) (b) (1,374) (b) — Net unrealized loss on assets (151) (c) — — Net unrealized gain on liabilities — (92) (c) (175) Balance as of June 30, 2024 $ 358,683 $ 166,810 $ 71,680 (a) Includes additional fundings on commercial mortgage loans and loan participations of $1.3 million and $0.4 million, respectively. (b) Includes paydowns on commercial mortgage loans and loan participations of $0.5 million and $1.4 million, respectively. (c) Unrealized Loss on Commercial Mortgage Loans of $0.1 million reported on the Company’s Consolidated Statements of Operations for the six months ended June 30, 2024 includes unrealized losses of $0.2 million associated with commercial mortgage loans, net of unrealized gains of $0.1 million associated with loan participations. The following table summarizes the Company’s note payable balance ($ in thousands): June 30, 2024 Beginning balance $ 69,170 Financing proceeds 2,685 Net unrealized gain (175) Ending balance $ 71,680
Schedule of Maturities of Long-term Debt	The following table presents future principal payments due under the Credit Facility as of June 30, 2024 ($ in thousands): Year Credit Facility 2024 (remaining) $ 153,000 2025 — 2026 134,000 2027 — 2028 — Thereafter — Total $ 287,000 The following table presents the future principal payments due under mortgages payable as of June 30, 2024 ($ in thousands): Year Mortgages Payable 2024 (remaining) $ 309 2025 1,490 2026 54,645 2027 15,596 2028 71,063 Thereafter 52,639 Total $ 195,742 The following table presents the future principal payments due under the note payable as of June 30, 2024 ($ in thousands): Year Note Payable (1) 2024 (remaining) $ — 2025 71,947 2026 — 2027 — 2028 — Thereafter — Total $ 71,947 (1) The weighted-average interest rates on the note payable for the three and six months ended June 30, 2024 were 7.05% and 7.06%, respectively.

Other Assets and Other Liabil_2

Other Assets and Other Liabilities (Tables)	6 Months Ended
	Jun. 30, 2024
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): June 30, 2024 December 31, 2023 Straight-line rent receivable $ 14,549 $ 13,525 Prepaid expenses 4,563 2,738 Receivables 4,242 6,249 Right-of-use asset – finance leases 2,424 2,452 Right-of-use asset – operating lease 2,046 2,066 Deferred financing costs on credit facility, net 335 912 Other 615 564 Total $ 28,774 $ 28,506
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): June 30, 2024 December 31, 2023 Common stock repurchases $ 24,968 $ 19,034 Accounts payable and accrued expenses 12,175 21,526 Real estate taxes payable 8,602 9,811 Prepaid rental income 7,868 2,126 Tenant security deposits 6,835 7,119 Lease liability – finance leases 2,520 2,523 Deferred tax liability 2,369 2,184 Accrued interest expense 2,197 2,048 Lease liability – operating lease 2,172 2,159 Other 4,596 7,465 Total $ 74,302 $ 75,995

Related-Party Transactions (Tab

Related-Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024 ($ in thousands): Service provided NexCore Sparrow MyPlace Property and project management services $ 142 $ 180 $ 7 Acquisition and asset management services — 102 43 Accounting, construction and leasing services 61 — — Total $ 203 $ 282 $ 50 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 June 30, 2023 ($ in thousands): Service provided NexCore Sparrow MyPlace Nuveen Property and project management services $ 132 $ 191 $ — $ 62 Acquisition and asset management services — 164 22 — Accounting, construction and leasing services 172 — — — Total $ 304 $ 355 $ 22 $ 62 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 six months ended June 30, 2024 ($ in thousands): Service provided NexCore Sparrow MyPlace Property and project management services $ 268 $ 378 $ 18 Acquisition and asset management services — 220 96 Accounting, construction and leasing services 84 — — Total $ 352 $ 598 $ 114 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 six months ended June 30, 2023 ($ in thousands): Service provided NexCore Sparrow MyPlace Nuveen Property and project management services $ 243 $ 366 $ — $ 62 Acquisition and asset management services — 328 91 — Accounting, construction and leasing services 447 — — — Total $ 690 $ 694 $ 91 $ 62 The following table summarizes the components of Due to Affiliates ($ in thousands): June 30, 2024 December 31, Accrued stockholder servicing fees (1) $ 44,800 $ 45,339 Advanced organization and offering expenses 2,170 2,612 Total $ 46,970 $ 47,951 (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 March 2059 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 upfront 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: 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)	6 Months Ended
	Jun. 30, 2024
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 are as follows ($ in thousands): Year June 30, 2024 2024 (remaining) $ 45,733 2025 82,434 2026 71,340 2027 60,165 2028 48,573 Thereafter 121,591 Total $ 429,836
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 are as follows ($ in thousands): Assets: June 30, 2024 December 31, 2023 Right-of-use asset – finance leases $ 2,424 $ 2,452 Right-of-use asset – operating lease 2,046 2,066 Liabilities: Lease liability – finance leases 2,520 2,523 Lease liability – operating lease 2,172 2,159 The following table details the components of the Company’s finance leases ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Interest on lease liabilities $ 54 $ 54 $ 107 $ 196 Amortization of right-of-use assets 14 14 28 51 Total finance lease cost $ 68 $ 68 $ 135 $ 247
Schedule of Future Minimum Annual Payment	Aggregate future minimum annual payments for ground leases held by the Company as of June 30, 2024 are as follows ($ in thousands): Operating Lease Finance Leases 2024 (remaining) $ 77 $ 109 2025 158 219 2026 165 219 2027 169 219 2028 169 219 Thereafter 7,515 8,571 Total undiscounted future lease payments 8,253 9,556 Difference between undiscounted cash flows and discounted cash flows (6,081) (7,036) Total lease liability $ 2,172 $ 2,520
Schedule of Future Minimum Annual Payment	Aggregate future minimum annual payments for ground leases held by the Company as of June 30, 2024 are as follows ($ in thousands): Operating Lease Finance Leases 2024 (remaining) $ 77 $ 109 2025 158 219 2026 165 219 2027 169 219 2028 169 219 Thereafter 7,515 8,571 Total undiscounted future lease payments 8,253 9,556 Difference between undiscounted cash flows and discounted cash flows (6,081) (7,036) Total lease liability $ 2,172 $ 2,520

Derivatives (Tables)

Derivatives (Tables)	6 Months Ended
	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Interest Rate Derivatives	June 30, 2024 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 3.5 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 a Liability Position (1) Derivative financial instrument June 30, 2024 December 31, 2023 Interest rate swaps – property debt $ 65 $ 124 Total derivative financial instrument $ 65 $ 124 (1) Included in Accounts Payable, Accrued Expenses, and Other Liabilities on the Company’s Consolidated Balance Sheets.

Equity and Redeemable Non-Con_2

Equity and Redeemable Non-Controlling Interest (Tables)	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Schedule of Capital Stock	As of June 30, 2024, 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 table details the movement in the Company’s outstanding shares of common stock (in thousands): Three Months Ended June 30, 2024 Class T Shares Class S Shares Class D Shares Class I Shares Class N Shares Total March 31, 2024 16,744 44,095 7,309 81,441 29,731 179,320 Common Stock Issued (54) 1,374 96 3,884 — 5,300 Distribution Reinvestment 99 303 53 641 — 1,096 Vested Stock Grant — — — 1 — 1 Common Stock Repurchased (264) (921) (347) (6,668) — (8,200) June 30, 2024 16,525 44,851 7,111 79,299 29,731 177,517 Six Months Ended June 30, 2024 Class T Shares Class S Shares Class D Shares Class I Shares Class N Shares Total December 31, 2023 16,728 44,563 7,300 81,189 29,731 179,511 Common Stock Issued 367 2,154 206 7,816 — 10,543 Distribution Reinvestment 199 598 105 1,260 — 2,162 Vested Stock Grant — — — 2 — 2 Common Stock Repurchased (769) (2,464) (500) (10,968) — (14,701) June 30, 2024 16,525 44,851 7,111 79,299 29,731 177,517
Schedule of Declared Dividend Distributions	The following tables detail the net distribution for each of the Company’s share classes: Three Months Ended June 30, 2024 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 $ 0.2025 $ 0.2025 $ 0.2025 $ 0.2025 $ 0.2025 Advisory fee per share of common stock (0.0354) (0.0349) (0.0353) (0.0353) (0.0191) Stockholder servicing fee per share of common stock (0.0250) (0.0249) (0.0070) — — Net distribution per share of common stock $ 0.1421 $ 0.1427 $ 0.1602 $ 0.1672 $ 0.1834 Six Months Ended June 30, 2024 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 $ 0.4060 $ 0.4060 $ 0.4060 $ 0.4060 $ 0.4060 Advisory fee per share of common stock (0.0709) (0.0699) (0.0711) (0.0707) (0.0383) Stockholder servicing fee per share of common stock (0.0504) (0.0501) (0.0142) — — Net distribution per share of common stock $ 0.2847 $ 0.2860 $ 0.3207 $ 0.3353 $ 0.3677

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Schedule of Total Assets by Segment	The following table sets forth the financial position by segment ($ in thousands): June 30, 2024 December 31, Industrial $ 542,279 $ 552,413 Healthcare 448,591 457,964 Multifamily 321,367 326,862 Retail 205,870 206,824 Single-Family Housing 143,625 145,700 Office 113,143 116,334 Self-Storage 58,645 61,505 Commercial Mortgage Loans 358,683 338,978 Real Estate-Related Securities (1) 172,344 208,402 International Affiliated Funds 111,749 118,055 Other (Corporate) 35,460 46,961 Total assets $ 2,511,756 $ 2,579,998 (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 June 30, 2024 ($ in thousands): Industrial Healthcare Multifamily Retail Single-Family Housing Office Self-Storage Commercial Mortgage Loans Real Estate-Related Securities (1) International Affiliated Funds Other Total Revenues: Rental revenue $ 12,789 $ 10,889 $ 8,058 $ 4,742 $ 2,887 $ 3,870 $ 979 $ — $ — $ — $ — $ 44,214 Income from commercial mortgage loans — — — — — — — 7,812 — — — 7,812 Total segment revenues 12,789 10,889 8,058 4,742 2,887 3,870 979 7,812 — — — 52,026 Expenses: Property operating 3,898 3,509 3,321 1,336 1,434 961 617 — — — — 15,076 Total segment expenses 3,898 3,509 3,321 1,336 1,434 961 617 — — — — 15,076 Realized and unrealized loss from real estate-related securities (858) (858) Realized and unrealized gain from real estate debt 145 145 Unrealized gain on note payable 5 5 Unrealized gain from interest rate derivatives 152 152 Loss from equity investments in unconsolidated international affiliated funds (2,005) (2,005) Unrealized gain on commercial mortgage loans 63 63 Segment net operating income $ 8,891 $ 7,380 $ 4,737 $ 3,406 $ 1,453 $ 2,909 $ 362 $ 7,875 $ (713) $ (2,005) $ 157 $ 34,452 Depreciation and amortization (5,748) (5,968) (2,518) (2,134) (1,090) (1,834) (292) — — — (19,584) General and administrative expenses (2,229) Advisory fee due to affiliates (7,376) Interest income 1,810 Interest expense (11,277) Net loss $ (4,204) Net loss attributable to non-controlling interests in third-party joint ventures (7) Net income attributable to preferred stock 4 Net loss attributable to common stockholders $ (4,201) (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 June 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 Other Total Revenues: Rental revenue $ 12,907 $ 10,602 $ 7,759 $ 5,208 $ 2,667 $ 3,450 $ 1,055 $ — $ — $ — $ — $ 43,648 Income from commercial mortgage loans — — — — — — — 7,052 — — — 7,052 Total segment revenues 12,907 10,602 7,759 5,208 2,667 3,450 1,055 7,052 — — — 50,700 Expenses: Property operating 3,198 3,974 3,215 1,402 1,547 933 511 — — — — 14,780 Total segment expenses 3,198 3,974 3,215 1,402 1,547 933 511 — — — — 14,780 Realized and unrealized gain from real estate-related securities 2,305 2,305 Realized and unrealized gain from real estate debt 746 746 Unrealized loss on note payable (80) (80) Unrealized loss from interest rate derivatives (112) (112) Loss from equity investments in unconsolidated international affiliated funds (2,799) (2,799) Unrealized loss on commercial mortgage loans (748) (748) Segment net operating income $ 9,709 $ 6,628 $ 4,544 $ 3,806 $ 1,120 $ 2,517 $ 544 $ 6,304 $ 3,051 $ (2,799) $ (192) $ 35,232 Depreciation and amortization (6,437) (6,190) (2,638) (2,242) (1,188) (1,801) (1,152) — — — — (21,648) General and administrative expenses (1,946) Advisory fee due to affiliates (7,907) Interest income 2,216 Interest expense (9,929) Net loss $ (3,982) Net loss attributable to non-controlling interests in third-party joint ventures (22) Net income attributable to preferred stock 4 Net loss attributable to common stockholders $ (3,964) (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 six months ended June 30, 2024 ($ in thousands): Industrial Healthcare Multifamily Retail Single-Family Housing Office Self-Storage Commercial Mortgage Loans Real Estate-Related Securities (1) International Affiliated Funds Other Total Revenues: Rental revenue $ 25,614 $ 22,315 $ 16,054 $ 9,587 $ 5,685 $ 7,661 $ 1,948 $ — $ — $ — $ — $ 88,864 Income from commercial mortgage loans — — — — — — — 15,381 — — — 15,381 Total segment revenues 25,614 22,315 16,054 9,587 5,685 7,661 1,948 15,381 — — — 104,245 Expenses: Property operating 7,862 7,654 6,565 2,888 2,923 2,115 1,492 — — — — 31,499 Total segment expenses 7,862 7,654 6,565 2,888 2,923 2,115 1,492 — — — — 31,499 Realized gain on sale of real estate investments 15 15 Realized and unrealized loss from real estate-related securities (2,830) (2,830) Realized and unrealized gain from real estate debt 2,020 2,020 Unrealized gain on note payable 175 175 Unrealized gain from interest rate derivatives 55 55 Loss from equity investments in unconsolidated international affiliated funds (2,629) (2,629) Unrealized loss on commercial mortgage loans (59) (59) Segment net operating income $ 17,752 $ 14,661 $ 9,489 $ 6,699 $ 2,777 $ 5,546 $ 456 $ 15,322 $ (810) $ (2,629) $ 230 $ 69,493 Depreciation and amortization (11,696) (11,947) (4,906) (4,278) (2,236) (3,672) (1,022) — — — — (39,757) General and administrative expenses (4,405) Advisory fee due to affiliates (14,864) Interest income 3,671 Interest expense (22,146) Net loss $ (8,008) Net loss attributable to non-controlling interests in third-party joint ventures (14) Net income attributable to preferred stock 8 Net loss attributable to common stockholders $ (8,002) (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 six months ended June 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 Other Total Revenues: Rental revenue $ 25,519 $ 21,477 $ 15,379 $ 9,801 $ 5,202 $ 6,789 $ 1,815 $ — $ — $ — $ — $ 85,982 Income from commercial mortgage loans — — — — — — — 13,537 — — — 13,537 Total segment revenues 25,519 21,477 15,379 9,801 5,202 6,789 1,815 13,537 — — — 99,519 Expenses: Property operating 7,194 7,709 6,302 2,661 3,025 1,886 942 — — — — 29,719 Total segment expenses 7,194 7,709 6,302 2,661 3,025 1,886 942 — — — — 29,719 Realized and unrealized gain from real estate-related securities 5,301 5,301 Realized and unrealized gain from real estate debt 343 343 Unrealized loss on note payable (110) (110) Unrealized loss from interest rate derivatives (112) (112) Loss from equity investments in unconsolidated international affiliated funds (3,154) (3,154) Unrealized loss on commercial mortgage loans (1,697) (1,697) Segment net operating income $ 18,325 $ 13,768 $ 9,077 $ 7,140 $ 2,177 $ 4,903 $ 873 $ 11,840 $ 5,644 $ (3,154) $ (222) $ 70,371 Depreciation and amortization (12,900) (12,568) (5,300) (4,516) (2,040) (3,622) (1,962) — — — (42,908) General and administrative expenses (4,383) Advisory fee due to affiliates (15,949) Interest income 4,100 Interest expense (18,558) Net loss $ (7,327) Net loss attributable to non-controlling interests in third-party joint ventures (58) Net income attributable to preferred stock 8 Net loss attributable to common stockholders $ (7,277) (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	Jun. 30, 2024 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	$ 2.4
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		6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) subsidiary installment	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Significant Of Accounting Policies [Line Items]
Total assets	$ 2,511,756		$ 2,511,756		$ 2,579,998
Total liabilities	893,297		893,297		869,617
Restricted cash equivalents	17,000		17,000
Total cash and cash equivalents and restricted cash	42,148	$ 59,768	$ 42,148	$ 59,768	53,485	$ 75,421
Number of active TRSs | subsidiary			5
Number of held TRSs | subsidiary			2
Federal income tax expense	200		$ 300
Deferred tax liability	2,400		$ 2,400
Investments in and advances to affiliates, payment installments | installment			60
Offering costs	200		$ 600
Foreign currency translation adjustment	(620)	$ 237	(2,593)	$ 1,622
security deposits
Significant Of Accounting Policies [Line Items]
Restricted cash equivalents	1,000		1,000
Cash
Significant Of Accounting Policies [Line Items]
Total cash and cash equivalents and restricted cash	16,000		$ 16,000
LUXEMBOURG
Significant Of Accounting Policies [Line Items]
Number of held TRSs | subsidiary			1
Nonrental-Related Business
Significant Of Accounting Policies [Line Items]
Number of held TRSs | subsidiary			1
Advisor
Significant Of Accounting Policies [Line Items]
Investments in and advances to affiliates, advanced expenses reimbursement NAV threshold	1,000,000		$ 1,000,000
Investment reimbursements			2,400
Organizational and offering costs			4,600
Offering costs			3,500
Organization costs			1,100
Advanced organization and offering expenses
Significant Of Accounting Policies [Line Items]
Due to affiliates	2,200		$ 2,200		2,600
Mortgages
Significant Of Accounting Policies [Line Items]
Number of held TRSs | subsidiary			1
Level 3 | Mortgages Payable | Secured Debt
Significant Of Accounting Policies [Line Items]
Long-term debt, fair value	177,300		$ 177,300		173,600
Variable Interest Entity, Primary Beneficiary
Significant Of Accounting Policies [Line Items]
Total assets	47,800		47,800		49,500
Total liabilities	$ 29,900		$ 29,900		$ 30,300

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives of Assets (Details)	Jun. 30, 2024
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	6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Assets:
Investments in real estate-related securities	$ 91,558		$ 119,014
Investments in real estate debt	80,786		89,388
Investments in commercial mortgage loans	358,683		338,978
Liabilities:
Loan participations	166,810		167,890
Note payable	71,680		69,170
Investments in Commercial Mortgage Loans
Beginning balance	338,978
Loan originations	20,000
Additional fundings	1,688
Paydowns	(1,832)
Net unrealized loss on assets	(151)
Net unrealized gain on liabilities	0
Ending balance	358,683
Loan Participations
Beginning balance	167,890
Loan originations	0
Additional fundings	386
Paydowns	(1,374)
Net unrealized loss on assets	0
Net unrealized gain on liabilities	(92)
Ending balance	166,810
Note Payable
Beginning balance	69,170
Loan originations	0
Financing proceeds	2,685	$ 0
Paydowns	0
Net unrealized loss on assets	0
Net unrealized gain on liabilities	(175)
Ending balance	71,680
Additional fundings	$ 386
Interest Rate	5.30%
Commercial Mortgage Loan
Investments in Commercial Mortgage Loans
Paydowns	$ 1,832
Note Payable
Additional fundings	$ 1,688
Measurement Input, Discount Rate | Weighted Average
Note Payable
Commercial Mortgage Loans	0.0488
Loan Participations	0.0323
Note Payable	2%
Measurement Input, Discount Rate | Minimum
Note Payable
Commercial Mortgage Loans	0.0275
Loan Participations	0.0275
Measurement Input, Discount Rate | Maximum
Note Payable
Commercial Mortgage Loans	0.1090
Loan Participations	0.0410
Fair Value, Recurring
Assets:
Investments in real estate-related securities	$ 91,558		119,014
Investments in real estate debt	80,786		89,388
Investments in commercial mortgage loans	358,683		338,978
Total	531,027		547,380
Liabilities:
Loan participations	166,810		167,890
Note payable	71,680		69,170
Interest rate derivatives	65		124
Total	238,555		237,184
Investments in Commercial Mortgage Loans
Beginning balance	338,978
Ending balance	358,683
Loan Participations
Beginning balance	167,890
Paydowns	(1,400)
Ending balance	166,810
Note Payable
Beginning balance	69,170
Ending balance	71,680
Commercial mortgage loans	500
Fair Value, Recurring | Commercial Mortgage-Backed Securities
Note Payable
Additional fundings	1,300
Fair Value, Recurring | Debt Securities
Note Payable
Additional fundings	400
Net unrealized loss	200
Net unrealized gain	(100)
Fair Value, Recurring | Commercial Mortgage Loan
Note Payable
Net unrealized loss	100
Fair Value, Recurring | Level 1
Assets:
Investments in real estate-related securities	91,558		119,014
Investments in real estate debt	0		0
Investments in commercial mortgage loans	0		0
Total	91,558		119,014
Liabilities:
Loan participations	0		0
Note payable	0		0
Interest rate derivatives	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	80,786		89,388
Investments in commercial mortgage loans	0		0
Total	80,786		89,388
Liabilities:
Loan participations	0		0
Note payable	0		0
Interest rate derivatives	65		124
Total	65		124
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	358,683		338,978
Total	358,683		338,978
Liabilities:
Loan participations	166,810		167,890
Note payable	71,680		69,170
Interest rate derivatives	0		0
Total	238,490		$ 237,060
Investments in Commercial Mortgage Loans
Beginning balance	338,978
Ending balance	358,683
Loan Participations
Beginning balance	167,890
Ending balance	166,810
Note Payable
Beginning balance	69,170
Ending balance	$ 71,680

Investments in Real Estate - Sc

Investments in Real Estate - Schedule of Investments in Real Estate, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Real Estate [Abstract]
Building and building improvements	$ 1,556,209	$ 1,551,417
Land and land improvements	315,520	315,797
Furniture, fixtures and equipment	15,581	15,038
Total	1,887,310	1,882,252
Accumulated depreciation	(177,128)	(147,556)
Investments in real estate, net	$ 1,710,182	$ 1,734,696

Investments in Real Estate - Na

Investments in Real Estate - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Real Estate [Abstract]
Depreciation expense	$ 14.9	$ 14.9	$ 29.6	$ 29.5

Investments in Real Estate - _2

Investments in Real Estate - Schedule of Properties Acquired (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) property	Jun. 30, 2023 USD ($)
Real Estate Properties [Line Items]
Net Gain	$ 0	$ 0	$ 15	$ 0
Self-Storage
Real Estate Properties [Line Items]
Number of Properties | property			1
Net Proceeds			$ 351
Net Gain			$ 15

Investments in Real Estate-Re_3

Investments in Real Estate-Related Securities - Schedule of Investments in Real-Estate Securities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Equity Securities At Fair Value [Roll Forward]
Beginning balance			$ 119,014
Additions			31,433
Disposals			(54,059)
Unrealized losses	$ (189)	$ 2,718	(3,649)	$ 6,434
Realized losses	(1,539)	$ (1,700)	(1,181)	$ (3,597)
Ending balance	$ 91,558		$ 91,558

Investments in Real Estate-Re_4

Investments in Real Estate-Related Securities - Schedule of Components of Realized and Unrealized Gain (Loss) (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Unrealized (losses) gains	$ (189)	$ 2,718	$ (3,649)	$ 6,434
Realized losses	(1,539)	(1,700)	(1,181)	(3,597)
Dividend income	870	1,287	2,000	2,464
Total	$ (858)	$ 2,305	$ (2,830)	$ 5,301

Investments in Real Estate De_3

Investments in Real Estate Debt - Schedule of Investments in Real Estate Debt (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Schedule of Held-to-maturity Securities [Line Items]
Weighted- Average Coupon	7.12%	7.12%
Weighted Average Maturity Date	Aug. 31, 2038	Aug. 31, 2038
Face Amount	$ 86,391	$ 97,924
Cost Basis	83,562	94,586
Fair Value	$ 80,786	$ 89,388
CMBS - Fixed
Schedule of Held-to-maturity Securities [Line Items]
Weighted- Average Coupon	3.81%	3.81%
Weighted Average Maturity Date	Oct. 02, 2043	Oct. 02, 2043
Face Amount	$ 17,998	$ 19,266
Cost Basis	16,795	17,780
Fair Value	$ 14,984	$ 14,845
CMBS - Floating
Schedule of Held-to-maturity Securities [Line Items]
Weighted- Average Coupon	7.93%	7.93%
Weighted Average Maturity Date	Jun. 02, 2037	Jun. 02, 2037
Face Amount	$ 68,393	$ 78,658
Cost Basis	66,767	76,806
Fair Value	$ 65,802	$ 74,543

Investments in Real Estate De_4

Investments in Real Estate Debt - Collateral Type of Properties (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Cost Basis	$ 83,562	$ 94,586
Fair Value	$ 80,786	$ 89,388
Percentage based on Fair Value	100%	100%
AAA
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Cost Basis	$ 4,474	$ 6,260
Fair Value	$ 4,495	$ 6,177
Percentage based on Fair Value	5.60%	6.90%
AA
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Cost Basis	$ 8,187	$ 10,124
Fair Value	$ 8,301	$ 10,132
Percentage based on Fair Value	10.30%	11.30%
A
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Cost Basis	$ 19,658	$ 21,792
Fair Value	$ 19,277	$ 20,711
Percentage based on Fair Value	23.80%	23.20%
BBB
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Cost Basis	$ 42,275	$ 51,785
Fair Value	$ 40,680	$ 48,704
Percentage based on Fair Value	50.30%	54.50%
BB
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Cost Basis	$ 7,953	$ 4,090
Fair Value	$ 6,937	$ 3,384
Percentage based on Fair Value	8.60%	3.80%
B
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Cost Basis	$ 1,015	$ 535
Fair Value	$ 1,096	$ 280
Percentage based on Fair Value	1.40%	0.30%
Industrial
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Cost Basis	$ 27,307	$ 31,577
Fair Value	$ 27,601	$ 31,206
Percentage based on Fair Value	34.10%	34.90%
Diversified
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Cost Basis	$ 9,938	$ 10,289
Fair Value	$ 9,504	$ 9,347
Percentage based on Fair Value	11.80%	10.50%
Hotel
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Cost Basis	$ 9,364	$ 7,966
Fair Value	$ 9,381	$ 7,962
Percentage based on Fair Value	11.60%	8.90%
Multifamily
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Cost Basis	$ 9,207	$ 10,247
Fair Value	$ 8,600	$ 9,529
Percentage based on Fair Value	10.60%	10.60%
Office
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Cost Basis	$ 7,992	$ 10,391
Fair Value	$ 6,684	$ 8,577
Percentage based on Fair Value	8.30%	9.60%
Retail
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Cost Basis	$ 6,202	$ 6,208
Fair Value	$ 6,225	$ 6,181
Percentage based on Fair Value	7.70%	6.90%
Manufactured Housing
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Cost Basis	$ 4,856	$ 2,639
Fair Value	$ 4,896	$ 2,669
Percentage based on Fair Value	6.10%	3%
Net Lease
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Cost Basis	$ 2,687	$ 3,861
Fair Value	$ 1,842	$ 2,673
Percentage based on Fair Value	2.30%	3%
Cold Storage
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Cost Basis	$ 2,425	$ 6,844
Fair Value	$ 2,448	$ 6,881
Percentage based on Fair Value	3%	7.70%
Life Science
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Cost Basis	$ 1,938	$ 3,412
Fair Value	$ 1,925	$ 3,204
Percentage based on Fair Value	2.40%	3.60%
Self-Storage
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Cost Basis	$ 1,646	$ 1,152
Fair Value	$ 1,680	$ 1,159
Percentage based on Fair Value	2.10%	1.30%

Investments in Real Estate De_5

Investments in Real Estate Debt - Roll Forward (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Investments in Real Estate Debt [Roll Forward]
Beginning balance	$ 89,388
Additions	10,385
Disposals	(21,007)
Unrealized gains	2,422
Realized losses	(402)
Ending balance	$ 80,786

Investments in International _3

Investments in International Affiliated Funds - Narrative (Details) $ in Thousands, € in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2024 EUR (€)	Jun. 30, 2023 USD ($)
Schedule Of Investments [Line Items]
(Loss) income from equity investments in unconsolidated international affiliated funds	$ (2,005)	$ (2,799)	$ (2,629)		$ (3,154)
ECF
Schedule Of Investments [Line Items]
Equity method investment, amount funded			$ 79,000	€ 70
Ownership percentage	5.80%		5.80%
(Loss) income from equity investments in unconsolidated international affiliated funds	$ (800)	(2,000)	$ (3,169)		(6,300)
APCF
Schedule Of Investments [Line Items]
Ownership percentage	5.20%		5.20%
(Loss) income from equity investments in unconsolidated international affiliated funds	$ (1,300)	$ (800)	$ 540		$ 3,100
Equity method investments	$ 50,000		$ 50,000

Investments in International _4

Investments in International Affiliated Funds - Schedule of Components of Income from Equity Method Investment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Schedule of Equity Method Investments [Roll Forward]
Income distributions			$ (1,379)	$ (2,651)
(Loss) income from equity investments in unconsolidated international affiliated funds	$ (2,005)	$ (2,799)	(2,629)	(3,154)
ECF
Schedule of Equity Method Investments [Roll Forward]
Beginning balance			68,599
Income distributions			(951)
(Loss) income from equity investments in unconsolidated international affiliated funds	(800)	(2,000)	(3,169)	(6,300)
Foreign currency translation adjustment			(2,298)
Ending balance	62,181		62,181
APCF
Schedule of Equity Method Investments [Roll Forward]
Beginning balance			49,456
Income distributions			(428)
(Loss) income from equity investments in unconsolidated international affiliated funds	(1,300)	$ (800)	540	$ 3,100
Ending balance	$ 49,568		$ 49,568

Investments in Commercial Mor_3

Investments in Commercial Mortgage Loans - Schedule of Investments in Commercial Mortgage Loans (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Summary of Investment Holdings [Line Items]
Interest Rate	5.30%
Fair Value	$ 358,683
9-90 Corporate Center | Office | Massachusetts, MA | Framingham | Senior
Summary of Investment Holdings [Line Items]
Interest Rate	1.75%
Commitment Amount	$ 72,033
Principal Receivable	54,526
Fair Value	$ 51,770
9-90 Corporate Center | Office | Massachusetts, MA | Framingham | Mezzanine
Summary of Investment Holdings [Line Items]
Interest Rate	5.75%
Commitment Amount	$ 23,344
Principal Receivable	21,509
Fair Value	$ 19,310
Panorama House | Multifamily | California, CA | Roseville | Senior
Summary of Investment Holdings [Line Items]
Interest Rate	1.65%
Commitment Amount	$ 66,488
Principal Receivable	65,113
Fair Value	$ 64,070
Panorama House | Multifamily | California, CA | Roseville | Mezzanine
Summary of Investment Holdings [Line Items]
Interest Rate	5.97%
Commitment Amount	$ 22,163
Principal Receivable	21,704
Fair Value	$ 20,790
Tucson IV | Multifamily | Arizona, AZ | Tuscon | Senior
Summary of Investment Holdings [Line Items]
Interest Rate	2.95%
Commitment Amount	$ 76,260
Principal Receivable	74,757
Fair Value	$ 74,680
Tucson IV | Multifamily | Arizona, AZ | Tuscon | Mezzanine
Summary of Investment Holdings [Line Items]
Interest Rate	2.95%
Commitment Amount	$ 25,420
Principal Receivable	24,919
Fair Value	$ 23,700
Dolce Living Royal Palm | Multifamily | Florida, FL | Kissimmee | Senior
Summary of Investment Holdings [Line Items]
Interest Rate	1.85%
Commitment Amount	$ 51,432
Principal Receivable	51,432
Fair Value	$ 50,970
Dolce Living Royal Palm | Multifamily | Florida, FL | Kissimmee | Mezzanine
Summary of Investment Holdings [Line Items]
Interest Rate	5.25%
Commitment Amount	$ 17,144
Principal Receivable	17,144
Fair Value	$ 16,540
Luxe Scottsdale | Multifamily | Arizona, AZ | Scottsdale
Summary of Investment Holdings [Line Items]
Interest Rate	5.70%
Commitment Amount	$ 17,043
Principal Receivable	17,163
Fair Value	$ 16,650
Sterling Self-Storage | Self-Storage
Summary of Investment Holdings [Line Items]
Interest Rate	3.70%
Commitment Amount	$ 20,850
Principal Receivable	20,203
Fair Value	$ 20,203

Investments in Commercial Mor_4

Investments in Commercial Mortgage Loans - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Schedule Of Investments [Line Items]
Income from commercial mortgage loans	$ 7,812	$ 7,052	$ 15,381	$ 13,537
Commercial Mortgage Loans
Schedule Of Investments [Line Items]
Unrealized gain (loss) on commercial mortgage loans	63	(748)	(59)	(1,697)
Commercial Mortgage Loan
Schedule Of Investments [Line Items]
Income from commercial mortgage loans	$ 7,800	$ 7,100	$ 15,400	$ 13,500

Investments in Commercial Mor_5

Investments in Commercial Mortgage Loans - Schedule of Loan Terms (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Financing Receivable, After Allowance For Credit Loss [Roll Forward]
Additional fundings	$ 386
Paydowns	1,832
Ending balance	358,683
Loan participation paydowns	1,374
Fair Value, Recurring
Financing Receivable, After Allowance For Credit Loss [Roll Forward]
Commercial mortgage loans	500
Loan participation paydowns	1,400
Unitranche Debt
Financing Receivable, After Allowance For Credit Loss [Roll Forward]
Beginning balance	338,978
Loan originations	20,000
Additional fundings	1,688
Paydowns	(1,832)
Net unrealized loss	(151)
Ending balance	358,683
Unitranche Debt | Fair Value, Recurring
Financing Receivable, After Allowance For Credit Loss [Roll Forward]
Net unrealized loss	100
Commercial Mortgage-Backed Securities | Fair Value, Recurring
Financing Receivable, After Allowance For Credit Loss [Roll Forward]
Additional fundings	1,300
Debt Securities | Fair Value, Recurring
Financing Receivable, After Allowance For Credit Loss [Roll Forward]
Additional fundings	400
Net unrealized loss	200
Net unrealized gain	$ (100)

Intangibles - Schedule of Gross

Intangibles - Schedule of Gross Carrying Amount and Accumulated Amortization of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Intangible assets:
Total intangible assets	$ 172,635	$ 171,560
Accumulated amortization:
Total accumulated amortization	(84,759)	(73,684)
Intangible assets, net	87,876	97,876
Intangible liabilities:
Intangible liabilities, net	(31,401)	(34,204)
In-place lease intangibles
Intangible assets:
Total intangible assets	96,030	96,039
Accumulated amortization:
Total accumulated amortization	(55,667)	(49,826)
Intangible assets, net	40,363
Above-market lease intangibles
Intangible assets:
Total intangible assets	13,030	13,030
Accumulated amortization:
Total accumulated amortization	(3,786)	(2,847)
Intangible assets, net	9,244
Leasing commissions
Intangible assets:
Total intangible assets	45,530	44,123
Accumulated amortization:
Total accumulated amortization	(17,980)	(15,032)
Intangible assets, net	27,550
Other intangibles
Intangible assets:
Total intangible assets	18,045	18,368
Accumulated amortization:
Total accumulated amortization	(7,326)	(5,979)
Intangible assets, net	10,719
Below-market lease intangibles
Intangible liabilities:
Below-market lease intangibles	(47,785)	(47,785)
Accumulated amortization	16,384	13,581
Intangible liabilities, net	$ (31,401)	$ (34,204)

Intangibles - Narrative (Detail

Intangibles - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items]
Amortization expense relating to intangible assets	$ 5.2	$ 7.1	$ 11.1	$ 14.2
Income from amortization of intangible liabilities	1.4	1.5	2.8	3
Above-market lease intangibles
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items]
Amortization expense relating to intangible assets	$ 0.5	$ 0.5	$ 0.9	$ 1
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 - Schedule of Estim

Intangibles - Schedule of Estimated Future Amortization (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
In-place Lease Intangibles and Other Intangibles
Intangible assets, net	$ 87,876	$ 97,876
Below-Market Lease Intangibles
Intangible liabilities, net	(31,401)	(34,204)
In-place lease intangibles
In-place Lease Intangibles and Other Intangibles
2024 (remaining)	6,090
2025	9,261
2026	7,207
2027	5,884
2028	3,883
Thereafter	8,038
Intangible assets, net	40,363
Above-market lease intangibles
In-place Lease Intangibles and Other Intangibles
2024 (remaining)	1,068
2025	1,843
2026	1,776
2027	1,613
2028	1,448
Thereafter	1,496
Intangible assets, net	9,244
Leasing commissions
In-place Lease Intangibles and Other Intangibles
2024 (remaining)	3,409
2025	5,416
2026	4,603
2027	3,893
2028	3,118
Thereafter	7,111
Intangible assets, net	27,550
Other intangibles
In-place Lease Intangibles and Other Intangibles
2024 (remaining)	1,536
2025	2,382
2026	1,916
2027	1,533
2028	1,185
Thereafter	2,167
Intangible assets, net	10,719
Below-market lease intangibles
Below-Market Lease Intangibles
2024 (remaining)	(3,099)
2025	(5,060)
2026	(4,592)
2027	(3,990)
2028	(3,345)
Thereafter	(11,315)
Intangible liabilities, net	$ (31,401)	$ (34,204)

Loan Participations - Summarize

Loan Participations - Summarizes Loan Participations (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Financing Receivable, Allowance for Credit Loss [Line Items]
Interest Rate	5.30%
Loan participations, at fair value	$ 166,810	$ 167,890
Framingham | Office | Massachusetts, MA | 9-90 Corporate Center | Senior
Financing Receivable, Allowance for Credit Loss [Line Items]
Interest Rate	1.75%
Roseville | Multifamily | California, CA | Panorama House | Senior
Financing Receivable, Allowance for Credit Loss [Line Items]
Interest Rate	1.65%
Kissimmee | Multifamily | Florida, FL | Dolce Living Royal Palm | Senior
Financing Receivable, Allowance for Credit Loss [Line Items]
Interest Rate	1.85%
9-90 Corporate Center
Financing Receivable, Allowance for Credit Loss [Line Items]
Commitment Amount	$ 72,033
Principal Receivable	54,526
Loan participations, at fair value	51,770
Panorama House
Financing Receivable, Allowance for Credit Loss [Line Items]
Commitment Amount	66,488
Principal Receivable	65,113
Loan participations, at fair value	64,070
Dolce Living Royal Palm
Financing Receivable, Allowance for Credit Loss [Line Items]
Commitment Amount	51,432
Principal Receivable	51,432
Loan participations, at fair value	$ 50,970

Loan Participations - Summari_2

Loan Participations - Summarizes Company’s Loan Participations ( (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Participating Mortgage Loans Activity [Roll Forward]
Beginning balance	$ 167,890
Additional fundings	386
Paydowns	(1,374)
Net unrealized gain	(92)
Ending balance	$ 166,810

Loan Participations - Narrative

Loan Participations - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Receivables [Abstract]
Recognized interest expense	$ 3.1	$ 3	$ 6.2	$ 5.8

Credit Facility - Narrative (De

Credit Facility - Narrative (Details)			3 Months Ended		6 Months Ended
	Feb. 17, 2023 USD ($)	Sep. 30, 2021 USD ($) extensionOption advance	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Oct. 24, 2018 USD ($)
Line of Credit Facility [Line Items]
Accrued interest expense			$ 2,197,000		$ 2,197,000		$ 2,048,000
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			287,000,000		287,000,000		250,000,000
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 | extensionOption		2
Extension term		1 year
Extension fee, percentage		0.125%
Accrued interest expense			1,400,000		1,400,000
Interest expense			4,700,000	$ 3,500,000	9,100,000	$ 6,200,000
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			153,000,000		153,000,000		116,000,000
Line of Credit | September 2021 Amended Credit Agreement | Revolving facility | Minimum | SOFR
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.30%
Line of Credit | September 2021 Amended Credit Agreement | Revolving facility | Minimum | Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.30%
Line of Credit | September 2021 Amended Credit Agreement | Revolving facility | Maximum | SOFR
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.90%
Line of Credit | September 2021 Amended Credit Agreement | Revolving facility | Maximum | Base Rate
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 | advance		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		$ 134,000,000
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 | Minimum | SOFR
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.25%
Line of Credit | September 2021 Amended Credit Agreement | DDTL facility | Minimum | Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.25%
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 | Maximum | SOFR
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.85%
Line of Credit | September 2021 Amended Credit Agreement | DDTL facility | Maximum | Base Rate
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	0.10%
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	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2021
Debt Instrument [Line Items]
Weighted-average interest rate	7.05%	7.06%
Line of Credit
Debt Instrument [Line Items]
Maximum Facility Size	$ 455,000,000	$ 455,000,000
Principal Balance Outstanding	$ 287,000,000	$ 287,000,000	$ 250,000,000
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	6.80%	6.93%
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	$ 153,000,000	$ 153,000,000	116,000,000
September 2021 Amended Credit Agreement | DDTL facility
Debt Instrument [Line Items]
Weighted-average interest rate	6.75%	6.64%
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	$ 134,000,000

Credit Facility - Long-term Deb

Credit Facility - Long-term Debt Maturities (Details) - Line of Credit - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total	$ 287,000	$ 250,000
Credit Facility
Debt Instrument [Line Items]
2024 (remaining)	153,000
2025	0
2026	134,000
2027	0
2028	0
Thereafter	0
Total	$ 287,000

Mortgages Payable - Summary of

Mortgages Payable - Summary of Mortgages Payable (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jan. 03, 2023
Debt Instrument [Line Items]
Discount on assumed mortgage notes, net	$ (5,501)	$ (6,091)
Mortgages
Debt Instrument [Line Items]
Principal Balance Outstanding	175,288	175,527
Deferred financing costs, net	(674)	(743)
Total	189,567	189,789
Mortgages Payable
Debt Instrument [Line Items]
Total	195,742
Mortgages Payable | Mortgages
Debt Instrument [Line Items]
Principal Balance Outstanding	$ 195,742	196,623
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	$ 69,038	69,277
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	$ 20,454	$ 21,096
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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Debt Instrument [Line Items]
Accrued interest expense	$ 2,197		$ 2,197		$ 2,048
Mortgages Payable | Mortgages
Debt Instrument [Line Items]
Accrued interest expense	400		400
Interest expense	$ 1,500	$ 1,600	$ 3,100	$ 3,100

Mortgages Payable - Long-term D

Mortgages Payable - Long-term Debt Maturities (Details) - Mortgages Payable $ in Thousands	Jun. 30, 2024 USD ($)
Debt Instrument [Line Items]
2024 (remaining)	$ 309
2025	1,490
2026	54,645
2027	15,596
2028	71,063
Thereafter	52,639
Total	$ 195,742

Note Payable - Narrative (Detai

Note Payable - Narrative (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) note	Jun. 30, 2023 USD ($)
Debt Instrument [Line Items]
Number of notes outstanding | note			1
Tuscon Loan Asset | Notes Payable
Debt Instrument [Line Items]
Mortgages payable	$ 71.9		$ 71.9
Outstanding accrued interest	0.3		0.3
Interest expense	$ 1.3	$ 1.2	$ 2.5	$ 2.2
Debt instrument, interest rate, stated percentage	1.65%		1.65%

Note Payable - Summary of Note

Note Payable - Summary of Note Payable (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Notes Payable, Fair Value [Roll Forward]
Beginning balance	$ 69,170
Financing proceeds	2,685	$ 0
Net unrealized gain	(175)
Ending balance	$ 71,680

Note Payable - Long-term Debt M

Note Payable - Long-term Debt Maturities (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)
Debt Instrument [Line Items]
Weighted-average interest rate	7.05%	7.06%
Tuscon Loan Asset
Debt Instrument [Line Items]
2024 (remaining)	$ 0	$ 0
2025	71,947	71,947
2026	0	0
2027	0	0
2028	0	0
Thereafter	0	0
Total	$ 71,947	$ 71,947

Other Assets and Other Liabil_3

Other Assets and Other Liabilities - Schedule of Components of Other Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Straight-line rent receivable	$ 14,549	$ 13,525
Prepaid expenses	4,563	2,738
Receivables	$ 4,242	$ 6,249
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Total	Total
Right-of-use asset – finance leases	$ 2,424	$ 2,452
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Total	Total
Right-of-use asset – operating lease	$ 2,046	$ 2,066
Other	615	564
Total	28,774	28,506
Line of Credit
Line of Credit Facility [Line Items]
Deferred financing costs on credit facility, net	$ 335	$ 912

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	Jun. 30, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Common stock repurchases	$ 24,968	$ 19,034
Accounts payable and accrued expenses	12,175	21,526
Real estate taxes payable	8,602	9,811
Prepaid rental income	7,868	2,126
Tenant security deposits	$ 6,835	$ 7,119
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities	Other Liabilities
Lease liability – finance leases	$ 2,520	$ 2,523
Deferred tax liability	2,369	2,184
Accrued interest expense	$ 2,197	$ 2,048
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities	Other Liabilities
Lease liability – operating lease	$ 2,172	$ 2,159
Other	4,596	7,465
Total	$ 74,302	$ 75,995

Related-Party Transactions - Sc

Related-Party Transactions - Schedule of Certain Affiliates Receive Fee and Compensation with Offering and Ongoing Management of Assets (Details)	6 Months Ended
	Jun. 30, 2024
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) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Accounts payable, accrued expenses, and other liabilities	$ 74,302		$ 74,302		$ 75,995
Additional Paid-in Capital | Private Placement
Related Party Transaction [Line Items]
Allocation to redeemable non-controlling interest			400		400
Common Stock Class N | TIAA
Related Party Transaction [Line Items]
Common stock value under purchase agreement	300,000		300,000
Advisory fees
Related Party Transaction [Line Items]
Related party expense	$ 5,800	$ 6,100	$ 11,700	$ 12,400
Project management fees | Related Party | Nuveen RE PMS
Related Party Transaction [Line Items]
Maximum amount of transaction, percentage of project costs	6%		6%
Development and management fees | Related Party | 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	$ 1,600	$ 1,800	$ 3,200	$ 3,500
Accrued stockholder servicing fees | Class S Shares
Related Party Transaction [Line Items]
Accounts payable, accrued expenses, and other liabilities	44,800		44,800
Accrued stockholder servicing fees | Class D Shares
Related Party Transaction [Line Items]
Accounts payable, accrued expenses, and other liabilities	44,800		44,800
Accrued stockholder servicing fees | Class T Shares
Related Party Transaction [Line Items]
Accounts payable, accrued expenses, and other liabilities	44,800		44,800
Accounts Payable, Accrued Expenses and Other Liabilities | Advisory fees
Related Party Transaction [Line Items]
Accounts payable, accrued expenses, and other liabilities	1,900		1,900		$ 2,100
Due to Affiliates | Accrued stockholder servicing fees
Related Party Transaction [Line Items]
Accounts payable, accrued expenses, and other liabilities	$ 600		$ 600

Related-Party Transactions - _2

Related-Party Transactions - Schedule of Affiliated Service Providers and the Fees Incurred (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Related Party Transaction [Line Items]
Advisory fee due to affiliates	$ 7,376	$ 7,907	$ 14,864	$ 15,949
Related Party | NexCore
Related Party Transaction [Line Items]
Advisory fee due to affiliates	203	304	352	690
Related Party | Sparrow
Related Party Transaction [Line Items]
Advisory fee due to affiliates	282	355	598	694
Related Party | MyPlace
Related Party Transaction [Line Items]
Advisory fee due to affiliates	50	22	114	91
Related Party | Nuveen RE PMS
Related Party Transaction [Line Items]
Advisory fee due to affiliates		62		62
Related Party | Property and project management services | NexCore
Related Party Transaction [Line Items]
Advisory fee due to affiliates	142	132	268	243
Related Party | Property and project management services | Sparrow
Related Party Transaction [Line Items]
Advisory fee due to affiliates	180	191	378	366
Related Party | Property and project management services | MyPlace
Related Party Transaction [Line Items]
Advisory fee due to affiliates	7	0	18	0
Related Party | Property and project management services | Nuveen RE PMS
Related Party Transaction [Line Items]
Advisory fee due to affiliates		62		62
Related Party | Acquisition and asset management services | NexCore
Related Party Transaction [Line Items]
Advisory fee due to affiliates	0	0	0	0
Related Party | Acquisition and asset management services | Sparrow
Related Party Transaction [Line Items]
Advisory fee due to affiliates	102	164	220	328
Related Party | Acquisition and asset management services | MyPlace
Related Party Transaction [Line Items]
Advisory fee due to affiliates	43	22	96	91
Related Party | Acquisition and asset management services | Nuveen RE PMS
Related Party Transaction [Line Items]
Advisory fee due to affiliates		0		0
Related Party | Accounting, construction and leasing services | NexCore
Related Party Transaction [Line Items]
Advisory fee due to affiliates	61	172	84	447
Related Party | Accounting, construction and leasing services | Sparrow
Related Party Transaction [Line Items]
Advisory fee due to affiliates	0	0	0	0
Related Party | Accounting, construction and leasing services | MyPlace
Related Party Transaction [Line Items]
Advisory fee due to affiliates	$ 0	0	$ 0	0
Related Party | Accounting, construction and leasing services | Nuveen RE PMS
Related Party Transaction [Line Items]
Advisory fee due to affiliates		$ 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)	Jun. 30, 2024
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
Related Party Transaction [Line Items]
Stockholder Servicing Fee (% of NAV)	0.65%
Class T Shares | Dealer | Related Party
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 - _3

Related-Party Transactions - Schedule of Components of Due to Affiliates (Details) - Affiliated Entity - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Due to affiliates	$ 46,970	$ 47,951
Accrued stockholder servicing fees
Related Party Transaction [Line Items]
Due to affiliates	$ 44,800	45,339
Threshold percent of gross proceeds	10%
Advanced organization and offering expenses
Related Party Transaction [Line Items]
Due to affiliates	$ 2,170	$ 2,612
Class S Shares
Related Party Transaction [Line Items]
Percentage of gross proceeds from sale of shares	8.75%
Class T 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%
Class D Shares | Accrued stockholder servicing fees
Related Party Transaction [Line Items]
Period from date of issuance for future shares issued	35 years
Class T and S | Accrued stockholder servicing fees
Related Party Transaction [Line Items]
Period from date of issuance for future shares issued	7 years

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) lease	Jun. 30, 2023 USD ($)
Leases [Abstract]
Rental revenue | $	$ 44,214	$ 43,648	$ 88,864	$ 85,982
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	36 years		36 years
Weighted average remaining lease term, finance lease	44 years		44 years
Lease costs | $	$ 100	$ 100	$ 100	$ 200

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	Jun. 30, 2024 USD ($)
Leases [Abstract]
2024 (remaining)	$ 45,733
2025	82,434
2026	71,340
2027	60,165
2028	48,573
Thereafter	121,591
Total	$ 429,836

Leases - Schedule of Right-of-u

Leases - Schedule of Right-of-use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets
Right-of-use asset – finance leases	$ 2,424	$ 2,452
Right-of-use asset – operating lease	2,046	2,066
Liabilities:
Lease liability – finance leases	2,520	2,523
Lease liability – operating lease	$ 2,172	$ 2,159

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Annual Payment (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Operating Lease
2024 (remaining)	$ 77
2025	158
2026	165
2027	169
2028	169
Thereafter	7,515
Total undiscounted future lease payments	8,253
Difference between undiscounted cash flows and discounted cash flows	(6,081)
Total lease liability	2,172	$ 2,159
Finance Leases
2024 (remaining)	109
2025	219
2026	219
2027	219
2028	219
Thereafter	8,571
Total undiscounted future lease payments	9,556
Difference between undiscounted cash flows and discounted cash flows	(7,036)
Total lease liability	$ 2,520	$ 2,523

Leases - Financing Leases (Deta

Leases - Financing Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Interest on lease liabilities	$ 54	$ 54	$ 107	$ 196
Amortization of right-of-use assets	14	14	28	51
Total finance lease cost	$ 68	$ 68	$ 135	$ 247

Derivatives - Schedule of Inter

Derivatives - Schedule of Interest Rate Derivatives (Details) - Interest rate swaps – property debt - Designated as Hedging Instrument	6 Months Ended
	Jun. 30, 2024 DKK (kr) instrument
Derivative [Line Items]
Number of instruments | instrument	4
Notional Amount | kr	kr 142,452
Weighted Average Strike Rate	3.18%
Weighted Average Maturity (Years)	3 years 6 months

Derivatives - Schedule of Deriv

Derivatives - Schedule of Derivative Financial Instruments (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Derivative [Line Items]
Total derivative financial instrument	$ 65	$ 124
Interest rate swaps – property debt
Derivative [Line Items]
Total derivative financial instrument	$ 65	$ 124

Derivatives - Narrative (Detail

Derivatives - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gains (losses) on derivatives	$ 152	$ (112)	$ 55	$ (112)
Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gains (losses) on derivatives	$ 200	$ (100)	$ 100	$ (100)

Equity and Redeemable Non-Con_3

Equity and Redeemable Non-Controlling Interest - Narrative (Details) - USD ($)		1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Oct. 08, 2020	May 31, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Equity [Line Items]
Number of shares, authorized to issue (in shares)			2,200,000,000		2,200,000,000
Percentage of repurchase plan limits per month		2%
Restricted stock, vesting period			1 year
Dividends payable			$ 9,509,000		$ 9,509,000		$ 9,713,000
Dividends			29,200,000	$ 29,900,000	$ 58,600,000	$ 60,300,000
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			96,126,000	111,451,000	$ 173,549,000	176,731,000
Percentage of share repurchases requests as a percentage of NAV		2.47%
Percentage of share repurchase received		100%
Additional Paid-in Capital
Equity [Line Items]
Common stock repurchased			96,045,000	$ 111,360,000	$ 173,401,000	$ 176,588,000
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)			16,524,535		16,524,535		16,727,973
Common stock outstanding (in shares)			16,524,535		16,524,535		16,727,973
Net distributions per share of common stock (in dollars per share)			$ 0.1421		$ 0.2847
Class T Shares | Gross distribution per share of common stock
Equity [Line Items]
Net distributions per share of common stock (in dollars per share)			$ 0.2025		$ 0.4060
Class S Shares
Equity [Line Items]
Common stock issued (in shares)			44,851,222		44,851,222		44,562,862
Common stock outstanding (in shares)			44,851,222		44,851,222		44,562,862
Net distributions per share of common stock (in dollars per share)			$ 0.1427		$ 0.2860
Class S Shares | Gross distribution per share of common stock
Equity [Line Items]
Net distributions per share of common stock (in dollars per share)			$ 0.2025		$ 0.4060
Class D Shares
Equity [Line Items]
Common stock issued (in shares)			7,111,153		7,111,153		7,300,445
Common stock outstanding (in shares)			7,111,153		7,111,153		7,300,445
Net distributions per share of common stock (in dollars per share)			$ 0.1602		$ 0.3207
Class D Shares | Gross distribution per share of common stock
Equity [Line Items]
Net distributions per share of common stock (in dollars per share)			$ 0.2025		$ 0.4060
Class I Shares
Equity [Line Items]
Common stock issued (in shares)			79,299,748		79,299,748		81,188,939
Common stock outstanding (in shares)			79,299,748		79,299,748		81,188,939
Net distributions per share of common stock (in dollars per share)			$ 0.1672		$ 0.3353
Class I Shares | Gross distribution per share of common stock
Equity [Line Items]
Net distributions per share of common stock (in dollars per share)			$ 0.2025		$ 0.4060
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)			$ 0.1834		$ 0.3677
Class N Shares | Gross distribution per share of common stock
Equity [Line Items]
Net distributions per share of common stock (in dollars per share)			$ 0.2025		$ 0.4060
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 month					2%
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		$ 400,000
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	Jun. 30, 2024	Dec. 31, 2023
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	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	179,320	179,511
Common stock issued (in shares)	5,300	10,543
Distribution reinvestment plan (in shares)	1,096	2,162
Vested stock grant (in shares)	1	2
Common stock repurchased (in shares)	(8,200)	(14,701)
Ending balance (in shares)	177,517	177,517
Class T Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	16,744	16,728
Common stock issued (in shares)	(54)	367
Distribution reinvestment plan (in shares)	99	199
Vested stock grant (in shares)	0	0
Common stock repurchased (in shares)	(264)	(769)
Ending balance (in shares)	16,525	16,525
Class S Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	44,095	44,563
Common stock issued (in shares)	1,374	2,154
Distribution reinvestment plan (in shares)	303	598
Vested stock grant (in shares)	0	0
Common stock repurchased (in shares)	(921)	(2,464)
Ending balance (in shares)	44,851	44,851
Class D Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	7,309	7,300
Common stock issued (in shares)	96	206
Distribution reinvestment plan (in shares)	53	105
Vested stock grant (in shares)	0	0
Common stock repurchased (in shares)	(347)	(500)
Ending balance (in shares)	7,111	7,111
Class I Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	81,441	81,189
Common stock issued (in shares)	3,884	7,816
Distribution reinvestment plan (in shares)	641	1,260
Vested stock grant (in shares)	1	2
Common stock repurchased (in shares)	(6,668)	(10,968)
Ending balance (in shares)	79,299	79,299
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	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024
Class T Shares
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	$ 0.1421	$ 0.2847
Class T Shares | Gross distribution per share of common stock
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	0.2025	0.4060
Class T Shares | Advisory fee per share of common stock
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	(0.0354)	(0.0709)
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)	(0.0250)	(0.0504)
Class S Shares
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	0.1427	0.2860
Class S Shares | Gross distribution per share of common stock
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	0.2025	0.4060
Class S Shares | Advisory fee per share of common stock
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	(0.0349)	(0.0699)
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)	(0.0249)	(0.0501)
Class D Shares
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	0.1602	0.3207
Class D Shares | Gross distribution per share of common stock
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	0.2025	0.4060
Class D Shares | Advisory fee per share of common stock
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	(0.0353)	(0.0711)
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)	(0.0070)	(0.0142)
Class I Shares
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	0.1672	0.3353
Class I Shares | Gross distribution per share of common stock
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	0.2025	0.4060
Class I Shares | Advisory fee per share of common stock
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	(0.0353)	(0.0707)
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)	0.1834	0.3677
Class N Shares | Gross distribution per share of common stock
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	0.2025	0.4060
Class N Shares | Advisory fee per share of common stock
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	(0.0191)	(0.0383)
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)	6 Months Ended
	Jun. 30, 2024 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	Jun. 30, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total assets	$ 2,511,756	$ 2,579,998
Industrial
Segment Reporting Information [Line Items]
Total assets	542,279	552,413
Healthcare
Segment Reporting Information [Line Items]
Total assets	448,591	457,964
Multifamily
Segment Reporting Information [Line Items]
Total assets	321,367	326,862
Retail
Segment Reporting Information [Line Items]
Total assets	205,870	206,824
Single-Family Housing
Segment Reporting Information [Line Items]
Total assets	143,625	145,700
Office
Segment Reporting Information [Line Items]
Total assets	113,143	116,334
Self-Storage
Segment Reporting Information [Line Items]
Total assets	58,645	61,505
Commercial Mortgage Loans
Segment Reporting Information [Line Items]
Total assets	358,683	338,978
Real Estate-Related Securities
Segment Reporting Information [Line Items]
Total assets	172,344	208,402
International Affiliated Funds
Segment Reporting Information [Line Items]
Total assets	111,749	118,055
Other (Corporate)
Segment Reporting Information [Line Items]
Total assets	$ 35,460	$ 46,961

Segment Reporting - Schedule _2

Segment Reporting - Schedule of Financial Results by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues
Rental revenue	$ 44,214	$ 43,648	$ 88,864	$ 85,982
Income from commercial mortgage loans	7,812	7,052	15,381	13,537
Total revenues	52,026	50,700	104,245	99,519
Expenses:
Total segment expenses	15,076	14,780	31,499	29,719
Realized gain on sale of real estate investments	0	0	15	0
Realized and unrealized loss from real estate-related securities	(858)	2,305	(2,830)	5,301
Realized and unrealized gain from real estate debt	145	746	2,020	343
Unrealized loss from interest rate derivatives	152	(112)	55	(112)
Loss from equity investments in unconsolidated international affiliated funds	(2,005)	(2,799)	(2,629)	(3,154)
Segment net operating income	34,452	35,232	69,493	70,371
Depreciation and amortization	(19,584)	(21,648)	(39,757)	(42,908)
General and administrative expenses	(2,229)	(1,946)	(4,405)	(4,383)
Advisory fee due to affiliates	(7,376)	(7,907)	(14,864)	(15,949)
Interest income	1,810	2,216	3,671	4,100
Interest expense	(11,277)	(9,929)	(22,146)	(18,558)
Net loss	(4,204)	(3,982)	(8,008)	(7,327)
Net loss attributable to non-controlling interests in third-party joint ventures	(7)	(22)	(14)	(58)
Net income attributable to preferred stock	4	4	8	8
Net loss attributable to common stockholders	(4,201)	(3,964)	(8,002)	(7,277)
Loans Payable
Expenses:
Unrealized (loss) on note payable and commercial mortgage loans	5	(80)	175	(110)
Mortgages
Expenses:
Unrealized (loss) on note payable and commercial mortgage loans	63	(748)	(59)	(1,697)
Industrial
Revenues
Rental revenue	12,789	12,907	25,614	25,519
Income from commercial mortgage loans	0	0	0	0
Total revenues	12,789	12,907	25,614	25,519
Expenses:
Total segment expenses	3,898	3,198	7,862	7,194
Segment net operating income	8,891	9,709	17,752	18,325
Depreciation and amortization	(5,748)	(6,437)	(11,696)	(12,900)
Healthcare
Revenues
Rental revenue	10,889	10,602	22,315	21,477
Income from commercial mortgage loans	0	0	0	0
Total revenues	10,889	10,602	22,315	21,477
Expenses:
Total segment expenses	3,509	3,974	7,654	7,709
Segment net operating income	7,380	6,628	14,661	13,768
Depreciation and amortization	(5,968)	(6,190)	(11,947)	(12,568)
Multifamily
Revenues
Rental revenue	8,058	7,759	16,054	15,379
Income from commercial mortgage loans	0	0	0	0
Total revenues	8,058	7,759	16,054	15,379
Expenses:
Total segment expenses	3,321	3,215	6,565	6,302
Segment net operating income	4,737	4,544	9,489	9,077
Depreciation and amortization	(2,518)	(2,638)	(4,906)	(5,300)
Retail
Revenues
Rental revenue	4,742	5,208	9,587	9,801
Income from commercial mortgage loans	0	0	0	0
Total revenues	4,742	5,208	9,587	9,801
Expenses:
Total segment expenses	1,336	1,402	2,888	2,661
Segment net operating income	3,406	3,806	6,699	7,140
Depreciation and amortization	(2,134)	(2,242)	(4,278)	(4,516)
Single-Family Housing
Revenues
Rental revenue	2,887	2,667	5,685	5,202
Income from commercial mortgage loans	0	0	0	0
Total revenues	2,887	2,667	5,685	5,202
Expenses:
Total segment expenses	1,434	1,547	2,923	3,025
Realized gain on sale of real estate investments			15
Segment net operating income	1,453	1,120	2,777	2,177
Depreciation and amortization	(1,090)	(1,188)	(2,236)	(2,040)
Office
Revenues
Rental revenue	3,870	3,450	7,661	6,789
Income from commercial mortgage loans	0	0	0	0
Total revenues	3,870	3,450	7,661	6,789
Expenses:
Total segment expenses	961	933	2,115	1,886
Segment net operating income	2,909	2,517	5,546	4,903
Depreciation and amortization	(1,834)	(1,801)	(3,672)	(3,622)
Self-Storage
Revenues
Rental revenue	979	1,055	1,948	1,815
Income from commercial mortgage loans	0	0	0	0
Total revenues	979	1,055	1,948	1,815
Expenses:
Total segment expenses	617	511	1,492	942
Segment net operating income	362	544	456	873
Depreciation and amortization	(292)	(1,152)	(1,022)	(1,962)
Commercial Mortgage Loans
Revenues
Rental revenue	0	0	0	0
Income from commercial mortgage loans	7,812	7,052	15,381	13,537
Total revenues	7,812	7,052	15,381	13,537
Expenses:
Total segment expenses	0	0	0	0
Segment net operating income	7,875	6,304	15,322	11,840
Depreciation and amortization	0	0	0	0
Commercial Mortgage Loans | Mortgages
Expenses:
Unrealized (loss) on note payable and commercial mortgage loans	63	(748)	(59)	(1,697)
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	(858)	2,305	(2,830)	5,301
Realized and unrealized gain from real estate debt	145	746	2,020	343
Segment net operating income	(713)	3,051	(810)	5,644
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 from equity investments in unconsolidated international affiliated funds	(2,005)	(2,799)	(2,629)	(3,154)
Segment net operating income	(2,005)	(2,799)	(2,629)	(3,154)
Depreciation and amortization	0	0	0	0
Other (Corporate)
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
Unrealized loss from interest rate derivatives	152	(112)	55	(112)
Segment net operating income	157	(192)	230	(222)
Depreciation and amortization		0	0
Other (Corporate) | Loans Payable
Expenses:
Unrealized (loss) on note payable and commercial mortgage loans	$ 5	$ (80)	$ 175	$ (110)