J.P. Morgan Real Estate Income Trust 10-Q 9 Aug 24 2024 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2024	Aug. 09, 2024
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Registrant Name	J.P. Morgan Real Estate Income Trust, Inc.
Entity Central Index Key	0001893262
Current Fiscal Year End Date	--12-31
Entity File Number	333-265588
Entity Tax Identification Number	87-3439916
Entity Address, Address Line One	277 Park Avenue
Entity Address, Address Line Two	9th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10172
City Area Code	212
Local Phone Number	270-6000
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Document Quarterly Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	MD
Class D Shares [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		894,359
Class I Shares [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		8,382,722
Class E Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		8,633,498
Class S Shares [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		55,607
Common Stock Class Y
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,138,315
Class T Shares [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		0
Class X Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		0

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
ASSETS
Investments in real estate, net	$ 338,842	$ 275,473
Investment in real estate debt	16,825	16,825
Investments in real estate-related and other securities	420	416
Intangible assets, net	18,619	9,369
Cash and cash equivalents	26,381	32,452
Restricted cash	261	231
Deposits on real estate	1,864	9,072
Other assets, net	2,166	1,066
Total assets	405,378	344,904
LIABILITIES AND EQUITY
Mortgage notes, net	123,157	113,577
Intangible liabilities, net	2,943	1,684
Mandatorily redeemable instruments	103,172	101,753
Due to affiliate	17,956	14,719
Accounts payable, accrued expenses and other liabilities	3,750	3,704
Total liabilities	250,978	235,437
Commitments and Contingencies (Note 17)
Equity
Preferred stock- $0.01 par value per share, 100,000 shares authorized, 0 issued and outstanding as of June 30, 2024 and December 31, 2023, respectively
Additional paid-in-capital	174,027	122,915
Accumulated deficit	(24,314)	(15,679)
Total stockholders' equity	149,887	107,360
Non-controlling interests in consolidated joint ventures	4,513	2,107
Total equity	154,400	109,467
Total liabilities and equity	405,378	344,904
Class D Shares
Equity
Common stock	8	5
Class I Shares
Equity
Common stock	77	54
Class S Shares
Equity
Common stock	1	1
Class T Shares
Equity
Common stock
Class E Shares
Equity
Common stock	79	64
Class X Shares
Equity
Common stock
Class Y Shares
Equity
Common stock	$ 9

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Common Stock, Shares, Outstanding	17,400,000	12,362,000
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Number of Preferred Stock, Shares Authorized	100,000,000	100,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Class D Shares
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common stock, shares authorized	600,000,000	600,000,000
Common Stock, Shares, Issued	806,000	504,000
Common Stock, Shares, Outstanding	806,000	504,000
Class I Shares
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common stock, shares authorized	1,500,000,000	1,500,000,000
Common Stock, Shares, Issued	7,726,000	5,397,000
Common Stock, Shares, Outstanding	7,726,000	5,397,000
Class S Shares
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common Stock, Shares, Issued	55,000	54,000
Common Stock, Shares, Outstanding	55,000	54,000
Class T Shares
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common stock, shares authorized	600,000,000	600,000,000
Common Stock, Shares, Issued	0	0
Common Stock, Shares, Outstanding	0	0
Class E Shares
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common stock, shares authorized	600,000,000	600,000,000
Common Stock, Shares, Issued	7,869,000	6,407,000
Common Stock, Shares, Outstanding	7,869,000	6,407,000
Class X Shares
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common stock, shares authorized	500,000,000	500,000,000
Common Stock, Shares, Issued	0	0
Common Stock, Shares, Outstanding	0	0
Class Y Shares
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common stock, shares authorized	600,000,000	600,000,000
Common Stock, Shares, Issued	944,000	0
Common Stock, Shares, Outstanding	944,000	0

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues
Rental revenue	$ 5,873	$ 3,951	$ 10,950	$ 7,860
Total revenues	5,873	3,951	10,950	7,860
Expenses
Rental property operating	2,140	1,227	3,932	2,358
General and administrative	1,262	1,182	2,239	2,285
Depreciation and amortization	2,340	2,117	4,298	4,370
Total expenses	5,742	4,526	10,469	9,013
Other income (expense), net
Income from investment in real estate debt	445	431	891	841
Income (loss) from investments in real estate-related and other securities	5	(53)	11	(48)
Mandatorily redeemable instruments interest costs	(2,729)	(526)	(3,568)	(4,669)
Interest expense	(1,768)	(1,757)	(3,358)	(3,925)
Other income (expense), net	282	(128)	321	(125)
Total other expense, net	(3,765)	(2,033)	(5,703)	(7,926)
Net loss	(3,634)	(2,608)	(5,222)	(9,079)
Net loss attributable to non-controlling interests in consolidated joint ventures	(1)	(26)	(17)	(79)
Net loss attributable to JPMREIT stockholders, basic	(3,633)	(2,582)	(5,205)	(9,000)
Net loss attributable to JPMREIT stockholders, diluted	$ (3,633)	$ (2,582)	$ (5,205)	$ (9,000)
Net loss per share of common stock - basic	$ (0.22)	$ (0.36)	$ (0.34)	$ (1.63)
Net loss per share of common stock - diluted	$ (0.22)	$ (0.36)	$ (0.34)	$ (1.63)
Weighted-average shares of common stock outstanding - basic	16,811	7,093	15,332	5,525
Weighted-average shares of common stock outstanding - diluted	16,811	7,093	15,332	5,525

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock Common Stock Class D	Common Stock Common Stock Class I	Common Stock Common Stock Class S	Common Stock Common Stock Class E	Common Stock Common Stock Class Y	Additional Paid-In Capital	Accumulated Deficit	Total Stockholders' Equity	Non-Controlling Interests
Beginning balance at Dec. 31, 2022	$ 17,946		$ 1		$ 24		$ 19,426	$ (3,813)	$ 15,638	$ 2,308
Net loss	(9,079)							(9,000)	(9,000)	(79)
Common stock issued, net of offering costs	53,456	$ 2	29		20		53,405		53,456
Distributions declared on common stock	(1,160)							(1,160)	(1,160)
Distribution reinvestments	164						164		164
Contributions from non-controlling interests	32									32
Distributions to non-controlling interests	(79)									(79)
Stock based compensation	50						50		50
Ending balance at Jun. 30, 2023	61,330	2	30		44		73,045	(13,973)	59,148	2,182
Beginning balance at Mar. 31, 2023	35,808	1	18		31		44,138	(10,631)	33,557	2,251
Net loss	(2,608)							(2,582)	(2,582)	(26)
Common stock issued, net of offering costs	28,804	1	12		13		28,778		28,804
Distributions declared on common stock	(760)							(760)	(760)
Distribution reinvestments	104						104		104
Distributions to non-controlling interests	(43)									(43)
Stock based compensation	25						25		25
Ending balance at Jun. 30, 2023	61,330	2	30		44		73,045	(13,973)	59,148	2,182
Beginning balance at Dec. 31, 2023	109,467	5	54	$ 1	64		122,915	(15,679)	107,360	2,107
Net loss	(5,222)							(5,205)	(5,205)	(17)
Common stock issued, net of offering costs	50,345	3	22		15	$ 9	50,296		50,345
Distributions declared on common stock	(3,430)							(3,430)	(3,430)
Distribution reinvestments	996		1				995		996
Contributions from non-controlling interests	2,432									2,432
Distributions to non-controlling interests	(9)									(9)
Common stock repurchased	(229)						(229)		(229)
Stock based compensation	50						50		50
Ending balance at Jun. 30, 2024	154,400	8	77	1	79	9	174,027	(24,314)	149,887	4,513
Beginning balance at Mar. 31, 2024	129,647	6	66	1	69	5	146,211	(18,802)	127,556	2,091
Net loss	(3,634)							(3,633)	(3,633)	(1)
Common stock issued, net of offering costs	27,451	2	11		10	4	27,424		27,451
Distributions declared on common stock	(1,879)							(1,879)	(1,879)
Distribution reinvestments	596						596		596
Contributions from non-controlling interests	2,432									2,432
Distributions to non-controlling interests	(9)									(9)
Common stock repurchased	(229)						(229)		(229)
Stock based compensation	25						25		25
Ending balance at Jun. 30, 2024	$ 154,400	$ 8	$ 77	$ 1	$ 79	$ 9	$ 174,027	$ (24,314)	$ 149,887	$ 4,513

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	$ (5,222)	$ (9,079)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	4,298	4,370
Amortization of above-market lease	150
Amortization of below-market lease	(70)	(59)
Amortization of deferred financing costs	183	404
Stock based compensation	50	50
Realized loss on sale of real estate related and other securities and derivative instruments	388
Unrealized loss on real estate-related and other securities and derivative instruments	490	180
Redemption value adjustment on mandatorily redeemable instruments	1,419	3,729
Change in assets and liabilities:
Increase in other assets	(1,160)	(388)
Increase in due to affiliates	1,576	2,387
Decrease in accounts payable, accrued expenses and other liabilities	(802)	(1,960)
Net cash provided by (used in) operating activities	1,300	(366)
Cash flows from investing activities:
Acquisitions of real estate	(64,939)	(676)
Capital Improvements on real estate	(580)	(601)
Deposits on real estate acquisition		(3,054)
Variation margin payments	(730)
Proceeds from real estate-related and other securities	420	43
Purchases of real-estate related and other securities	(413)	(4,923)
Net cash used in investing activities	(66,242)	(9,211)
Cash flows from financing activities:
Proceeds from issuance of common stock, net of offering costs paid	51,780	53,982
Repurchase of common stock	(229)
Contributions from non-controlling interests	10	32
Distributions paid on common stock	(2,259)	(807)
Distributions to non-controlling interests	(9)	(79)
Repayments of credit facility		(40,200)
Proceeds from subscriptions received in advance		4,129
Proceeds from mortgage notes	10,000
Principal repayments of mortgage notes	(252)	(245)
Payment of deferred financing costs on mortgage notes	(140)	(7)
Net cash provided by financing activities	58,901	16,805
Net change in cash, cash equivalents and restricted cash:	(6,041)	7,228
Cash, cash equivalents and restricted cash, at the beginning of the period	32,683	5,788
Cash, cash equivalents and restricted cash, at the end of the period	26,642	13,016
Reconciliation of cash, cash equivalents and restricted cash to the Consolidated Balance Sheets:
Cash and cash equivalents	26,381	12,825
Restricted cash	261	191
Total cash, cash equivalents and restricted cash	26,642	13,016
Supplemental disclosure of cash flow information:
Cash paid for interest	3,151	3,721
Supplemental disclosure of non-cash investing and financing activities:
Deposit interest applied in conjunction with acquisition of real estate	120
Accrued loan and offering costs due to affiliate	973	526
Accrued distributions	176	189
Distribution re-investments	996	164
Accrued acquisition costs	100	$ 29
Accrued capex	129
Reclassification of deposits on real estate to investments in real estate, net	7,258
Accrued stockholder servicing fee due to affiliate	688
Non-controlling interest deemed contributions to investment in real estate, net	2,422
Assumption of other assets and liabilities in conjunction with acquisition of real estate	$ 105

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	1. Organization and Business Purpose J.P. Morgan Real Estate Income Trust, Inc. (the “Company” or “JPMREIT”) was formed on November 5, 2021 as a Maryland corporation and intends to qualify as a real estate investment trust (“REIT”) for U.S. federal income tax purposes. The Company invests primarily in stabilized, income-generating real estate properties, and to a lesser extent, real estate debt, real estate-related securities and other securities. The Company is the sole general partner of J.P. Morgan REIT Operating Partnership, L.P., a Delaware limited partnership (“Operating Partnership”). J.P. Morgan REIT OP Special Limited Partner, L.P. (the “Special Limited Partner”), an affiliate of J.P. Morgan Investment Management Inc. (the “Adviser” or “JPMIM” and together with its affiliates “J.P. Morgan”), owns a special limited partner interest in the Operating Partnership. Substantially all of the Company’s business is conducted through the Operating Partnership. The Company and the Operating Partnership are externally managed by JPMIM. As of June 30, 2024 , the Company owned seven real estate properties consisting of three multifamily properties, two industrial properties, one single-family rental property and one retail property. The Company also owned one position in a real estate debt investment and an investment in U.S. Treasury bills. The Company currently operates in five reportable segments: multifamily, industrial, single-family rental, retail and investments in real estate debt, real estate-related and other securities. See Note 15 for a description of the Company's segment reporting.

Capitalization

Capitalization	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Capitalization	2. Capitalization The Company filed a Registration Statement on Form S-11 (the “Registration Statement”) to register with the Securities and Exchange Commission (the "SEC") an offering of 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 “Offering, and together with the Company’s private offerings described below, the “Offerings”). The Registration Statement was declared effective by the SEC on July 22, 2022. The Company is selling any combination of four classes of shares of its common stock, Class D shares, Class I shares, Class S shares and Class T shares, with a dollar value up to the maximum offering amount. The share classes have different upfront selling commissions and ongoing stockholder servicing fees. Until the Company issues any Class T shares, the initial per-share purchase price for the Company’s Class T shares is equal to the most recently determined net asset value (“NAV”) per share for the Class E common stock (“Class E shares”) sold in the Company’s private offering, plus, applicable upfront selling commissions and dealer manager fees. The purchase price per share for each class of the Company’s common stock will vary and will generally equal the prior month’s NAV per share for such class, as determined monthly, plus any applicable upfront selling commissions and dealer manager fees. On November 15, 2021, the Company was capitalized with a $ 0.2 million investment by the Adviser in exchange for 20,000 shares of the Company’s Class E common stock. The Adviser has agreed to not sell, transfer or dispose of the shares to any party other than an affiliate of the Adviser for so long as the Adviser or its affiliate performs an advisory function for the Company. Pursuant to a separate private offering, JPMIM agreed to purchase $ 25.0 million in Class E shares or Class E units of the Operating Partnership (“Class E units”), or a combination thereof, and up to an additional $ 75.0 million in Class E shares or Class E units. JPMIM’s commitment to purchase such Class E shares and Class E units from the Company expired in August 2023 and as of June 30, 2024 , JPMIM has purchased 0.5 million Class E shares and 9.0 million Class E units. As of December 31, 2023, the Company had called all of JPMIM’s commitment. As of June 30, 2024, the Company received $ 162.1 million in commitments to purchase shares of its common stock and units in the Operating Partnership, including the shares and units to be purchased by JPMIM, and had sold $ 67.9 million in Class E shares and $ 94.2 million in Class E units from such commitments (collectively, the “Initial Capitalization”). As of June 30, 2024, the Company had called all of the capital commitments made by investors pursuant to the Initial Capitalization. In addition, as of June 30, 2024, the Company sold $ 3.3 million in Class E shares to employees of the Adviser. JPMIM has agreed to hold all of the Class E shares and Class E units it purchased as part of the Initial Capitalization (the “JPM Initial Capitalization”) until the earlier of (i) the first date that the Company’s NAV reaches $ 1.5 billion and (ii) July 22, 2025, the third anniversary of the commencement of the Offering. Following such date, each month the Company will repurchase, without further action by JPMIM (each, a “JPM Mandatory Repurchase”) (see Note 13), a number of Class E shares or Class E units from JPMIM in an amount equal to the amount available under the share repurchase plan’s 2 % monthly and 5 % quarterly caps after satisfying repurchase requests from investors who purchase shares pursuant to the Offering and other holders of shares that are otherwise subject to repurchase under the share repurchase plan, until such time as the JPM Initial Capitalization has been fully repurchased; provided, that the number of shares subject to each JPM Mandatory Repurchase may be reduced where other holders of Class E shares that were issued pursuant to the Initial Capitalization and are not subject to repurchase under the share repurchase plan request repurchase of their shares, in which case the Class E shares held by JPMIM and such other investors will be repurchased on a pro rata basis based on their respective percentage ownership in the Company immediately prior to such repurchase (not to exceed an aggregate number of shares equal to the amount available under the share repurchase plan’s 2 % monthly and 5 % quarterly caps). Notwithstanding the foregoing, the Company will not effect any JPM Mandatory Repurchase during any month in which the full amount of all shares requested to be repurchased by stockholders other than JPMIM under the share repurchase plan is not repurchased or when the share repurchase plan has been suspended. In addition, subject to certain exceptions, where the shares of the Company’s common stock and Operating Partnership units owned by the Adviser, together with any such shares and units owned by the Adviser and its affiliates, including any shares or units issued in lieu of cash management fees payable to the Adviser or the performance participation payable to the Special Limited Partner (such aggregate ownership, the “JPM Interest”), represent a 24.99 % or lesser interest in the Company, the Company will, or will cause the Operating Partnership to, automatically and without further action by the Adviser, repurchase or redeem, as applicable, an amount of shares or units from the Adviser as may be necessary to cause the JPM Interest to remain equal to or less than 24.99 %. To the extent the Adviser elects to receive its management fee in shares of the Company’s common stock or Operating Partnership units, the Company may repurchase those shares or units without regard to the limitations described above or the early repurchase deduction. On May 26, 2022, JPMIM’s Subscription Agreement dated February 23, 2022 for Class E shares or Class E units was amended to provide that, if the Company receives capital commitments from investors in the private placement of Class E shares exceeding $ 100 million (“Other Seed Investor Commitments”), JPMIM’s commitment may, in JPMIM’s discretion, be reduced by an amount equal to (i) the aggregate amount of Other Seed Investor Commitments, minus (ii) $ 100 million, provided that such reduction amount will not exceed $ 75 million. The amendment to the Subscription Agreement also provided that the expiration of the JPMIM commitment was August 23, 2023 , which was the 18-month anniversary of the date of the Subscription Agreement; provided, that following such date JPMIM may, in its discretion, elect to purchase additional Class E shares or Class E units until the earlier to occur of (i) July 22, 2025, the three-year anniversary of the date that the Registration Statement was declared effective by the SEC and (ii) the date that the Company’s NAV is at least $ 1.5 billion. On November 13, 2023, the Company filed Articles of Amendment (the "Articles of Amendment") to its Articles of Amendment and Restatement, dated June 2, 2022 (as supplemented, amended or amended and restated to date, the "Charter"), to increase the number of shares of capital stock the Company has authority to issue to 5.5 billion and the number of shares of common stock, par value $ 0.01 per share, that the Company has authority to issue to 5.4 billion. Immediately following the filing of the Articles of Amendment, the Company filed the Articles Supplementary to the Charter, pursuant to which the Company classified and designated 0.5 billion authorized but unissued shares of Class X common stock, par value $ 0.01 per share, and 0.6 billion authorized but unissued shares of Class Y common stock, par value $ 0.01 per share. On April 16, 2024, the Company filed Articles Supplementary to the Charter pursuant to which the Company reclassified and designated 500,000,000 authorized but unissued Class X shares as shares of a new Class X common stock, $ 0.01 par value per share, and fixed the preferences, rights, powers, restrictions, limitations, qualifications, terms and conditions of the newly designated Class X shares.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	3. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited consolidated financial statements include the accounts of the Company, 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 financial position and results of operations for the interim period. These financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the applicable rules and regulations of the SEC. The accompanying unaudited consolidated interim financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on March 18, 2024. Certain amounts on the Company’s Consolidated Statements of Changes in Equity for the six months ended June 30, 2023 have been reclassified to conform to the current period presentation. Such reclassification has no effect on previously reported totals or subtotals on the Consolidated Statements of Changes in Equity. 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. There is no other comprehensive income (loss) for the three and six months ended June 30, 2024 and 2023, resulting in comprehensive loss equaling net loss. Accor dingly, the statement of other comprehensive income (loss) is not presented. Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and the Company’s subsidiaries in which the Company has a controlling interest. For consolidated joint ventures, the non-controlling partner’s share of the assets, liabilities and operations of the joint ventures is included in non-controlling interests on the Company's Consolidated Balance Sheets and Consolidated Statements of Operations. The non-controlling partner’s interest is generally computed as the joint venture partner’s ownership percentage. In determining whether the Company has a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, the Company considers whether the entity is a variable interest entity (“VIE”) and whether it 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 a 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. The Operating Partnership is considered to be a VIE. The Company consolidates the Operating Partnership because it has the ability to direct the most significant activities of the entities such as purchases, dispositions, financings, budgets, and overall operating plans. Each of the Company’s joint ventures is considered to be a VIE. The Company consolidated these entities because it has the ability to direct the most significant activities of the joint venture. The total assets and liabilities of the Company’s consolidated VIEs were $ 179.4 million and $ 88.5 million and $ 129.2 million and $ 86.9 million as of June 30, 2024 and December 31, 2023, respectively. Such amounts are included on the Company’s Consolidated Balance Sheets. The Company holds an interest in one unconsolidated VIE. The Company does no t consolidate the entity as it is not the primary beneficiary (see Note 4). Cash and Cash Equivalents Cash and cash equivalents represent cash held in banks, cash on hand, cash held in money market funds and liquid investments with original maturities of three months or less. The Company may have bank balances in excess of federally insured amounts; however, the Company deposits its cash and cash equivalents with high credit-quality institutions to minimize credit risk exposure. The Company held $ 23.2 million in cash equivalents as of June 30, 2024 and $ 30.2 million in cash equivalents as of December 31, 2023 (see Note 9). Restricted Cash Restricted cash primarily consists of amounts in escrow related to real estate taxes, insurance and utilities in connection with mortgages at certain of the Company’s properties. Investments in Real Estate 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 is considered a business combination or asset acquisition, the Company recognizes the identifiable tangible and intangible assets acquired, the liabilities assumed, and any non-controlling interest in the acquired entity. In addition, for transactions that are 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 and capitalizes acquisition-related costs associated with asset acquisitions. Upon the acquisition of a property deemed to be an asset acquisition, the Company assesses the fair value of acquired tangible and intangible assets (including land, buildings, tenant improvements, above-market and below-market leases, acquired in-place leases, other identified intangible assets and assumed liabilities) and allocates the purchase price to the acquired assets and assumed liabilities. The Company assesses and considers fair value based on estimated cash flow projections that utilize discount and/or capitalization rates that it deems appropriate, as well as other available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known and anticipated trends and market and economic conditions. The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. The Company also considers an allocation of purchase price of other acquired intangibles, including acquired in-place leases that may have a customer relationship intangible value, including (but not limited to) the nature and extent of the existing relationship with the tenants, the tenants’ credit quality and expectations of lease renewals. The cost of buildings and improvements includes the purchase price of the Company’s properties and any acquisition-related costs, along with any subsequent capitalized 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 Buildings 31 - 40 years Site improvements - buildings and land 4 - 20 years Furniture, fixtures and equipment 6 - 15 years Lease intangibles Over lease term Repairs and maintenance are expensed to operations as incurred and are included in property operating expenses on the Company’s Consolidated Statements of Operations. Significant improvements to properties are capitalized. When assets are sold or retired, their costs and related accumulated depreciation are removed from the accounts with the resulting gains or losses reflected in net income or loss for the period. The Company records acquired above-market and below-market leases at their fair values (using a discount rate which reflects the risks associated with the leases acquired). In the case of an above-market lease, the excess payment (the difference between (1) the contractual amounts to be received pursuant to the lease and (2) management’s estimate of fair-market lease rates for the lease, measured over a period equal to the remaining term of the lease) is recorded as an asset on the Consolidated Balance Sheets. In the case of a below-market lease, the difference between (1) the contractual amounts to be received pursuant to the lease and (2) management’s estimate of fair-market lease rates for the lease, measured over a period equal to the initial term plus the term of any below-market fixed-rate renewal options is recorded as a liability on the Consolidated Balance Sheets. 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. 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 expense on the Company’s Consolidated Statements of Operations. The Company’s management reviews the Company’s real estate properties for impairment when there is an event or change in circumstances that indicates an impaired value. Since cash flows on real estate properties considered to be "long-lived assets to be held and used" are considered on an undiscounted basis to determine whether an asset has been impaired, the Company’s strategy of holding properties over the long term decreases the likelihood of recording an impairment loss. 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. If the Company determines that an impairment has occurred, the affected assets must be reduced to their estimated fair value. During the three and six months ended June 30, 2024 and 2023 , no such impairments occurred. Investment in Real Estate Debt The Company’s investment in real estate debt consisted of the Mezzanine Loan (defined below) secured by real estate. The Company elected the FVO for its real estate debt investment. As such, the resulting unrealized gains and losses of such loan is recorded as a component of income from investment in real estate debt on the Company’s Consolidated Statements of Operations. No unrealized gain or loss was recognized for the three and six months ended June 30, 2024 and 2023. Interest income from the Company’s investment in real estate debt is recognized over the life of each investment using the effective interest method and is recorded on the accrual basis. Recognition of premiums and discounts associated with these investments is deferred and recorded over the term of the investment as an adjustment to yield. Interest income is recorded as a component of income from investments in real estate debt on the Company’s Consolidated Statements of Operations. Investments in Real Estate-Related and Other Securities The Company has elected to classify its real estate-related and other securities as trading securities, which are recorded at fair value. As such, the Company records changes in fair value and interest income as a component of income (loss) from investments in real estate-related and other securities on the Company’s Consolidated Statements of Operations. Mandatorily Redeemable Instruments The Company reports its mandatorily redeemable Class E shares and Class E units (collectively the "Mandatorily Redeemable Instruments") as a liability on its Consolidated Balance Sheets at JPMIM’s cash redemption value. JPMIM’s cash redemption value is determined based on the Company's NAV per Class E share or Class E unit as of the Company's balance sheet date. For purposes of determining the Company's NAV, the Company's investments in real estate are recorded at fair value based on third-party valuations prepared by licensed appraisers in accordance with standard industry practice. These fair value estimates of the Company's investments in real estate are particularly important as they are used for the calculation of NAV, which determines the adjustment to the carrying value of the Company's Mandatorily Redeemable Instruments. Significant differences in the fair value of the Company's Mandatorily Redeemable Instruments may result from changes in market conditions that cause the Company's NAV, and thus JPMIM’s redemption value, to increase or decrease during the period and are recorded as a component of mandatorily redeemable instruments interest cost on the Company's Consolidated Statements of Operations. Distributions declared on the Mandatorily Redeemable Instruments are recorded as a component of mandatorily redeemable instruments interest cost on the Company's Consolidated Statements of Operations. Declared but unpaid distributions as of June 30, 2024 and December 31, 2023 , were recorded as a liability within accounts payable, accrued expenses and other liabilities on the Company's Consolidated Balance Sheets. Fair Value Measurements Under normal market conditions, the fair value of an investment is the amount that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). Additionally, there is a hierarchical framework that prioritizes and ranks the level of market price observability used in measuring investments at fair value. Market price observability is impacted by a number of factors, including the type of investment and the characteristics specific to the investment and the state of the marketplace, including the existence and transparency of transactions between market participants. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Investments measured and reported at fair value are classified and disclosed in one of the following levels within the fair value hierarchy: 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. Valuation of assets and liabilities measured at fair value The Company’s investments in real estate debt, real estate-related and other securities and derivatives are recorded at fair value. The Company generally determines the fair value of its investments by utilizing third-party pricing service providers. In determining the value of a particular real estate-related security, the pricing service providers may use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models to determine the reported price. The pricing service providers’ internal models for real estate-related securities usually consider the attributes applicable to a particular class of security (e.g., credit rating, seniority), current market data, and estimated cash flows for each class and incorporate deal collateral performance such as prepayment speeds and default rates, as available. Certain of the Company’s investments in real estate debt that consist of loans secured by real estate, such as the Mezzanine Loan, are unlikely to have readily available market quotations. In such cases, the Company will generally determine the initial value based on the origination amount or acquisition price of the investment if acquired by the Company or the par value of the investment if originated by the Company. Following the initial measurement, the Company will determine fair value by utilizing or reviewing certain of the following inputs: (i) market yield data, (ii) discounted cash flow modeling, (iii) collateral asset performance, (iv) local or macro real estate performance, (v) capital market conditions, (vi) debt yield or loan-to-value ratios and (vii) borrower financial condition and performance. The Company's derivative financial instruments consist of Treasury note futures contracts and an interest rate swap. The fair value of the Company's Treasury note futures contracts is based on quoted market prices for identical instruments. The fair value of the Company’s interest rate swap was estimated using information provided by a third-party valuation service provider based on contractual cash flows and interest calculations using the appropriate discount rate. The Mandatorily Redeemable Instruments are carried at their cash redemption value as if the units were repurchased or redeemable at the reporting date, which equals NAV per unit at the reporting date. The carrying amounts of financial instruments such as other assets, accounts payable, accrued expenses and other liabilities approximate their fair values due to the short-term maturities and market rates of interest of these instruments. The following table details the Company’s assets and liabilities measured at fair value on a recurring basis ($ in thousands): June 30, 2024 December 31, 2023 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Investment in real estate debt $ — $ — $ 16,825 $ 16,825 $ — $ — $ 16,825 $ 16,825 Investments in real estate-related and other securities 420 — — 420 416 — — 416 Treasury note futures contracts (1) — — — — 22 — — 22 Total $ 420 $ — $ 16,825 $ 17,245 $ 438 $ — $ 16,825 $ 17,263 Liabilities: Mandatorily Redeemable Instruments $ — $ — $ 103,172 $ 103,172 $ — $ — $ 101,753 $ 101,753 Treasury note futures contracts (2) 25 — — 25 — — — — Interest rate swap (2) — 101 — 101 — — — — Total $ 25 $ 101 $ 103,172 $ 103,298 $ — $ — $ 101,753 $ 101,753 (1) Included in other assets, net on the Company's Consolidated Balance Sheets. (2) 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): Investment in Real Estate Debt (asset) Mandatorily Redeemable Instruments (liability) Balance at December 31, 2023 $ 16,825 $ 101,753 Distributions declared — 2,149 Reclassify to distributions payable/paid — ( 2,149 ) Redemption value adjustment — 1,419 Balance at June 30, 2024 $ 16,825 $ 103,172 The following table contains the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy ($ in thousands): June 30, 2024 Fair Value Valuation Technique Unobservable Inputs Weighted - Average Rate Impact to Valuation from an Increase in Input Assets: Investment in real estate debt $ 16,825 Discounted cash flow Market credit spread SOFR (1) + 5.22 % Decrease Liabilities: Mandatorily Redeemable Instruments (2) $ 103,172 Discounted cash flow Discount rate/ 7.50 %/ 5.75 %/ 5.39 % Decrease (1) "SOFR" refers to the Secured Overnight Financing Rate. 30-day SOFR at June 30, 2024 was 5.34 % per annum. (2) Mandatorily Redeemable Instruments are carried at the NAV of the Class E units and Class E shares, which is determined monthly in accordance with the Company's valuation guidelines. Valuation of assets and liabilities not measured at fair value The fair value of the Company’s financial instruments (other than mortgage notes), including cash and cash equivalents and other financial instruments, approximate their carrying or contract value. The 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 the present value using an 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. The following table presents the carrying value and fair value of financial instruments that are not carried at fair value on the Consolidated Balance Sheets: June 30, 2024 December 31, 2023 Carrying Value Fair Value Carrying Value Fair Value Mortgage notes (1) $ 125,093 $ 123,417 $ 115,346 $ 113,516 Total $ 125,093 $ 123,417 $ 115,346 $ 113,516 (1) Mortgage notes carrying value excludes deferred financing costs and mortgage discounts. Deposits on Real Estate Deposits paid on real estate purchase contracts are recorded and classified as deposits on real estate on the Company’s Consolidated Balance Sheets until the related real estate purchase is completed. Deposits are reclassified as a component of real estate at the time the deposit is used to offset the acquisition price of the real estate based on the terms of the underlying agreement. To the extent a deposit is non-refundable and the real estate purchase is terminated, the deposit is expensed to other income (expense), net on the Consolidated Statements of Operations. No deposits were written off during the three and six months ended June 30, 2024 and 2023 . Deferred Charges The Company’s deferred charges include financing and leasing costs. Deferred financing costs include legal, structuring and other loan costs incurred by the Company for its financing agreements. Deferred financing costs related to the Company’s mortgage notes are recorded as an offset to the related liability and amortized over the term of the applicable financing instruments as interest expense. Deferred financing costs related to the Credit Facility (Note 8) are recorded as a component of other assets on the Company’s Consolidated Balance Sheets and amortized over the term of the applicable financing agreement. Deferred leasing costs incurred in connection with a new lease, consisting primarily of brokerage and legal fees, are recorded as a component of other assets on the Company’s Consolidated Balance Sheets and amortized over the term of the related lease . Income Taxes The Company intends to make an election to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code (the “Code”), effective January 1, 2023. If the Company qualifies for taxation as a REIT, the Company generally will not be subject to federal corporate income tax to the extent it distributes 90 % of its taxable income to its stockholders. REITs are subject to a number of other organizational and operational requirements. Even if the Company qualifies for taxation as a REIT, it may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income. Revenue Recognition The Company commences revenue recognition on its leases based on a number of factors, including the initial determination that the contract is or contains a lease. When it is determined that a contract contains a lease, revenue is recognized when the lessee takes possession of or controls the physical use of the leased assets. In most instances this occurs on the lease commencement date. At the inception or acquisition of a lease, including new leases that arise from amendments, the Company assesses the terms and conditions of the lease to determine the proper lease classification. A lease is classified as an operating lease if none of the following criteria are met: (i) ownership transfers to the lessee at the end of the lease term, (ii) the lessee has a purchase option that is reasonably expected to be exercised, (iii) the lease term is for a major part of the economic life of the leased property, (iv) the present value of the future lease payments and any residual value guaranteed by the lessee that is not already reflected in the lease payments equals or exceeds substantially all of the fair value of the leased property, and (v) the leased property is of such a specialized nature that it is expected to have no future alternative use to the Company at the end of the lease term. If one or more of these criteria are met, the lease will generally be classified as a sales-type lease, unless the lease contains a residual value guarantee from a third party other than the lessee, in which case it would be classified as a financing lease under certain circumstances in accordance with ASC 842. The Company’s rental revenue primarily consists of fixed contractual base rent arising from tenant leases at the Company’s properties under operating leases. Revenue under operating leases that is deemed probable of collection is recognized as revenue on a straight-line basis over the terms of the related leases. For leases that have fixed and measurable rent escalations, the difference between such rental income earned and the cash rent due under the provisions of the lease is recorded on the Company’s Consolidated Balance Sheets. Management exercises judgment in assessing collectability and considers the length of time a receivable has been outstanding, tenant creditworthiness, 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. Certain of the Company’s contracts contain non-lease components (e.g., charges for management fees, common area maintenance, reimbursement of third-party maintenance expenses, real estate taxes and insurance) in addition to lease components (i.e., monthly rental charges). Services related to non-lease components are provided over the same period of time as, and billed in the same manner as, monthly rental charges. The Company elected to apply the practical expedient available under ASC 842, for all classes of assets, not to segregate the lease components from the non-lease components when accounting for operating leases. Since the lease component is the predominant component under each of these leases, combined revenues from both the lease and non-lease components are accounted for in accordance with ASC 842 and reported as rental revenues in the Company’s Consolidated Statements of Operations. Organization and Offering Costs Organization costs are expensed as incurred and recorded as a component of general and administrative expenses on the Company’s Consolidated Statements of Operations. Offering costs are charged to equity as such amounts are incurred. The Adviser advanced the Company’s organization and offering costs (including legal, accounting, and other expenses attributable to the Company’s organization, but excluding upfront selling commissions, dealer manager fees and stockholder servicing fees) on behalf of the Company through July 22, 2024, which marked the second anniversary of the commencement of the Offering. The Company will reimburs e the Adviser for all such advanced costs ratably over a 60 -month period following the second anniversary of the commencement of the Offering (Note 9). Organization and offering costs advanced by the Adviser and its affiliates are recorded as a component of due to affiliates in the accompanying Consolidated Balance Sheets. Operating Expenses The Adviser will advance on the Company’s behalf certain of the Company’s operating expenses through the earlier of (i) the first date that the Company’s NAV reaches $ 500 million and (ii) December 31, 2024. The Company will reimburse the Adviser for all such advanced operating expenses ratably over the 60 months following such date. Operating expenses incurred by the Company are expensed in the period incurred. Operating expenses advanced by the Adviser and its affiliates are recorded as a component of due to affiliates in the accompanying Consolidated Balance Sheets. 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 the Company’s shares is limited to 2 % of the aggregate NAV per month (measured using the aggregate NAV attributable to stockholders as of the end of the immediately preceding month) and 5 % of the aggregate NAV per calendar quarter (measured using the average aggregate NAV attributable to stockholders as of the end of the immediately preceding three months). Shares are 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 are repurchased at 98 % of the transaction price. If the Company determines to repurchase some but not all of the shares submitted for repurchase during any month, shares submitted for repurchase during such month will be repurchased on a pro rata basis based on the amount requested after the Company has repurchased all shares for which repurchase was requested due to death or disability and other limited exceptions. All unsatisfied repurchase requests must be resubmitted after the start of the next month or quarter, or upon the recommencement of the share repurchase plan, as applicable. 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. Should repurchase requests, in the Company's judgment, place an undue burden on the Company's liquidity, adversely affect the Company's operations or risk having an adverse impact on the Company as a whole, or should the Company otherwise determine that investing its liquid assets in real properties or other investments rather than repurchasing its shares is in the best interests of the Company as a whole, the Company may choose to repurchase fewer shares in any particular month than have been requested to be repurchased, or none at all. Further, the Company's board of directors may make exceptions to, modify or suspend the share repurchase plan if in its reasonable judgment it deems such action to be in the Company's best interest and the best interests of the Company's stockholders. Class E share repurchase rights The Class E shares issued in the Initial Capitalization and Class E shares issued in the private offering of Class E shares and Class I shares are not eligible for repurchase

Investments in Real Estate

Investments in Real Estate	6 Months Ended
	Jun. 30, 2024
Real Estate [Abstract]
Investments in Real Estate	4. 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 $ 244,553 $ 201,033 Land and land improvements 99,895 76,912 Furniture, fixtures and equipment 3,761 3,265 Total 348,209 281,210 Accumulated depreciation ( 9,367 ) ( 5,737 ) Investments in real estate, net $ 338,842 $ 275,473 Acquisitions On December 1, 2023, the Company entered into a purchase and sale agreement to acquire a single-family rental residential community under development (“Fiore”) located within the Sarasota, Florida metropolitan area. Fiore will contain 126 three-bedroom townhomes, all with high-end unit finishes and community amenities, including a pool and dog park. The total purchase price will be approximately $ 45.4 million, exclusive of closing costs. Upon execution of the purchase and sale agreement, the Company was obligated to deliver a cash deposit in the amount of $ 9.1 million to be held in escrow. A portion of the deposit will be applied towards the purchase price for each closing beginning with the second closing. Fiore is currently under development and townhomes will be conveyed on a rolling basis in multiple tranches containing approximately 18-36 townhomes per closing. On December 15, 2023, the Company closed on the initial tranche of 36 townhomes for $ 13.1 million, inclusive of closing costs. On February 26, 2024, the Company closed on the second tranche of 36 townhomes for $ 13.1 million, inclusive of closing costs. On April 24, 2024 and June 25, 2024, the Company closed on the third and fourth tranches, respectively, each consisting of 18 townhomes for a total purchase price of $ 13.1 million , inclusive of closing costs. From December 1, 2023 until the final closing, the Company has a variable interest in the entity holding the remaining tranches of townhomes. The entity is a VIE but the Company does not consolidate the entity as it is not the primary beneficiary. As of June 30, 2024 there are 18 townhomes remaining to be acquired, which will be purchased for $ 6.5 million, exclusive of closing costs when construction is completed. On May 15, 2024, the Company acquired a 95 % interest in a 99,837 -square foot, 100 % leased, Class A grocery-anchored shopping center (“Shops at Grand Avenue”) in the Maspeth neighborhood of Queens, NY. The total purchase price was $ 48.3 million, exclusive of closing costs. The net purchase price paid by the Company was $ 46.1 million, inclusive of closing costs. The following table provides details of the properties acquired during the six months ended June 30, 2024 ($ in thousands): Property Type Purchase Price (1) Number of Transactions Number of Properties Sq. Ft. (in thousands)/Units Single-family rental property (2) $ 26,143 3 1 72 units Retail 48,878 1 1 100 sq. ft. Total $ 75,021 4 2 (1) Purchase price is inclusive of acquisition-related costs. (2) The 72 townhomes acquired during the six months ended June 30, 2024 are included as a single property . The following table details the purchase price allocation for the properties acquired during the six months ended June 30, 2024 ($ in thousands): Amount Building and building improvements $ 42,881 Land and land improvements 22,969 Furniture, fixtures and equipment 442 In-place lease intangibles 9,921 Above-market lease intangibles 137 Below-market lease intangibles ( 1,329 ) Total purchase price 75,021 Other acquisition costs ( 402 ) Deposit applied ( 7,258 ) Non-controlling interest deemed contributions ( 2,422 ) Net purchase price $ 64,939

Investment in Real Estate Debt

Investment in Real Estate Debt	6 Months Ended
	Jun. 30, 2024
Real Estate [Abstract]
Investment in Real Estate Debt	5 . Investment in Real Estate Debt The following table details the Company’s investment in real estate debt ($ in thousands): June 30, 2024 December 31, 2023 Real Estate Debt Number of Positions Credit Rating Coupon Maturity Date Cost Basis Fair Value Cost Basis Fair Value Mezzanine Loan 1 Not Rated SOFR (1) + 5.22 % September 7, 2024 $ 16,825 $ 16,825 $ 16,825 $ 16,825 (1) 30-day SOFR at both June 30, 2024 and December 31, 2023 was 5.34 % per annum. On September 2, 2022, the Company acquired a $ 26.8 million mezzanine loan ("Mezzanine Loan") and, concurrent with the acquisition, sold a $ 10 million pari passu participation interest to an affiliate of the Adviser. The sale of the participating interest met the criteria to be classified as an accounting sale, and not a financing, as the Company did not retain a controlling interest in the loan. The loan financed the acquisition of a garden-style multifamily property located in Murfreesboro, Tennessee. The Mezzanine Loan is an interest-only loan and was fully funded as of the acquisition date. The Mezzanine Loan has a stated maturity of September 7, 2024 and includes up to three one-year extension options at the borrower’s request. The following table details the amounts recognized for the Company's investment in real estate debt ($ in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 Interest income $ 448 $ 431 $ 897 $ 841 Other income (expense), net ( 3 ) — ( 6 ) — Total income from investment in real estate debt $ 445 $ 431 $ 891 $ 841

Investments in Real Estate-Rela

Investments in Real Estate-Related and Other Securities	6 Months Ended
	Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Investments in Real Estate-Related and Other Securities	6. Investments in Real Estate-Related and Other Securities The following table details the Company’s investments in real estate-related and other securities ($ in thousands): June 30, 2024 December 31, 2023 Real Estate-Related and Other Securities Coupon Maturity Date Face Amount Cost Basis Fair Value Face Amount Cost Basis Fair Value U.S. Treasury (1) N/A March 14, 2024 $ — $ — $ — $ 420 $ 409 $ 416 U.S. Treasury (1) N/A July 9, 2024 420 413 420 — — — Total real estate-related and other securities $ 420 $ 413 $ 420 $ 420 $ 409 $ 416 (1) Includes $ 0.4 million of securities pledged as collateral related to the Treasury note futures contracts. The following table details the amounts recognized for the Company's investments in real estate-related and other securities ($ in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 Interest income $ 5 $ 73 $ 11 $ 132 Unrealized gain (loss) — ( 126 ) — ( 180 ) Total income (loss) from investments in real estate-related and other securities $ 5 $ ( 53 ) $ 11 $ ( 48 )

Intangibles

Intangibles	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Intangibles	7. Intangibles The gross carrying amount and accumulated amortization of the Company’s intangible assets and liabilities, not fully amortized, consisted of the following ($ in thousands): June 30, 2024 December 31, 2023 Intangible assets: In-place lease intangibles $ 17,928 $ 8,007 Above-market lease intangibles 2,174 2,037 Total intangible assets 20,102 10,044 Accumulated amortization: In-place lease amortization ( 1,201 ) ( 543 ) Above-market lease amortization ( 282 ) ( 132 ) Total accumulated amortization ( 1,483 ) ( 675 ) Intangible assets, net $ 18,619 $ 9,369 Intangible liabilities: Below-market lease intangibles $ ( 3,159 ) $ ( 1,830 ) Accumulated amortization: Below-market lease amortization 216 146 Intangible liabilities, net $ ( 2,943 ) $ ( 1,684 ) 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 Intangibles Above-market Lease Intangibles Below-market Lease Intangibles 2024 (remaining) $ 1,234 $ 172 $ ( 137 ) 2025 2,412 330 ( 274 ) 2026 2,371 320 ( 274 ) 2027 2,328 320 ( 274 ) 2028 2,299 289 ( 273 ) Thereafter 6,083 461 ( 1,711 ) Total $ 16,727 $ 1,892 $ ( 2,943 ) The in-place lease intangible amortization is recorded in depreciation and amortization while the above-market intangible amortization and below-market intangible amortization are recorded in rental revenue on the Company's Consolidated Statements of Operations. The weighted-average amortization periods for the acquired in-place lease intangibles, above-market lease intangibles and below-market lease intangibles for the properties acquired during the six months ended June 30, 2024 were 8.0 years, 3.1 years and 10.2 years, respectively.

Mortgage Notes and Credit Facil

Mortgage Notes and Credit Facility	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Mortgage Notes and Credit Facility	8. Mortgage Notes and Credit Facility Mortgage notes The following is a summary of the mortgage notes secured by the Company’s properties ($ in thousands): Principal Balance Outstanding Indebtedness Interest Rate Maturity Date June 30, 2024 December 31, 2023 Caroline West Gray 5.44 % 12/1/2029 $ 45,911 $ 45,911 Caroline Post Oak 5.44 % 12/1/2029 40,528 40,528 Coda on Centre 4.28 % 5/1/2029 28,654 28,907 6200 Bristol (1) SOFR + 2.05 % 4/1/2029 10,000 — Total loans secured by real estate 125,093 115,346 Deferred financing costs, net ( 1,265 ) ( 1,030 ) Mortgage discount, net ( 671 ) ( 739 ) Mortgage notes, net $ 123,157 $ 113,577 (1) The Company entered into a non-hedge interest rate swap on April 2, 2024, which fixed the rate at 6.26 %. On April 2, 2024, a wholly-owned subsidiary of the Company closed on a five year, $ 10.0 million loan secured by 6200 Bristol. The loan carries an interest rate of SOFR plus 2.05 %. In conjunction with the loan transaction, the Company entered into an interest rate swap which fixed the interest rate at 6.26 %. Credit Facility During the year ended December 31, 2022, the Company, as initial guarantor, and the Operating Partnership, as initial borrower, entered into a credit agreement (“Credit Agreement”) with U.S. Bank National Association (“U.S. Bank”). The Credit Agreement provided for aggregate commitments of up to $ 65 million for secured revolving loans and letter of credit issuances, with an accordion feature pursuant to which the Operating Partnership may increase the aggregate commitments up to $ 150 million, subject to the satisfaction of certain conditions (the "Credit Facility"). Loans outstanding under the Credit Facility bear interest and line of credit fees, at the Operating Partnership's option, at either a relevant SOFR plus an applicable margin or a "base rate" equal to the higher of (i) zero and (ii) the sum of the Federal Funds Effective Rate plus 0.5 % per annum, plus the applicable margin. The applicable margin ranges from 1.55 % to 1.65 % for borrowings at a relevant SOFR rate determined under the terms of the Credit Facility, 1.55 % to 1.65 % for borrowings at a relevant "base rate" determined under the terms of the Credit Facility, or 1.55 % to 1.65 % for lines of credit, in each case, based on the borrowing as defined in the Credit Facility. Loans under the Credit Facility will mature on the earliest of (i) August 31, 2023 , (ii) the date an earlier termination pursuant to an event of default specified in the Credit Agreement occurs or (iii) the date of occurrence of other maturity date events specified in the Credit Agreement, unless extended pursuant to the terms of the Credit Agreement. Borrowings under the Credit Facility are secured by the unfunded commitments under the Initial Capitalization. The Company may extend the maturity date to a business day that is not later than 12 months after the then-effective stated maturity date, no more than twice , upon: (a) delivery by the Company of an extension request at least 30 days, but no more than 60 days, prior to the stated maturity date then in effect; (b) payment of a facility extension fee equal to 0.15 % on the then-existing maximum commitment; (c) confirmation that the right to make capital calls of the unfunded commitments under the Initial Capitalization to pay the Credit Facility through and immediately following the extended stated maturity date is in full force and effect; and (d) payment by the Company of all reasonable and documented fees and out-of-pocket expenses to the extent then due. On August 25, 2023, the Credit Agreement was amended to (i) extend the maturity date to August 29, 2024 , (ii) decrease the aggregate commitments from up to $ 65 million to up to $ 8 million and (iii) increase the applicable margin to 2.45 %. All other material terms of the Credit Agreement remain the same. Effective March 12, 2024, the Company executed and delivered a Facility Reduction Request (the "Facility Reduction Request") requesting a decrease in the maximum commitments of the Credit Facility to $ 0.0 million. The delivery of the Facility Reduction Request permanently reduced the aggregate commitments available under the Credit Facility. As of December 31, 2023 , there was no outstanding balance under the Credit Facility. The following table details the future principal payments due under the Company’s mortgage notes as of June 30, 2024 ($ in thousands): Year Mortgage Notes 2024 (remainder) $ 258 2025 536 2026 560 2027 585 2028 635 Thereafter 122,519 Total future principal payments $ 125,093 The Company is subject to various financial and operational covenants under certain of its mortgage notes. These covenants require the Company to maintain certain financial ratios, which may include leverage, debt yield, and debt service coverage, among others. As of June 30, 2024 , the Company was in compliance with all of its loan covenants that could result in a default under such agreements.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	9. Related Party Transactions The Company and the Operating Partnership entered into an advisory agreement with the Adviser on May 31, 2022, which was amended and restated on May 12, 2023 and November 13, 2023 (the "Advisory Agreement"). Pursuant to the Advisory Agreement, the Adviser 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 Adviser and certain of its Affiliates receive fees and compensation in connection with the ongoing management of the assets of the Company. The Adviser is paid a management fee equal to 1.00 % of NAV per annum for Class D, Class I, Class S and Class T shares and 0.75 % of NAV per annum for Class X and Class Y shares, payable monthly. The management fee is paid, at the Adviser’s election, in cash, Class E shares, or Class E Operating Partnership units. The Class E shares are not subject to the management fee. The Adviser waived its management fee through December 31, 2022. For the three and six months ended June 30, 2024, the Company incurred management fees of $ 0.2 million and $ 0.4 million, respectively. For the three and six months ended June 30, 2023 , the Company incurred management fees of $ 0.1 million and $ 0.1 million, respectively. The Company, as general partner, and the Special Limited Partner entered into the Limited Partnership Agreement of the Operating Partnership on June 3, 2022, which was amended and restated on September 20, 2022, and November 13, 2023. The Special Limited Partner holds a performance participation interest in the Operating Partnership that entitles it to receive an allocation from the Operating Partnership equal to (i) 12.5 % of the annual Total Return, subject to a 5 % annual Hurdle Amount and a High-Water Mark, with a Catch-Up (each term as defined in the Operating Partnership limited partnership agreement) with respect to Class D, I, S, and T units of the Operating Partnership and (ii) 10.0 % of the annual Class X and Y Total Return, subject to a 7 % Class X and Y Hurdle Amount and a Class X and Y High-Water Mark, with a 50 % Class X and Y Catch-Up (each term as defined in the Operating Partnership limited partnership agreement) with respect to Class X units of the Operating Partnership and Class Y units of the Operating Partnership, respectively. Such allocation is measured on a calendar year basis, made quarterly and accrued monthly. The performance participation interest is not paid on the Class E shares and Class E Operating Partnership units. For the three and six months ended June 30, 2024, the Company incurred $ 0.4 million and $ 0.4 million relating to the performance participation allocation, respectively. For the three and six months ended June 30, 2023 , the Company incurred less than $ 0.1 million and $ 0.2 million relating to the performance participation allocation, respectively. See Note 2 for a discussion on the Adviser's investment in the Company. J.P. Morgan Institutional Investments Inc. (the “Dealer Manager”) serves as the dealer manager for the Offerings. The Dealer Manager is a registered broker-dealer affiliated with the Adviser. The Company entered into an agreement with the Dealer Manager (the “Dealer Manager Agreement”) on June 8, 2022 in connection with the Offering. In connection with the private offering of Class E shares and Class I shares, the Company entered into a separate dealer manager agreement with the Dealer Manager on January 31, 2023, which provides for the distribution of Class E shares and Class I shares in the private offering through registered investment advisers selected by the Dealer Manager. No fees or other compensation (other than the customary reimbursement of expenses and indemnification) are payable to the Dealer Manager under such agreement. In connection with the private offering of Class Y shares, on November 13, 2023, the Company entered into an agreement with the Dealer Manager with respect to the private offering of Class Y shares. The Dealer Manager is entitled to receive upfront selling commissions of up to 3.0 %, and upfront dealer manager fees of up to 0.5 %, of the transaction price of each Class T share sold in the primary offering, however such amounts may vary at certain participating broker-dealers provided that the sum will not exceed 3.5 % of the transaction price. The Dealer Manager is entitled to receive upfront selling commissions of up to 3.5 % of the transaction price of each Class S share sold in the primary offering. The Dealer Manager is entitled to receive upfront selling commissions of up to 1.5 % of the transaction price of each Class D share sold in the primary offering. The Dealer Manager is entitled to receive upfront selling commissions of up to 3.5 % of the transaction price of each share sold in the Class Y private offering. No upfront selling commissions or dealer manager fees will be paid with respect to purchases of Class I or Class X shares or shares of any class sold pursuant to the distribution reinvestment plan. The Dealer Manager also receives a stockholder servicing fee of 0.25 %, 0.85 % and 0.85 % per annum of the aggregate NAV of the Company’s outstanding Class D shares, Class S shares and Class T shares, respectively. The Company will cease paying the stockholder servicing fee with respect to any Class D share, Class S share and Class T share sold in the primary offering at the end of the month in which the total selling commissions, dealer manager fees and stockholder servicing fees paid with respect to such share would exceed 8.75 % (or, in the case of Class T shares sold through certain participating broker-dealers, a lower limit as set forth in any applicable agreement between the Dealer Manager and a participating broker-dealer) of the gross proceeds from the sale of such share (including the gross proceeds of any shares issued under the distribution reinvestment plan with respect thereto). At the end of such month, such Class D share, Class S share or Class T share (and any shares issued under the distribution reinvestment plan with respect thereto) will convert into a number of Class I shares (including any fractional shares) with an equivalent aggregate NAV of such share. The Company will accrue the cost of the lifetime stockholder servicing fee as an offering cost at the time each Class D, Class S and Class T share is sold during the primary offering. The Company’s obligations to pay stockholder servicing fees with respect to the Class D, Class S and Class T shares distributed in the Offering will survive until such shares are no longer outstanding (including because such shares converted into Class I shares). As of June 30, 2024, the Company had accrued stockholder servicing fees of $ 0.7 million. Stockholder servicing fees are recorded as a component of due to affiliates on the Company’s Consolidated Balance Sheets. With respect to the Company's outstanding Class Y shares, the Company pays the Dealer Manager stockholder servicing fees of 0.85 % per annum of the aggregate NAV of the Company’s outstanding Class Y shares. The Company will cease paying the stockholder servicing fee with respect to any Class Y share sold at the end of the month in which the total selling commissions and stockholder servicing fees paid with respect to such share would exceed 8.75 % of the gross proceeds from the sale of such share (including the gross proceeds of any Class Y shares issued under the distribution reinvestment plan). At the end of such month, such Class Y share (and any shares issued under the distribution reinvestment plan with respect thereto) that did not previously convert to Class S shares pursuant to certain conversion terms set forth in the Charter will convert into a number of Class I shares (including any fractional shares) with an equivalent aggregate NAV of such share. Following the conversion of any Class Y shares into Class S shares, the Company will pay the Dealer Manager stockholder servicing fees with respect to such outstanding Class S shares equal to 0.85 % per annum of the aggregate NAV of such outstanding Class S shares. The Company will accrue the cost of the lifetime stockholder servicing fee as an offering cost at the time each Class Y share is sold during the private offering of Class Y shares. The Company's obligations to pay stockholder servicing fees with respect to Class Y shares distributed shall survive until such shares are no longer outstanding (including because such shares converted into Class I shares). There is no stockholder servicing fee with respect to Class E, Class I or Class X shares. The Company may retain certain of the Adviser’s affiliates for necessary services relating to the Company’s investments or its operations, including any administrative services, 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 or other types of insurance, management consulting and other similar operational matters. As of December 31, 2023 , the Company had sold 9.0 million Class E Operating Partnership units and 0.5 million Class E shares to the Adviser for an aggregate purchase price of $ 94.2 million and $ 5.8 million, respectively (see Note 13). During the three and six months ended June 30, 2024 , the Company did no t sell any Class E Operating Partnership units or Class E shares to the Adviser (see Note 2). Class E units and Class E shares sold to the Adviser as part of the Initial Capitalization are recorded as Mandatorily Redeemable Instruments on the Company’s Consolidated Balance Sheets (see Note 13). The distribution payable for Mandatorily Redeemable Instruments was $ 0.4 million as of June 30, 2024. On September 2, 2022, the Company acquired a $ 26.8 million Mezzanine Loan and, concurrent with the acquisition, sold a $ 10.0 million pari passu participation interest to an affiliate of the Adviser (see Note 5). In May 2023, the Company began to invest in a money market fund managed by an affiliate of the Adviser. During the six months ended June 30, 2024, the Company invested $ 67.1 million, in the money market fund. On November 13, 2023, in connection with the private offering of Class Y shares, the Company entered into an engagement letter (the “Class Y Participating Dealer Agreement”) with the Dealer Manager and an affiliate of the Adviser (the “Affiliated Participating Dealer”), which authorized the distribution by the Participating Dealer. Pursuant to the Class Y Participating Dealer Agreement, the Dealer Manager will reallow all or a portion of the upfront selling commissions and stockholder servicing fees payable with respect to the shares sold by the Affiliated Participating Dealer. Due to Affiliates The following table details the components of due to affiliates ($ in thousands): June 30, 2024 December 31, 2023 Organization and offering costs $ 7,419 $ 6,648 Operating expenses 9,301 7,935 Accrued performance participation allocation 355 — Management fee 157 100 Stockholder servicing fee 724 36 Total $ 17,956 $ 14,719 Organization and offering costs The Adviser has advanced $ 7.4 million and $ 6.7 million of organization and offering costs (including legal, accounting, and other expenses attributable to the Company’s organization, but excluding upfront selling commissions, dealer manager fees and stockholder servicing fees) on behalf of the Company through June 30, 2024 and December 31, 2023, respectively. On May 12, 2023, the Company entered into an Amended and Restated Advisory Agreement (the "Amended and Restated Advisory Agreement") with the Operating Partnership and the Adviser. Pursuant to the Amended and Restated Advisory Agreement, the Adviser advanced the Company’s organization and offering costs (including legal, accounting, and other expenses attributable to the Company’s organization, but excluding upfront selling commissions, dealer manager fees and stockholder servicing fees) on behalf of the Company through July 22, 2024, which marked the second anniversary of the commencement of the Offering. The Company will reimburs e the Adviser for all such advanced costs ratably over a 60 -month period following the second anniversary of the commencement of the Offering. Operating expenses The Adviser has advanced $ 9.3 million and $ 7.9 million of operating expenses on the Company’s behalf as of June 30, 2024 and December 31, 2023, respectively. Pursuant to the Amended and Restated Advisory Agreement, t he Company will reimburse the Adviser for all advanced operating expenses ratably over the 60 months starting the earlier of (i) the first date that the Company’s NAV reaches $ 500 million and (ii) December 31, 2024.

Other Assets and Liabilities

Other Assets and Liabilities	6 Months Ended
	Jun. 30, 2024
Other Assets and Liabilities [Abstract]
Other Assets and Liabilities	10. Other Assets and Liabilities The following table summarizes the components of other assets ($ in thousands): June 30, 2024 December 31, 2023 Tenant receivables $ 324 $ 221 Acquisition costs 62 146 Prepaid expenses 1,031 170 Interest receivable 108 114 Straight-line rent receivable 621 342 Other 20 73 Total $ 2,166 $ 1,066 The following table summarizes the components of accounts payable, accrued expenses and other liabilities ($ in thousands): June 30, 2024 December 31, 2023 Real estate taxes payable $ 321 $ — Accrued expenses 1,280 1,214 Accounts payable 264 152 Distributions payable (1) 1,003 832 Tenant security deposits 524 1,405 Other 358 101 Total $ 3,750 $ 3,704 (1) Included in distributions payable is $ 0.4 million and $ 0.4 million as of June 30, 2024 and December 31, 2023 , respectively, relating to distributions declared on Class E units and Class E shares held by the Adviser.

Leases

Leases	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Leases	11. Leases Lessor The Company’s rental revenue primarily consists of rent earned from operating leases at the Company’s multifamily, single-family rental, retail and net lease industrial properties. Leases at the Company’s retail and industrial properties include a fixed base rent, and a variable rent component that consists of the reimbursement of operating expenses such as real estate taxes, insurance, and common area maintenance costs. Rental revenue earned from leases at the Company’s multifamily and single-family properties primarily consist of a fixed base rent, and certain leases contain a variable component that allows for the pass-through of certain operating expenses such as utilities. The leases at the Company’s net lease retail and industrial properties are longer-term and contain extension and termination options at the lessee’s election. The leases do not have material variable payments, material residual value guarantees or material restrictive covenants. Leases at the Company’s multifamily and single-family rental properties are short-term in nature, generally not greater than 12 months in length, and therefore not included in the tables below. The following table details the components of operating lease income from the Company's retail and industrial properties ($ in thousands). For the Three Months Ended June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 Fixed lease payments $ 1,557 $ 223 $ 2,668 $ 443 Total fixed lease payments $ 1,557 $ 223 $ 2,668 $ 443 The following table presents the future minimum rents the Company expects to receive from its retail and industrial properties as of June 30, 2024 ($ in thousands). Year Amount 2024 (remainder) $ 4,041 2025 8,130 2026 8,272 2027 8,386 2028 8,171 Thereafter 29,961 Total $ 66,961

Equity

Equity	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Equity	12. Equity Authorized capital The Company is authorized to issue preferred stock and seven classes of common stock consisting of Class D shares, Class I shares, Class S shares, Class T shares, Class E shares, Class X shares and Class Y shares. The differences among the common share classes relate to upfront selling commissions, dealer manager fees and ongoing stockholder servicing fees. See Note 2 for additional detail of each share class. As of June 30, 2024, in accordance with the Charter, the Company had authority to issue 5.5 billion shares, consisting of the following (shares in thousands): Classification Number of Shares Par Value Class D Shares 600,000 $ 0.01 Class I Shares 1,500,000 0.01 Class S Shares 1,000,000 0.01 Class T Shares 600,000 0.01 Class E Shares 600,000 0.01 Class X Shares 500,000 0.01 Class Y Shares 600,000 0.01 Preferred Stock 100,000 0.01 Total 5,500,000 Common Stock The following tables detail the movement in the Company’s outstanding shares of common stock (in thousands). There were no outstanding Class T or Class X shares as of June 30, 2024: Three Months Ended June 30, 2024 Class D Class I Class S Class T Class E Class X Class Y Total Beginning balance, March 31, 2024: 620 6,568 55 — 6,878 — 536 14,657 Common stock issued 191 1,176 — — 991 — 408 2,766 Common stock repurchased ( 5 ) ( 18 ) — — — — — ( 23 ) Ending balance, June 30, 2024 806 7,726 55 — 7,869 — 944 17,400 Six Months Ended June 30, 2024 Class D Class I Class S Class T Class E Class X Class Y Total Beginning balance, December 31, 2023: 504 5,397 54 — 6,407 — — 12,362 Common stock issued 307 2,347 1 — 1,462 — 944 5,061 Common stock repurchased ( 5 ) ( 18 ) — — — — — ( 23 ) Ending balance, June 30, 2024 806 7,726 55 — 7,869 — 944 17,400 There was no outstanding preferred stock as of June 30, 2024 and December 31, 2023, respectively. Share repurchases For both the three and six months ended June 30, 2024, the Company repurchased shares of its common stock for $ 0.2 million. The Company had no unfilled repurchase requests during the three months ended June 30, 2024. See Note 3 “— Share Repurchases” for a discussion of the share repurchase plan. Distribution reinvestment plan The Company has adopted a distribution reinvestment plan whereby holders of shares of common stock will have the cash distributions attributable to the shares they own reinvested in additional shares; provided, however, that clients of certain participating broker-dealers that do not permit automatic enrollment in the distribution reinvestment plan and stockholders that are residents of certain states that do not permit automatic enrollment in the distribution reinvestment plan will automatically receive their distributions in cash unless they elect to participate in the distribution reinvestment plan. The purchase price for shares of the Company's common stock purchased pursuant to the distribution reinvestment plan will be equal to the transaction price for the applicable class of shares at the time the distribution is payable (which will generally be equal to the Company’s prior month’s NAV per share). Stockholders will not pay upfront selling commissions or dealer manager fees when purchasing shares of common stock pursuant to the distribution reinvestment plan. The stockholder servicing fees with respect to Class D shares, Class S shares, Class T shares and Class Y shares are calculated based on our 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. Shares acquired under the distribution reinvestment plan will entitle the participant to the same rights and be treated in the same manner as shares purchased in the Offering. 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. Shares of each class of common stock receive the same gross distribution per share. The net distribution varies for shares of each class based on the applicable stockholder servicing fee, which is deducted from the monthly distribution per share and paid directly to the applicable distributor. The following tables detail the aggregate distributions declared for shares of each applicable class of common stock: Three Months Ended June 30, 2024 Class D Class I Class S Class T Class E Class X Class Y Aggregate gross distributions declared per share of common stock $ 0.1125 $ 0.1125 $ 0.1125 $ — $ 0.1125 $ — $ 0.1125 Stockholder servicing fee per share of common stock (1) — — ( 0.0223 ) — — — ( 0.0225 ) Net distributions declared per share of common stock $ 0.1125 $ 0.1125 $ 0.0902 $ — $ 0.1125 $ — $ 0.0900 Six Months Ended June 30, 2024 Class D Class I Class S Class T Class E Class X Class Y Aggregate gross distributions declared per share of common stock $ 0.2250 $ 0.2250 $ 0.2250 $ — $ 0.2250 $ — $ 0.2250 Stockholder servicing fee per share of common stock (1) — — ( 0.0452 ) — — — ( 0.0455 ) Net distributions declared per share of common stock $ 0.2250 $ 0.2250 $ 0.1798 $ — $ 0.2250 $ — $ 0.1795 (1) Stockholder servicing fees only apply to Class D, Class S, Class T and Class Y shares. For purposes of NAV, the Company recognizes the stockholder servicing fee as a reduction of NAV on a monthly basis as such fee is paid. Under GAAP, the Company accrues the lifetime cost of the stockholder servicing fee as an offering cost at the time Class D, Class S, Class T and Class Y shares are sold. The stockholder servicing fee on Class D shares was waived as of June 30, 2024, and the NAV attributable to current holders of Class D shares will not be included in the computation of stockholder servicing fees charged on Class D shares in perpetuity. As of June 30, 2024, the Company had accrued stockholder servicing fees of $ 0.7 million.

Mandatorily Redeemable Instrume

Mandatorily Redeemable Instruments	6 Months Ended
	Jun. 30, 2024
Partners' Capital Notes [Abstract]
Mandatorily Redeemable Instruments	13. Mandatorily Redeemable Instruments As of December 31, 2023 , the Company had sold 9.0 million Class E Operating Partnership units and 0.5 million Class E shares to the Adviser for an aggregate purchase price of $ 94.2 million and $ 5.8 million, respectively. During the three and six months ended June 30, 2024 , the Company did no t sell any Class E Operating Partnership units or Class E shares to the Adviser (see Note 2). As the sole investor in Class E units of the Operating Partnership, JPMIM's interest does not have any voting rights but is entitled to receive distributions at the same rate applicable to other classes of units. Operating Partnership units also carry a protective exchange feature whereby in a liquidation, dilution or winding up, each unit will convert into a number of Class I units (or fraction thereof) having an equivalent NAV. Such feature is designed to carry over NAV into a new form of security immediately prior to liquidation and is not deemed a substantive conversion feature as it is only applicable upon liquidation or upon a listing event which is not the intent of this public, non-listed REIT structure. The Class E units and Class E shares held by JPMIM and purchased pursuant to the Initial Capitalization are mandatorily redeemable, and only subject to delays to the continuous obligation to ultimately redeem the instruments once sufficient availability exists under share repurchase agreements. Therefore, the Mandatorily Redeemable Instruments held by JPMIM are classified as a liability pursuant to Topic 480 — Distinguishing Liabilities from Equity and are presented as Mandatorily Redeemable Instruments at the initial funding amount received, which is equivalent to fair value at the issuance dates. Subsequently, the Mandatorily Redeemable Instruments are carried at their cash redemption value as if the Class E units or Class E shares were repurchased or redeemable at the reporting date, which equals NAV per Class E unit or Class E share. The change in carrying value (changes in NAV per Class E unit or Class E share) is classified as mandatorily redeemable instruments interest costs along with any cash distributions declared in the Consolidated Statements of Operations. During the three and six months ended June 30, 2024, the Company recorded $ 2.7 million and $ 3.6 million of mandatorily redeemable instruments interest costs in the Consolidated Statements of Operations, which consisted of a redemption value adjustment loss of $ 1.6 and $ 1.4 million and distribution expenses of $ 1.1 million and $ 2.2 million, respectively. The following table details the Mandatorily Redeemable Instruments activity for the six months ended June 30, 2024 ($ in thousands): Amount Balance at the beginning of the year $ 101,753 Distributions declared 2,149 Reclassification to distributions payable/paid ( 2,149 ) Redemption value adjustment 1,419 Ending balance $ 103,172 The following table details the future payments due under the Mandatorily Redeemable Instruments as of June 30, 2024 ($ in thousands): Year Total (1) 2024 (remainder) $ — 2025 103,172 2026 — 2027 — 2028 — Thereafter — Total future payments $ 103,172 (1) Redemptions of Mandatorily Redeemable Instruments are subject to the share repurchase plan’s 2 % monthly and 5 % quarterly caps after satisfying repurchase requests from investors in the Offering. Redemption features See Note 3 “— JPMIM Class E share and Class E unit repurchases” for a discussion of the redemption features associated with Class E shares and Class E units held by JPMIM. 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 Mandatorily Redeemable Instruments receive the same gross distribution per share as the Class E common stock. For the three and six months ended June 30, 2024, distributions declared on Class E units totaled $ 1.1 million and $ 2.2 million, respectively. When a distribution is declared, the Company records a distribution expense as a component of mandatorily redeemable instruments interest cost in the Consolidated Statements of Operations. A distribution payable is also recorded within accounts payable, accrued expenses and other liabilities on the Company's Consolidated Balance Sheets until the distribution is paid. The distribution payable for Mandatorily Redeemable Instruments was $ 0.4 million as of June 30, 2024 .

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Earnings Per Share	14. Earnings Per Share The Company's net loss and weighted-average number of shares outstanding for the three and six months ended June 30, 2024 and 2023 consists of the following ($ and shares in thousands): Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Net loss attributable to JPMREIT stockholders $ ( 3,633 ) $ ( 2,582 ) $ ( 5,205 ) $ ( 9,000 ) Weighted-average shares of common stock outstanding, basic and diluted 16,811 7,093 15,332 5,525 The calculation of basic and diluted net loss per share amounts for the three and six months ended June 30, 2024 and 2023 consists of the following ($ and shares in thousands except per-share numbers): Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Basic and Diluted Net Loss per Share Attributable to JPMREIT Stockholders Numerator: Net loss attributable to JPMREIT stockholders $ ( 3,633 ) $ ( 2,582 ) $ ( 5,205 ) $ ( 9,000 ) Denominator: Weighted-average shares of common stock outstanding 16,811 7,093 15,332 5,525 Basic and diluted net loss per share of common stock $ ( 0.22 ) $ ( 0.36 ) $ ( 0.34 ) $ ( 1.63 ) For the three and six months ended June 30, 2024 and 2023, unvested Class E common shares awarded to the Company's independent directors are excluded from the calculation of diluted earnings per share as the inclusion of such potential common shares in the calculation would be anti-dilutive. There were no other potentially dilutive, unvested common shares for the three and six months ended June 30, 2024 and 2023 .

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Segment Reporting	15. Segment Reporting The Company operates in five reportable segments: multifamily, industrial, single-family rental, retail and investments in real estate debt, real estate-related and other securities. The Company allocates resources and evaluates results based on the performance of each segment individually. The Company believes that segment net operating income is the key performance metric that captures the unique operating characteristics of each segment. The following table details the total assets by segment ($ in thousands): Segment June 30, 2024 December 31, 2023 Multifamily $ 176,842 $ 178,001 Industrial 95,209 96,066 Single-family rental 39,252 13,417 Retail 50,764 — Investments in real estate debt, real estate-related and other securities 17,712 17,563 Other (corporate) 25,599 39,857 Total assets $ 405,378 $ 344,904 The following table details the financial results by segment for the three months ended June 30, 2024 ($ in thousands): Multifamily Industrial Single-family rental Retail Investments in real estate debt, real estate-related and other securities Total Revenues Rental revenue $ 3,696 $ 1,417 $ 63 $ 697 $ — $ 5,873 Total revenues 3,696 1,417 63 697 — 5,873 Expenses Rental property operating 1,276 247 358 254 5 2,140 Total expenses 1,276 247 358 254 5 2,140 Income from investment in real estate debt — — — — 445 445 Income from investments in real estate-related and other securities — — — — 5 5 Segment net operating income $ 2,420 $ 1,170 $ ( 295 ) $ 443 $ 445 $ 4,183 Depreciation and amortization $ ( 1,110 ) $ ( 699 ) $ ( 263 ) $ ( 263 ) $ ( 5 ) $ ( 2,340 ) General and administrative ( 1,262 ) Mandatorily redeemable instruments interest costs ( 2,729 ) Interest expense ( 1,768 ) Other income, net 282 Net loss $ ( 3,634 ) Net loss attributable to non-controlling interests in consolidated joint ventures ( 1 ) Net loss attributable to JPMREIT stockholders $ ( 3,633 ) The following table details the financial results by segment for the three months ended June 30, 2023 ($ in thousands): Multifamily Industrial Single-family rental Retail Investments in real estate debt, real estate-related and other securities Total Revenues Rental revenue $ 3,641 $ 310 $ — $ — $ — $ 3,951 Total revenues 3,641 310 — — — 3,951 Expenses Rental property operating 1,195 35 — — ( 3 ) 1,227 Total expenses 1,195 35 — — ( 3 ) 1,227 Income from investment in real estate debt — — — — 431 431 Loss from investment in real estate-related and other securities — — — — ( 53 ) ( 53 ) Segment net operating income $ 2,446 $ 275 $ — $ — $ 381 $ 3,102 Depreciation and amortization $ ( 2,032 ) $ ( 80 ) $ — $ — $ — $ ( 2,117 ) General and administrative ( 1,182 ) Mandatorily redeemable instruments interest costs ( 526 ) Interest expense ( 1,757 ) Other expense, net ( 128 ) Net loss $ ( 2,608 ) Net loss attributable to non-controlling interests in consolidated joint ventures ( 26 ) Net loss attributable to JPMREIT stockholders $ ( 2,582 ) The following table details the financial results by segment for the six months ended June 30, 2024 ($ in thousands): Multifamily Industrial Single-family rental Retail Investments in real estate debt, real estate-related and other securities Total Revenues Rental revenue $ 7,336 $ 2,851 $ 66 $ 697 $ — $ 10,950 Total revenues 7,336 2,851 66 697 — 10,950 Expenses Rental property operating 2,582 482 608 254 6 3,932 Total expenses 2,582 482 608 254 6 3,932 Income from investment in real estate debt — — — — 891 891 Income from investments in real estate-related and other securities — — — — 11 11 Segment net operating income (loss) $ 4,754 $ 2,369 $ ( 542 ) $ 443 $ 896 $ 7,920 Depreciation and amortization $ ( 2,212 ) $ ( 1,398 ) $ ( 416 ) $ ( 263 ) $ — $ ( 4,298 ) General and administrative ( 2,239 ) Mandatorily redeemable instruments interest costs ( 3,568 ) Interest expense ( 3,358 ) Other income, net 321 Net loss $ ( 5,222 ) Net loss attributable to non-controlling interests in consolidated joint ventures ( 17 ) Net loss attributable to JPMREIT stockholders $ ( 5,205 ) The following table details the financial results by segment for the six months ended June 30, 2023 ($ in thousands): Multifamily Industrial Single-family rental Retail Investments in real estate debt, real estate-related and other securities Total Revenues Rental revenue $ 7,312 $ 548 $ — $ — $ — $ 7,860 Total revenues 7,312 548 — — — 7,860 Expenses Rental property operating 2,356 2 — — — 2,358 Total expenses 2,356 2 — — — 2,358 Income from investment in real estate debt — — — — 841 841 Loss from investment in real estate-related and other securities — — — — ( 48 ) ( 48 ) Segment net operating income $ 4,956 $ 546 $ — $ — $ 793 $ 6,295 Depreciation and amortization $ ( 4,200 ) $ ( 161 ) $ — $ — $ — $ ( 4,370 ) General and administrative ( 2,285 ) Mandatorily redeemable instruments interest costs ( 4,669 ) Interest expense ( 3,925 ) Other expense, net ( 125 ) Net loss $ ( 9,079 ) Net loss attributable to non-controlling interests in consolidated joint ventures ( 79 ) Net loss attributable to JPMREIT stockholders $ ( 9,000 )

Derivatives

Derivatives	6 Months Ended
	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	16. 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 counterparties 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 on loans secured by the Company's real estate. The Company uses derivative financial instruments, which includes Treasury note futures contracts and interest rate swaps, to limit the Company's exposure to interest rate fluctuations. The following table details the Company's outstanding Treasury note futures contracts that were non-designated hedges of interest rate risk (notional amount in thousands): June 30, 2024 Treasury note futures contracts Number of Contracts Notional Amount Commencement Date Maturity Date 5-year Treasury note futures 217 $ 22,951 May 23, 2024 September 30, 2024 2-year Treasury note futures 33 6,719 May 23, 2024 September 30, 2024 The following table details the Company’s outstanding interest rate swap that was a non-designated hedge of interest rate risk (notional amount in thousands): June 30, 2024 Interest rate swap Number of Instruments Notional Amount Strike Rate Index Maturity (Years) Commencement Date Maturity Date Interest rate swap – mortgage notes 1 $ 10,000 4.21 % SOFR 4.3 April 2, 2024 October 2, 2028 The following table details the fair value of the Company's derivative financial instruments ($ in thousands): Fair Value of Derivatives (1) June 30, 2024 December 31, 2023 5-year Treasury note futures $ ( 24 ) $ 20 2-year Treasury note futures ( 1 ) 2 Interest rate swap ( 101 ) — (1) The derivative asset balance as of December 31, 2023 is included in other assets, net on the Company's Consolidated Balance Sheets. The derivative liability balance as of June 30, 2024 is included in accounts payable, accrued expenses and other liabilities. For the three and six months ended June 30, 2024, the Company recorded an unrealized gain related to changes in the fair value of its derivative financial instruments of $ 0.03 million and an unrealized loss of $ 0.5 million, respectively. Changes in fair value of the Company's derivative financial instruments are recorded within other income (expense), net on the Consolidated Statements of Operations. During the three and six months ended June 30, 2024, the Company recorded a realized loss of $ 0.4 million and $ 0.4 million related to sales of its derivative financial instruments. Realized gain (loss) from the sale of the Company’s derivative financial instruments is recorded within other income, net on the Consolidated Statements of Operations. For the three and six months ended June 30, 2023 , the Company did no t have any derivative financial instruments.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	17. Commitments and Contingencies Property purchase commitments On December 1, 2023, the Company entered into a purchase and sale agreement to acquire Fiore, a single-family rental residential community in Sarasota, FL. Fiore will contain 126 three-bedroom townhomes, all with high-end unit finishes and community amenities, including a pool and dog park. The total purchase price will be approximately $ 45.4 million, exclusive of closing costs. Upon execution of the purchase and sale agreement, the Company was obligated to deliver a cash deposit in the amount of $ 9.1 million to be held in escrow. A portion of the deposit will be applied towards the purchase price for each closing beginning with the second closing. Fiore is currently under development and townhomes will be conveyed on a rolling basis in multiple tranches containing approximately 18-36 townhomes per closing. The final delivery is expected to occur in August 2024. The Company expects the balance of the purchase price to be funded with the proceeds from the sale of shares of its common stock. As of June 30, 2024 there are 18 townhomes remaining, which will be purchased for $ 6.5 million, exclusive of closing costs, when construction is completed. Litigation From time to time, the Company may be involved in various claims and legal actions arising in the ordinary course of business. As of June 30, 2024 , the Company was not involved in any material legal proceedings.

Economic Dependency

Economic Dependency	6 Months Ended
	Jun. 30, 2024
Risks and Uncertainties [Abstract]
Economic Dependency	18. Economic Dependency The Company depends on the Adviser and its affiliates for certain services that are essential to it, including the distribution of the Company’s shares of common stock, acquisition and disposition decisions, and certain other responsibilities. If the Adviser and its affiliates were unable or unwilling to provide such services, the Company would be required to find alternative service providers.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	19. Subsequent Events Distributions The Company declared distributions on all outstanding shares of common stock and Operating Partnership units as of the close of business on the record date of June 30, 2024. The Company paid or reinvested these distributions amounting to $ 1.0 million on July 3, 2024. The Company declared distributions on all outstanding shares of common stock and Operating Partnership units as of the close of business on the record date of July 31, 2024. The Company paid or reinvested these distributions amounting to $ 1.0 million on August 5, 2024. Capital raising and financing As part of the Offering, subsequent to June 30, 2024 through August 9, 2024, the Company sold 88,829 Class D, 432,073 Class I and 313 Class S shares of common stock for net proceeds of $ 0.9 million, $ 4.4 million and $ 0.003 million respectively, which includes distributions reinvested in accordance with the distribution reinvestment plan. As part of the private offerings, subsequent to June 30, 2024 through August 9, 2024, the Company issued 224,382 Class I, 218,384 Class E and 194,757 Class Y shares of common stock for net proceeds of $ 2.3 million, $ 2.3 million and $ 2.1 million, respectively, which includes distributions reinvested in accordance with the distribution reinvestment plan.

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, 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 financial position and results of operations for the interim period. These financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the applicable rules and regulations of the SEC. The accompanying unaudited consolidated interim financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on March 18, 2024. Certain amounts on the Company’s Consolidated Statements of Changes in Equity for the six months ended June 30, 2023 have been reclassified to conform to the current period presentation. Such reclassification has no effect on previously reported totals or subtotals on the Consolidated Statements of Changes in Equity. 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. There is no other comprehensive income (loss) for the three and six months ended June 30, 2024 and 2023, resulting in comprehensive loss equaling net loss. Accor dingly, the statement of other comprehensive income (loss) is not presented.
Principles of Consolidation	Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and the Company’s subsidiaries in which the Company has a controlling interest. For consolidated joint ventures, the non-controlling partner’s share of the assets, liabilities and operations of the joint ventures is included in non-controlling interests on the Company's Consolidated Balance Sheets and Consolidated Statements of Operations. The non-controlling partner’s interest is generally computed as the joint venture partner’s ownership percentage. In determining whether the Company has a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, the Company considers whether the entity is a variable interest entity (“VIE”) and whether it 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 a 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. The Operating Partnership is considered to be a VIE. The Company consolidates the Operating Partnership because it has the ability to direct the most significant activities of the entities such as purchases, dispositions, financings, budgets, and overall operating plans. Each of the Company’s joint ventures is considered to be a VIE. The Company consolidated these entities because it has the ability to direct the most significant activities of the joint venture. The total assets and liabilities of the Company’s consolidated VIEs were $ 179.4 million and $ 88.5 million and $ 129.2 million and $ 86.9 million as of June 30, 2024 and December 31, 2023, respectively. Such amounts are included on the Company’s Consolidated Balance Sheets. The Company holds an interest in one unconsolidated VIE. The Company does no t consolidate the entity as it is not the primary beneficiary (see Note 4).
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents represent cash held in banks, cash on hand, cash held in money market funds and liquid investments with original maturities of three months or less. The Company may have bank balances in excess of federally insured amounts; however, the Company deposits its cash and cash equivalents with high credit-quality institutions to minimize credit risk exposure. The Company held $ 23.2 million in cash equivalents as of June 30, 2024 and $ 30.2 million in cash equivalents as of December 31, 2023 (see Note 9).
Restricted Cash	Restricted Cash Restricted cash primarily consists of amounts in escrow related to real estate taxes, insurance and utilities in connection with mortgages at certain of the Company’s properties.
Investments in Real Estate	Investments in Real Estate 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 is considered a business combination or asset acquisition, the Company recognizes the identifiable tangible and intangible assets acquired, the liabilities assumed, and any non-controlling interest in the acquired entity. In addition, for transactions that are 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 and capitalizes acquisition-related costs associated with asset acquisitions. Upon the acquisition of a property deemed to be an asset acquisition, the Company assesses the fair value of acquired tangible and intangible assets (including land, buildings, tenant improvements, above-market and below-market leases, acquired in-place leases, other identified intangible assets and assumed liabilities) and allocates the purchase price to the acquired assets and assumed liabilities. The Company assesses and considers fair value based on estimated cash flow projections that utilize discount and/or capitalization rates that it deems appropriate, as well as other available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known and anticipated trends and market and economic conditions. The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. The Company also considers an allocation of purchase price of other acquired intangibles, including acquired in-place leases that may have a customer relationship intangible value, including (but not limited to) the nature and extent of the existing relationship with the tenants, the tenants’ credit quality and expectations of lease renewals. The cost of buildings and improvements includes the purchase price of the Company’s properties and any acquisition-related costs, along with any subsequent capitalized 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 Buildings 31 - 40 years Site improvements - buildings and land 4 - 20 years Furniture, fixtures and equipment 6 - 15 years Lease intangibles Over lease term Repairs and maintenance are expensed to operations as incurred and are included in property operating expenses on the Company’s Consolidated Statements of Operations. Significant improvements to properties are capitalized. When assets are sold or retired, their costs and related accumulated depreciation are removed from the accounts with the resulting gains or losses reflected in net income or loss for the period. The Company records acquired above-market and below-market leases at their fair values (using a discount rate which reflects the risks associated with the leases acquired). In the case of an above-market lease, the excess payment (the difference between (1) the contractual amounts to be received pursuant to the lease and (2) management’s estimate of fair-market lease rates for the lease, measured over a period equal to the remaining term of the lease) is recorded as an asset on the Consolidated Balance Sheets. In the case of a below-market lease, the difference between (1) the contractual amounts to be received pursuant to the lease and (2) management’s estimate of fair-market lease rates for the lease, measured over a period equal to the initial term plus the term of any below-market fixed-rate renewal options is recorded as a liability on the Consolidated Balance Sheets. 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. 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 expense on the Company’s Consolidated Statements of Operations. The Company’s management reviews the Company’s real estate properties for impairment when there is an event or change in circumstances that indicates an impaired value. Since cash flows on real estate properties considered to be "long-lived assets to be held and used" are considered on an undiscounted basis to determine whether an asset has been impaired, the Company’s strategy of holding properties over the long term decreases the likelihood of recording an impairment loss. 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. If the Company determines that an impairment has occurred, the affected assets must be reduced to their estimated fair value. During the three and six months ended June 30, 2024 and 2023 , no such impairments occurred.
Investments in Real Estate Debt	Investment in Real Estate Debt The Company’s investment in real estate debt consisted of the Mezzanine Loan (defined below) secured by real estate. The Company elected the FVO for its real estate debt investment. As such, the resulting unrealized gains and losses of such loan is recorded as a component of income from investment in real estate debt on the Company’s Consolidated Statements of Operations. No unrealized gain or loss was recognized for the three and six months ended June 30, 2024 and 2023. Interest income from the Company’s investment in real estate debt is recognized over the life of each investment using the effective interest method and is recorded on the accrual basis. Recognition of premiums and discounts associated with these investments is deferred and recorded over the term of the investment as an adjustment to yield. Interest income is recorded as a component of income from investments in real estate debt on the Company’s Consolidated Statements of Operations.
Investments in Real Estate-Related and Other Securities	Investments in Real Estate-Related and Other Securities The Company has elected to classify its real estate-related and other securities as trading securities, which are recorded at fair value. As such, the Company records changes in fair value and interest income as a component of income (loss) from investments in real estate-related and other securities on the Company’s Consolidated Statements of Operations.
Mandatorily Redeemable Instruments	Mandatorily Redeemable Instruments The Company reports its mandatorily redeemable Class E shares and Class E units (collectively the "Mandatorily Redeemable Instruments") as a liability on its Consolidated Balance Sheets at JPMIM’s cash redemption value. JPMIM’s cash redemption value is determined based on the Company's NAV per Class E share or Class E unit as of the Company's balance sheet date. For purposes of determining the Company's NAV, the Company's investments in real estate are recorded at fair value based on third-party valuations prepared by licensed appraisers in accordance with standard industry practice. These fair value estimates of the Company's investments in real estate are particularly important as they are used for the calculation of NAV, which determines the adjustment to the carrying value of the Company's Mandatorily Redeemable Instruments. Significant differences in the fair value of the Company's Mandatorily Redeemable Instruments may result from changes in market conditions that cause the Company's NAV, and thus JPMIM’s redemption value, to increase or decrease during the period and are recorded as a component of mandatorily redeemable instruments interest cost on the Company's Consolidated Statements of Operations. Distributions declared on the Mandatorily Redeemable Instruments are recorded as a component of mandatorily redeemable instruments interest cost on the Company's Consolidated Statements of Operations. Declared but unpaid distributions as of June 30, 2024 and December 31, 2023 , were recorded as a liability within accounts payable, accrued expenses and other liabilities on the Company's Consolidated Balance Sheets.
Fair Value Measurements	Fair Value Measurements Under normal market conditions, the fair value of an investment is the amount that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). Additionally, there is a hierarchical framework that prioritizes and ranks the level of market price observability used in measuring investments at fair value. Market price observability is impacted by a number of factors, including the type of investment and the characteristics specific to the investment and the state of the marketplace, including the existence and transparency of transactions between market participants. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Investments measured and reported at fair value are classified and disclosed in one of the following levels within the fair value hierarchy: 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. Valuation of assets and liabilities measured at fair value The Company’s investments in real estate debt, real estate-related and other securities and derivatives are recorded at fair value. The Company generally determines the fair value of its investments by utilizing third-party pricing service providers. In determining the value of a particular real estate-related security, the pricing service providers may use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models to determine the reported price. The pricing service providers’ internal models for real estate-related securities usually consider the attributes applicable to a particular class of security (e.g., credit rating, seniority), current market data, and estimated cash flows for each class and incorporate deal collateral performance such as prepayment speeds and default rates, as available. Certain of the Company’s investments in real estate debt that consist of loans secured by real estate, such as the Mezzanine Loan, are unlikely to have readily available market quotations. In such cases, the Company will generally determine the initial value based on the origination amount or acquisition price of the investment if acquired by the Company or the par value of the investment if originated by the Company. Following the initial measurement, the Company will determine fair value by utilizing or reviewing certain of the following inputs: (i) market yield data, (ii) discounted cash flow modeling, (iii) collateral asset performance, (iv) local or macro real estate performance, (v) capital market conditions, (vi) debt yield or loan-to-value ratios and (vii) borrower financial condition and performance. The Company's derivative financial instruments consist of Treasury note futures contracts and an interest rate swap. The fair value of the Company's Treasury note futures contracts is based on quoted market prices for identical instruments. The fair value of the Company’s interest rate swap was estimated using information provided by a third-party valuation service provider based on contractual cash flows and interest calculations using the appropriate discount rate. The Mandatorily Redeemable Instruments are carried at their cash redemption value as if the units were repurchased or redeemable at the reporting date, which equals NAV per unit at the reporting date. The carrying amounts of financial instruments such as other assets, accounts payable, accrued expenses and other liabilities approximate their fair values due to the short-term maturities and market rates of interest of these instruments. The following table details the Company’s assets and liabilities measured at fair value on a recurring basis ($ in thousands): June 30, 2024 December 31, 2023 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Investment in real estate debt $ — $ — $ 16,825 $ 16,825 $ — $ — $ 16,825 $ 16,825 Investments in real estate-related and other securities 420 — — 420 416 — — 416 Treasury note futures contracts (1) — — — — 22 — — 22 Total $ 420 $ — $ 16,825 $ 17,245 $ 438 $ — $ 16,825 $ 17,263 Liabilities: Mandatorily Redeemable Instruments $ — $ — $ 103,172 $ 103,172 $ — $ — $ 101,753 $ 101,753 Treasury note futures contracts (2) 25 — — 25 — — — — Interest rate swap (2) — 101 — 101 — — — — Total $ 25 $ 101 $ 103,172 $ 103,298 $ — $ — $ 101,753 $ 101,753 (1) Included in other assets, net on the Company's Consolidated Balance Sheets. (2) 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): Investment in Real Estate Debt (asset) Mandatorily Redeemable Instruments (liability) Balance at December 31, 2023 $ 16,825 $ 101,753 Distributions declared — 2,149 Reclassify to distributions payable/paid — ( 2,149 ) Redemption value adjustment — 1,419 Balance at June 30, 2024 $ 16,825 $ 103,172 The following table contains the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy ($ in thousands): June 30, 2024 Fair Value Valuation Technique Unobservable Inputs Weighted - Average Rate Impact to Valuation from an Increase in Input Assets: Investment in real estate debt $ 16,825 Discounted cash flow Market credit spread SOFR (1) + 5.22 % Decrease Liabilities: Mandatorily Redeemable Instruments (2) $ 103,172 Discounted cash flow Discount rate/ 7.50 %/ 5.75 %/ 5.39 % Decrease (1) "SOFR" refers to the Secured Overnight Financing Rate. 30-day SOFR at June 30, 2024 was 5.34 % per annum. (2) Mandatorily Redeemable Instruments are carried at the NAV of the Class E units and Class E shares, which is determined monthly in accordance with the Company's valuation guidelines. Valuation of assets and liabilities not measured at fair value The fair value of the Company’s financial instruments (other than mortgage notes), including cash and cash equivalents and other financial instruments, approximate their carrying or contract value. The 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 the present value using an 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. The following table presents the carrying value and fair value of financial instruments that are not carried at fair value on the Consolidated Balance Sheets: June 30, 2024 December 31, 2023 Carrying Value Fair Value Carrying Value Fair Value Mortgage notes (1) $ 125,093 $ 123,417 $ 115,346 $ 113,516 Total $ 125,093 $ 123,417 $ 115,346 $ 113,516 (1) Mortgage notes carrying value excludes deferred financing costs and mortgage discounts.
Deposits on Real Estate	Deposits on Real Estate Deposits paid on real estate purchase contracts are recorded and classified as deposits on real estate on the Company’s Consolidated Balance Sheets until the related real estate purchase is completed. Deposits are reclassified as a component of real estate at the time the deposit is used to offset the acquisition price of the real estate based on the terms of the underlying agreement. To the extent a deposit is non-refundable and the real estate purchase is terminated, the deposit is expensed to other income (expense), net on the Consolidated Statements of Operations. No deposits were written off during the three and six months ended June 30, 2024 and 2023 .
Deferred Charges	Deferred Charges The Company’s deferred charges include financing and leasing costs. Deferred financing costs include legal, structuring and other loan costs incurred by the Company for its financing agreements. Deferred financing costs related to the Company’s mortgage notes are recorded as an offset to the related liability and amortized over the term of the applicable financing instruments as interest expense. Deferred financing costs related to the Credit Facility (Note 8) are recorded as a component of other assets on the Company’s Consolidated Balance Sheets and amortized over the term of the applicable financing agreement. Deferred leasing costs incurred in connection with a new lease, consisting primarily of brokerage and legal fees, are recorded as a component of other assets on the Company’s Consolidated Balance Sheets and amortized over the term of the related lease
Income Taxes	Income Taxes The Company intends to make an election to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code (the “Code”), effective January 1, 2023. If the Company qualifies for taxation as a REIT, the Company generally will not be subject to federal corporate income tax to the extent it distributes 90 % of its taxable income to its stockholders. REITs are subject to a number of other organizational and operational requirements. Even if the Company qualifies for taxation as a REIT, it may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income.
Revenue Recognition	Revenue Recognition The Company commences revenue recognition on its leases based on a number of factors, including the initial determination that the contract is or contains a lease. When it is determined that a contract contains a lease, revenue is recognized when the lessee takes possession of or controls the physical use of the leased assets. In most instances this occurs on the lease commencement date. At the inception or acquisition of a lease, including new leases that arise from amendments, the Company assesses the terms and conditions of the lease to determine the proper lease classification. A lease is classified as an operating lease if none of the following criteria are met: (i) ownership transfers to the lessee at the end of the lease term, (ii) the lessee has a purchase option that is reasonably expected to be exercised, (iii) the lease term is for a major part of the economic life of the leased property, (iv) the present value of the future lease payments and any residual value guaranteed by the lessee that is not already reflected in the lease payments equals or exceeds substantially all of the fair value of the leased property, and (v) the leased property is of such a specialized nature that it is expected to have no future alternative use to the Company at the end of the lease term. If one or more of these criteria are met, the lease will generally be classified as a sales-type lease, unless the lease contains a residual value guarantee from a third party other than the lessee, in which case it would be classified as a financing lease under certain circumstances in accordance with ASC 842. The Company’s rental revenue primarily consists of fixed contractual base rent arising from tenant leases at the Company’s properties under operating leases. Revenue under operating leases that is deemed probable of collection is recognized as revenue on a straight-line basis over the terms of the related leases. For leases that have fixed and measurable rent escalations, the difference between such rental income earned and the cash rent due under the provisions of the lease is recorded on the Company’s Consolidated Balance Sheets. Management exercises judgment in assessing collectability and considers the length of time a receivable has been outstanding, tenant creditworthiness, 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. Certain of the Company’s contracts contain non-lease components (e.g., charges for management fees, common area maintenance, reimbursement of third-party maintenance expenses, real estate taxes and insurance) in addition to lease components (i.e., monthly rental charges). Services related to non-lease components are provided over the same period of time as, and billed in the same manner as, monthly rental charges. The Company elected to apply the practical expedient available under ASC 842, for all classes of assets, not to segregate the lease components from the non-lease components when accounting for operating leases. Since the lease component is the predominant component under each of these leases, combined revenues from both the lease and non-lease components are accounted for in accordance with ASC 842 and reported as rental revenues in the Company’s Consolidated Statements of Operations.
Organization and Offering Costs	Organization and Offering Costs Organization costs are expensed as incurred and recorded as a component of general and administrative expenses on the Company’s Consolidated Statements of Operations. Offering costs are charged to equity as such amounts are incurred. The Adviser advanced the Company’s organization and offering costs (including legal, accounting, and other expenses attributable to the Company’s organization, but excluding upfront selling commissions, dealer manager fees and stockholder servicing fees) on behalf of the Company through July 22, 2024, which marked the second anniversary of the commencement of the Offering. The Company will reimburs e the Adviser for all such advanced costs ratably over a 60 -month period following the second anniversary of the commencement of the Offering (Note 9). Organization and offering costs advanced by the Adviser and its affiliates are recorded as a component of due to affiliates in the accompanying Consolidated Balance Sheets.
Operating Expenses	Operating Expenses The Adviser will advance on the Company’s behalf certain of the Company’s operating expenses through the earlier of (i) the first date that the Company’s NAV reaches $ 500 million and (ii) December 31, 2024. The Company will reimburse the Adviser for all such advanced operating expenses ratably over the 60 months following such date. Operating expenses incurred by the Company are expensed in the period incurred. Operating expenses advanced by the Adviser and its affiliates are recorded as a component of due to affiliates in the accompanying Consolidated Balance Sheets.
Share Repurchases	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 the Company’s shares is limited to 2 % of the aggregate NAV per month (measured using the aggregate NAV attributable to stockholders as of the end of the immediately preceding month) and 5 % of the aggregate NAV per calendar quarter (measured using the average aggregate NAV attributable to stockholders as of the end of the immediately preceding three months). Shares are 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 are repurchased at 98 % of the transaction price. If the Company determines to repurchase some but not all of the shares submitted for repurchase during any month, shares submitted for repurchase during such month will be repurchased on a pro rata basis based on the amount requested after the Company has repurchased all shares for which repurchase was requested due to death or disability and other limited exceptions. All unsatisfied repurchase requests must be resubmitted after the start of the next month or quarter, or upon the recommencement of the share repurchase plan, as applicable. 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. Should repurchase requests, in the Company's judgment, place an undue burden on the Company's liquidity, adversely affect the Company's operations or risk having an adverse impact on the Company as a whole, or should the Company otherwise determine that investing its liquid assets in real properties or other investments rather than repurchasing its shares is in the best interests of the Company as a whole, the Company may choose to repurchase fewer shares in any particular month than have been requested to be repurchased, or none at all. Further, the Company's board of directors may make exceptions to, modify or suspend the share repurchase plan if in its reasonable judgment it deems such action to be in the Company's best interest and the best interests of the Company's stockholders. Class E share repurchase rights The Class E shares issued in the Initial Capitalization and Class E shares issued in the private offering of Class E shares and Class I shares are not eligible for repurchase pursuant to the share repurchase plan. Such Class E shares will only be eligible for repurchase following the earlier to occur of (i) July 22, 2025, the third anniversary of the date the Company commenced the Offering, and (ii) the date that the Company's aggregate NAV is at least $ 1.5 billion. Following such period, holders of Class E shares (other than the Class E shares and Class E units purchased by JPMIM as part of the Initial Capitalization, which are subject to special terms discussed below) may request that the Company repurchase such holder’s Class E shares on a monthly basis. The Company will repurchase Class E shares at a price per share equal to the most recently determined NAV per Class E share as of the repurchase date. The aggregate amount of Class E shares that the Company is required to repurchase in any month will be limited to an amount equal to any remaining availability for share repurchases pursuant to the terms and conditions of the Company’s share repurchase plan, after the Company has fulfilled all repurchase requests submitted pursuant to the share repurchase plan. In addition, the Company will not repurchase any Class E shares during any period that the share repurchase plan has been suspended. Certain Class I share repurchase rights The Class I shares issued in the private offering of Class E shares and Class I shares are not eligible for repurchase pursuant to the Company’s share repurchase plan and will only be eligible for repurchase by the Company following the earlier to occur of (i) July 22, 2025, which is the third anniversary of the date the Company commenced the Offering, and (ii) the date that the Company’s aggregate NAV is at least $ 1.5 billion. JPMIM Class E share and Class E unit repurchases JPMIM has agreed to hold all of the Class E shares and Class E units it purchased as part of the Initial Capitalization until the earlier of (i) the first date that the Company's NAV reaches $ 1.5 billion and (ii) July 22, 2025, three years from the commencement of the Offering. Following such date, each month the Company will repurchase, without further action by JPMIM, a number of Class E shares or Class E units from JPMIM in an amount equal to the amount available under the share repurchase plan’s 2 % monthly and 5 % quarterly caps after satisfying repurchase requests from investors in the Offering, until such time as the JPM Initial Capitalization has been fully repurchased; provided, that the number of shares subject to each mandatory repurchase may be reduced where other holders of Class E shares that were issued pursuant to the Initial Capitalization and are not subject to repurchase under the share repurchase plan request repurchase of their shares, in which case the Class E shares and Class E units held by JPMIM and such other investors will be repurchased on a pro rata basis based on their respective percentage ownership immediately prior to such repurchase (not to exceed an aggregate number of shares equal to the amount available under the share repurchase plan’s 2 % monthly and 5 % quarterly caps). Notwithstanding the foregoing, the Company will not effect any mandatory repurchases during any month in which the full amount of all shares requested to be repurchased by stockholders other than JPMIM under the share repurchase plan is not repurchased or when the share repurchase plan has been suspended
Derivative Instruments	Derivative Instruments The Company uses derivative financial instruments such as Treasury note futures contracts and interest rate swaps to manage ongoing risks from fluctuations in interest rates. The Company records its derivative instruments at fair value and such instruments are reflected in other assets, net or accounts payable, accrued expenses and other liabilities on the Company's Consolidated Balance Sheets. Any changes in the fair value of these derivative instruments are recorded within other income (expense), net on the Company's Consolidated Statements of Operations (see Note 16).
Earnings Per Share	Earnings Per Share Basic net loss per share is computed by dividing net loss for the period by the weighted-average number of shares of common stock outstanding during the period. Diluted loss per share is computed by dividing net loss for the period by the weighted-average number of shares of common stock and common stock equivalents outstanding (unless their effect is anti-dilutive) for the period. For the three and six months ended June 30, 2024 and 2023, unvested Class E common shares awarded to the Company's independent directors are excluded from the calculation of diluted earnings per share as the inclusion of such potential common shares in the calculation would be anti-dilutive. There were no other potentially dilutive, unissued common shares for the three and six months ended June 30, 2024 and 2023 . The weighted-average number of shares of common stock outstanding is identical for both basic and diluted shares.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board issued an accounting standards update intended to improve reportable segment disclosure requirements on an annual and interim basis. The amendments require, among other items, enhanced disclosures around significant segment expenses regularly provided to the chief operating decision maker ("CODM"), as well as the CODM's title and position. The amendments are effective for fiscal years beginning after December 15, 2023 and for interim periods within fiscal years beginning after December 15, 2024. The amendments must be applied on a retrospective basis and early adoption is permitted. Management is currently evaluating the impact of these amendments on the Company's disclosures.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Schedule of Estimated Useful Lives 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 Buildings 31 - 40 years Site improvements - buildings and land 4 - 20 years Furniture, fixtures and equipment 6 - 15 years Lease intangibles Over lease term
Schedule of company's assets and liabilities measured at fair value on a 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: Investment in real estate debt $ — $ — $ 16,825 $ 16,825 $ — $ — $ 16,825 $ 16,825 Investments in real estate-related and other securities 420 — — 420 416 — — 416 Treasury note futures contracts (1) — — — — 22 — — 22 Total $ 420 $ — $ 16,825 $ 17,245 $ 438 $ — $ 16,825 $ 17,263 Liabilities: Mandatorily Redeemable Instruments $ — $ — $ 103,172 $ 103,172 $ — $ — $ 101,753 $ 101,753 Treasury note futures contracts (2) 25 — — 25 — — — — Interest rate swap (2) — 101 — 101 — — — — Total $ 25 $ 101 $ 103,172 $ 103,298 $ — $ — $ 101,753 $ 101,753 (1) Included in other assets, net on the Company's Consolidated Balance Sheets. (2) 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): Investment in Real Estate Debt (asset) Mandatorily Redeemable Instruments (liability) Balance at December 31, 2023 $ 16,825 $ 101,753 Distributions declared — 2,149 Reclassify to distributions payable/paid — ( 2,149 ) Redemption value adjustment — 1,419 Balance at June 30, 2024 $ 16,825 $ 103,172
Schedule of quantitative inputs and assumptions	The following table contains the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy ($ in thousands): June 30, 2024 Fair Value Valuation Technique Unobservable Inputs Weighted - Average Rate Impact to Valuation from an Increase in Input Assets: Investment in real estate debt $ 16,825 Discounted cash flow Market credit spread SOFR (1) + 5.22 % Decrease Liabilities: Mandatorily Redeemable Instruments (2) $ 103,172 Discounted cash flow Discount rate/ 7.50 %/ 5.75 %/ 5.39 % Decrease (1) "SOFR" refers to the Secured Overnight Financing Rate. 30-day SOFR at June 30, 2024 was 5.34 % per annum. (2) Mandatorily Redeemable Instruments are carried at the NAV of the Class E units and Class E shares, which is determined monthly in accordance with the Company's valuation guidelines.
Schedule of Carrying Value and Fair Value of Financial Instruments	The following table presents the carrying value and fair value of financial instruments that are not carried at fair value on the Consolidated Balance Sheets: June 30, 2024 December 31, 2023 Carrying Value Fair Value Carrying Value Fair Value Mortgage notes (1) $ 125,093 $ 123,417 $ 115,346 $ 113,516 Total $ 125,093 $ 123,417 $ 115,346 $ 113,516 (1) Mortgage notes carrying value excludes deferred financing costs and mortgage discounts.

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 $ 244,553 $ 201,033 Land and land improvements 99,895 76,912 Furniture, fixtures and equipment 3,761 3,265 Total 348,209 281,210 Accumulated depreciation ( 9,367 ) ( 5,737 ) Investments in real estate, net $ 338,842 $ 275,473
Summary of Property Acquired	The following table provides details of the properties acquired during the six months ended June 30, 2024 ($ in thousands): Property Type Purchase Price (1) Number of Transactions Number of Properties Sq. Ft. (in thousands)/Units Single-family rental property (2) $ 26,143 3 1 72 units Retail 48,878 1 1 100 sq. ft. Total $ 75,021 4 2 (1) Purchase price is inclusive of acquisition-related costs. (2) The 72 townhomes acquired during the six months ended June 30, 2024 are included as a single property .
Summary of Purchase Price Allocation for Properties Acquired	The following table details the purchase price allocation for the properties acquired during the six months ended June 30, 2024 ($ in thousands): Amount Building and building improvements $ 42,881 Land and land improvements 22,969 Furniture, fixtures and equipment 442 In-place lease intangibles 9,921 Above-market lease intangibles 137 Below-market lease intangibles ( 1,329 ) Total purchase price 75,021 Other acquisition costs ( 402 ) Deposit applied ( 7,258 ) Non-controlling interest deemed contributions ( 2,422 ) Net purchase price $ 64,939

Investment in Real Estate Debt

Investment in Real Estate Debt (Tables)	6 Months Ended
	Jun. 30, 2024
Real Estate [Abstract]
Summary of Investments in Real Estate-related and Other Securities	The following table details the Company’s investment in real estate debt ($ in thousands): June 30, 2024 December 31, 2023 Real Estate Debt Number of Positions Credit Rating Coupon Maturity Date Cost Basis Fair Value Cost Basis Fair Value Mezzanine Loan 1 Not Rated SOFR (1) + 5.22 % September 7, 2024 $ 16,825 $ 16,825 $ 16,825 $ 16,825 (1) 30-day SOFR at both June 30, 2024 and December 31, 2023 was 5.34 % per annum.
Schedule of Amounts Recognized for Investments in Real Estate Debt	The following table details the amounts recognized for the Company's investment in real estate debt ($ in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 Interest income $ 448 $ 431 $ 897 $ 841 Other income (expense), net ( 3 ) — ( 6 ) — Total income from investment in real estate debt $ 445 $ 431 $ 891 $ 841

Investments in Real Estate-Re_2

Investments in Real Estate-Related and Other Securities (Tables)	6 Months Ended
	Jun. 30, 2024
Debt and Equity Securities, FV-NI [Line Items]
Summary of Investments in Real Estate-related and Other Securities	The following table details the Company’s investment in real estate debt ($ in thousands): June 30, 2024 December 31, 2023 Real Estate Debt Number of Positions Credit Rating Coupon Maturity Date Cost Basis Fair Value Cost Basis Fair Value Mezzanine Loan 1 Not Rated SOFR (1) + 5.22 % September 7, 2024 $ 16,825 $ 16,825 $ 16,825 $ 16,825 (1) 30-day SOFR at both June 30, 2024 and December 31, 2023 was 5.34 % per annum.
Summary of Income Recognized from Investments in Real Estate-related and Other Securities	The following table details the amounts recognized for the Company's investments in real estate-related and other securities ($ in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 Interest income $ 5 $ 73 $ 11 $ 132 Unrealized gain (loss) — ( 126 ) — ( 180 ) Total income (loss) from investments in real estate-related and other securities $ 5 $ ( 53 ) $ 11 $ ( 48 )
CMBS
Debt and Equity Securities, FV-NI [Line Items]
Summary of Investments in Real Estate-related and Other Securities	The following table details the Company’s investments in real estate-related and other securities ($ in thousands): June 30, 2024 December 31, 2023 Real Estate-Related and Other Securities Coupon Maturity Date Face Amount Cost Basis Fair Value Face Amount Cost Basis Fair Value U.S. Treasury (1) N/A March 14, 2024 $ — $ — $ — $ 420 $ 409 $ 416 U.S. Treasury (1) N/A July 9, 2024 420 413 420 — — — Total real estate-related and other securities $ 420 $ 413 $ 420 $ 420 $ 409 $ 416 (1) Includes $ 0.4 million of securities pledged as collateral related to the Treasury note futures contracts.

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 Intangibles Assets and Liabilities	The gross carrying amount and accumulated amortization of the Company’s intangible assets and liabilities, not fully amortized, consisted of the following ($ in thousands): June 30, 2024 December 31, 2023 Intangible assets: In-place lease intangibles $ 17,928 $ 8,007 Above-market lease intangibles 2,174 2,037 Total intangible assets 20,102 10,044 Accumulated amortization: In-place lease amortization ( 1,201 ) ( 543 ) Above-market lease amortization ( 282 ) ( 132 ) Total accumulated amortization ( 1,483 ) ( 675 ) Intangible assets, net $ 18,619 $ 9,369 Intangible liabilities: Below-market lease intangibles $ ( 3,159 ) $ ( 1,830 ) Accumulated amortization: Below-market lease amortization 216 146 Intangible liabilities, net $ ( 2,943 ) $ ( 1,684 )
Schedule of Estimated Future Amortization Intangibles	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 Intangibles Above-market Lease Intangibles Below-market Lease Intangibles 2024 (remaining) $ 1,234 $ 172 $ ( 137 ) 2025 2,412 330 ( 274 ) 2026 2,371 320 ( 274 ) 2027 2,328 320 ( 274 ) 2028 2,299 289 ( 273 ) Thereafter 6,083 461 ( 1,711 ) Total $ 16,727 $ 1,892 $ ( 2,943 )

Mortgage Notes and Credit Fac_2

Mortgage Notes and Credit Facility (Tables) - Mortgage notes	6 Months Ended
	Jun. 30, 2024
Debt Instrument [Line Items]
Summary of Fixed-rate Mortgage Notes Secured by Properties	The following is a summary of the mortgage notes secured by the Company’s properties ($ in thousands): Principal Balance Outstanding Indebtedness Interest Rate Maturity Date June 30, 2024 December 31, 2023 Caroline West Gray 5.44 % 12/1/2029 $ 45,911 $ 45,911 Caroline Post Oak 5.44 % 12/1/2029 40,528 40,528 Coda on Centre 4.28 % 5/1/2029 28,654 28,907 6200 Bristol (1) SOFR + 2.05 % 4/1/2029 10,000 — Total loans secured by real estate 125,093 115,346 Deferred financing costs, net ( 1,265 ) ( 1,030 ) Mortgage discount, net ( 671 ) ( 739 ) Mortgage notes, net $ 123,157 $ 113,577 (1) The Company entered into a non-hedge interest rate swap on April 2, 2024, which fixed the rate at 6.26 %.
Summary of Future Principal Payment Due Under Mortgage Notes	The following table details the future principal payments due under the Company’s mortgage notes as of June 30, 2024 ($ in thousands): Year Mortgage Notes 2024 (remainder) $ 258 2025 536 2026 560 2027 585 2028 635 Thereafter 122,519 Total future principal payments $ 125,093

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2024
Related Party Transactions [Abstract]
Components of Due to Affiliates	The following table details the components of due to affiliates ($ in thousands): June 30, 2024 December 31, 2023 Organization and offering costs $ 7,419 $ 6,648 Operating expenses 9,301 7,935 Accrued performance participation allocation 355 — Management fee 157 100 Stockholder servicing fee 724 36 Total $ 17,956 $ 14,719

Other Assets and Liabilities (T

Other Assets and Liabilities (Tables)	6 Months Ended
	Jun. 30, 2024
Other Assets and Liabilities [Abstract]
Components of Other Assets	The following table summarizes the components of other assets ($ in thousands): June 30, 2024 December 31, 2023 Tenant receivables $ 324 $ 221 Acquisition costs 62 146 Prepaid expenses 1,031 170 Interest receivable 108 114 Straight-line rent receivable 621 342 Other 20 73 Total $ 2,166 $ 1,066
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 Real estate taxes payable $ 321 $ — Accrued expenses 1,280 1,214 Accounts payable 264 152 Distributions payable (1) 1,003 832 Tenant security deposits 524 1,405 Other 358 101 Total $ 3,750 $ 3,704 (1) Included in distributions payable is $ 0.4 million and $ 0.4 million as of June 30, 2024 and December 31, 2023 , respectively, relating to distributions declared on Class E units and Class E shares held by the Adviser.

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Schedule of Components of Operating Lease Income from Industrial Property	The following table details the components of operating lease income from the Company's retail and industrial properties ($ in thousands). For the Three Months Ended June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 Fixed lease payments $ 1,557 $ 223 $ 2,668 $ 443 Total fixed lease payments $ 1,557 $ 223 $ 2,668 $ 443
Schedule of Future Minimum Rents Expects to Recieve from Industrial Property	The following table presents the future minimum rents the Company expects to receive from its retail and industrial properties as of June 30, 2024 ($ in thousands). Year Amount 2024 (remainder) $ 4,041 2025 8,130 2026 8,272 2027 8,386 2028 8,171 Thereafter 29,961 Total $ 66,961

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Schedule of Number of Shares Authorized and Par Value	As of June 30, 2024, in accordance with the Charter, the Company had authority to issue 5.5 billion shares, consisting of the following (shares in thousands): Classification Number of Shares Par Value Class D Shares 600,000 $ 0.01 Class I Shares 1,500,000 0.01 Class S Shares 1,000,000 0.01 Class T Shares 600,000 0.01 Class E Shares 600,000 0.01 Class X Shares 500,000 0.01 Class Y Shares 600,000 0.01 Preferred Stock 100,000 0.01 Total 5,500,000
Schedule of Outstanding Shares of Common Stock	The following tables detail the movement in the Company’s outstanding shares of common stock (in thousands). There were no outstanding Class T or Class X shares as of June 30, 2024: Three Months Ended June 30, 2024 Class D Class I Class S Class T Class E Class X Class Y Total Beginning balance, March 31, 2024: 620 6,568 55 — 6,878 — 536 14,657 Common stock issued 191 1,176 — — 991 — 408 2,766 Common stock repurchased ( 5 ) ( 18 ) — — — — — ( 23 ) Ending balance, June 30, 2024 806 7,726 55 — 7,869 — 944 17,400 Six Months Ended June 30, 2024 Class D Class I Class S Class T Class E Class X Class Y Total Beginning balance, December 31, 2023: 504 5,397 54 — 6,407 — — 12,362 Common stock issued 307 2,347 1 — 1,462 — 944 5,061 Common stock repurchased ( 5 ) ( 18 ) — — — — — ( 23 ) Ending balance, June 30, 2024 806 7,726 55 — 7,869 — 944 17,400
Schedule of Aggregate Distributions Declared for Shares of Each Applicable Class of Common Stock	The following tables detail the aggregate distributions declared for shares of each applicable class of common stock: Three Months Ended June 30, 2024 Class D Class I Class S Class T Class E Class X Class Y Aggregate gross distributions declared per share of common stock $ 0.1125 $ 0.1125 $ 0.1125 $ — $ 0.1125 $ — $ 0.1125 Stockholder servicing fee per share of common stock (1) — — ( 0.0223 ) — — — ( 0.0225 ) Net distributions declared per share of common stock $ 0.1125 $ 0.1125 $ 0.0902 $ — $ 0.1125 $ — $ 0.0900 Six Months Ended June 30, 2024 Class D Class I Class S Class T Class E Class X Class Y Aggregate gross distributions declared per share of common stock $ 0.2250 $ 0.2250 $ 0.2250 $ — $ 0.2250 $ — $ 0.2250 Stockholder servicing fee per share of common stock (1) — — ( 0.0452 ) — — — ( 0.0455 ) Net distributions declared per share of common stock $ 0.2250 $ 0.2250 $ 0.1798 $ — $ 0.2250 $ — $ 0.1795 (1) Stockholder servicing fees only apply to Class D, Class S, Class T and Class Y shares. For purposes of NAV, the Company recognizes the stockholder servicing fee as a reduction of NAV on a monthly basis as such fee is paid. Under GAAP, the Company accrues the lifetime cost of the stockholder servicing fee as an offering cost at the time Class D, Class S, Class T and Class Y shares are sold. The stockholder servicing fee on Class D shares was waived as of June 30, 2024, and the NAV attributable to current holders of Class D shares will not be included in the computation of stockholder servicing fees charged on Class D shares in perpetuity. As of June 30, 2024, the Company had accrued stockholder servicing fees of $ 0.7 million.

Mandatorily Redeemable Instru_2

Mandatorily Redeemable Instruments (Tables)	6 Months Ended
	Jun. 30, 2024
Noncontrolling Interest [Abstract]
Summary of Mandatorily Redeemable Instruments Activity Related to the Special Limited Partner	The following table details the Mandatorily Redeemable Instruments activity for the six months ended June 30, 2024 ($ in thousands): Amount Balance at the beginning of the year $ 101,753 Distributions declared 2,149 Reclassification to distributions payable/paid ( 2,149 ) Redemption value adjustment 1,419 Ending balance $ 103,172
Summary of Future Payments Due Under Mandatorily Redeemable Instruments	The following table details the future payments due under the Mandatorily Redeemable Instruments as of June 30, 2024 ($ in thousands): Year Total (1) 2024 (remainder) $ — 2025 103,172 2026 — 2027 — 2028 — Thereafter — Total future payments $ 103,172 (1) Redemptions of Mandatorily Redeemable Instruments are subject to the share repurchase plan’s 2 % monthly and 5 % quarterly caps after satisfying repurchase requests from investors in the Offering.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Net Loss and Weighted Average Number of Shares Outstanding	The Company's net loss and weighted-average number of shares outstanding for the three and six months ended June 30, 2024 and 2023 consists of the following ($ and shares in thousands): Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Net loss attributable to JPMREIT stockholders $ ( 3,633 ) $ ( 2,582 ) $ ( 5,205 ) $ ( 9,000 ) Weighted-average shares of common stock outstanding, basic and diluted 16,811 7,093 15,332 5,525
Schedule of Computations of Basic and Diluted Net Loss per Share	The calculation of basic and diluted net loss per share amounts for the three and six months ended June 30, 2024 and 2023 consists of the following ($ and shares in thousands except per-share numbers): Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Basic and Diluted Net Loss per Share Attributable to JPMREIT Stockholders Numerator: Net loss attributable to JPMREIT stockholders $ ( 3,633 ) $ ( 2,582 ) $ ( 5,205 ) $ ( 9,000 ) Denominator: Weighted-average shares of common stock outstanding 16,811 7,093 15,332 5,525 Basic and diluted net loss per share of common stock $ ( 0.22 ) $ ( 0.36 ) $ ( 0.34 ) $ ( 1.63 )

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Summary of Total Assets and Financial Results by Segment	The following table details the total assets by segment ($ in thousands): Segment June 30, 2024 December 31, 2023 Multifamily $ 176,842 $ 178,001 Industrial 95,209 96,066 Single-family rental 39,252 13,417 Retail 50,764 — Investments in real estate debt, real estate-related and other securities 17,712 17,563 Other (corporate) 25,599 39,857 Total assets $ 405,378 $ 344,904 The following table details the financial results by segment for the three months ended June 30, 2024 ($ in thousands): Multifamily Industrial Single-family rental Retail Investments in real estate debt, real estate-related and other securities Total Revenues Rental revenue $ 3,696 $ 1,417 $ 63 $ 697 $ — $ 5,873 Total revenues 3,696 1,417 63 697 — 5,873 Expenses Rental property operating 1,276 247 358 254 5 2,140 Total expenses 1,276 247 358 254 5 2,140 Income from investment in real estate debt — — — — 445 445 Income from investments in real estate-related and other securities — — — — 5 5 Segment net operating income $ 2,420 $ 1,170 $ ( 295 ) $ 443 $ 445 $ 4,183 Depreciation and amortization $ ( 1,110 ) $ ( 699 ) $ ( 263 ) $ ( 263 ) $ ( 5 ) $ ( 2,340 ) General and administrative ( 1,262 ) Mandatorily redeemable instruments interest costs ( 2,729 ) Interest expense ( 1,768 ) Other income, net 282 Net loss $ ( 3,634 ) Net loss attributable to non-controlling interests in consolidated joint ventures ( 1 ) Net loss attributable to JPMREIT stockholders $ ( 3,633 ) The following table details the financial results by segment for the three months ended June 30, 2023 ($ in thousands): Multifamily Industrial Single-family rental Retail Investments in real estate debt, real estate-related and other securities Total Revenues Rental revenue $ 3,641 $ 310 $ — $ — $ — $ 3,951 Total revenues 3,641 310 — — — 3,951 Expenses Rental property operating 1,195 35 — — ( 3 ) 1,227 Total expenses 1,195 35 — — ( 3 ) 1,227 Income from investment in real estate debt — — — — 431 431 Loss from investment in real estate-related and other securities — — — — ( 53 ) ( 53 ) Segment net operating income $ 2,446 $ 275 $ — $ — $ 381 $ 3,102 Depreciation and amortization $ ( 2,032 ) $ ( 80 ) $ — $ — $ — $ ( 2,117 ) General and administrative ( 1,182 ) Mandatorily redeemable instruments interest costs ( 526 ) Interest expense ( 1,757 ) Other expense, net ( 128 ) Net loss $ ( 2,608 ) Net loss attributable to non-controlling interests in consolidated joint ventures ( 26 ) Net loss attributable to JPMREIT stockholders $ ( 2,582 ) The following table details the financial results by segment for the six months ended June 30, 2024 ($ in thousands): Multifamily Industrial Single-family rental Retail Investments in real estate debt, real estate-related and other securities Total Revenues Rental revenue $ 7,336 $ 2,851 $ 66 $ 697 $ — $ 10,950 Total revenues 7,336 2,851 66 697 — 10,950 Expenses Rental property operating 2,582 482 608 254 6 3,932 Total expenses 2,582 482 608 254 6 3,932 Income from investment in real estate debt — — — — 891 891 Income from investments in real estate-related and other securities — — — — 11 11 Segment net operating income (loss) $ 4,754 $ 2,369 $ ( 542 ) $ 443 $ 896 $ 7,920 Depreciation and amortization $ ( 2,212 ) $ ( 1,398 ) $ ( 416 ) $ ( 263 ) $ — $ ( 4,298 ) General and administrative ( 2,239 ) Mandatorily redeemable instruments interest costs ( 3,568 ) Interest expense ( 3,358 ) Other income, net 321 Net loss $ ( 5,222 ) Net loss attributable to non-controlling interests in consolidated joint ventures ( 17 ) Net loss attributable to JPMREIT stockholders $ ( 5,205 ) The following table details the financial results by segment for the six months ended June 30, 2023 ($ in thousands): Multifamily Industrial Single-family rental Retail Investments in real estate debt, real estate-related and other securities Total Revenues Rental revenue $ 7,312 $ 548 $ — $ — $ — $ 7,860 Total revenues 7,312 548 — — — 7,860 Expenses Rental property operating 2,356 2 — — — 2,358 Total expenses 2,356 2 — — — 2,358 Income from investment in real estate debt — — — — 841 841 Loss from investment in real estate-related and other securities — — — — ( 48 ) ( 48 ) Segment net operating income $ 4,956 $ 546 $ — $ — $ 793 $ 6,295 Depreciation and amortization $ ( 4,200 ) $ ( 161 ) $ — $ — $ — $ ( 4,370 ) General and administrative ( 2,285 ) Mandatorily redeemable instruments interest costs ( 4,669 ) Interest expense ( 3,925 ) Other expense, net ( 125 ) Net loss $ ( 9,079 ) Net loss attributable to non-controlling interests in consolidated joint ventures ( 79 ) Net loss attributable to JPMREIT stockholders $ ( 9,000 )

Derivatives (Tables)

Derivatives (Tables)	6 Months Ended
	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Outstanding Derivatives	The following table details the Company's outstanding Treasury note futures contracts that were non-designated hedges of interest rate risk (notional amount in thousands): June 30, 2024 Treasury note futures contracts Number of Contracts Notional Amount Commencement Date Maturity Date 5-year Treasury note futures 217 $ 22,951 May 23, 2024 September 30, 2024 2-year Treasury note futures 33 6,719 May 23, 2024 September 30, 2024 The following table details the Company’s outstanding interest rate swap that was a non-designated hedge of interest rate risk (notional amount in thousands): June 30, 2024 Interest rate swap Number of Instruments Notional Amount Strike Rate Index Maturity (Years) Commencement Date Maturity Date Interest rate swap – mortgage notes 1 $ 10,000 4.21 % SOFR 4.3 April 2, 2024 October 2, 2028
Schedule of Fair Value of Derivative Financial Instruments	The following table details the fair value of the Company's derivative financial instruments ($ in thousands): Fair Value of Derivatives (1) June 30, 2024 December 31, 2023 5-year Treasury note futures $ ( 24 ) $ 20 2-year Treasury note futures ( 1 ) 2 Interest rate swap ( 101 ) — (1) The derivative asset balance as of December 31, 2023 is included in other assets, net on the Company's Consolidated Balance Sheets. The derivative liability balance as of June 30, 2024 is included in accounts payable, accrued expenses and other liabilities.

Organization and Business Pur_2

Organization and Business Purpose - Additional Information (Details)	6 Months Ended
	Jun. 30, 2024 Industry Segment Property Position
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of position owned in real estate debt investment | Position	1
Number of owned in real estate properties	7
Number of owned single family rental properties	1
Number of retail property	1
Number of owned in industrial property | Industry	2
Number of owned in multifamily property	3
Number of reportable segments | Segment	5

Capitalization - Additional Inf

Capitalization - Additional Information (Details) - USD ($)		3 Months Ended		6 Months Ended
	May 26, 2022	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Apr. 16, 2024	Dec. 31, 2023	Nov. 13, 2023	Jul. 06, 2022	Nov. 15, 2021
Schedule Of Capitalization [Line Items]
Common stock issued		$ 27,451,000	$ 28,804,000	$ 50,345,000	$ 53,456,000
Common stock par value								$ 0.01
Number of common stock and preferred stock shares, authorized		5,500,000,000		5,500,000,000				5,500,000,000
Common stock, shares authorized								5,400,000,000
Amendment to Subscription Agreement
Schedule Of Capitalization [Line Items]
Expiration date of subscription agreement	Aug. 23, 2023
Class E Shares
Schedule Of Capitalization [Line Items]
Common Stock, Shares, Issued		7,869,000		7,869,000			6,407,000
Common stock par value		$ 0.01		$ 0.01			$ 0.01
Common stock purchased				500,000
Number of common stock and preferred stock shares, authorized		600,000,000		600,000,000
Common stock, shares authorized		600,000,000		600,000,000			600,000,000
Class E Operating Partnership Unit
Schedule Of Capitalization [Line Items]
Common stock purchased				9,000,000
Class X Shares
Schedule Of Capitalization [Line Items]
Common stock par value						$ 0.01		$ 0.01
Common stock, shares authorized but unissued						500,000,000		500,000,000
Class Y Shares
Schedule Of Capitalization [Line Items]
Common stock par value								$ 0.01
Common stock, shares authorized but unissued								600,000,000
Adviser
Schedule Of Capitalization [Line Items]
Capitalized investment										$ 200,000
Commitment received to purchase shares of common stock		$ 162,100,000		$ 162,100,000
Net asset value		$ 1,500,000,000		$ 1,500,000,000
Share repurchase plan, monthly		2%		2%
Share repurchase plan, quarterly		5%		5%
Adviser | Maximum
Schedule Of Capitalization [Line Items]
Maximum allowable ownership interest percentage		24.99%		24.99%
Adviser | Amendment to Subscription Agreement
Schedule Of Capitalization [Line Items]
Net asset value	$ 1,500,000,000
Adviser | Class E Shares
Schedule Of Capitalization [Line Items]
Common Stock, Shares, Issued										20,000
Commitment to purchase common stock value										$ 25,000,000
Commitment to purchase additional common stock value										$ 75,000,000
Common stock issued				$ 67,900,000
Adviser | Common Stock Class E
Schedule Of Capitalization [Line Items]
Share repurchase plan, monthly		2%		2%
Share repurchase plan, quarterly		5%		5%
Adviser | Common Stock Class E | Amendment to Subscription Agreement
Schedule Of Capitalization [Line Items]
Capital commitments from investors	100,000,000
Maximum capital commitments	$ 75,000,000
Adviser | Class E Operating Partnership Unit
Schedule Of Capitalization [Line Items]
Common stock issued				$ 94,200,000
Employees of Adviser | Class E Shares
Schedule Of Capitalization [Line Items]
Common stock issued				$ 3,300,000
Primary Offering
Schedule Of Capitalization [Line Items]
Common stock, shares registered, amount									$ 5,000,000,000
Common stock, shares authorized, amount									4,000,000,000
Distribution Reinvestment Plan
Schedule Of Capitalization [Line Items]
Common stock, shares authorized, amount									$ 1,000,000,000

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives of Assets (Details)	Jun. 30, 2024
Lease intangibles
Finite-Lived Intangible Assets [Line Items]
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	us-gaap:UsefulLifeTermOfLeaseMember
Buildings | Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives of assets	31 years
Buildings | Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives of assets	40 years
Site improvements - buildings and land | Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives of assets	4 years
Site improvements - buildings and land | Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives of assets	20 years
Furniture, fixtures and equipment | Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives of assets	6 years
Furniture, fixtures and equipment | Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives of assets	15 years

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Summary Of Significant Accounting Policies [Line Items]
Deposits written off	$ 0	$ 0	$ 0	$ 0
Deposits on real estate	1,864,000		1,864,000		$ 9,072,000
Total assets	405,378,000		405,378,000		344,904,000
Total liabilities	250,978,000		250,978,000		235,437,000
Cash and cash equivalents	23,200,000		23,200,000		30,200,000
Impairment on long-lived assets to be held and used	$ 0	0	$ 0	0
Minimum REIT Distribution Percentage	90%		90%
Period for reimbursement of advance costs			60 months
Operating expenses	$ 5,742,000	4,526,000	$ 10,469,000	9,013,000
Period for reimbursement of operating expenses			60 months
Percentage of total amount of aggregate of repurchase	98%		98%
Investment in Real Estate Debt
Summary Of Significant Accounting Policies [Line Items]
Unrealized gain or loss on investment.	$ 0	$ 0	$ 0	$ 0
VIEs
Summary Of Significant Accounting Policies [Line Items]
Total assets	179,400,000		179,400,000		129,200,000
Total liabilities	88,500,000		88,500,000		$ 86,900,000
VIE
Summary Of Significant Accounting Policies [Line Items]
Total liabilities	$ 0		$ 0
Common Stock Class D
Summary Of Significant Accounting Policies [Line Items]
Repurchase plan restriction limited to percentage of net asset value per month	2%		2%
Repurchase plan restriction limited to percentage of net asset value per quarter	5%		5%
Common Stock Class I
Summary Of Significant Accounting Policies [Line Items]
Repurchase plan restriction limited to percentage of net asset value per month	2%		2%
Repurchase plan restriction limited to percentage of net asset value per quarter	5%		5%
Common Stock Class S
Summary Of Significant Accounting Policies [Line Items]
Repurchase plan restriction limited to percentage of net asset value per month	2%		2%
Repurchase plan restriction limited to percentage of net asset value per quarter	5%		5%
Common Stock Class T
Summary Of Significant Accounting Policies [Line Items]
Repurchase plan restriction limited to percentage of net asset value per month	2%		2%
Repurchase plan restriction limited to percentage of net asset value per quarter	5%		5%
Common Stock Class E
Summary Of Significant Accounting Policies [Line Items]
Repurchase plan restriction limited to percentage of net asset value per month	2%		2%
Repurchase plan restriction limited to percentage of net asset value per quarter	5%		5%
Common Stock Class X
Summary Of Significant Accounting Policies [Line Items]
Repurchase plan restriction limited to percentage of net asset value per month	2%		2%
Repurchase plan restriction limited to percentage of net asset value per quarter	5%		5%
Common Stock Class Y
Summary Of Significant Accounting Policies [Line Items]
Repurchase plan restriction limited to percentage of net asset value per month	2%		2%
Repurchase plan restriction limited to percentage of net asset value per quarter	5%		5%
Adviser
Summary Of Significant Accounting Policies [Line Items]
Share repurchase plan, monthly	2%		2%
Share repurchase plan, quarterly	5%		5%
Future NAV threshold	$ 1,500,000,000		$ 1,500,000,000
Net asset value	$ 500,000,000		$ 500,000,000
Adviser | Common Stock Class E
Summary Of Significant Accounting Policies [Line Items]
Share repurchase plan, monthly	2%		2%
Share repurchase plan, quarterly	5%		5%

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Schedule of Company's Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands		Jun. 30, 2024	Dec. 31, 2023
Recurring Basis
Assets, Fair Value Disclosure [Abstract]
Assets, fair value disclosure		$ 17,245	$ 17,263
Liabilities, Fair Value Disclosure [Abstract]
Liabilities, fair value disclosure		103,298	101,753
Recurring Basis | Level 1
Assets, Fair Value Disclosure [Abstract]
Investments, fair value disclosure		420	438
Liabilities, Fair Value Disclosure [Abstract]
Liabilities, fair value disclosure		25
Recurring Basis | Level 2
Liabilities, Fair Value Disclosure [Abstract]
Liabilities, fair value disclosure		101
Recurring Basis | Level 3
Assets, Fair Value Disclosure [Abstract]
Investments, fair value disclosure		16,825	16,825
Liabilities, Fair Value Disclosure [Abstract]
Liabilities, fair value disclosure		103,172	101,753
Mandatorily Redeemable Instruments | Level 3
Liabilities, Fair Value Disclosure [Abstract]
Liabilities, fair value disclosure		103,172
Mandatorily Redeemable Instruments | Recurring Basis
Liabilities, Fair Value Disclosure [Abstract]
Liabilities, fair value disclosure		103,172	101,753
Mandatorily Redeemable Instruments | Recurring Basis | Level 3
Liabilities, Fair Value Disclosure [Abstract]
Liabilities, fair value disclosure		103,172	101,753
Treasury-note Futures Contracts | Recurring Basis
Assets, Fair Value Disclosure [Abstract]
Derivatives, fair value disclosure	[1]		22
Liabilities, Fair Value Disclosure [Abstract]
Derivatives, fair value disclosure	[2]	25
Treasury-note Futures Contracts | Recurring Basis | Level 1
Assets, Fair Value Disclosure [Abstract]
Derivatives, fair value disclosure	[1]		22
Liabilities, Fair Value Disclosure [Abstract]
Derivatives, fair value disclosure	[2]	25
Interest rate swap | Recurring Basis
Liabilities, Fair Value Disclosure [Abstract]
Derivatives, fair value disclosure	[2]	101
Interest rate swap | Recurring Basis | Level 2
Liabilities, Fair Value Disclosure [Abstract]
Derivatives, fair value disclosure	[2]	101
Investment in Real Estate Debt | Recurring Basis
Assets, Fair Value Disclosure [Abstract]
Investments, fair value disclosure		16,825	16,825
Investment in Real Estate Debt | Recurring Basis | Level 3
Assets, Fair Value Disclosure [Abstract]
Investments, fair value disclosure		16,825	16,825
Investments in Real Estate-related and Other Securities | Recurring Basis
Assets, Fair Value Disclosure [Abstract]
Investments, fair value disclosure		420	416
Investments in Real Estate-related and Other Securities | Recurring Basis | Level 1
Assets, Fair Value Disclosure [Abstract]
Investments, fair value disclosure		$ 420	$ 416
[1] (1) Included in other assets, net on the Company's Consolidated Balance Sheets. (2) Included in accounts payable, accrued expenses and other liabilities on the Company’s Consolidated Balance Sheets.

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Schedule of Company's Assets and Liabilities Measured at Fair Value on Recurring Basis Using Level 3 (Details) - Recurring Basis - Level 3 $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Mandatorily Redeemable Instruments
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at December 31, 2023	$ 101,753
Distributions declared	2,149
Reclassify to distributions payable/paid	(2,149)
Unrealized loss included in mandatorily redeemable Class E units interest costs	1,419
Balance at June 30, 2024	103,172
Investment in Real Estate Debt (Asset)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at December 31, 2023	16,825
Balance at June 30, 2024	$ 16,825

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Schedule of Quantitative Inputs and Assumptions (Details) - Level 3 $ in Thousands	Jun. 30, 2024 USD ($)
Mandatorily Redeemable Instruments
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Discount interest rate, weighted average rate	7.50%
Exit capitalization interest rate, weighted average rate	5.75%
Market yield interest rate, weighted average rate	5.39%
Mandatorily redeemable Class E units	$ 103,172
Mandatorily redeemable Class E units, Valuation Technique [Extensible Enumeration]	us-gaap:ValuationTechniqueDiscountedCashFlowMember
Mandatorily redeemable Class E units, Measurement Input [Extensible Enumeration]	us-gaap:MeasurementInputDiscountRateMember
Investment in Real Estate Debt
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment in real estate loan	$ 16,825
Investment in real estate loan, Valuation Technique [Extensible Enumeration]	us-gaap:ValuationTechniqueDiscountedCashFlowMember
Investment in real estate loan, Measurement Input [Extensible Enumeration]	us-gaap:MeasurementInputDiscountRateMember
Investment in Real Estate Debt | SOFR
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Weighted Average Rate Spread	5.22%

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Schedule of Quantitative Inputs and Assumptions (Parenthetical) (Details) - Investment in Real Estate Debt - SOFR	6 Months Ended
	Jun. 30, 2024
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment in real estate debt, SOFR rate period	30 days
Investment in real estate debt, Weighted Average Rate	5.34%

Summary of Significant Accou_10

Summary of Significant Accounting Policies - Schedule of Carrying Value and Fair Value of Financial Instruments - (Details) - USD ($) $ in Thousands		Jun. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial instruments, Carrying value		$ 125,093	$ 115,346
Financial instruments, Fair value		123,417	113,516
Mortgage Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial instruments, Carrying value	[1]	125,093	115,346
Financial instruments, Fair value	[1]	$ 123,417	$ 113,516
[1] (1) Mortgage notes carrying value excludes deferred financing costs and mortgage discounts.

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	$ 244,553	$ 201,033
Land and land improvements	99,895	76,912
Furniture, fixtures and equipment	3,761	3,265
Total	348,209	281,210
Accumulated depreciation	(9,367)	(5,737)
Investments in real estate, net	$ 338,842	$ 275,473

Investments in Real Estate - Ad

Investments in Real Estate - Additional Information (Details) $ in Thousands									6 Months Ended
		Jun. 30, 2024 USD ($) Townhomes	Jun. 25, 2024 USD ($) Townhomes	May 15, 2024 USD ($) SquareFeet	Apr. 24, 2024 USD ($) Townhomes	Feb. 26, 2024 USD ($) Townhomes	Dec. 15, 2023 USD ($) Townhomes	Dec. 01, 2023 USD ($) Townhomes	Jun. 30, 2024 USD ($) Property
Investments in Real Estate [Line Items]
Number of real estate investments acquired | Property									2
Total purchase price		$ 75,021							$ 75,021
Aggregate purchase price	[1]								$ 75,021
Fiore
Investments in Real Estate [Line Items]
Number of initial tranche townhomes | Townhomes		18	18		18	36	36	126
Total purchase price								$ 45,400
Escrow deposit								$ 9,100
Aggregate purchase price			$ 13,100		$ 13,100	$ 13,100	$ 13,100
Purchase price exclusive of closing costs		$ 6,500
Shops at Grand Avenue
Investments in Real Estate [Line Items]
Aggregate purchase price				$ 46,100
Purchase price exclusive of closing costs				$ 48,300
Interest acquired percentage				95%
Number of square feet | SquareFeet				99,837
Percentage of asset leased				100%
[1] Purchase price is inclusive of acquisition-related costs.

Investment in Real Estate - Sum

Investment in Real Estate - Summary of Property Acquired (Details) ft² in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($) ft² Property Unit
Asset Acquisition [Line Items]
Aggregate purchase price | $	$ 75,021	[1]
Number of Transactions	4
Number of Properties	2
Single-family rental property
Asset Acquisition [Line Items]
Aggregate purchase price | $	$ 26,143	[1],[2]
Number of Transactions	3	[2]
Number of Properties	1	[2]
Units | Unit	72	[2]
Retail
Asset Acquisition [Line Items]
Aggregate purchase price | $	$ 48,878	[1]
Number of Transactions	1
Number of Properties	1
Sq. Ft. | ft²	100
[1] Purchase price is inclusive of acquisition-related costs. The 72 townhomes acquired during the six months ended June 30, 2024 are included as a single property

Investments in Real Estate - Su

Investments in Real Estate - Summary of Purchase Price Allocation for Properties Acquired (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Real Estate [Abstract]
Building and building improvements	$ 42,881
Land and land improvements	22,969
Furniture, fixtures and equipment	442
In-place lease intangibles	9,921
Above-market lease intangibles	137
Below-market lease intangibles	(1,329)
Total purchase price	75,021
Other acquisition costs	(402)
Deposit applied	(7,258)
Non-controlling interest deemed contributions	(2,422)
Net purchase price	$ 64,939

Investment in Real Estate Deb_2

Investment in Real Estate Debt - Summary of Company Investments In Real Estate Debt (Details) - Mezzanine Loan $ in Thousands	Jun. 30, 2024 USD ($) Company	Dec. 31, 2023 USD ($) Company
Debt and Equity Securities, FV-NI [Line Items]
Number of Positions | Company | Company	1	1
Maturity Date	Sep. 07, 2024	Sep. 07, 2024
Cost Basis	$ 16,825	$ 16,825
Fair Value	$ 16,825	$ 16,825
SOFR
Debt and Equity Securities, FV-NI [Line Items]
Coupon Spread	5.22%	5.22%

Investment in Real Estate Deb_3

Investment in Real Estate Debt - Summary of Company Investments In Real Estate Debt (Parenthetical) (Details) - Mezzanine Loan - SOFR	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Debt and Equity Securities, FV-NI [Line Items]
SOFR rate period	30 days	30 days
Interest rate	5.34%	5.34%

Investment in Real Estate Deb_4

Investment in Real Estate Debt - Schedule of Amounts Recognized for Investments in Real Estate Debt (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Real Estate [Abstract]
Interest income	$ 448	$ 431	$ 897	$ 841
Other income (expense), net	(3)		(6)
Total income (loss) from investments in real estate-related and other securities	$ 445	$ 431	$ 891	$ 841

Investment in Real Estate Deb_5

Investment in Real Estate Debt - Additional Information (Details) - Tennessee Facility - USD ($) $ in Millions		6 Months Ended
	Sep. 02, 2022	Jun. 30, 2024
Asset Acquisition [Line Items]
Mezzanine loan	$ 26.8
Maturity Date		Sep. 07, 2024
Extension option		and includes up to three one-year
Adviser
Asset Acquisition [Line Items]
Mezzanine loan	$ 10

Investments in Real Estate-Re_3

Investments in Real Estate-Related and Other Securities - Summary of Investments in Real Estate-related and Other Securities (Details) - USD ($) $ in Thousands		6 Months Ended	12 Months Ended
		Jun. 30, 2024	Dec. 31, 2023
U.S. Government Securities
Debt and Equity Securities, FV-NI [Line Items]
Maturity Date	[1]	Jul. 09, 2024	Mar. 14, 2024
Face Amount	[1]	$ 420	$ 420
Cost Basis	[1]	413	409
Fair Value	[1]	420	416
Investments in Real Estate-related and Other Securities
Debt and Equity Securities, FV-NI [Line Items]
Face Amount		420	420
Cost Basis		413	409
Fair Value		$ 420	$ 416
[1] Includes $ 0.4 million of securities pledged as collateral related to the Treasury note futures contracts.

Investments in Real Estate-Re_4

Investments in Real Estate-Related and Other Securities - Summary of Investments in Real Estate-related and Other Securities (Parenthetical) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
U.S. Government Securities | Pledged as collateral
Debt and Equity Securities, FV-NI [Line Items]
Securities	$ 0.4	$ 0.4

Investments in Real Estate-Re_5

Investments in Real Estate-Related and Other Securities - Summary of Income Recognized from Investments in Real Estate-related and Other Securities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Debt and Equity Securities, FV-NI [Line Items]
Total income (loss) from investments in real estate-related and other securities	$ 445	$ 431	$ 891	$ 841
CMBS Investments Real Estate And Other Securities
Debt and Equity Securities, FV-NI [Line Items]
Interest income	5	73	11	132
Unrealized gain (loss)		(126)		(180)
Total income (loss) from investments in real estate-related and other securities	$ 5	$ (53)	$ 11	$ (48)

Intangibles - Schedule of Gross

Intangibles - Schedule of Gross Carrying Amount and Accumulated Amortization of Intangibles Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Total intangible assets	$ 20,102	$ 10,044
Total accumulated amortization	(1,483)	(675)
Intangible assets, net	18,619	9,369
Intangibles liabilities	(3,159)	(1,830)
Below-market lease amortization	216	146
Intangible liabilities, net	(2,943)	(1,684)
In-Place Lease Intangibles
Finite-Lived Intangible Assets [Line Items]
Total intangible assets	17,928	8,007
Total accumulated amortization	(1,201)	(543)
Intangible assets, net	16,727
Above-Market Lease Intangibles
Finite-Lived Intangible Assets [Line Items]
Total intangible assets	2,174	2,037
Total accumulated amortization	(282)	$ (132)
Intangible assets, net	$ 1,892

Intangibles - Schedule of Estim

Intangibles - Schedule of Estimated Future Amortization Intangibles (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Intangible assets, net	$ 18,619	$ 9,369
2024 (remaining)	(137)
2025	(274)
2026	(274)
2027	(274)
2028	(273)
Thereafter	(1,711)
Intangible liabilities, net	(2,943)	$ (1,684)
In-Place Lease Intangibles
Finite-Lived Intangible Assets [Line Items]
2024 (remaining)	1,234
2025	2,412
2026	2,371
2027	2,328
2028	2,299
Thereafter	6,083
Intangible assets, net	16,727
Above-Market Lease Intangibles
Finite-Lived Intangible Assets [Line Items]
2024 (remaining)	172
2025	330
2026	320
2027	320
2028	289
Thereafter	461
Intangible assets, net	$ 1,892

Intangibles - Additional Inform

Intangibles - Additional Information (Details)	6 Months Ended
	Jun. 30, 2024
In-Place Lease Intangibles
Finite-Lived Intangible Assets [Line Items]
Weighted-average amortization period	8 years
Above Market Leases [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted-average amortization period	3 years 1 month 6 days
Below Market Lease [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted-average amortization period	10 years 2 months 12 days

Mortgage Notes and Credit Fac_3

Mortgage Notes and Credit Facility - Summary of Fixed-rate Mortgage Notes Secured by Properties (Details) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2024		Apr. 02, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Mortgage notes, net		$ 123,157			$ 113,577
Mortgage notes
Debt Instrument [Line Items]
Total loans secured by real estate		125,093			115,346
Deferred financing costs, net		(1,265)			(1,030)
Mortgage discount, net		(671)			(739)
Mortgage notes, net		$ 123,157			113,577
Mortgage notes | Caroline West Gray
Debt Instrument [Line Items]
Interest Rate		5.44%
Maturity Date		Dec. 01, 2029
Total loans secured by real estate		$ 45,911			45,911
Mortgage notes | Caroline Post Oak
Debt Instrument [Line Items]
Interest Rate		5.44%
Maturity Date		Dec. 01, 2029
Total loans secured by real estate		$ 40,528			40,528
Mortgage notes | Coda on Centre
Debt Instrument [Line Items]
Interest Rate		4.28%
Maturity Date		May 01, 2029
Total loans secured by real estate		$ 28,654			$ 28,907
Mortgage notes | 6200 Bristol
Debt Instrument [Line Items]
Maturity Date	[1]	Apr. 01, 2029
Total loans secured by real estate		$ 10,000	[1]	$ 10,000
SOFR | Mortgage notes | 6200 Bristol
Debt Instrument [Line Items]
Interest Rate		2.05%	[1]	2.05%
[1] The Company entered into a non-hedge interest rate swap on April 2, 2024, which fixed the rate at 6.26 %.

Mortgage Notes and Credit Fac_4

Mortgage Notes and Credit Facility - Summary of Fixed-rate Mortgage Notes Secured by Properties (Parenthetical) (Details)	Apr. 02, 2024
Interest rate swap - mortgage notes | 6200 Bristol
Debt Instrument [Line Items]
Interest Rate	6.26%

Mortgage Notes and Credit Fac_5

Mortgage Notes and Credit Facility - Additional Information (Details)			6 Months Ended
		Aug. 25, 2023 USD ($)	Jun. 30, 2024 USD ($) Extension		Apr. 02, 2024 USD ($)	Mar. 12, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Credit Facility
Line of Credit Facility [Line Items]
Loans maturity date			Aug. 31, 2023
Maturity date, description			Loans under the Credit Facility will mature on the earliest of (i) August 31, 2023, (ii) the date an earlier termination pursuant to an event of default specified in the Credit Agreement occurs or (iii) the date of occurrence of other maturity date events specified in the Credit Agreement, unless extended pursuant to the terms of the Credit Agreement. Borrowings under the Credit Facility are secured by the unfunded commitments under the Initial Capitalization.The Company may extend the maturity date to a business day that is not later than 12 months after the then-effective stated maturity date, no more than twice, upon: (a) delivery by the Company of an extension request at least 30 days, but no more than 60 days, prior to the stated maturity date then in effect; (b) payment of a facility extension fee equal to 0.15% on the then-existing maximum commitment; (c) confirmation that the right to make capital calls of the unfunded commitments under the Initial Capitalization to pay the Credit Facility through and immediately following the extended stated maturity date is in full force and effect; and (d) payment by the Company of all reasonable and documented fees and out-of-pocket expenses to the extent then due.
Percentage of facility extension fee payment on existing maximum commitment			0.15%
Outstanding balance under credit facility							$ 0
Credit Facility | Federal Funds Effective Rate
Line of Credit Facility [Line Items]
Percenatge of borrowing interest			0.50%
Credit Facility | Minimum
Line of Credit Facility [Line Items]
Maturity date extension notice period			30 days
Credit Facility | Minimum | SOFR Rate
Line of Credit Facility [Line Items]
Percenatge of borrowing interest			1.55%
Credit Facility | Minimum | Base Rate
Line of Credit Facility [Line Items]
Percenatge of borrowing interest			1.55%
Credit Facility | Maximum
Line of Credit Facility [Line Items]
Number of term extension | Extension			2
Maturity date extension notice period			60 days
Credit Facility | Maximum | SOFR Rate
Line of Credit Facility [Line Items]
Percenatge of borrowing interest			1.65%
Credit Facility | Maximum | Base Rate
Line of Credit Facility [Line Items]
Percenatge of borrowing interest			1.65%
Interest rate swap - mortgage notes | 6200 Bristol
Line of Credit Facility [Line Items]
Interest Rate					6.26%
Mortgage notes
Line of Credit Facility [Line Items]
Secured loans			$ 125,093,000				$ 115,346,000
Mortgage notes | 6200 Bristol
Line of Credit Facility [Line Items]
Loans maturity date	[1]		Apr. 01, 2029
Secured loans			$ 10,000,000	[1]	$ 10,000,000
Mortgage notes | SOFR Rate | 6200 Bristol
Line of Credit Facility [Line Items]
Interest Rate			2.05%	[1]	2.05%
Secured Revolving Loan | Credit Facility
Line of Credit Facility [Line Items]
Maximum aggregate commitments amount								$ 65,000,000
Letter of Credit | Credit Facility
Line of Credit Facility [Line Items]
Increase the aggregate commitments amount								$ 150,000,000
Lines Of Credit | Credit Facility | Minimum
Line of Credit Facility [Line Items]
Percenatge of borrowing interest			1.55%
Lines Of Credit | Credit Facility | Maximum
Line of Credit Facility [Line Items]
Percenatge of borrowing interest			1.65%
Amended Credit Agreement | Credit Facility
Line of Credit Facility [Line Items]
Maximum aggregate commitments amount		$ 65,000,000				$ 0
Percenatge of borrowing interest		2.45%
Loans maturity date		Aug. 29, 2024
Amended Credit Agreement | Credit Facility | Maximum
Line of Credit Facility [Line Items]
Maximum aggregate commitments amount		$ 8,000,000
[1] The Company entered into a non-hedge interest rate swap on April 2, 2024, which fixed the rate at 6.26 %.

Mortgage Notes and Credit Fac_6

Mortgage Notes and Credit Facility - Summary of Future Principal Payment Due Under Mortgage Notes (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Long Term Debt By Maturity [Line Items]
Total future principal payments	$ 125,093	$ 115,346
Mortgage notes
Long Term Debt By Maturity [Line Items]
2024 (remainder)	258
2025	536
2026	560
2027	585
2028	635
Thereafter	122,519
Total future principal payments	$ 125,093

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($)		3 Months Ended		6 Months Ended		12 Months Ended
	Sep. 02, 2022	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Management fees		$ 200,000	$ 100,000	$ 400,000	$ 100,000
Accrued performnce participation allocation		400,000		400,000	200,000
Stockholder servicing fees		700,000		700,000
Held in money market fund		67,100,000		$ 67,100,000
Period for reimbursement of advance expenses				60 months
Period for reimbursement of operating expenses				60 months
Operating expenses		$ 5,742,000	4,526,000	$ 10,469,000	$ 9,013,000
Maximum
Related Party Transaction [Line Items]
Accrued performnce participation allocation			$ 100,000
Class D Shares
Related Party Transaction [Line Items]
Management fee equal to percentage of net asset value per annum.		1%		1%
Class I Shares
Related Party Transaction [Line Items]
Management fee equal to percentage of net asset value per annum.		1%		1%
Class S Shares
Related Party Transaction [Line Items]
Management fee equal to percentage of net asset value per annum.		1%		1%
Class T Shares
Related Party Transaction [Line Items]
Management fee equal to percentage of net asset value per annum.		1%		1%
Class X Shares
Related Party Transaction [Line Items]
Management fee equal to percentage of net asset value per annum.		0.75%		0.75%
Class Y Shares
Related Party Transaction [Line Items]
Management fee equal to percentage of net asset value per annum.		0.75%		0.75%
Class E Operating Partnership Unit
Related Party Transaction [Line Items]
Sale of operating partnership units		0		0		9,000,000
Sale of operating partnership units for exchange of investment						$ 94,200,000
Distribution payable		$ 400,000		$ 400,000
Class X and Y units of Operating Partnership
Related Party Transaction [Line Items]
Related party allocation percentage of annual total return				10%
Annual hurdle percentage				7%
Annual catch-up percentage				50%
Class E Units and Class E Shares
Related Party Transaction [Line Items]
Distribution payable		$ 400,000		$ 400,000
Tennessee Facility
Related Party Transaction [Line Items]
Mezzanine loan	$ 26,800,000
Adviser | Common Stock Class E
Related Party Transaction [Line Items]
Sale of operating partnership units		0		0		500,000
Sale of operating partnership units for exchange of investment						$ 5,800,000
Adviser | Tennessee Facility
Related Party Transaction [Line Items]
Mezzanine loan	$ 10,000,000
Limited Partnership Agreement of JPMREIT
Related Party Transaction [Line Items]
Stockholder servicing fees		$ 700,000		$ 700,000
Organization and offering costs		7,400,000		7,400,000		6,700,000
NAV to reimburse operating expenses		$ 500,000,000		500,000,000
Operating expenses				$ 9,300,000		$ 7,900,000
Limited Partnership Agreement of JPMREIT | Primary Offering | Class D Shares
Related Party Transaction [Line Items]
Upfront selling commissions maximum percentage.		1.50%		1.50%
Annual stockholder servicing fee percentage		0.25%		0.25%
Limited Partnership Agreement of JPMREIT | Primary Offering | Class D Shares | Maximum
Related Party Transaction [Line Items]
Annual stockholder servicing fee percentage		8.75%		8.75%
Limited Partnership Agreement of JPMREIT | Primary Offering | Class I Shares
Related Party Transaction [Line Items]
Upfront dealer manager fees maximum				$ 0
Annual stockholder servicing fee percentage		0%		0%
Limited Partnership Agreement of JPMREIT | Primary Offering | Class S Shares
Related Party Transaction [Line Items]
Upfront selling commissions maximum percentage.		3.50%		3.50%
Annual stockholder servicing fee percentage		0.85%		0.85%
Limited Partnership Agreement of JPMREIT | Primary Offering | Class S Shares | Maximum
Related Party Transaction [Line Items]
Annual stockholder servicing fee percentage		8.75%		8.75%
Limited Partnership Agreement of JPMREIT | Primary Offering | Class T Shares
Related Party Transaction [Line Items]
Upfront selling commissions maximum percentage.		3%		3%
Upfront Dealer Manager Fees Maximum Percentage		0.50%		0.50%
Annual stockholder servicing fee percentage		0.85%		0.85%
Limited Partnership Agreement of JPMREIT | Primary Offering | Class T Shares | Maximum
Related Party Transaction [Line Items]
Upfront selling commissions and dealer manager fee percentage		3.50%		3.50%
Annual stockholder servicing fee percentage		8.75%		8.75%
Limited Partnership Agreement of JPMREIT | Primary Offering | Class X Shares
Related Party Transaction [Line Items]
Upfront dealer manager fees maximum				$ 0
Annual stockholder servicing fee percentage		0%		0%
Limited Partnership Agreement of JPMREIT | Primary Offering | Class Y Shares
Related Party Transaction [Line Items]
Annual stockholder servicing fee percentage		0.85%		0.85%
Limited Partnership Agreement of JPMREIT | Primary Offering | Class Y Shares | Maximum
Related Party Transaction [Line Items]
Annual stockholder servicing fee percentage		8.75%		8.75%
Limited Partnership Agreement of JPMREIT | Primary Offering | Class E Common Stock [Member]
Related Party Transaction [Line Items]
Annual stockholder servicing fee percentage		0%		0%
Limited Partnership Agreement of JPMREIT | Private offering | Class Y Shares
Related Party Transaction [Line Items]
Upfront selling commissions maximum percentage.		3.50%		3.50%
Limited Partnership Agreement of JPMREIT | Class D, I, S and T Units of Operating Partnership
Related Party Transaction [Line Items]
Related party allocation percentage of annual total return				12.50%
Annual hurdle percentage				5%

Related Party Transactions - Co

Related Party Transactions - Components of Due to Affiliates (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Related Party Transactions [Abstract]
Organization and offering costs	$ 7,419	$ 6,648
Operating expenses	9,301	7,935
Accrued performance participation allocation	355
Management fee	157	100
Stockholder servicing fee	724	36
Total	$ 17,956	$ 14,719

Other Assets and Liabilities -

Other Assets and Liabilities - Components of Other Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Other Assets and Liabilities [Abstract]
Tenant receivables	$ 324	$ 221
Acquisition costs	62	146
Prepaid expenses	1,031	170
Interest receivable	108	114
Straight-line rent receivable	621	342
Other	20	73
Total	$ 2,166	$ 1,066

Other Assets and Liabilities _2

Other Assets and Liabilities - Components of Accounts Payable, Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Other Assets and Liabilities [Abstract]
Real estate taxes payable	$ 321
Accrued expenses	1,280	$ 1,214
Accounts payable	264	152
Distributions payable	1,003	832
Tenant security deposits	524	1,405
Other	358	101
Total	$ 3,750	$ 3,704

Other Assets and Liabilities _3

Other Assets and Liabilities - Components of Accounts Payable, Accrued Expenses and Other Liabilities (Parenthetical) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Other Assets and Liabilities [Line Items]
Distributions payable	$ 1,003	$ 832
Class E Shares
Other Assets and Liabilities [Line Items]
Distributions payable	400	400
Mandatorily Redeemable Class E Units
Other Assets and Liabilities [Line Items]
Distributions payable	$ 400	$ 400

Leases - Schedule of Components

Leases - Schedule of Components of Operating Lease Income from Industrial Property (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Fixed lease payments	$ 1,557	$ 223	$ 2,668	$ 443
Total fixed lease payments	$ 1,557	$ 223	$ 2,668	$ 443

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Rents Expects to Recieve from Industrial Property (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Lessor, Lease, Description [Line Items]
2024 (remainder)	$ 4,041
2025	8,130
2026	8,272
2027	8,386
2028	8,171
Thereafter	29,961
Industrial Property
Lessor, Lease, Description [Line Items]
Total	$ 66,961

Equity - Additional Information

Equity - Additional Information (Details) - shares	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Nov. 13, 2023
Class of Stock [Line Items]
Number of common stock and preferred stock shares, authorized	5,500,000,000	5,500,000,000			5,500,000,000
Common Stock, Shares, Outstanding	17,400,000	17,400,000	14,657,000	12,362,000
Preferred Stock, Shares Outstanding	0	0		0
Common stock repurchased during period shares	200,000	200,000
Unfulfilled repurchase requests	0
Class T Shares
Class of Stock [Line Items]
Common Stock, Shares, Outstanding	0	0
Class X Shares
Class of Stock [Line Items]
Number of common stock and preferred stock shares, authorized	500,000,000	500,000,000
Common Stock, Shares, Outstanding	0	0		0

Equity - Schedule of Number of

Equity - Schedule of Number of Shares Authorized and Par Value (Details) - $ / shares	Jun. 30, 2024	Nov. 13, 2023
Class of Stock [Line Items]
Number of Shares	5,500,000,000	5,500,000,000
Class D Shares
Class of Stock [Line Items]
Number of Shares	600,000,000
Par Value	$ 0.01
Class I Shares
Class of Stock [Line Items]
Number of Shares	1,500,000,000
Par Value	$ 0.01
Class S Shares
Class of Stock [Line Items]
Number of Shares	1,000,000,000
Par Value	$ 0.01
Class T Shares
Class of Stock [Line Items]
Number of Shares	600,000,000
Par Value	$ 0.01
Class E Shares
Class of Stock [Line Items]
Number of Shares	600,000,000
Par Value	$ 0.01
Class X Shares
Class of Stock [Line Items]
Number of Shares	500,000,000
Par Value	$ 0.01
Class Y Shares
Class of Stock [Line Items]
Number of Shares	600,000,000
Par Value	$ 0.01
Preferred Stock
Class of Stock [Line Items]
Number of Shares	100,000,000
Par Value	$ 0.01

Equity - Schedule of Outstandin

Equity - Schedule of Outstanding Shares of Common Stock (Details) - shares	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024
Class of Stock [Line Items]
Beginning balance	14,657,000	12,362,000
Common stock issued	2,766,000	5,061,000
Common stock repurchased	(23,000)	(23,000)
Ending balance	17,400,000	17,400,000
Class D Shares
Class of Stock [Line Items]
Beginning balance	620,000	504,000
Common stock issued	191,000	307,000
Common stock repurchased	(5,000)	(5,000)
Ending balance	806,000	806,000
Class I Shares
Class of Stock [Line Items]
Beginning balance	6,568,000	5,397,000
Common stock issued	1,176,000	2,347,000
Common stock repurchased	(18,000)	(18,000)
Ending balance	7,726,000	7,726,000
Class S Shares
Class of Stock [Line Items]
Beginning balance	55,000	54,000
Common stock issued	0	1,000
Ending balance	55,000	55,000
Class T Shares
Class of Stock [Line Items]
Beginning balance		0
Ending balance	0	0
Class E Shares
Class of Stock [Line Items]
Beginning balance	6,878,000	6,407,000
Common stock issued	991,000	1,462,000
Ending balance	7,869,000	7,869,000
Class X Shares
Class of Stock [Line Items]
Beginning balance		0
Ending balance	0	0
Class Y Shares
Class of Stock [Line Items]
Beginning balance	536,000	0
Common stock issued	408,000	944,000
Ending balance	944,000	944,000

Equity - Schedule of Aggregate

Equity - Schedule of Aggregate Distributions Declared for Shares of Each Applicable Class of Common Stock (Details) - $ / shares	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024
Class D Shares
Dividends Payable [Line Items]
Aggregate gross distributions declared per share of common stock	$ 0.1125	$ 0.225
Net distributions declared per share of common stock	0.1125	0.225
Class I Shares
Dividends Payable [Line Items]
Aggregate gross distributions declared per share of common stock	0.1125	0.225
Net distributions declared per share of common stock	0.1125	0.225
Class S Shares
Dividends Payable [Line Items]
Aggregate gross distributions declared per share of common stock	0.1125	0.225
Stockholder servicing fee per share of common stock	(0.0223)	(0.0452)
Net distributions declared per share of common stock	0.0902	0.1798
Class E Shares
Dividends Payable [Line Items]
Aggregate gross distributions declared per share of common stock	0.1125	0.225
Net distributions declared per share of common stock	0.1125	0.225
Class Y Shares
Dividends Payable [Line Items]
Aggregate gross distributions declared per share of common stock	0.1125	0.225
Stockholder servicing fee per share of common stock	(0.0225)	(0.0455)
Net distributions declared per share of common stock	$ 0.09	$ 0.1795

Equity - Schedule of Aggregat_2

Equity - Schedule of Aggregate Distributions Declared for Shares of Each Applicable Class of Common Stock (Parenthetical) (Details) $ in Millions	Jun. 30, 2024 USD ($)
Equity [Abstract]
Stockholder servicing fees	$ 0.7

Mandatorily Redeemable Instru_3

Mandatorily Redeemable Instruments - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Dec. 31, 2023
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items]
Interest costs on mandatorily redeemable instruments	$ 2,700	$ 3,600
Redemption value adjustment loss on mandatorily redeemable instruments	(1,600)	(1,400)
Distribution expenses on mandatorily redeemable instruments	$ 1,100	2,200
Adviser
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items]
Redemption value adjustment loss on mandatorily redeemable instruments		$ 1,419
Common Stock Class E | Adviser
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items]
Sale of operating partnership units	0	0	500,000
Sale of operating partnership units for exchange of investment			$ 5,800
Class E Operating Partnership Unit
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items]
Sale of operating partnership units	0	0	9,000,000
Sale of operating partnership units for exchange of investment			$ 94,200
Total Distribution	$ 1,100	$ 2,200
Distribution payable	$ 400	$ 400

Mandatorily Redeemable Instru_4

Mandatorily Redeemable Instruments - Summary Of Mandatorily Redeemable Activity (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024
Redeemable Noncontrolling Interest [Line Items]
Redemption value adjustment	$ (1,600)	$ (1,400)
Adviser
Redeemable Noncontrolling Interest [Line Items]
Balance at the beginning of the year		101,753
Distributions declared		2,149
Reclassification to distributions payable/paid		(2,149)
Redemption value adjustment		1,419
Ending balance	$ 103,172	$ 103,172

Mandatorily Redeemable Instru_5

Mandatorily Redeemable Instruments - Summary of Future Payments Due Under Mandatorily Redeemable Instruments (Details) - Mandatorily Redeemable Instruments $ in Thousands	Jun. 30, 2024 USD ($)	[1]
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items]
2025	$ 103,172
Total future payments	$ 103,172
[1] Redemptions of Mandatorily Redeemable Instruments are subject to the share repurchase plan’s 2 % monthly and 5 % quarterly caps after satisfying repurchase requests from investors in the Offering.

Mandatorily Redeemable Instru_6

Mandatorily Redeemable Instruments - Summary of Future Payments Due Under Mandatorily Redeemable Instruments (Parenthetical) (Details) - Mandatorily Redeemable Instruments [Member]	Jun. 30, 2024
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items]
Share repurchase plan, monthly	2%
Share repurchase plan, quarterly	5%

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Net Loss and Weighted Average Number of Shares Outstanding (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Net loss attributable to JPMREIT stockholders, basic	$ (3,633)	$ (2,582)	$ (5,205)	$ (9,000)
Net loss attributable to JPMREIT stockholders, diluted	$ (3,633)	$ (2,582)	$ (5,205)	$ (9,000)
Weighted-average shares of common stock outstanding, basic	16,811	7,093	15,332	5,525
Weighted-average shares of common stock outstanding, diluted	16,811	7,093	15,332	5,525

Earnings Per Share - Schedule_2

Earnings Per Share - Schedule of Computations of Basic and Diluted Net Loss per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator:
Net loss attributable to JPMREIT stockholders, basic	$ (3,633)	$ (2,582)	$ (5,205)	$ (9,000)
Net loss attributable to JPMREIT stockholders, diluted	$ (3,633)	$ (2,582)	$ (5,205)	$ (9,000)
Denominator:
Weighted-average shares of common stock outstanding, basic	16,811	7,093	15,332	5,525
Weighted-average shares of common stock outstanding, diluted	16,811	7,093	15,332	5,525
Net loss per share of common stock, basic	$ (0.22)	$ (0.36)	$ (0.34)	$ (1.63)
Net loss per share of common stock, diluted	$ (0.22)	$ (0.36)	$ (0.34)	$ (1.63)

Segment Reporting - Additional

Segment Reporting - Additional Information (Details)	6 Months Ended
	Jun. 30, 2024 Segment
Segment Reporting [Abstract]
Number of reportable segments	5

Segment Reporting - Summary of

Segment Reporting - Summary of Total Assets by Segment (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total assets	$ 405,378	$ 344,904
Multifamily
Segment Reporting Information [Line Items]
Total assets	176,842	178,001
Industrial
Segment Reporting Information [Line Items]
Total assets	95,209	96,066
Single-family rental
Segment Reporting Information [Line Items]
Total assets	39,252	13,417
Retail
Segment Reporting Information [Line Items]
Total assets	50,764
Investments in real estate debt, real estate-related and other securities
Segment Reporting Information [Line Items]
Total assets	17,712	17,563
Other (corporate)
Segment Reporting Information [Line Items]
Total assets	$ 25,599	$ 39,857

Segment Reporting - Summary o_2

Segment Reporting - Summary 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	$ 5,873	$ 3,951	$ 10,950	$ 7,860
Total revenues	5,873	3,951	10,950	7,860
Expenses
Rental property operating	2,140	1,227	3,932	2,358
Income from investment in real estate debt	445	431	891	841
Income (loss) from investments in real estate-related and other securities	5	(53)	11	(48)
Segment net operating income (loss)	4,183	3,102	7,920	6,295
Depreciation and amortization	(2,340)	(2,117)	(4,298)	(4,370)
General and administrative	(1,262)	(1,182)	(2,239)	(2,285)
Mandatorily redeemable instruments interest costs	(2,729)	(526)	(3,568)	(4,669)
Interest expense	(1,768)	(1,757)	(3,358)	(3,925)
Other income (expense), net	282	(128)	321	(125)
Net loss	(3,634)	(2,608)	(5,222)	(9,079)
Net loss attributable to non-controlling interests in consolidated joint ventures	(1)	(26)	(17)	(79)
Net loss attributable to JPMREIT stockholders, basic	(3,633)	(2,582)	(5,205)	(9,000)
Multifamily
Revenues
Rental revenue	3,696	3,641	7,336	7,312
Total revenues	3,696	3,641	7,336	7,312
Expenses
Rental property operating	1,276	1,195	2,582	2,356
Segment net operating income (loss)	2,420	2,446	4,754	4,956
Depreciation and amortization	(1,110)	(2,032)	(2,212)	(4,200)
Industrial
Revenues
Rental revenue	1,417	310	2,851	548
Total revenues	1,417	310	2,851	548
Expenses
Rental property operating	247	35	482	2
Segment net operating income (loss)	1,170	275	2,369	546
Depreciation and amortization	(699)	(80)	(1,398)	(161)
Single-family rental
Revenues
Rental revenue	63		66
Total revenues	63		66
Expenses
Rental property operating	358		608
Segment net operating income (loss)	(295)		(542)
Depreciation and amortization	(263)		(416)
Retail
Revenues
Rental revenue	697		697
Total revenues	697		697
Expenses
Rental property operating	254		254
Segment net operating income (loss)	443		443
Depreciation and amortization	(263)		(263)
Investments in real estate debt, real estate-related and other securities
Expenses
Rental property operating	5	(3)	6
Income from investment in real estate debt	445	431	891	841
Income (loss) from investments in real estate-related and other securities	5	(53)	11	(48)
Segment net operating income (loss)	445	$ 381	$ 896	$ 793
Depreciation and amortization	$ (5)

Derivatives - Schedule of Outst

Derivatives - Schedule of Outstanding Derivatives (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($) Contracts Instrument	Jun. 30, 2023 Instrument
Derivative [Line Items]
Number of instruments | Instrument		0
5-year Treasury note futures | Non-designated Hedges
Derivative [Line Items]
Number of contracts | Contracts	217
Notional amount	$ 22,951
Commencement date	May 23, 2024
Maturity date	Sep. 30, 2024
2-year Treasury note futures | Non-designated Hedges
Derivative [Line Items]
Number of contracts | Contracts	33
Notional amount	$ 6,719
Commencement date	May 23, 2024
Maturity date	Sep. 30, 2024
Interest rate swap - mortgage notes | Non-designated Hedges | SOFR
Derivative [Line Items]
Number of instruments | Instrument	1
Notional amount	$ 10,000
Strike rate	4.21%
Maturity (Years)	4 years 3 months 18 days
Commencement date	Apr. 02, 2024
Maturity date	Oct. 02, 2028

Derivatives - Schedule of Fair

Derivatives - Schedule of Fair Value of Derivative Financial Instruments (Details) - Non-designated Hedges - USD ($) $ in Thousands		Mar. 31, 2024	Dec. 31, 2023
5-year Treasury note futures
Derivative [Line Items]
Fair value of derivative liability	[1]	$ (24)
Fair value of derivative asset	[1]		$ 20
2-year Treasury note futures
Derivative [Line Items]
Fair value of derivative liability	[1]	(1)
Fair value of derivative asset	[1]		$ 2
Interest rate swap
Derivative [Line Items]
Fair value of derivative liability	[1]	$ (101)
[1] The derivative asset balance as of December 31, 2023 is included in other assets, net on the Company's Consolidated Balance Sheets. The derivative liability balance as of June 30, 2024 is included in accounts payable, accrued expenses and other liabilities.

Derivatives - Additional Inform

Derivatives - Additional Information (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 Instrument
Derivative [Line Items]
Unrealized gain (loss) related to changes in fair value of derivative financial instruments	$ 30	$ (500)
Realized loss on sale of derivative financial instruments	$ 400	$ 400
Number of instruments | Instrument			0

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Thousands		6 Months Ended
	Dec. 01, 2023 USD ($) Townhomes	Jun. 30, 2024 USD ($) Townhomes
Long-Term Purchase Commitment [Line Items]
Total purchase price		$ 75,021
Fiore
Long-Term Purchase Commitment [Line Items]
Number of town homes | Townhomes	126
Total purchase price	$ 45,400
Escrow deposit	$ 9,100
Number of remaining town homes | Townhomes		18
Purchase price of remaining town homes		$ 6,500

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) $ / shares in Units, $ in Thousands

1 Months Ended

3 Months Ended

6 Months Ended

Aug. 05, 2024 USD ($)

Jul. 03, 2024 USD ($)

Jun. 25, 2024 USD ($)

Apr. 24, 2024 USD ($)

Feb. 26, 2024 USD ($)

Dec. 15, 2023 USD ($)

Dec. 01, 2023 Townhomes

Aug. 09, 2024 USD ($) shares

Jun. 30, 2024 USD ($) $ / shares shares

Jun. 30, 2024 USD ($) $ / shares shares

Jun. 30, 2023 USD ($)

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

Nov. 13, 2023 $ / shares shares

Subsequent Event [Line Items]

Aggregate purchase price

[1]

$ 75,021

Distributions paid or reinvested

$ 2,259

$ 807

Shares sold | shares

2,766,000

5,061,000

Aggregate net proceeds of common stock

$ 51,780

$ 53,982

Common stock par value | $ / shares

$ 0.01

Subsequent Event

Subsequent Event [Line Items]

Distributions paid or reinvested

$ 1,000

$ 1,000

Class D Shares | Subsequent Event

Subsequent Event [Line Items]

Shares sold | shares

88,829

Aggregate net proceeds of common stock

$ 900

Class I Shares | Subsequent Event

Subsequent Event [Line Items]

Shares sold | shares

432,073

Aggregate net proceeds of common stock

$ 4,400

Class S Shares

Subsequent Event [Line Items]

Shares sold | shares

0

1,000

Aggregate net proceeds of common stock

$ 1

$ 1

$ 1

Common stock par value | $ / shares

$ 0.01

$ 0.01

$ 0.01

Class S Shares | Subsequent Event

Subsequent Event [Line Items]

Shares sold | shares

313

Aggregate net proceeds of common stock

$ 3

Class E Shares

Subsequent Event [Line Items]

Shares sold | shares

991,000

1,462,000

Aggregate net proceeds of common stock

$ 79

$ 79

$ 64

Common stock par value | $ / shares

$ 0.01

$ 0.01

$ 0.01

Class Y Shares

Subsequent Event [Line Items]

Common stock, shares authorized but unissued | shares

600,000,000

Common stock par value | $ / shares

$ 0.01

Private offering | Class I Shares | Subsequent Event

Subsequent Event [Line Items]

Shares sold | shares

224,382

Aggregate net proceeds of common stock

$ 2,300

Private offering | Class E Shares | Subsequent Event

Subsequent Event [Line Items]

Shares sold | shares

218,384

Aggregate net proceeds of common stock

$ 2,300

Private offering | Class Y Shares | Subsequent Event

Subsequent Event [Line Items]

Shares sold | shares

194,757

Aggregate net proceeds of common stock

$ 2,100

Fiore

Subsequent Event [Line Items]

Number of town homes | Townhomes

126

Aggregate purchase price

$ 13,100

$ 13,100

$ 13,100

$ 13,100

[1] Purchase price is inclusive of acquisition-related costs.