Fortress Net Lease REIT 10-Q 14 Nov 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2024	Nov. 14, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	000-56536
Entity Registrant Name	Fortress Net Lease REIT
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	92-1937121
Entity Address, Address Line One	1345 Avenue of the Americas
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10105
City Area Code	212
Local Phone Number	798-6100
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Central Index Key	0001966394
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2024
Class F-S
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,236,772
Class F-I
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		36,390,147
Class D
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		36,903,002
Class E
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		460,770

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets
Investments in real estate, net	$ 615,951	$ 98,469
Intangible assets, net	105,218	20,912
Cash and cash equivalents	3,301	4,515
Restricted cash	55,606	127,889
Other assets	6,873	673
Total assets	786,949	252,458
Liabilities
Subscriptions received in advance	51,167	123,192
Revolving credit facility and term loan	67,000	0
Accounts payable and accrued expenses	16,300	10,052
Distribution payable	3,270	470
Total liabilities	160,671	143,369
Commitments and contingencies (see Note 10)
Equity
Additional paid-in capital	646,362	115,952
Accumulated other comprehensive loss	(106)	0
Accumulated deficit	(20,629)	(6,982)
Total equity	626,278	109,089
Total liabilities and equity	786,949	252,458
Affiliated Entity
Liabilities
Other liabilities	17,901	9,205
Nonrelated Party
Liabilities
Other liabilities	5,033	450
Class F-S
Equity
Common stock	6	0
Class F-I
Equity
Common stock	277	0
Class F-I X
Equity
Common stock	0	23
Class B-X
Equity
Common stock	0	21
Class C
Equity
Common stock	0	73
Class D
Equity
Common stock	314	0
Class D-X
Equity
Common stock	50	0
Class E
Equity
Common stock	$ 4	$ 2

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares shares in Thousands	Sep. 30, 2024	Dec. 31, 2023
Common stock, par value (in dollars per share)	$ 0.01
Common stock, shares outstanding (in shares)	65,221	11,877
Class F-I
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares issued (in shares)	27,759	0
Common stock, shares outstanding (in shares)	27,759	0
Class F-I X
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares issued (in shares)	0	2,346
Common stock, shares outstanding (in shares)	0	2,346
Class F-S
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares issued (in shares)	634	0
Common stock, shares outstanding (in shares)	634	0
Class B-X
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares issued (in shares)	0	2,102
Common stock, shares outstanding (in shares)	0	2,102
Class C
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares issued (in shares)	0	7,227
Common stock, shares outstanding (in shares)	0	7,227
Class D
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares issued (in shares)	31,462	0
Common stock, shares outstanding (in shares)	31,462	0
Class D-X
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares issued (in shares)	5,014	0
Common stock, shares outstanding (in shares)	5,014	0
Class E
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares issued (in shares)	352	202
Common stock, shares outstanding (in shares)	352	202

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands	3 Months Ended		8 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2023	Sep. 30, 2024
Revenue
Rental revenue	$ 11,229,000	$ 0	$ 0	$ 21,379,000
Total revenue	11,229,000	0	0	21,379,000
Expenses
Organizational costs	1,347,000	0	0	3,304,000
General and administrative	2,296,000	0	0	5,350,000
Management fee	1,295,000	0	0	1,652,000
Performance participation allocation	642,282	0	0	796,459
Depreciation and amortization	3,934,000	0	0	7,285,000
Total expenses	9,514,000	0	0	18,387,000
Other income (expense)
Interest income	882,000	0	0	4,907,000
Interest expense, net	(467,000)	0	0	(467,000)
Total other income (expense)	415,000	0	0	4,440,000
Net income	$ 2,130,000	$ 0	$ 0	$ 7,432,000
Net income per share of common stock - basic (in dollars per share)	$ 0.03	$ 0	$ 0	$ 0.15
Net income per share of common stock - diluted (in dollars per share)	$ 0.03	$ 0	$ 0	$ 0.15
Weighted-average shares of common stock outstanding, basic (in shares)	61,520	0	0	48,707
Weighted-average shares of common stock outstanding, diluted (in shares)	61,520	0	0	48,707

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		8 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2023	Sep. 30, 2024
Statement of Comprehensive Income [Abstract]
Net income	$ 2,130	$ 0	$ 0	$ 7,432
Other comprehensive loss:
Unrealized loss on derivatives	(106)	0	0	(106)
Other comprehensive loss	(106)	0	0	(106)
Comprehensive income	$ 2,024	$ 0	$ 0	$ 7,326

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Class F-S	Class F-I	Class F-I X	Class B-X	Class C	Class D	Class D-X	Class E	Common Stock Class F-S	Common Stock Class F-I	Common Stock Class F-I X	Common Stock Class B-X	Common Stock Class C	Common Stock Class D	Common Stock Class D-X	Common Stock Class E	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Beginning balance at Jan. 23, 2023	$ 0									$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued	100																1	99
Other comprehensive loss	0
Net income	0
Ending balance at Sep. 30, 2023	100									0	0	0	0	0	0	0	1	99	0	0
Beginning balance at Jun. 30, 2023	0									0	0	0	0	0	0	0	0	0	0	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued	100																1	99
Other comprehensive loss	0
Net income	0
Ending balance at Sep. 30, 2023	100									0	0	0	0	0	0	0	1	99	0	0
Beginning balance at Dec. 31, 2023	109,089									0	0	23	21	73	0	0	2	115,952	0	(6,982)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued	530,140									6	200	6	37	11		268	1	529,611
Offering costs	(2,352)																	(2,352)
Distribution reinvestment	6,074										1	1			1	2	1	6,068
Share class exchange	0										$ 79	(30)	(58)	(84)	313	(220)
Common stock redeemed (in shares)											(3)
Common stock redeemed	(2,920)																	(2,917)
Other comprehensive loss	(106)																		(106)
Net income	7,432	$ (12)	$ 543	$ 607	$ 367	$ 228	$ 1,085	$ 4,564	$ 50											7,432
Distributions declared on common stock (gross per share amount - see Note 9)	(21,079)																			(21,079)
Ending balance at Sep. 30, 2024	626,278									6	$ 277	0	0	0	314	50	4	646,362	(106)	(20,629)
Beginning balance at Jun. 30, 2024	527,025									0	148	41	0	0	88	265	2	539,974	0	(13,493)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued	107,404									6	90					10	1	107,297
Offering costs	(945)																	(945)
Distribution reinvestment	2,956										1				0	1	1	2,953
Share class exchange	0										$ 41	(41)			226	(226)
Common stock redeemed (in shares)											(3)
Common stock redeemed	(2,920)																	(2,917)
Other comprehensive loss	(106)																		(106)
Net income	2,130	$ (12)	$ 265	$ 98	$ 0	$ 0	$ 973	$ 786	$ 20											2,130
Distributions declared on common stock (gross per share amount - see Note 9)	(9,266)																			(9,266)
Ending balance at Sep. 30, 2024	$ 626,278									$ 6	$ 277	$ 0	$ 0	$ 0	$ 314	$ 50	$ 4	$ 646,362	$ (106)	$ (20,629)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended		8 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2023	Sep. 30, 2024
Cash flows from operating activities:
Net income	$ 2,130,000	$ 0	$ 0	$ 7,432,000
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Organizational costs	1,347,000	0	0	3,304,000
Depreciation and amortization			0	7,285,000
Management fee	1,295,000	0	0	1,652,000
Performance participation allocation	642,282	0	0	796,459
Other items			0	(2,031,000)
Changes in assets and liabilities:
Decrease (increase) in other assets			(350,000)	280,000
Increase in other liabilities			0	1,630,000
Net cash provided by (used in) operating activities			(350,000)	20,348,000
Cash flows from investing activities:
Acquisitions of real estate			(12,195,000)	(512,085,000)
Capital expenditures and improvements			0	(92,662,000)
Net cash used in investing activities			(12,195,000)	(604,747,000)
Cash flows from financing activities:
Borrowings under revolving credit facility and term loan			0	104,000,000
Proceeds from affiliate note payable			12,545,000	0
Repayment of revolving credit facility and term loan			0	(37,000,000)
Payment of deferred financing costs			0	(1,060,000)
Proceeds from issuance of common stock			0	406,356,000
Redemptions of common stock			0	(356,000)
Subscriptions received in advance			35,064,000	51,167,000
Payment of distributions to common shareholders			0	(12,206,000)
Net cash provided by financing activities			47,609,000	510,901,000
Net change in cash, cash equivalents and restricted cash			35,064,000	(73,498,000)
Cash, cash equivalents and restricted cash, beginning of period			0	132,405,000
Cash, cash equivalents and restricted cash, end of period	58,907,000	35,064,000	35,064,000	58,907,000
Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheet:
Cash and cash equivalents	3,301,000	0	0	3,301,000
Restricted cash	55,606,000	35,064,000	35,064,000	55,606,000
Total cash, cash equivalents and restricted cash	58,907,000	35,064,000	35,064,000	58,907,000
Non-cash investing and financing activities:
Changes in accrued capital expenditures			0	4,325,000
Distributions declared and unpaid			0	3,270,000
Dividend reinvestment			0	6,074,000
Advanced offering costs due to affiliate			0	2,352,000
Issuance of Class E shares as payment of the management fee			0	1,149,000
Share class exchange			0	392,000
Interest rate swap			0	(106,000)
Accrued stockholders servicing fee			0	556,000
Redemptions payable to common stock	$ 2,564,000	$ 0	$ 0	$ 2,564,000

Organization and Business Purpo

Organization and Business Purpose	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business Purpose	Organization and Business Purpose Fortress Net Lease REIT (“FNLR” or the “Company”) was formed on January 24, 2023 (the “Date of Formation”) as a Maryland statutory trust and intends to qualify as a real estate investment trust (“REIT”) for U.S. federal income tax purposes. The Company was organized to invest primarily in single-tenant commercial real estate properties subject to long-term net leases with investment grade and other creditworthy tenants or guarantors located in the United States and, to a lesser extent, Canada, Europe or other jurisdictions as the Company sees fit. The Company, through FNLR GP LLC (a wholly owned subsidiary of the Company), is the sole general partner of FNLR OP LP, a Delaware limited partnership (“FNLR OP”), and FNLR SLP LLC (the “Special Limited Partner”), a wholly owned subsidiary of Fortress Investment Group LLC (“Fortress”), owns a special limited partner interest in FNLR OP. Substantially all of the Company’s business is conducted through FNLR OP. The Company and FNLR OP are externally managed by FNLR Management LLC (the “Adviser”), an affiliate of Fortress. The Company’s principal business is the acquisition, ownership and leasing of single tenant properties subject to long-term net leases with creditworthy tenants or guarantors. The principal business and operations are not distinguished by geography or property type for purposes of measuring performance. Accordingly, the Company has only one reportable segment. As of September 30, 2024 , the Company owned 20 investments in real estate, of which four are subject to build-to-suit leases, and 16 for which the Company executed triple net lease agreements to fully lease the properties. All acquisitions are industrial or retail properties located in the United States. On May 1, 2023, the Company initiated the offering of its shares through a continuous private placement offering, under Regulation D of the Securities Act of 1933, as amended. The Company is authorized to issue an unlimited number of common shares of beneficial interests, par value $0.01 per share. The share classes have different upfront selling commissions, dealer manager fees and ongoing shareholder servicing fees. As of September 30, 2024 , the Company had received aggregate proceeds of $652.1 million from the sales of shares of its common stock through this initial offering.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies The Company believes the following significant accounting policies, among others, affect its more significant estimates and assumptions used in the preparation of the condensed consolidated financial statements. Principles of Consolidation and Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. All significant intercompany balances and transactions have been eliminated in consolidation. Management believes it has made all necessary adjustments, consisting of only normal recurring items, so that the condensed consolidated financial statements are presented fairly and that estimates made in preparing its condensed consolidated financial statements are reasonable and prudent. The accompanying unaudited condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s registration statement on Form 10 for the period from January 24, 2023 (Date of Formation) through December 31, 2023 initially filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 1, 2024 (as amended, the “Form 10”). The Company consolidates all entities in which it has a controlling financial interest through majority ownership or voting rights and variable interest entities whereby the Company is the primary beneficiary. In determining whether the Company has a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, the Company considers whether the entity is a variable interest entity (“VIE”) and whether 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. FNLR OP is considered to be a VIE. The Company consolidates this entity because it has the ability to direct the most significant activities of the entity such as purchases, dispositions, financings, budgets and overall operating plans. The Company meets the VIE disclosure exemption criteria, as the Company’s interest in FNLR OP is considered a majority voting interest. Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may ultimately differ materially from those estimates. Investments in Real Estate In accordance with ASC 805, Business Combinations , the Company determines whether the acquisition of a property qualifies as a business combination, which requires that the assets acquired and liabilities assumed constitute a business. If the property acquired does not constitute a business, the Company accounts for the transaction as an asset acquisition. The guidance for business combinations states that when substantially all of the fair value of the gross assets to be acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the asset or set of assets is not a business. All property acquisitions to date have been accounted for as asset acquisitions. Whether the acquisition of a property acquired is considered a business combination or asset acquisition, the Company recognizes the identifiable assets acquired, the liabilities assumed, and any non-controlling interest in the acquired entity. In addition, for transactions that are business combinations, the Company evaluates the existence of goodwill or a gain from a bargain purchase. The Company capitalizes acquisition-related costs associated with asset acquisitions. Upon acquisition of a property, the Company assesses the fair value of acquired tangible and intangible assets (including land, buildings, tenant improvements, “above-market” and “below-market” leases, acquired in-place leases, other identifiable intangible assets and assumed liabilities) and allocates the purchase price to the acquired assets and assumed liabilities on a relative fair value basis. 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 records acquired above-market and below-market leases at their fair values (using a discount rate which reflects the risks associated with the leases acquired) equal to the difference between (1) the contractual amounts to be paid pursuant to each in-place lease and (2) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the initial term plus the term of any below-market fixed rate renewal options for below-market leases. The Company records acquired in-place lease values based on the Company’s evaluation of the specific characteristics of each tenant’s lease. Factors to be considered include costs to execute similar leases or estimated carrying costs during hypothetical expected lease-up periods considering current market conditions. In estimating costs to execute similar leases, the Company considers leasing commissions, legal and other related expenses. In estimating carrying costs, the Company includes real estate taxes, insurance and other operating expenses, if any, and estimates of lost rentals at market rates during the expected lease-up periods, depending on local market conditions. 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 building and improvements includes the purchase price of the Company’s properties and any acquisition-related costs, along with any subsequent improvements to such properties. The Company’s investments in real estate are stated at cost and are generally depreciated on a straight-line basis over the estimated remaining useful lives of the assets as follows: Description Depreciable Life Buildings 35-40 years Tenant improvements 25 years Land improvements 1-14 years In-place lease intangibles Over lease term The Company determines a tenant improvement’s depreciable useful life as the shorter of the tenant’s lease term or the economic useful life associated with the tenant improvement. During the three and nine months ended September 30, 2024 , the Company recognized depreciation expense in the amount of $3.0 million and $5.5 million, respectively, as Depreciation and amortization expense on the Condensed Consolidated Statements of Operations. The Company did not recognize any depreciation expense during the three months ended September 30, 2023 or the period from January 24, 2023 (Date of Formation) through September 30, 2023 . The Company capitalizes certain costs related to the development of real estate, including pre-construction costs, construction costs, real estate taxes and insurance. Additionally, the Company capitalizes interest costs related to development activities. Capitalization of these costs begin when the activities and related expenditures commence and cease when the project is substantially complete and ready for its intended use at which time the project is placed in service and depreciation commences but no later than one year after substantial completion. The Company reviews real estate properties for impairment quarterly or 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 evaluated on an undiscounted basis to determine whether an asset has been impaired, the Company’s strategy of holding properties over the long term directly 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 our results. If the Company determines that an impairment has occurred, the affected assets must be reduced to their fair value. No impairments occurred during the periods presented. Definite-lived intangible lease assets are recorded as Intangible assets on the Company’s Condensed Consolidated Balance Sheets and amortized at lease commencement over the life of the lease. The amortization of in-place leases is recorded as an adjustment to Depreciation and amortization expense on the Company's Condensed Consolidated Statements of Operations. During the three and nine months ended September 30, 2024 , the Company recognized amortization expense in the amount of $1.0 million and $1.8 million, respectively, as Depreciation and amortization expense on the Condensed Consolidated Statements of Operations. The Company did not recognize any amortization expense during the three months ended September 30, 2023 or the period from January 24, 2023 (Date of Formation) through September 30, 2023. The Company reviews indefinite-lived intangible assets for impairment annually or when there is an event or change in circumstances that indicate a decrease in value. If there are qualitative factors that indicate it is more likely than not that the indefinite-lived intangible asset is impaired, the Company calculates the fair value of the asset and will record the impairment charge if the carrying amount exceeds the fair value. This new cost basis will be used for future periods when recording subsequent loss and cannot be written up to a higher value as a result of increases in fair value . No impairments occurred during the periods presented. Rental Revenue The Company accounts for rental revenue in accordance with ASC 842, Leases . Rental revenue primarily consists of fixed contractual base rent arising from the tenant leases at our properties under operating leases. Revenue under leases that are deemed probable of collection is recognized as revenue on a straight-line basis over the non-cancelable term of the related leases. The Company begins to recognize revenue upon the acquisition of the related property or when a tenant takes possession of the leased space. Base rent arising from tenant leases at our properties is recognized on a straight-line basis over the life of the lease, including any rent steps or abatement provisions. For leases that are deemed not probable of collection, revenue is recorded as the lesser of (i) the amount which would be recognized on a straight-line basis or (ii) cash that has been received from the tenant, with any tenant and deferred rent receivable balances charged as a direct write-off against rental revenue in the period of the change in the collectability determination. Our estimate of collectability includes, but is not limited to, factors such as the tenant’s payment history, financial condition, industry and geographic area. These estimates could differ materially from actual results. Income Taxes The Company qualifies to be taxed as a REIT for U.S. federal income tax purposes commencing with the year ending December 31, 2023 . The Company’s qualification as a REIT will depend upon its ability to meet, on a continuing basis, through actual investment and operating results, various complex requirements under the Internal Revenue Code of 1986, as amended (the “Code”), relating to, among other things, the sources of the Company’s gross income, the composition and value of the Company’s assets, the Company’s distribution levels and the diversity of ownership of the Company’s capital shares. The Company believes that it is organized in conformity with the requirements for qualification as a REIT under the Code and that its intended manner of operation has enabled the Company to meet the requirements for qualification and taxation as a REIT for U.S. federal income tax purposes commencing with the Company’s taxable year ended December 31, 2023 . As a REIT, the Company generally will not be subject to U.S. federal income tax on its net taxable income that it distributes currently to its shareholders. Under the Code, REITs are subject to numerous organizational and operational requirements, including a requirement that they distribute each year at least 90% of their REIT taxable income, determined without regard to the deduction for dividends paid and excluding any net capital gains. If the Company fails to qualify for taxation as a REIT in any taxable year and does not qualify for certain statutory relief provisions, the Company’s income for that year will be taxed at regular corporate rates, and the Company would be disqualified from taxation as a REIT for the four taxable years following the year during which the Company ceased to qualify as a REIT. Even if the Company qualifies as a REIT for U.S. federal income tax purposes, it may still be subject to state and local taxes on its income and assets and to U.S. federal income and excise taxes on its undistributed income. Deferred Charges The Company’s deferred charges include financing costs for legal and other loan costs incurred by the Company for its financing agreements. In accordance with ASC 835, Interest , the Company records deferred financing costs as a component of Other assets on the Condensed Consolidated Balance Sheets and amortize using the straight-line method over the term of the applicable financing agreements. Derivatives and Hedging Activities The Company uses an interest rate swap to limit exposure to changes in interest rates, primarily on the variable interest rate debt disclosed in “Note 7 – Debt.” The Company does not use derivative instruments for speculative or trading purposes. The interest rate swap qualifies as a cash flow hedge under ASC 815, Derivatives and Hedging, and is recorded at fair value in the Condensed Consolidated Balance Sheets in Other liabilities. Gains and losses due to changes in fair value are recorded in Other comprehensive income and subsequently reclassified into earnings in the period that the hedged transaction affects earnings. Amounts reported in Other comprehensive income for interest rate swaps will be reclassified to Interest expense when the periodic swap settlements are made each calendar quarter end. Fair Value Measurement In accordance with ASC 820, Fair Value Measurement , the Company defines fair value based on the price that would be received upon sale of an asset or the exit price that would be paid to transfer or settle a liability in an orderly transaction between market participants at the measurement date. The Company uses a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value. The fair value hierarchy consists of the three broad levels described below: • Level 1 – Quoted prices in active markets for identical assets or liabilities that the entity has the ability to access. • Level 2 – Observable inputs, other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. • Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. Due to the inherent uncertainty of these estimates, these values may differ materially from the values that would have been used had a ready market for these investments existed. The Company’s interest rate swap is valued by the Adviser utilizing a pricing model and valuation provided by the counterparty. The rates used are publicly available and therefore these instruments are generally classified within Level 2 of the fair value hierarchy. As of September 30, 2024, the fair value of the interest rate swap was ($106,046) . The Company did not hold any derivatives as of December 31, 2023. Earnings Per Share Basic earnings/(loss) per share of common shares is determined by dividing net income attributable to common shareholders by the weighted average number of common shares outstanding during the period. All classes of common shares are allocated income/(loss) at the same rate per share and receive the same gross distribution per share before class- specific fees and accruals/allocations. To the extent that class-specific fees and accruals/allocations are applicable they will be deducted to arrive at class specific net income/(loss) per share and net distribution rate per share. Diluted earnings/(loss) per share is computed by dividing net earnings/(loss) attributable to shareholders for the period by the weighted average number of common shares and common share equivalents outstanding (unless their effect is antidilutive) for the period. There are no common share equivalents outstanding that would have a dilutive effect as a result of the net earnings/(loss), and accordingly, the weighted average number of common shares outstanding is identical for both basic and diluted shares. Share-Based Compensation Each of the trustees who are not affiliated with the Adviser or Fortress will receive $100,000 of Class E shares for services provided. The annual award of common shares will vest one year from the date of grant and will be based on the then-current per share transaction price of Class E shares at the time of issuance. The Company accounts for stock-based compensation in accordance with ASC 718, Compensation – Stock Compensation . See “Note 9 – Equity” for additional information regarding share-based compensation. Recent Accounting Pronouncements In November of 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” The amendments are intended to increase reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective on a retrospective basis for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact of this guidance on the disclosures within its Condensed Consolidated Financial Statements.

Investments in Real Estate, net

Investments in Real Estate, net	9 Months Ended
	Sep. 30, 2024
Real Estate [Abstract]
Investments in Real Estate, net	Investments in Real Estate, net Investments in real estate, net consisted of the following ($ in thousands): September 30, 2024 December 31, 2023 Buildings and tenant improvements $ 308,163 $ 49,264 Land and land improvements 179,417 12,718 Construction in progress 133,894 36,506 Total 621,474 98,488 Accumulated depreciation (5,523) (19) Investments in real estate, net $ 615,951 $ 98,469 Acquisitions During the nine months ended September 30, 2024 , the Company acquired 61 industrial and 32 retail properties for $512.1 million. The total rentable square feet of gross leasable area (“GLA”) of the Company was 4,960 thousand and 983 thousand square feet as of September 30, 2024 and December 31, 2023 , respectively, all of which is fully occupied. The following table sets forth the acquisition values, number of properties and total rentable square feet of GLA of the Company for the nine months ended September 30, 2024 ($ and square feet in thousands) : Property Type Acquisition Value Number of Square Feet Industrial $ 21,967 1 242 Industrial 25,416 2 401 Industrial 45,545 3 254 Industrial 133,849 27 1,094 Retail 15,160 6 25 Retail 12,161 7 25 Retail 7,822 4 20 Retail 6,842 3 21 Retail 8,053 4 38 Industrial 172,738 22 1,331 Industrial 9,805 2 137 Retail 13,434 5 30 Retail 2,676 1 6 Industrial 400 1 196 Retail 6,641 2 11 Industrial 29,575 3 343 During the period from January 24, 2023 (Date of Formation) through September 30, 2023, the Company acquired a leasehold interest and property under development for approximately $12.5 million. The following table details the purchase price allocation for the properties acquired during the nine months ended September 30, 2024 ($ in thousands) : Amount Buildings and building improvements $ 258,899 Land and land improvements 166,699 Construction in progress 400 In-place lease intangibles 86,087 Total purchase price $ 512,085 The following table details the purchase price allocation for the properties acquired during the period from January 24, 2023 (Date of Formation) through September 30, 2023 ($ in thousands): Amount Buildings and building improvements $ — Land and land improvements 7,492 Construction in progress 4,703 In-place lease intangibles 350 Total purchase price $ 12,545

Intangible Assets, net

Intangible Assets, net	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets, net	Intangible Assets, net The gross carrying amount and accumulated amortization of the Company’s identified intangible assets consisted of the following ($ in thousands): Intangible lease assets September 30, 2024 December 31, 2023 In-place lease intangibles $ 99,513 $ 13,426 Condominium interest 7,492 7,492 Total intangible assets 107,005 20,918 Accumulated amortization In-place lease intangibles (1,787) (6) Intangible assets, net $ 105,218 $ 20,912 The estimated future amortization of the Company’s in-place lease intangible assets for each of the next five years and thereafter as of September 30, 2024 is as follows ($ in thousands): Amount 2024 (remaining) $ 1,232 2025 4,934 2026 4,936 2027 4,936 2028 4,936 2029 4,935 Thereafter 71,817 Total $ 97,726

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Due to Affiliate The following table details the components of due to affiliate ($ in thousands): September 30, 2024 December 31, 2023 Advanced organizational and offering costs $ 14,850 $ 9,195 General and administrative expenses 1,752 10 Accrued management fee 503 — Performance participation allocation 796 — Total $ 17,901 $ 9,205 Advanced Organizational and Offering Costs The Adviser agreed to advance all of the organization and offering costs on behalf of the Company (including legal, marketing, due diligence, administrative, accounting, transfer agent fees and other expenses attributable to the Company’s organization) through November 1, 2024. Such costs will be reimbursed to the Adviser on a pro-rata basis over a 60-month period beginning November 1, 2024, the first anniversary of the date on which the Company broke escrow for its private offering, and are recorded as a component of Due to affiliate on the Company’s Condensed Consolidated Balance Sheets. Approximately $14.9 million and $9.2 million of reimbursable costs were payable to the Adviser at September 30, 2024 and December 31, 2023 , respectively. Accrued Management Fee The Company will pay the Adviser a management fee ranging from 1.00% to 1.25% of net asset value (“NAV”) per annum payable monthly. However, the Adviser has waived the management fee for six months for certain investors measured from the later of (i) the day on which such shareholder first purchased any waiver-eligible shares and (ii) if applicable, the day on which such shares were released from escrow (such later date in respect of any investor, the “Issuance Date”). The management fee paid to the Adviser in respect of any Class E Shares will be waived by the Adviser for periods following the time that the Company qualifies as a “publicly offered REIT” for U.S. federal income tax purposes. The management fee may be paid, at the Adviser’s election, in cash, Class E shares or Class E units of FNLR OP. To date, the Adviser has elected to receive the management fee in the Company’s common shares, resulting in a non-cash expense. During the three and nine months ended September 30, 2024 , the Company issued 97,734 and 113,804 Class E shares, respectively, and recognized management fees of $1.3 million and $1.7 million , respectively, on the Condensed Consolidated Statements of Operations. The Company did not issue shares or incur management fees during the period from January 24, 2023 (Date of Formation) through September 30, 2023 . Performance Participation Allocation The Special Limited Partner holds a performance participation interest in FNLR OP that entitles it to receive an allocation of total return. This allocation is an expense to the Company as it represents a liability payable for services rendered relating to ongoing operations of the Company. Total return is defined as total distributions plus the change in the Company’s NAV per share, adjusted for subscriptions and repurchases. The Special Limited Partner is entitled to an allocation from FNLR OP equal to (i) for the Class F-S units, Class F-D units, Class F-I units (including Class F-I X units which are eligible for a waiver of performance participation allocation), Class B units and Class E units of FNLR OP, 10% of total return and (ii) for the Class C units of FNLR OP, 5% of total return in each case, after the other unit holders have received a total return of 5% (after recouping any loss carryforward amount). The allocation of the performance participation interest is measured on a calendar year basis, made annually and accrued monthly, and is payable in Class A units of FNLR OP, Class E shares or cash at the election of the Special Limited Partner. The Special Limited Partner has waived the performance participation for six months for certain investors measured from the applicable Issuance Date. In addition, the Special Limited Partner’s performance participation interest with respect to Class E units of FNLR OP will be waived by the Special Limited Partner following the time that the Company qualifies as a “publicly offered REIT” for U.S. federal income tax purposes. During the three and nine months ended September 30, 2024 , the Company recognized $642,282 and $796,459, respectively, of performance participation allocation expense in the Company's Condensed Consolidated Statements of Operations. The Company did not recognize any performance participation allocation expense during the period from January 24, 2023 (Date of Formation) through September 30, 2023

Leases

Leases	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Leases	Leases Lessor – Operating leases The Company’s rental revenue primarily consists of rent earned from operating leases at the Company’s triple net lease, fully occupied properties which consist of fixed annual rent that escalates annually throughout the term of the applicable leases. The tenant is generally responsible for all property-related expenses, including taxes, insurance and maintenance, and the Company has rights in accordance with the lease agreement to protect the value of the leased property. The Company’s triple net lease properties are each occupied by a single tenant. The following table presents the undiscounted future minimum rents the Company expects to receive for its net lease properties classified as operating leases as of September 30, 2024 ($ in thousands): Year Future Minimum Receipts 2024 (remaining) $ 12,135 2025 61,080 2026 66,039 2027 69,552 2028 71,414 2029 73,328 Thereafter 1,549,756 Total $ 1,903,304

Debt

Debt	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Debt	Debt On August 13, 2024 , FNLR OP (the "Borrower") entered into a credit agreement with a syndication of financial institutions (the "Credit Facilities"). The following table details key terms of the Credit Facilities as of September 30, 2024 ($ in thousands): Indebtedness Weighted Average Interest Rate Maturity Date Maximum Facility Size Principal Balance Outstanding Secured revolving credit facility (1) 6.74% 8/13/2027 $ 120,000 $ 62,000 Term loan facility 6.75% 8/13/2027 $ 5,000 $ 5,000 ______________________________________ (1) Includes a $25.0 million sublimit of standby letters of credit. At the option of the Borrower, the Credit Facilities will bear interest at either (i) a rate equal to term secured overnight financing rate ("SOFR") or daily simple SOFR plus a margin rate ranging from 1.40% to 1.90% or (ii) a base rate based on the highest of (A) Federal Fund's Rate plus half of 1%, (B) Bank of America's prime rate, (C) Term SOFR plus 1.00% and (D) 1.00%. The secured revolving credit facility is subject to a per annum fee based on the daily unused portion of the facility ranging from 0.15% to 0.25% to and is payable quarterly in arrears. The Credit Facilities are prepayable, in whole or in part, at any time without premium or penalty. The Company is subject to various financial and operational covenants under the Credit Facilities. These covenants require the Company to maintain certain financial ratios, which include leverage and fixed charge coverage, among others. As of September 30, 2024, the Company was in compliance with all of its loan covenants.

Derivative Financial Instrument

Derivative Financial Instruments	9 Months Ended
	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments The Company purchased an interest rate swap to minimize the interest rate risk associated with the Company’s Credit Facilities variable interest expense. The interest rate swap carries a notional amount of $60.0 million and expires on August 13, 2027. Under the swap agreement, the Company receives a floating rate Daily Weighted Average Secured Overnight Financing Rate and pays a fixed rate of interest. The fair value of the interest rate swap as of September 30, 2024 was ($106,046) and is included in Other liabilities

Equity

Equity	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Equity	Equity Authorized Capital As of September 30, 2024 , the Company had the authority to issue an unlimited number of preferred shares and seven classes of common shares including Class F-S, Class F-D, Class F-I, Class B, Class C, Class D and Class E. The Company also presents Class F-I X, Class B-X, and Class D-X, which represent Class F-I common shares, Class B common shares, and Class D common shares, respectively, that are currently entitled to a fee waiver, as described in the Form 10. Each class of common shares and preferred shares has a par value of $0.01. The Company’s board of trustees has the ability to establish the preferences and rights of each class or series of preferred shares, without shareholder approval, and as such, it may afford the holders of any series or class of preferred shares preferences, powers and rights senior to the rights of holders of common shares. The differences among the common share classes relate to ongoing servicing fees, management fees, performance participation allocation and share repurchase rights. Other than differences in fees and repurchase rights, each class of common shares has the same economic and voting rights. Common Shares The following tables detail the movement in the Company’s outstanding shares of common shares (in thousands): Three Months Ended September 30, 2024 Class Class Class F-I X (1) Class B-X (1) Class C Class Class D-X (1) Class Total June 30, 2024 — 14,779 4,133 — — 8,758 26,471 247 54,388 Common shares issued 634 8,978 — — — — 1,040 104 10,756 Distribution reinvestment — 122 13 — — 84 73 1 293 Class transfers — 4,177 (4,146) — — 22,620 (22,570) — 81 Common shares repurchased — (297) — — — — — — (297) September 30, 2024 634 27,759 — — — 31,462 5,014 352 65,221 Nine Months Ended September 30, 2024 Class Class Class F-I X (1) Class B-X (1) Class C Class Class D-X (1) Class Total December 31, 2023 — — 2,346 2,102 7,227 — — 202 11,877 Common shares issued 634 20,026 630 3,669 1,052 — 26,788 145 52,944 Distribution reinvestment — 160 53 30 26 92 238 5 604 Class transfers — 7,870 (3,029) (5,801) (8,305) 31,370 (22,012) — 93 Common shares repurchased — (297) — — — — — — (297) September 30, 2024 634 27,759 — — — 31,462 5,014 352 65,221 ______________________________________ (1) Class F-I X, Class B-X and Class D-X represent Class F-I, Class B and Class D shares, respectively, that are currently entitled to a fee waiver, as described in the Form 10. Share and Unit Repurchases The Company has adopted a share repurchase plan whereby, subject to certain limitations, shareholders may request, on a monthly basis, that the Company repurchase all or any portion of their shares. The aggregate NAV of total repurchases of the Company’s common shares under the Company’s share repurchase plan and redemptions of Operating Partnership units is limited to no more than 2% of the Company’s aggregate NAV per month (measured using the aggregate NAV attributable to shareholders as of the end of the immediately preceding month) and no more than 5% of the Company’s aggregate NAV per calendar quarter (measured using the average aggregate NAV attributable to shareholders as of the end of the immediately preceding three months). Shares or units issued to the Adviser and its affiliates as payment for management fees or as reimbursements of expenses or for the Special Limited Partner’s performance participation interest are subject to the repurchase plan but exempt from the redemption limitations. The Company is not obligated to repurchase any shares or units, including shares or units held by the Adviser acquired as payment of the Adviser's management fee or held by the Special Limited Partner for its performance participation interest, and may choose to repurchase fewer shares than have been requested to be repurchased, or none at all, in its discretion at any time. Further, the Company’s board of trustees may make exceptions to, modify or suspend the Company’s share repurchase plan (including to make exceptions to the repurchase limitations or purchase fewer shares than such repurchase limitations) if it deems such action to be in the Company’s best interest. In the event that the Company determines to repurchase some but not all of the shares submitted for repurchase during any month, shares repurchased at the end of the month will be repurchased on a pro-rata basis. For the three and nine months ended September 30, 2024, the Company repurchased 296,640 shares of common shares for a total of $3.0 million. The Company had no unfulfilled repurchase requests during the nine months ended September 30, 2024. The Company had no repurchase requests from January 24, 2023 (Date of Formation) through September 30, 2023. Distributions The Company generally intends to distribute substantially all of its taxable income, which does not necessarily equal net income in accordance with GAAP, to its shareholders each year to comply with the REIT provisions of the Code. Each class of common shares receive the sam e gross distribution p er share during the period the Adviser and Special Limited Partner have waived the management fee and performance participation allocation, respectively. The following table details the aggregate net distributions declared for each applicable class of common shares: Three Months Ended September 30, 2024 Class F-S (1) Class Class F-I X (1) Class Class Class D (1) Class Class Aggregate net distributions declared per share $ 0.0431 $ 0.1506 $ 0.0502 $ — $ — $ 0.1506 $ 0.1506 $ 0.1506 Nine Months Ended September 30, 2024 Class F-S (1) Class F-I (1) Class F-I X (1) Class B-X (1) Class C (1) Class D (1) Class Class Aggregate net distributions declared per share $ 0.0431 $ 0.3410 $ 0.3241 $ 0.1756 $ 0.0835 $ 0.2489 $ 0.4245 $ 0.4245 ______________________________________ (1) Shares were outstanding for a portion of the three and nine month periods ended September 30, 2024. Share-Based Compensation The Company accrued $225,000 and $0 of non-cash compensation expense at September 30, 2024 and December 31, 2023

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies In the normal course of business, the Company may, directly or indirectly, enter into agreements that contain representations and warranties and which provide indemnifications. Future events could occur that lead to the execution of these provisions against the Company. The Company’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Company that have not yet occurred. The Company had outstanding commitments of $139.1 million and $183.5 million as of September 30, 2024 and December 31, 2023 , respectively, in connection with its properties under development.

Earning Per Share

Earning Per Share	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic earnings/(loss) per common share is determined by dividing net income/(loss) attributable to common shareholders by the weighted average number of common shares outstanding during the period. All classes of common shares are allocated income/(loss) at the same rate per share and receive the same gross distribution per share before class-specific fees and accruals/allocations. To the extent that class-specific fees and accruals/allocations are applicable they will be deducted to arrive at class specific net income/(loss) per share and net distribution rate per share. The following table details net income/(loss) per common share ($ in thousands, except per share data): Three months ended September 30, 2024 Class F-S Class F-I Class F-I X Class B-X Class C Class D Class D-X Class E Total Net income/(loss) $ (12) $ 265 $ 98 $ — $ — $ 973 $ 786 $ 20 $ 2,130 Weighted average number of common shares outstanding 193 23,960 1,013 — — 26,408 9,638 308 61,520 Net income/(loss) per common share $ (0.06) $ 0.01 $ 0.10 $ — $ — $ 0.04 $ 0.08 $ 0.06 $ 0.03 Nine months ended September 30, 2024 Class F-S Class F-I Class F-I X Class B-X Class C Class D Class D-X Class E Total Net income/(loss) $ (12) $ 543 $ 607 $ 367 $ 228 $ 1,085 $ 4,564 $ 50 $ 7,432 Weighted average number of common shares outstanding 65 11,656 2,676 1,804 774 10,230 21,253 249 48,707 Net income/(loss) per common share $ (0.18) $ 0.05 $ 0.23 $ 0.20 $ 0.29 $ 0.11 $ 0.21 $ 0.20 $ 0.15

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events In preparation of the accompanying condensed consolidated financial statements, the Company has evaluated events and transactions that occurred after September 30, 2024 for recognition or disclosure purposes. Based on this evaluation, the Company identified the following subsequent events, from September 30, 2024 through the date the condensed consolidated financial statements were issued. Proceeds from the Issuance of Common Shares On October 1, 2024 , the Company issued and sold 5,198,699 common shares, consisting of 698,611 Class F-S shares, 4,127,498 Class F-I shares, 371,931 Class D shares (of which 311,838 shares were eligible for a waiver of management fees and performance participation, see "Note 5 - Related Party Transactions") and 659 Class E shares, to accredited investors in the Company’s private offering, amounting to proceeds of $52.1 million to the Company as payment for such shares, including shares issued pursuant to the Company’s distribution reinvestment plan. On October 14, 2024 , the Company issued 49,657 Class E common shares to the Adviser as payment for $503,229 of management fees. On November 1, 2024 , the Company issued and sold 5,463,656 common shares, consisting of 904,303 Class F-S shares, 4,503,767 Class F-I shares, 54,896 Class D shares and 690 Class E shares, to accredited investors in the Company's private offering, amounting to proceeds of $55.2 million to the Company as payment for such shares, including shares issued pursuant to the Company's distribution reinvestment plan. On November 13, 2024, the Company issued 57,950 Class E common shares to the Adviser as payment for $592,178 of management fees. Borrowings On October 18, 2024 , the Credit Facilities were amended to increase the aggregate commitments to the revolving credit facility from $120.0 million to $350.0 million and the aggregate outstanding principal amount of the term loan from $5.0 million to $100.0 million. Additionally, all commitments and outstanding amounts under the Credit Facilities will be due in full on October 17, 2025 and the number of one year extensions was increased from one option to three options. Acquisitions On October 23, 2024 , the Company acquired three industrial properties located across three states within the United States for $206.9 million . The properties were subsequently leased back to the seller under an absolute triple net master lease. On November 12, 2024, the Company acquired one retail property in Leesburg, Florida for $3.2 million. The property was subsequently leased backed to the seller under an absolute triple net master lease. Amended Offering Documents On November 14, 2024, the Company’s board of directors authorized the Company to (i) cancel the Class B and Class C common shares (none of which were outstanding), (ii) rename the Class D common shares as “Class D-S common shares” and (iii) offer and sell new classes of common shares to be designated the “Class S common shares”, “Class D common shares” and “Class I common shares”. The Class S, Class D and Class I common shares will pay a 1.25% management fee and a 12.5% performance participation interest.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. All significant intercompany balances and transactions have been eliminated in consolidation. Management believes it has made all necessary adjustments, consisting of only normal recurring items, so that the condensed consolidated financial statements are presented fairly and that estimates made in preparing its condensed consolidated financial statements are reasonable and prudent. The accompanying unaudited condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s registration statement on Form 10 for the period from January 24, 2023 (Date of Formation) through December 31, 2023 initially filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 1, 2024 (as amended, the “Form 10”). The Company consolidates all entities in which it has a controlling financial interest through majority ownership or voting rights and variable interest entities whereby the Company is the primary beneficiary. In determining whether the Company has a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, the Company considers whether the entity is a variable interest entity (“VIE”) and whether 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. FNLR OP is considered to be a VIE. The Company consolidates this entity because it has the ability to direct the most significant activities of the entity such as purchases, dispositions, financings, budgets and overall operating plans. The Company meets the VIE disclosure exemption criteria, as the Company’s interest in FNLR OP is considered a majority voting interest.
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may ultimately differ materially from those estimates.
Investments in Real Estate	Investments in Real Estate In accordance with ASC 805, Business Combinations , the Company determines whether the acquisition of a property qualifies as a business combination, which requires that the assets acquired and liabilities assumed constitute a business. If the property acquired does not constitute a business, the Company accounts for the transaction as an asset acquisition. The guidance for business combinations states that when substantially all of the fair value of the gross assets to be acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the asset or set of assets is not a business. All property acquisitions to date have been accounted for as asset acquisitions. Whether the acquisition of a property acquired is considered a business combination or asset acquisition, the Company recognizes the identifiable assets acquired, the liabilities assumed, and any non-controlling interest in the acquired entity. In addition, for transactions that are business combinations, the Company evaluates the existence of goodwill or a gain from a bargain purchase. The Company capitalizes acquisition-related costs associated with asset acquisitions. Upon acquisition of a property, the Company assesses the fair value of acquired tangible and intangible assets (including land, buildings, tenant improvements, “above-market” and “below-market” leases, acquired in-place leases, other identifiable intangible assets and assumed liabilities) and allocates the purchase price to the acquired assets and assumed liabilities on a relative fair value basis. 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 records acquired above-market and below-market leases at their fair values (using a discount rate which reflects the risks associated with the leases acquired) equal to the difference between (1) the contractual amounts to be paid pursuant to each in-place lease and (2) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the initial term plus the term of any below-market fixed rate renewal options for below-market leases. The Company records acquired in-place lease values based on the Company’s evaluation of the specific characteristics of each tenant’s lease. Factors to be considered include costs to execute similar leases or estimated carrying costs during hypothetical expected lease-up periods considering current market conditions. In estimating costs to execute similar leases, the Company considers leasing commissions, legal and other related expenses. In estimating carrying costs, the Company includes real estate taxes, insurance and other operating expenses, if any, and estimates of lost rentals at market rates during the expected lease-up periods, depending on local market conditions. 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 building and improvements includes the purchase price of the Company’s properties and any acquisition-related costs, along with any subsequent improvements to such properties. The Company’s investments in real estate are stated at cost and are generally depreciated on a straight-line basis over the estimated remaining useful lives of the assets as follows: Description Depreciable Life Buildings 35-40 years Tenant improvements 25 years Land improvements 1-14 years In-place lease intangibles Over lease term The Company determines a tenant improvement’s depreciable useful life as the shorter of the tenant’s lease term or the economic useful life associated with the tenant improvement. During the three and nine months ended September 30, 2024 , the Company recognized depreciation expense in the amount of $3.0 million and $5.5 million, respectively, as Depreciation and amortization expense on the Condensed Consolidated Statements of Operations. The Company did not recognize any depreciation expense during the three months ended September 30, 2023 or the period from January 24, 2023 (Date of Formation) through September 30, 2023 . The Company capitalizes certain costs related to the development of real estate, including pre-construction costs, construction costs, real estate taxes and insurance. Additionally, the Company capitalizes interest costs related to development activities. Capitalization of these costs begin when the activities and related expenditures commence and cease when the project is substantially complete and ready for its intended use at which time the project is placed in service and depreciation commences but no later than one year after substantial completion. The Company reviews real estate properties for impairment quarterly or 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 evaluated on an undiscounted basis to determine whether an asset has been impaired, the Company’s strategy of holding properties over the long term directly 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 our results. If the Company determines that an impairment has occurred, the affected assets must be reduced to their fair value. No impairments occurred during the periods presented. Definite-lived intangible lease assets are recorded as Intangible assets on the Company’s Condensed Consolidated Balance Sheets and amortized at lease commencement over the life of the lease. The amortization of in-place leases is recorded as an adjustment to Depreciation and amortization expense on the Company's Condensed Consolidated Statements of Operations. During the three and nine months ended September 30, 2024 , the Company recognized amortization expense in the amount of $1.0 million and $1.8 million, respectively, as Depreciation and amortization expense on the Condensed Consolidated Statements of Operations. The Company did not recognize any amortization expense during the three months ended September 30, 2023 or the period from January 24, 2023 (Date of Formation) through September 30, 2023. The Company reviews indefinite-lived intangible assets for impairment annually or when there is an event or change in circumstances that indicate a decrease in value. If there are qualitative factors that indicate it is more likely than not that the indefinite-lived intangible asset is impaired, the Company calculates the fair value of the asset and will record the impairment charge if the carrying amount exceeds the fair value. This new cost basis will be used for future periods when recording subsequent loss and cannot be written up to a higher value as a result of increases in fair value . No impairments occurred during the periods presented.
Rental Revenue	Rental Revenue The Company accounts for rental revenue in accordance with ASC 842, Leases . Rental revenue primarily consists of fixed contractual base rent arising from the tenant leases at our properties under operating leases. Revenue under leases that are deemed probable of collection is recognized as revenue on a straight-line basis over the non-cancelable term of the related leases. The Company begins to recognize revenue upon the acquisition of the related property or when a tenant takes possession of the leased space. Base rent arising from tenant leases at our properties is recognized on a straight-line basis over the life of the lease, including any rent steps or abatement provisions. For leases that are deemed not probable of collection, revenue is recorded as the lesser of (i) the amount which would be recognized on a straight-line basis or (ii) cash that has been received from the tenant, with any tenant and deferred rent receivable balances charged as a direct write-off against rental revenue in the period of the change in the collectability determination. Our estimate of collectability includes, but is not limited to, factors such as the tenant’s payment history, financial condition, industry and geographic area. These estimates could differ materially from actual results.
Income Taxes	Income Taxes The Company qualifies to be taxed as a REIT for U.S. federal income tax purposes commencing with the year ending December 31, 2023 . The Company’s qualification as a REIT will depend upon its ability to meet, on a continuing basis, through actual investment and operating results, various complex requirements under the Internal Revenue Code of 1986, as amended (the “Code”), relating to, among other things, the sources of the Company’s gross income, the composition and value of the Company’s assets, the Company’s distribution levels and the diversity of ownership of the Company’s capital shares. The Company believes that it is organized in conformity with the requirements for qualification as a REIT under the Code and that its intended manner of operation has enabled the Company to meet the requirements for qualification and taxation as a REIT for U.S. federal income tax purposes commencing with the Company’s taxable year ended December 31, 2023 . As a REIT, the Company generally will not be subject to U.S. federal income tax on its net taxable income that it distributes currently to its shareholders. Under the Code, REITs are subject to numerous organizational and operational requirements, including a requirement that they distribute each year at least 90% of their REIT taxable income, determined without regard to the deduction for dividends paid and excluding any net capital gains. If the Company fails to qualify for taxation as a REIT in any taxable year and does not qualify for certain statutory relief provisions, the Company’s income for that year will be taxed at regular corporate rates, and the Company would be disqualified from taxation as a REIT for the four taxable years following the year during which the Company ceased to qualify as a REIT. Even if the Company qualifies as a REIT for U.S. federal income tax purposes, it may still be subject to state and local taxes on its income and assets and to U.S. federal income and excise taxes on its undistributed income.
Deferred Charges	Deferred Charges The Company’s deferred charges include financing costs for legal and other loan costs incurred by the Company for its financing agreements. In accordance with ASC 835, Interest , the Company records deferred financing costs as a component of Other assets on the Condensed Consolidated Balance Sheets and amortize using the straight-line method over the term of the applicable financing agreements.
Derivatives and Hedging Activities	Derivatives and Hedging Activities The Company uses an interest rate swap to limit exposure to changes in interest rates, primarily on the variable interest rate debt disclosed in “Note 7 – Debt.” The Company does not use derivative instruments for speculative or trading purposes. The interest rate swap qualifies as a cash flow hedge under ASC 815, Derivatives and Hedging, and is recorded at fair value in the Condensed Consolidated Balance Sheets in Other liabilities. Gains and losses due to changes in fair value are recorded in Other comprehensive income and subsequently reclassified into earnings in the period that the hedged transaction affects earnings. Amounts reported in Other comprehensive income for interest rate swaps will be reclassified to Interest expense when the periodic swap settlements are made each calendar quarter end.
Fair Value Measurement	Fair Value Measurement In accordance with ASC 820, Fair Value Measurement , the Company defines fair value based on the price that would be received upon sale of an asset or the exit price that would be paid to transfer or settle a liability in an orderly transaction between market participants at the measurement date. The Company uses a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value. The fair value hierarchy consists of the three broad levels described below: • Level 1 – Quoted prices in active markets for identical assets or liabilities that the entity has the ability to access. • Level 2 – Observable inputs, other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. • Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. Due to the inherent uncertainty of these estimates, these values may differ materially from the values that would have been used had a ready market for these investments existed. The Company’s interest rate swap is valued by the Adviser utilizing a pricing model and valuation provided by the counterparty. The rates used are publicly available and therefore these instruments are generally classified within Level 2 of the fair value hierarchy. As of September 30, 2024, the fair value of the interest rate swap was ($106,046) . The Company did not hold any derivatives as of December 31, 2023.
Earnings Per Share	Earnings Per Share Basic earnings/(loss) per share of common shares is determined by dividing net income attributable to common shareholders by the weighted average number of common shares outstanding during the period. All classes of common shares are allocated income/(loss) at the same rate per share and receive the same gross distribution per share before class- specific fees and accruals/allocations. To the extent that class-specific fees and accruals/allocations are applicable they will be deducted to arrive at class specific net income/(loss) per share and net distribution rate per share. Diluted earnings/(loss) per share is computed by dividing net earnings/(loss) attributable to shareholders for the period by the weighted average number of common shares and common share equivalents outstanding (unless their effect is antidilutive) for the period. There are no common share equivalents outstanding that would have a dilutive effect as a result of the net earnings/(loss), and accordingly, the weighted average number of common shares outstanding is identical for both basic and diluted shares.
Share-Based Compensation	Share-Based Compensation Each of the trustees who are not affiliated with the Adviser or Fortress will receive $100,000 of Class E shares for services provided. The annual award of common shares will vest one year from the date of grant and will be based on the then-current per share transaction price of Class E shares at the time of issuance. The Company accounts for stock-based compensation in accordance with ASC 718, Compensation – Stock Compensation . See “Note 9 – Equity” for additional information regarding share-based compensation.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November of 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” The amendments are intended to increase reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective on a retrospective basis for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact of this guidance on the disclosures within its Condensed Consolidated Financial Statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 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 remaining useful lives of the assets as follows: Description Depreciable Life Buildings 35-40 years Tenant improvements 25 years Land improvements 1-14 years In-place lease intangibles Over lease term

Investments in Real Estate, n_2

Investments in Real Estate, net (Tables)	9 Months Ended
	Sep. 30, 2024
Real Estate [Abstract]
Schedule of Investments in Real Estate	Investments in real estate, net consisted of the following ($ in thousands): September 30, 2024 December 31, 2023 Buildings and tenant improvements $ 308,163 $ 49,264 Land and land improvements 179,417 12,718 Construction in progress 133,894 36,506 Total 621,474 98,488 Accumulated depreciation (5,523) (19) Investments in real estate, net $ 615,951 $ 98,469
Schedule of Real Estate Acquisitions	The following table sets forth the acquisition values, number of properties and total rentable square feet of GLA of the Company for the nine months ended September 30, 2024 ($ and square feet in thousands) : Property Type Acquisition Value Number of Square Feet Industrial $ 21,967 1 242 Industrial 25,416 2 401 Industrial 45,545 3 254 Industrial 133,849 27 1,094 Retail 15,160 6 25 Retail 12,161 7 25 Retail 7,822 4 20 Retail 6,842 3 21 Retail 8,053 4 38 Industrial 172,738 22 1,331 Industrial 9,805 2 137 Retail 13,434 5 30 Retail 2,676 1 6 Industrial 400 1 196 Retail 6,641 2 11 Industrial 29,575 3 343
Schedule of Details of Purchase Price Allocation for Properties Acquired	The following table details the purchase price allocation for the properties acquired during the nine months ended September 30, 2024 ($ in thousands) : Amount Buildings and building improvements $ 258,899 Land and land improvements 166,699 Construction in progress 400 In-place lease intangibles 86,087 Total purchase price $ 512,085 The following table details the purchase price allocation for the properties acquired during the period from January 24, 2023 (Date of Formation) through September 30, 2023 ($ in thousands): Amount Buildings and building improvements $ — Land and land improvements 7,492 Construction in progress 4,703 In-place lease intangibles 350 Total purchase price $ 12,545

Intangible Assets, net (Tables)

Intangible Assets, net (Tables)	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Identified Intangible Lease Assets	The gross carrying amount and accumulated amortization of the Company’s identified intangible assets consisted of the following ($ in thousands): Intangible lease assets September 30, 2024 December 31, 2023 In-place lease intangibles $ 99,513 $ 13,426 Condominium interest 7,492 7,492 Total intangible assets 107,005 20,918 Accumulated amortization In-place lease intangibles (1,787) (6) Intangible assets, net $ 105,218 $ 20,912
Schedule of Future Amortization of Intangible Lease Assets	The estimated future amortization of the Company’s in-place lease intangible assets for each of the next five years and thereafter as of September 30, 2024 is as follows ($ in thousands): Amount 2024 (remaining) $ 1,232 2025 4,934 2026 4,936 2027 4,936 2028 4,936 2029 4,935 Thereafter 71,817 Total $ 97,726

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
Schedule of Components of Due to Affiliate	The following table details the components of due to affiliate ($ in thousands): September 30, 2024 December 31, 2023 Advanced organizational and offering costs $ 14,850 $ 9,195 General and administrative expenses 1,752 10 Accrued management fee 503 — Performance participation allocation 796 — Total $ 17,901 $ 9,205

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Schedule of Undiscounted Future Minimum Rents the Company Expects to Receive	The following table presents the undiscounted future minimum rents the Company expects to receive for its net lease properties classified as operating leases as of September 30, 2024 ($ in thousands): Year Future Minimum Receipts 2024 (remaining) $ 12,135 2025 61,080 2026 66,039 2027 69,552 2028 71,414 2029 73,328 Thereafter 1,549,756 Total $ 1,903,304

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Debt	The following table details key terms of the Credit Facilities as of September 30, 2024 ($ in thousands): Indebtedness Weighted Average Interest Rate Maturity Date Maximum Facility Size Principal Balance Outstanding Secured revolving credit facility (1) 6.74% 8/13/2027 $ 120,000 $ 62,000 Term loan facility 6.75% 8/13/2027 $ 5,000 $ 5,000 ______________________________________ (1) Includes a $25.0 million sublimit of standby letters of credit.

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Schedule of Movement of Outstanding Shares of Common Shares	The following tables detail the movement in the Company’s outstanding shares of common shares (in thousands): Three Months Ended September 30, 2024 Class Class Class F-I X (1) Class B-X (1) Class C Class Class D-X (1) Class Total June 30, 2024 — 14,779 4,133 — — 8,758 26,471 247 54,388 Common shares issued 634 8,978 — — — — 1,040 104 10,756 Distribution reinvestment — 122 13 — — 84 73 1 293 Class transfers — 4,177 (4,146) — — 22,620 (22,570) — 81 Common shares repurchased — (297) — — — — — — (297) September 30, 2024 634 27,759 — — — 31,462 5,014 352 65,221 Nine Months Ended September 30, 2024 Class Class Class F-I X (1) Class B-X (1) Class C Class Class D-X (1) Class Total December 31, 2023 — — 2,346 2,102 7,227 — — 202 11,877 Common shares issued 634 20,026 630 3,669 1,052 — 26,788 145 52,944 Distribution reinvestment — 160 53 30 26 92 238 5 604 Class transfers — 7,870 (3,029) (5,801) (8,305) 31,370 (22,012) — 93 Common shares repurchased — (297) — — — — — — (297) September 30, 2024 634 27,759 — — — 31,462 5,014 352 65,221 ______________________________________ (1) Class F-I X, Class B-X and Class D-X represent Class F-I, Class B and Class D shares, respectively, that are currently entitled to a fee waiver, as described in the Form 10.
Schedule of Aggregate Distributions Declared for Each Applicable Class of Common Shares	The following table details the aggregate net distributions declared for each applicable class of common shares: Three Months Ended September 30, 2024 Class F-S (1) Class Class F-I X (1) Class Class Class D (1) Class Class Aggregate net distributions declared per share $ 0.0431 $ 0.1506 $ 0.0502 $ — $ — $ 0.1506 $ 0.1506 $ 0.1506 Nine Months Ended September 30, 2024 Class F-S (1) Class F-I (1) Class F-I X (1) Class B-X (1) Class C (1) Class D (1) Class Class Aggregate net distributions declared per share $ 0.0431 $ 0.3410 $ 0.3241 $ 0.1756 $ 0.0835 $ 0.2489 $ 0.4245 $ 0.4245 ______________________________________ (1) Shares were outstanding for a portion of the three and nine month periods ended September 30, 2024.

Earning Per Share (Tables)

Earning Per Share (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share	The following table details net income/(loss) per common share ($ in thousands, except per share data): Three months ended September 30, 2024 Class F-S Class F-I Class F-I X Class B-X Class C Class D Class D-X Class E Total Net income/(loss) $ (12) $ 265 $ 98 $ — $ — $ 973 $ 786 $ 20 $ 2,130 Weighted average number of common shares outstanding 193 23,960 1,013 — — 26,408 9,638 308 61,520 Net income/(loss) per common share $ (0.06) $ 0.01 $ 0.10 $ — $ — $ 0.04 $ 0.08 $ 0.06 $ 0.03 Nine months ended September 30, 2024 Class F-S Class F-I Class F-I X Class B-X Class C Class D Class D-X Class E Total Net income/(loss) $ (12) $ 543 $ 607 $ 367 $ 228 $ 1,085 $ 4,564 $ 50 $ 7,432 Weighted average number of common shares outstanding 65 11,656 2,676 1,804 774 10,230 21,253 249 48,707 Net income/(loss) per common share $ (0.18) $ 0.05 $ 0.23 $ 0.20 $ 0.29 $ 0.11 $ 0.21 $ 0.20 $ 0.15

Subsequent Events (Tables)

Subsequent Events (Tables)	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
Schedule of Debt	The following table details key terms of the Credit Facilities as of September 30, 2024 ($ in thousands): Indebtedness Weighted Average Interest Rate Maturity Date Maximum Facility Size Principal Balance Outstanding Secured revolving credit facility (1) 6.74% 8/13/2027 $ 120,000 $ 62,000 Term loan facility 6.75% 8/13/2027 $ 5,000 $ 5,000 ______________________________________ (1) Includes a $25.0 million sublimit of standby letters of credit.

Organization and Business Pur_2

Organization and Business Purpose (Details) $ / shares in Units, $ in Millions	9 Months Ended	17 Months Ended
	Sep. 30, 2024 property segment $ / shares	Sep. 30, 2024 USD ($) property $ / shares
Real Estate Properties [Line Items]
Number of reportable segments | segment	1
Common stock, par value (in dollars per share) | $ / shares	$ 0.01	$ 0.01
Aggregate net proceeds from sale of common stock through initial offering | $		$ 652.1
Real Estate Investment
Real Estate Properties [Line Items]
Number of Properties	20	20
Build-to-Suit Leases
Real Estate Properties [Line Items]
Number of Properties	4	4
Triple Net Lease Agreement
Real Estate Properties [Line Items]
Number of Properties	16	16

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Investment in Real Estate (Details) - USD ($)	3 Months Ended		8 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2023	Sep. 30, 2024
Property, Plant and Equipment [Line Items]
Depreciation	$ 3,000,000	$ 0	$ 0	$ 5,500,000
Amortization of intangibles assets	$ 1,000,000	$ 0	$ 0	$ 1,800,000
Maximum
Property, Plant and Equipment [Line Items]
Term to commence depreciation after substantial completion of project				1 year
Buildings | Minimum
Property, Plant and Equipment [Line Items]
Depreciable Life	35 years			35 years
Buildings | Maximum
Property, Plant and Equipment [Line Items]
Depreciable Life	40 years			40 years
Tenant improvements
Property, Plant and Equipment [Line Items]
Depreciable Life	25 years			25 years
Land improvements | Minimum
Property, Plant and Equipment [Line Items]
Depreciable Life	1 year			1 year
Land improvements | Maximum
Property, Plant and Equipment [Line Items]
Depreciable Life	14 years			14 years

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Fair Value Measurement (Details)	Sep. 30, 2024 USD ($)
Interest Rate Swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair value of interest rate swap	$ (106,046)

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Share-Based Compensation (Details) - Class E	9 Months Ended
	Sep. 30, 2024 USD ($)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Value of stock issued during period	$ 100,000
Award vesting period	1 year

Investments in Real Estate, n_3

Investments in Real Estate, net - Summary of Investments in Real Estate (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Real Estate [Line Items]
Real estate investment property at cost	$ 621,474	$ 98,488
Accumulated depreciation	(5,523)	(19)
Investments in real estate, net	615,951	98,469
Buildings and tenant improvements
Real Estate [Line Items]
Real estate investment property at cost	308,163	49,264
Land and land improvements
Real Estate [Line Items]
Real estate investment property at cost	179,417	12,718
Construction in progress
Real Estate [Line Items]
Real estate investment property at cost	$ 133,894	$ 36,506

Investments in Real Estate, n_4

Investments in Real Estate, net - Acquisitions (Details) ft² in Thousands, $ in Thousands	8 Months Ended	9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) ft² property	Dec. 31, 2023 ft²
Real Estate [Line Items]
Acquisition Value | $	$ 12,195	$ 512,085
Square Feet | ft²		4,960	983
Industrial Property
Real Estate [Line Items]
Number of Properties		61
Retail Site
Real Estate [Line Items]
Number of Properties		32
Industrial One
Real Estate [Line Items]
Number of Properties		1
Acquisition Value | $		$ 21,967
Square Feet | ft²		242
Industrial Two
Real Estate [Line Items]
Number of Properties		2
Acquisition Value | $		$ 25,416
Square Feet | ft²		401
Industrial Three
Real Estate [Line Items]
Number of Properties		3
Acquisition Value | $		$ 45,545
Square Feet | ft²		254
Industrial Four
Real Estate [Line Items]
Number of Properties		27
Acquisition Value | $		$ 133,849
Square Feet | ft²		1,094
Retail One
Real Estate [Line Items]
Number of Properties		6
Acquisition Value | $		$ 15,160
Square Feet | ft²		25
Retail Two
Real Estate [Line Items]
Number of Properties		7
Acquisition Value | $		$ 12,161
Square Feet | ft²		25
Retail Three
Real Estate [Line Items]
Number of Properties		4
Acquisition Value | $		$ 7,822
Square Feet | ft²		20
Retail Four
Real Estate [Line Items]
Number of Properties		3
Acquisition Value | $		$ 6,842
Square Feet | ft²		21
Retail Five
Real Estate [Line Items]
Number of Properties		4
Acquisition Value | $		$ 8,053
Square Feet | ft²		38
Industrial Five
Real Estate [Line Items]
Number of Properties		22
Acquisition Value | $		$ 172,738
Square Feet | ft²		1,331
Industrial Six
Real Estate [Line Items]
Number of Properties		2
Acquisition Value | $		$ 9,805
Square Feet | ft²		137
Retail Six
Real Estate [Line Items]
Number of Properties		5
Acquisition Value | $		$ 13,434
Square Feet | ft²		30
Retail Seven
Real Estate [Line Items]
Number of Properties		1
Acquisition Value | $		$ 2,676
Square Feet | ft²		6
Industrial Seven
Real Estate [Line Items]
Number of Properties		1
Acquisition Value | $		$ 400
Square Feet | ft²		196
Retail Eight
Real Estate [Line Items]
Number of Properties		2
Acquisition Value | $		$ 6,641
Square Feet | ft²		11
Industrial Eight
Real Estate [Line Items]
Number of Properties		3
Acquisition Value | $		$ 29,575
Square Feet | ft²		343

Investments in Real Estate, n_5

Investments in Real Estate, net - Purchase Price Allocation for Properties Acquired (Details) - USD ($) $ in Thousands	8 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2024
Real Estate [Line Items]
Total purchase price	$ 12,545	$ 512,085
In-place lease intangibles
Real Estate [Line Items]
Total purchase price	350	86,087
Buildings and building improvements
Real Estate [Line Items]
Total purchase price	0	258,899
Land and land improvements
Real Estate [Line Items]
Total purchase price	7,492	166,699
Construction in progress
Real Estate [Line Items]
Total purchase price	$ 4,703	$ 400

Intangible Assets, net - Identi

Intangible Assets, net - Identified Intangible Lease Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Total intangible assets	$ 107,005	$ 20,918
Intangible assets, net	105,218	20,912
In-place lease intangibles
Finite-Lived Intangible Assets [Line Items]
Total intangible assets	99,513	13,426
Accumulated amortization	(1,787)	(6)
Condominium interest
Finite-Lived Intangible Assets [Line Items]
Total intangible assets	$ 7,492	$ 7,492

Intangible Assets, net - Estima

Intangible Assets, net - Estimated Future Amortization of Intangible Assets (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2024 (remaining)	$ 1,232
2025	4,934
2026	4,936
2027	4,936
2028	4,936
2029	4,935
Thereafter	71,817
Total	$ 97,726

Related Party Transactions - Du

Related Party Transactions - Due to Affiliate Schedule (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Advanced organizational and offering costs	$ 14,900	$ 9,200
Affiliated Entity
Related Party Transaction [Line Items]
Advanced organizational and offering costs	14,850	9,195
General and administrative expenses	1,752	10
Accrued management fee	503	0
Performance participation allocation	796	0
Total	$ 17,901	$ 9,205

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - USD ($)	3 Months Ended		5 Months Ended	8 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2023	Sep. 30, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Organizational and offering costs payable	$ 14,900,000				$ 14,900,000	$ 9,200,000
Management fee	1,295,000	$ 0		$ 0	$ 1,652,000
Special limited partner performance participation waived period					6 months
Performance participation allocation	642,282	$ 0		$ 0	$ 796,459
Affiliated Entity
Related Party Transaction [Line Items]
Organizational and offering costs payable	14,850,000				14,850,000	$ 9,195,000
Management fee	$ 1,300,000		$ 0		$ 1,700,000
Total return percentage					5%
Period for reimbursement of cost on pro-rata basis					60 months
Affiliated Entity | Class F-I X
Related Party Transaction [Line Items]
Total return percentage					10%
Affiliated Entity | Class F-D
Related Party Transaction [Line Items]
Total return percentage					10%
Affiliated Entity | Class B-X
Related Party Transaction [Line Items]
Total return percentage					10%
Affiliated Entity | Class F-I
Related Party Transaction [Line Items]
Total return percentage					10%
Affiliated Entity | Class E
Related Party Transaction [Line Items]
Shares issued during period (in shares)	97,734			0	113,804
Total return percentage					10%
Affiliated Entity | Class F-S
Related Party Transaction [Line Items]
Total return percentage					10%
Affiliated Entity | Class C
Related Party Transaction [Line Items]
Total return percentage					5%
Minimum | Affiliated Entity
Related Party Transaction [Line Items]
Management fee percentage on net asset value	1%				1%
Maximum | Affiliated Entity
Related Party Transaction [Line Items]
Management fee percentage on net asset value	1.25%				1.25%

Leases (Details)

Leases (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Leases [Abstract]
2024 (remaining)	$ 12,135
2025	61,080
2026	66,039
2027	69,552
2028	71,414
2029	73,328
Thereafter	1,549,756
Total	$ 1,903,304

Debt - Credit Facilities (Detai

Debt - Credit Facilities (Details) - Credit Facility - USD ($) $ in Thousands	Sep. 30, 2024	Aug. 13, 2024
Secured revolving credit facility | Line of Credit
Line of Credit Facility [Line Items]
Maximum Facility Size		$ 120,000
Long-Term Debt	$ 62,000
Debt, Weighted Average Interest Rate	6.74%
Term loan facility | Line of Credit
Line of Credit Facility [Line Items]
Maximum Facility Size		5,000
Long-Term Debt	$ 5,000
Debt, Weighted Average Interest Rate	6.75%
Letter of Credit
Line of Credit Facility [Line Items]
Maximum Facility Size		$ 25,000

Debt - Narrative (Details)

Debt - Narrative (Details) - Credit Facility - Line of Credit	Aug. 13, 2024
Fed Funds Effective Rate Overnight Index Swap Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate (as a percent)	0.50%
Term Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread on variable rate (as a percent)	1%
Minimum | Secured revolving credit facility
Line of Credit Facility [Line Items]
Unused commitment fee percentage	0.25%
Minimum | Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread on variable rate (as a percent)	1.40%
Maximum | Secured revolving credit facility
Line of Credit Facility [Line Items]
Unused commitment fee percentage	0.15%
Maximum | Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread on variable rate (as a percent)	1.90%

Derivative Financial Instrume_2

Derivative Financial Instruments (Details) - USD ($)	3 Months Ended		8 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2023	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other liabilities			Other liabilities
Accrued interest income	$ 467,000	$ 0	$ 0	$ 467,000
Interest Rate Swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount	60,000,000			60,000,000
Fair value of interest rate swap	(106,046)			(106,046)
Accrued interest income	$ 2,463			$ 2,463

Equity - Authorized Capital (De

Equity - Authorized Capital (Details)	9 Months Ended
	Sep. 30, 2024 class $ / shares
Equity [Abstract]
Number of classes of shares | class	7
Preferred stock, par value (in dollars per share)	$ 0.01
Common stock, par value (in dollars per share)	$ 0.01

Equity - Movement in Outstandin

Equity - Movement in Outstanding Shares (Details) - shares	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024
Common Stock Rollforward
Beginning balance (in shares)	54,388,000	11,877,000
Common shares issued (in shares)	10,756,000	52,944,000
Distribution reinvestment (in shares)	293,000	604,000
Class transfers (in shares)	81,000	93,000
Common shares repurchased (in shares)	(296,640)	(296,640)
Ending balance (in shares)	65,221,000	65,221,000
Class F-S
Common Stock Rollforward
Beginning balance (in shares)	0	0
Common shares issued (in shares)	634,000	634,000
Distribution reinvestment (in shares)	0	0
Class transfers (in shares)	0	0
Common shares repurchased (in shares)	0	0
Ending balance (in shares)	634,000	634,000
Class F-I
Common Stock Rollforward
Beginning balance (in shares)	14,779,000	0
Common shares issued (in shares)	8,978,000	20,026,000
Distribution reinvestment (in shares)	122,000	160,000
Class transfers (in shares)	4,177,000	7,870,000
Common shares repurchased (in shares)	(297,000)	(297,000)
Ending balance (in shares)	27,759,000	27,759,000
Class F-I X
Common Stock Rollforward
Beginning balance (in shares)	4,133,000	2,346,000
Common shares issued (in shares)	0	630,000
Distribution reinvestment (in shares)	13,000	53,000
Class transfers (in shares)	(4,146,000)	(3,029,000)
Common shares repurchased (in shares)	0	0
Ending balance (in shares)	0	0
Class B-X
Common Stock Rollforward
Beginning balance (in shares)	0	2,102,000
Common shares issued (in shares)	0	3,669,000
Distribution reinvestment (in shares)	0	30,000
Class transfers (in shares)	0	(5,801,000)
Common shares repurchased (in shares)	0	0
Ending balance (in shares)	0	0
Class C
Common Stock Rollforward
Beginning balance (in shares)	0	7,227,000
Common shares issued (in shares)	0	1,052,000
Distribution reinvestment (in shares)	0	26,000
Class transfers (in shares)	0	(8,305,000)
Common shares repurchased (in shares)	0	0
Ending balance (in shares)	0	0
Class D
Common Stock Rollforward
Beginning balance (in shares)	8,758,000	0
Common shares issued (in shares)	0	0
Distribution reinvestment (in shares)	84,000	92,000
Class transfers (in shares)	22,620,000	31,370,000
Common shares repurchased (in shares)	0	0
Ending balance (in shares)	31,462,000	31,462,000
Class D-X
Common Stock Rollforward
Beginning balance (in shares)	26,471,000	0
Common shares issued (in shares)	1,040,000	26,788,000
Distribution reinvestment (in shares)	73,000	238,000
Class transfers (in shares)	(22,570,000)	(22,012,000)
Common shares repurchased (in shares)	0	0
Ending balance (in shares)	5,014,000	5,014,000
Class E
Common Stock Rollforward
Beginning balance (in shares)	247,000	202,000
Common shares issued (in shares)	104,000	145,000
Distribution reinvestment (in shares)	1,000	5,000
Class transfers (in shares)	0	0
Common shares repurchased (in shares)	0	0
Ending balance (in shares)	352,000	352,000

Equity - Share and Unite Repurc

Equity - Share and Unite Repurchases (Details)	3 Months Ended	8 Months Ended	9 Months Ended
	Sep. 30, 2024 USD ($) shares	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) shares
Equity [Abstract]
Share repurchase plan, maximum aggregate net asset value per month (as a percent)	0.02		0.02
Share repurchase plan, maximum aggregate net asset value per quarter (as a percent)	0.05		0.05
Common shares repurchased (in shares) | shares	296,640		296,640
Common shares repurchased | $	$ 3,000,000	$ 0	$ 3,000,000

Equity - Distributions (Details

Equity - Distributions (Details) - $ / shares	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024
Class F-S
Class of Stock [Line Items]
Aggregate gross distributions declared per share of common shares (in dollars per share)	$ 0.0431	$ 0.0431
Class F-I
Class of Stock [Line Items]
Aggregate gross distributions declared per share of common shares (in dollars per share)	0.1506	0.3410
Class F-I X
Class of Stock [Line Items]
Aggregate gross distributions declared per share of common shares (in dollars per share)	0.0502	0.3241
Class B-X
Class of Stock [Line Items]
Aggregate gross distributions declared per share of common shares (in dollars per share)	0	0.1756
Class C
Class of Stock [Line Items]
Aggregate gross distributions declared per share of common shares (in dollars per share)	0	0.0835
Class D
Class of Stock [Line Items]
Aggregate gross distributions declared per share of common shares (in dollars per share)	0.1506	0.2489
Class D-X
Class of Stock [Line Items]
Aggregate gross distributions declared per share of common shares (in dollars per share)	0.1506	0.4245
Class E
Class of Stock [Line Items]
Aggregate gross distributions declared per share of common shares (in dollars per share)	$ 0.1506	$ 0.4245

Equity - Share-Based Compensati

Equity - Share-Based Compensation (Details) - USD ($)	9 Months Ended	11 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Equity [Abstract]
Non-cash compensation expense	$ 225,000	$ 0

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Outstanding commitments on properties under development	$ 139.1	$ 183.5

Earning Per Share (Details)

Earning Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		8 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2023	Sep. 30, 2024
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income/(loss)	$ 2,130	$ 0	$ 0	$ 7,432
Weighted average number of common shares outstanding, basic (in shares)	61,520	0	0	48,707
Weighted average number of common shares outstanding, diluted (in shares)	61,520	0	0	48,707
Net income/(loss) per common share, basic (in dollars per share)	$ 0.03	$ 0	$ 0	$ 0.15
Net income/(loss) per common share, diluted (in dollars per share)	$ 0.03	$ 0	$ 0	$ 0.15
Class F-S
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income/(loss)	$ (12)			$ (12)
Weighted average number of common shares outstanding, basic (in shares)	193			65
Weighted average number of common shares outstanding, diluted (in shares)	193			65
Net income/(loss) per common share, basic (in dollars per share)	$ (0.06)			$ (0.18)
Net income/(loss) per common share, diluted (in dollars per share)	$ (0.06)			$ (0.18)
Class F-I
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income/(loss)	$ 265			$ 543
Weighted average number of common shares outstanding, basic (in shares)	23,960			11,656
Weighted average number of common shares outstanding, diluted (in shares)	23,960			11,656
Net income/(loss) per common share, basic (in dollars per share)	$ 0.01			$ 0.05
Net income/(loss) per common share, diluted (in dollars per share)	$ 0.01			$ 0.05
Class F-I X
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income/(loss)	$ 98			$ 607
Weighted average number of common shares outstanding, basic (in shares)	1,013			2,676
Weighted average number of common shares outstanding, diluted (in shares)	1,013			2,676
Net income/(loss) per common share, basic (in dollars per share)	$ 0.10			$ 0.23
Net income/(loss) per common share, diluted (in dollars per share)	$ 0.10			$ 0.23
Class B-X
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income/(loss)	$ 0			$ 367
Weighted average number of common shares outstanding, basic (in shares)	0			1,804
Weighted average number of common shares outstanding, diluted (in shares)	0			1,804
Net income/(loss) per common share, basic (in dollars per share)	$ 0			$ 0.20
Net income/(loss) per common share, diluted (in dollars per share)	$ 0			$ 0.20
Class C
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income/(loss)	$ 0			$ 228
Weighted average number of common shares outstanding, basic (in shares)	0			774
Weighted average number of common shares outstanding, diluted (in shares)	0			774
Net income/(loss) per common share, basic (in dollars per share)	$ 0			$ 0.29
Net income/(loss) per common share, diluted (in dollars per share)	$ 0			$ 0.29
Class D
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income/(loss)	$ 973			$ 1,085
Weighted average number of common shares outstanding, basic (in shares)	26,408			10,230
Weighted average number of common shares outstanding, diluted (in shares)	26,408			10,230
Net income/(loss) per common share, basic (in dollars per share)	$ 0.04			$ 0.11
Net income/(loss) per common share, diluted (in dollars per share)	$ 0.04			$ 0.11
Class D-X
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income/(loss)	$ 786			$ 4,564
Weighted average number of common shares outstanding, basic (in shares)	9,638			21,253
Weighted average number of common shares outstanding, diluted (in shares)	9,638			21,253
Net income/(loss) per common share, basic (in dollars per share)	$ 0.08			$ 0.21
Net income/(loss) per common share, diluted (in dollars per share)	$ 0.08			$ 0.21
Class E
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income/(loss)	$ 20			$ 50
Weighted average number of common shares outstanding, basic (in shares)	308			249
Weighted average number of common shares outstanding, diluted (in shares)	308			249
Net income/(loss) per common share, basic (in dollars per share)	$ 0.06			$ 0.20
Net income/(loss) per common share, diluted (in dollars per share)	$ 0.06			$ 0.20

Subsequent Events (Details)

Subsequent Events (Details)

3 Months Ended

5 Months Ended

8 Months Ended

9 Months Ended

Nov. 14, 2024

Nov. 13, 2024 USD ($) shares

Nov. 12, 2024 USD ($) property

Nov. 01, 2024 USD ($) shares

Oct. 23, 2024 USD ($) state property

Oct. 14, 2024 USD ($) shares

Oct. 01, 2024 USD ($) shares

Sep. 30, 2024 USD ($) shares

Sep. 30, 2023 USD ($)

Jun. 30, 2023 USD ($)

Sep. 30, 2023 USD ($) shares

Sep. 30, 2024 USD ($) shares

Oct. 18, 2024 USD ($) option

Aug. 13, 2024 USD ($) option

Subsequent Event [Line Items]

Common shares issued (in shares)

10,756,000

52,944,000

Proceeds from issuance of common stock | $

$ 0

$ 406,356,000

Management fee | $

$ 1,295,000

$ 0

0

1,652,000

Number of options | option

1

Acquisition value | $

$ 12,195,000

512,085,000

Affiliated Entity

Subsequent Event [Line Items]

Management fee | $

$ 1,300,000

$ 0

$ 1,700,000

Secured revolving credit facility | Credit Facility | Line of Credit

Subsequent Event [Line Items]

Maximum facility size | $

$ 120,000,000

Term loan facility | Credit Facility | Line of Credit

Subsequent Event [Line Items]

Maximum facility size | $

$ 5,000,000

Class F-S

Subsequent Event [Line Items]

Common shares issued (in shares)

634,000

634,000

Class F-I

Subsequent Event [Line Items]

Common shares issued (in shares)

8,978,000

20,026,000

Class D

Subsequent Event [Line Items]

Common shares issued (in shares)

0

0

Class E

Subsequent Event [Line Items]

Common shares issued (in shares)

104,000

145,000

Class E | Affiliated Entity

Subsequent Event [Line Items]

Shares issued during period for management fees (in shares)

97,734

0

113,804

Subsequent Event

Subsequent Event [Line Items]

Common shares issued (in shares)

5,463,656

5,198,699

Proceeds from issuance of common stock | $

$ 55,200,000

$ 52,100,000

Number of options | option

3

Management fee (as a percent)

1.25%

Performance participation interest (as a percent)

12.50%

Subsequent Event | Industrial Properties

Subsequent Event [Line Items]

Number of properties | property

3

Number of states | state

3

Acquisition value | $

$ 206,900,000

Subsequent Event | Retail Property

Subsequent Event [Line Items]

Number of properties | property

1

Acquisition value | $

$ 3,200,000

Subsequent Event | Affiliated Entity

Subsequent Event [Line Items]

Management fee | $

$ 592,178

$ 503,229

Subsequent Event | Secured revolving credit facility | Credit Facility | Line of Credit

Subsequent Event [Line Items]

Maximum facility size | $

$ 350,000,000

Subsequent Event | Term loan facility | Credit Facility | Line of Credit

Subsequent Event [Line Items]

Maximum facility size | $

$ 100,000,000

Subsequent Event | Class F-S

Subsequent Event [Line Items]

Common shares issued (in shares)

904,303

698,611

Subsequent Event | Class F-I

Subsequent Event [Line Items]

Common shares issued (in shares)

4,503,767

4,127,498

Subsequent Event | Class D

Subsequent Event [Line Items]

Common shares issued (in shares)

54,896

371,931

Number of shares eligible for waiver of management fees and performance participation (in shares)

311,838

Subsequent Event | Class E

Subsequent Event [Line Items]

Common shares issued (in shares)

690

659

Subsequent Event | Class E | Affiliated Entity

Subsequent Event [Line Items]

Shares issued during period for management fees (in shares)

57,950

49,657