Filled in full: 53 of 53 · demand stayed within the cap every window
Q1-201.0× capQ1-26
Q1-26 · within cap · 100% honored · click a window to replay it below
Request calculatorif you had asked in Q1-26 · drag, or pick a window above
you request$174,000
$10k$1M
$174,000returned in full — requests were honoredamount × filed proration factor 1.00 · 10-Q · arithmetic on filed results, not advice
Property-type mix
Multifamily
47.0%
Net Lease
21.0%
Logistics
15.0%
Single-Family Rental
10.0%
Student Housing
5.0%
Office
2.0%
Top properties · 23 disclosed
Property
Type
Location
Fair value
%port
Occupancy
Anzio Apartments
Multifamily
Atlanta, GA
Not disclosed
93.0%
Arbors of Las Colinas
Multifamily
Dallas, TX
Not disclosed
95.0%
1110 Key Federal Hill
Multifamily
Baltimore, MD
Not disclosed
87.0%
Domain
Multifamily
Orlando, FL
Not disclosed
94.0%
The Burnham
Multifamily
Nashville, TN
Not disclosed
95.0%
Flats on Front
Multifamily
Wilmington, NC
Not disclosed
95.0%
Verso
Multifamily
Modules shown reflect what this fund discloses — questions that don't apply to this vehicle type are omitted.
How levered?
The balance sheet the latest filing stated, the two leverage multiples it implies, the rate / FX hedge book that sits against it, and the per-facility debt schedule beneath.
How concentrated?
The property book by sector — gross asset value, occupancy and property count per type — plus the real-estate debt sleeve the fund holds alongside its equity properties.
How risky?
Asset-level risk — occupancy and lease-rollover for real estate, revenue quality for infrastructure.
How is it valued?
The per-share NAV composition — gross real estate and debt investments, less property leverage and other liabilities, summing to the equity NAV the fund strikes and divides to each class. The fair-value mark behind each asset sits in The Book · Marks.
What does it cost?
The management + incentive structure and the per-class servicing / distribution load behind the headline rate.
How does it perform?
Per-share return, earnings quality, and yield trajectory.
TodayNAV total return and operating metrics render in The Book · Portfolio; distribution tax-character in Economics · Income.
Next laneAsset-class operating performance depth.
from the RE/infra operating-metric tables (Phase-2, not yet landed).
How liquid?
Exit terms — repurchase policy and the window-by-window tender record.
TodayRepurchase policy, window-by-window tender history and offering progress render in Liquidity.
Next laneA forward-funding obligation applies only to credit funds with unfunded loan commitments; this fund discloses none.
exit terms are fully surfaced in the Liquidity act.
6 of 8disclosure families disclosed by this fund
fund silence and AltHarbor coverage are different facts — both stated per family
◆0 ◈38 ◇13severity: AltHarbor classification51 on record
◈medium severity03/20/26REIT disclosed an unregistered equity sale / capital raise in its 2026-03-26 8-K.
◈medium severity02/20/26REIT disclosed an unregistered equity sale / capital raise in its 2026-02-24 8-K.
◈medium severity01/21/26REIT disclosed an unregistered equity sale / capital raise in its 2026-01-26 8-K.
◈medium severity12/19/25REIT disclosed an unregistered equity sale / capital raise in its 2025-12-23 8-K.
◈medium severity12/01/25REIT disclosed a board, director, or officer change in its 2025-12-05 8-K.
◈medium severity11/19/25REIT disclosed an unregistered equity sale / capital raise in its 2025-11-25 8-K.
Earlier events44 more · through 11/22/22
◈medium severity10/20/25REIT disclosed an unregistered equity sale / capital raise in its 2025-10-27 8-K.
◈medium severity09/19/25REIT disclosed an unregistered equity sale / capital raise in its 2025-09-24 8-K.
◈medium severity08/20/25REIT disclosed an unregistered equity sale / capital raise in its 2025-08-25 8-K.
◈medium severity07/21/25REIT disclosed an unregistered equity sale / capital raise in its 2025-07-25 8-K.
◈medium severity06/20/25REIT disclosed an unregistered equity sale / capital raise in its 2025-06-27 8-K.
◇low severity06/12/25REIT reported 2025 annual meeting voting results, including election of six directors and ratification of Deloitte & Touche LLP as independent registered public accounting firm for the year ending December 31, 2025.
◈medium severity05/20/25REIT disclosed an unregistered equity sale / capital raise in its 2025-05-23 8-K.
◈
medium severity
04/21/25
REIT disclosed an unregistered equity sale / capital raise in its 2025-04-23 8-K.
◈medium severity03/20/25REIT disclosed an unregistered equity sale / capital raise in its 2025-03-24 8-K.
◈medium severity02/20/25REIT disclosed an unregistered equity sale / capital raise in its 2025-02-21 8-K.
◈medium severity01/21/25REIT disclosed an unregistered equity sale / capital raise in its 2025-01-24 8-K.
◈medium severity12/16/24REIT disclosed an unregistered equity sale / capital raise in its 2024-12-20 8-K.
◈medium severity11/20/24REIT disclosed an unregistered equity sale / capital raise in its 2024-11-22 8-K.
◈medium severity10/21/24REIT disclosed an unregistered equity sale / capital raise in its 2024-10-23 8-K.
◇low severity09/25/24REIT disclosed a share-class or offering-channel launch/update in its 2024-10-01 8-K.
◈medium severity09/20/24REIT disclosed an unregistered equity sale / capital raise in its 2024-09-24 8-K.
◈medium severity08/20/24REIT disclosed an unregistered equity sale / capital raise in its 2024-08-21 8-K.
◈medium severity07/19/24REIT disclosed an unregistered equity sale / capital raise in its 2024-07-24 8-K.
◈medium severity06/20/24REIT disclosed an unregistered equity sale / capital raise in its 2024-06-21 8-K.
◇low severity06/13/24REIT reported shareholder voting results in this 8-K.
◈medium severity05/20/24REIT disclosed an unregistered equity sale / capital raise in its 2024-05-22 8-K.
◈medium severity04/19/24REIT disclosed an unregistered equity sale / capital raise in its 2024-04-24 8-K.
◈medium severity03/19/24REIT disclosed an unregistered equity sale / capital raise in its 2024-03-22 8-K.
◈medium severity02/20/24REIT disclosed an unregistered equity sale / capital raise in its 2024-02-26 8-K.
◇low severity02/01/24REIT furnished financial results or an earnings release in its 2024-02-01 8-K.
◈medium severity01/22/24REIT disclosed an unregistered equity sale / capital raise in its 2024-01-24 8-K.
◈medium severity12/21/23REIT issued 88,142 unregistered Class I shares to its adviser for the $1,085,359 November 2023 management fee; it also issued DRIP shares on December 21, 2023: 19,188 Class I shares to feeder vehicles for $231,679, 116,514 Class I shares to Brookfield affiliates for $1,434,733, and 16,919 Class E shares to Brookfield affiliates for $207,913.
◈medium severity11/21/23REIT issued 89,681 unregistered Class I shares to its adviser for the $1,108,911 October 2023 management fee; it also issued DRIP shares on November 21, 2023: 18,912 Class I shares to feeder vehicles for $232,875, 115,041 Class I shares to Brookfield affiliates for $1,422,490, and 16,773 Class E shares to Brookfield affiliates for $206,980.
◇low severity11/01/23REIT furnished third-quarter 2023 financial results in an Item 2.02 Form 8-K.
◈medium severity10/20/23REIT issued 90,532 unregistered Class I common shares to Brookfield REIT Adviser in satisfaction of September 2023 management fees of $1.119 million and disclosed October 2023 Class I feeder-vehicle issuances plus Class I/Class E Brookfield affiliate DRIP issuances.
◈medium severity10/09/23Brookfield Real Estate Income Trust entered into the Second Amendment to its Uncommitted Unsecured Affiliate Line of Credit (originally dated November 2, 2021) with Brookfield Corporate Treasury Limited and Brookfield US Holdings Inc., extending the maturity date to November 2, 2024. No other term changes disclosed.
◇low severity10/09/23On October 9, 2023, the Brookfield REIT board approved amendments to the Company's valuation guidelines to update the valuation process for single-family rental (SFR) properties. No further methodology detail was disclosed in the 8-K.
◇low severity09/28/23REIT disclosed an officer or director change in this 8-K.
◈medium severity09/20/23REIT issued 90,505 unregistered Class I shares to its adviser for the $1,131,877 August 2023 management fee; it also issued DRIP shares on September 20, 2023: 20,455 Class I shares to feeder vehicles for $252,823, 113,150 Class I shares to Brookfield affiliates for $1,414,823, and 16,661 Class E shares to Brookfield affiliates for $207,945.
◈medium severity08/21/23REIT issued 91,263 unregistered Class I common shares to Brookfield REIT Adviser in satisfaction of July 2023 management fees of $1.146 million, plus Class I DRIP issuances to feeder vehicles and Brookfield affiliates and Class E private/DRIP issuances to Brookfield affiliates.
◇low severity07/27/23REIT furnished second-quarter 2023 financial results in an Item 2.02 Form 8-K.
◈medium severity07/17/23REIT issued 90,722 unregistered Class I shares to Brookfield REIT Adviser in satisfaction of June 2023 management fees of $1.161 million and disclosed July 2023 private Class I and Class E sales to a feeder vehicle and Brookfield affiliates at NAV.
◇low severity06/15/23REIT reported shareholder voting results in this 8-K.
◈medium severity06/15/23REIT issued 92,867 unregistered Class I shares to Brookfield REIT Adviser in satisfaction of May 2023 management fees of $1.202 million and disclosed June 2023 private Class I, Class C, and Class E sales to feeder vehicles and Brookfield affiliates at NAV.
◈medium severity05/15/23REIT issued 93,867 unregistered Class I shares to Brookfield REIT Adviser in satisfaction of April 2023 management fees of $1.215 million and disclosed additional April/May private Class I, Class C, and Class E sales to feeder vehicles, Brookfield affiliates, and employees at NAV.
◇low severity05/02/23REIT furnished first-quarter 2023 financial results in an Item 2.02 Form 8-K.
◇low severity03/29/23REIT disclosed an officer or director change in this 8-K.
◇low severity03/07/23On March 7, 2023, the Brookfield REIT board approved a new Distribution Reinvestment Plan (effective March 31, 2023) allowing partial-repurchase requestors to remain enrolled in DRIP for non-repurchased shares while full-repurchase requestors are automatically terminated, and amended the Independent Director Compensation Policy to shift annual restricted Class E share grants from the last business day of Q1 to the first business day of Q2.
◇low severity11/22/22On November 21, 2022, Brookfield Real Estate Income Trust Inc. filed its Fourth Articles of Amendment with the Maryland SDAT to change the par value of its Class C common stock from $0.01 per share to no par value per share — an administrative/structural charter amendment with no stated economic impact on distributions or NAV.
Window-by-window record
Cap: 5.0% NAV/qtr (all windows) · All 53 windows filled in full
Window
Req ÷ cap
Requested
Accepted
Price
Q1-26
Not disclosed
Not disclosed
3.1M sh
Not disclosed
Q3-25
Not disclosed
Not disclosed
Not disclosed
Not disclosed
Q2-25
Not disclosed
Not disclosed
Not disclosed
Not disclosed
Q1-25
Not disclosed
Not disclosed
3.1M sh
Not disclosed
Q4-24
1.00×
1.5M sh
1.5M sh
$10.87
Q4-24
1.00×
794.3K sh
794.3K sh
$11.08
Q4-24
1.00×
1.0M sh
1.0M sh
$11.04
Q3-24
1.00×
501.4K sh
501.4K sh
$10.98
Q3-24
1.00×
1.2M sh
1.2M sh
$11.10
Q3-24
1.00×
1.4M sh
1.4M sh
$11.20
Q2-24
1.00×
1.1M sh
1.1M sh
$12.67
Q2-24
1.00×
1.7M sh
1.7M sh
$10.56
Q2-24
1.00×
2.0M sh
2.0M sh
$11.25
Q1-24
1.00×
1.3M sh
1.3M sh
$11.34
Q1-24
1.00×
1.6M sh
1.6M sh
$11.68
Q1-24
1.00×
1.6M sh
1.6M sh
$11.69
Q4-23
1.00×
1.2M sh
1.2M sh
$12.03
Q4-23
1.00×
623.9K sh
623.9K sh
$12.24
Q4-23
1.00×
1.0M sh
1.0M sh
$12.29
Q3-23
1.00×
1.5M sh
1.5M sh
$12.27
Q3-23
1.00×
1.4M sh
1.4M sh
$12.47
Q3-23
1.00×
1.5M sh
1.5M sh
$12.49
Q2-23
1.00×
1.8M sh
1.8M sh
$12.77
Q2-23
1.00×
1.2M sh
1.2M sh
$12.88
Q2-23
1.00×
855.0K sh
855.0K sh
$12.82
Q1-23
1.00×
1.9M sh
1.9M sh
$13.12
Q1-23
1.00×
963.6K sh
963.6K sh
$13.07
Q1-23
1.00×
575.4K sh
575.4K sh
$13.19
Q4-22
1.00×
934.6K sh
934.6K sh
$13.47
Q4-22
1.00×
339.4K sh
339.4K sh
$13.91
Q4-22
1.00×
1.0M sh
1.0M sh
$13.86
Q3-22
1.00×
450.5K sh
450.5K sh
$13.89
Q3-22
1.00×
446.8K sh
446.8K sh
$14.06
Q3-22
1.00×
713.6K sh
713.6K sh
$13.76
Q2-22
1.00×
388.1K sh
388.1K sh
$13.87
Q2-22
1.00×
417.3K sh
417.3K sh
$13.63
Q2-22
1.00×
87.3K sh
87.3K sh
$13.09
Q1-22
1.00×
47.8K sh
47.8K sh
$12.97
Q1-22
1.00×
2.7K sh
2.7K sh
$12.58
Q1-22
1.00×
11.9K sh
11.9K sh
$12.47
Q4-21
1.00×
133.1K sh
133.1K sh
$12.29
Q4-21
1.00×
20.3K sh
20.3K sh
$11.88
Q4-21
1.00×
58.8K sh
58.8K sh
$11.88
Q3-21
1.00×
18.6K sh
18.6K sh
$11.19
Q3-21
1.00×
52.3K sh
52.3K sh
$10.91
Q3-21
1.00×
10.1K sh
10.1K sh
$10.01
Q2-21
1.00×
6.3K sh
6.3K sh
$10.00
Q2-21
1.00×
86.7K sh
86.7K sh
$10.03
Q1-21
1.00×
73.0K sh
73.0K sh
$10.04
Q1-21
1.00×
23.0K sh
23.0K sh
$10.04
Q1-21
1.00×
98.5K sh
98.5K sh
$10.15
Q2-20
1.00×
25.4K sh
25.4K sh
$10.04
Q1-20
1.00×
40.3K sh
40.3K sh
$10.22
requested basis: shares tendered · rows expand (tap or e)
5 qtrs
232 filings
NAV & flows · 5 quarters
Fund NAV$955MQ1-26 · as of 03/31/26
q/q change▼ 1.9%
Subscriptions+$34.5M
Repurchases−$32.1M
hover or touch the chart to scrub
5 quarters
aggregate · USD
Aggregate USDhigh$1.01Blow$955M
Flows · 33 quarters
subscriptions · repurchases
Quarterly USDmax$249M
Aggregate fund NAV by quarter: Q1-25 $1.01B, Q2-25 $986M, Q3-25 $982M, Q4-25 $973M, Q1-26 $955M. Quarterly subscription and repurchase flows cover 33 quarters. 51 material events on record.
Balance sheet & leverage · as disclosed · 03/31/26
4 of 9 disclosed
Total assets
$2.10B
Total liabilities
$1.28B
Net assets
$823M
Assets invested
$1.91B
Derived leverage
Liabilities / net assets
1.56×derived
Total assets / net assets
2.56×derived
Lane E recent-window leverage 2026-06-12: EDGAR companyfacts from 0001713407-26-000054; total_assets=us-gaap:Assets; total_liabilities=us-gaap:Liabilities; net_assets=Assets-Liabilities to match existing RE leverage rows, so residual includes redeemable NCI/mezzanine where filed and differs from sponsor NAV; assets_invested=us-gaap:RealEstateInvestmentPropertyNet. 10-Q balance sheet; companyfacts fy=2026 fp=Q1 filed=2026-05-12.
232filings on record · 2018–2026latest filed 05/22/26
every filing on record · one tick per filing · hue = type, height = rarity
These are the debt positions the fund holds as investments — distinct from the property leverage in How levered?. The weighted coupon is fair-value-weighted across the sleeve; floating-rate paper resets with its benchmark, fixed paper carries duration risk.
By security type4 sleeves · by fair value
Security type
Fair value
Amortized cost
WA coupon
Rate
WA maturity
CMBS - floatingSOFR
$27.1M
$26.0M
3.9%
Floating
7 pos
RMBS - fixed
$21.2M
$21.0M
4.7%
Fixed
8 pos
CMBS - fixed
$5.17M
$20.6M
4.6%
Fixed
4 pos
RMBS - floatingSOFR
$2.50M
$2.50M
1.8%
Floating
2 pos
Portfolio by sector · as disclosed
Per-sector gross asset value not disclosed by this fund this period — the property-type allocation renders in The Book · Portfolio
Lease-rollover ladder · as disclosed · 12/31/25
3 of 3 disclosed
Expiring ≤ 2 yr
7.7%next two lease years · base rent · 12/31/25
Long-dated
0.0%beyond the ladder · base rent · 12/31/25
Leases
55in the ladder · 12/31/25
Shares are of annualized base rent expiring in each window; a heavy near-term roll is re-leasing risk, a long-dated tail is locked-in income. Square-footage share is shown alongside. The filing discloses no per-bucket expiring-rent dollar column.
per property type · as of 04/30/26 · sponsor-disclosed assumptions
Property type
Discount rate
Exit cap rate
Multifamily/Student Housing
7.3%
5.7%
Single-Family Rental
7.2%
5.4%
Net Lease
6.9%
5.4%
Logistics
8.8%
6.3%
Offering progress1 share class · per-class raised vs registered max · as of 04/30/26
Class
Primary raised
DRIP raised
Max offering
% sold
TOTAL
$16.4M
$8.32M
$6.00B
0.4%
Fee anatomy · as disclosed
2 of 3 disclosed
Management fee
1.3%annual · on nav
Incentive fee
12.5%Hard hurdle with catch-up; high-water mark hurdle · 5.0% hurdle
Per-class load4 classes · servicing · distribution · total ex-incentive
Class
Channel
Servicing
Distribution
Total ex-incentive
D
—
0.3%
—
1.5%
I
—
0.0%
—
1.3%
S
—
0.8%
—
2.1%
T
—
0.8%
—
2.1%
The two-part incentive-fee mechanics (lookback / per-class expense caps & recapture) are not yet surfaced — they need a dedicated terms table still in the schema queue.
Filing record224 filings on record · since 2018 · current period 03/31/26
3'185'1919'2018'2126'2248'2343'2444'2518'26
Filed
Filing
Period / note
05/22/26
Current report
05/20/26
05/14/26
Prospectus supplement
05/12/26
Quarterly report
03/31/26
04/30/26
Current report
04/29/26
04/23/26
Current report
04/20/26
04/15/26
Prospectus supplement
03/30/26
Current report
03/30/26
03/26/26
Current report
03/20/26
03/18/26
Prospectus supplement
03/17/26
Annual report
12/31/25
03/17/26
Annual report
12/31/25
03/16/26
Prospectus supplement
02/26/26
Current report
02/26/26
02/24/26
Current report
02/20/26
02/13/26
Prospectus supplement
01/29/26
Current report
01/29/26
01/26/26
Current report
01/21/26
01/16/26
Prospectus supplement
12/30/25
Current report
12/30/25
12/23/25
Current report
12/19/25
12/15/25
Prospectus supplement
Showing the latest 50 of 224 — the complete filing index is above.
Where it sits
min–median–max · this fund = dot
L3 + NAV-expedient share73.4%% of fair value · 03/31/26universe n=35 · 31.4%–89.9%–100.0%this fund 73.4% against universe (n=35): minimum 31.4%, median 89.9%, maximum 100.0%
occupancy · % of portfolio90.0%
LTV · loan-to-value51.0%
distribution coverage · Operating Cash Flow0.55×
Fair value marks · as of 03/31/26
73.4%% of fair value · 03/31/26
$178M · 73.4%L3 + NAVexpof investments at fair value · sum of stated
ASC-820 hierarchy · band width = share · hover to read
REIT disclosed an unregistered equity sale / capital raise in its 2025-04-23 8-K.
Real Estate peers n=3 · 34.5%–73.4%–93.8%
this fund 73.4% against Real Estate peers (n=3): minimum 34.5%, median 73.4%, maximum 93.8%
Valuation technique
Valuation methodLevel III = $178.5M of $243.2M financial instruments measured at fair value on a recurring basis (real estate-related loans/securities, investments in unconsolidated entities under the fair-value option, trading securities, derivatives) per the Q1 2026 10-Q. Excludes directly-owned real estate (carried at cost, outside the GAAP fair-value hierarchy) — not comparable to BDC/PE portfolio Level III. Real property valued at the NAV layer by an independent valuation advisor.
Source valuation inputs · 04/30/26
Discount Rate % · Multifamily/Student Housing7.3%Exit Cap Rate % · Multifamily/Student Housing5.7%Discount Rate % · Single-Family Rental7.2%Exit Cap Rate % · Single-Family Rental5.4%Discount Rate % · Net Lease6.9%Exit Cap Rate % · Net Lease5.4%Discount Rate % · Logistics8.8%Exit Cap Rate % · Logistics6.3%
Unobservable-input ranges: not disclosed in latest annual filing
Level 3 roll-forward · 03/31/26
Category
Ending
Activity
Coverage
Level 3 Investments
$178M
Ending balance only
Ending Balance Only
Distribution composition · per share
T12M0.00×NII coverageROC share100.0%ROC shareClass I · 11 of 17 T12M distributions decomposed
Last 30 distributions for Class I: 05/30/24 $0.0598, NII $0.0000, return of capital $0.0598; 06/27/24 $0.0598, NII $0.0000, return of capital $0.0598; 07/30/24 $0.0598, NII $0.0000, return of capital $0.0598; 08/29/24 $0.0598, NII $0.0000, return of capital $0.0598; 09/27/24 $0.0598, NII $0.0000, return of capital $0.0598; 10/30/24 $0.0598, NII $0.0000, return of capital $0.0598; 11/27/24 $0.0598, NII $0.0000, return of capital $0.0598; 12/30/24 $0.0598, NII $0.0000, return of capital $0.0598; 12/31/24 $0.7176, NII $0.0000, return of capital $0.7176; 01/30/25 $0.0598, NII $0.0000, return of capital $0.0598; 02/27/25 $0.0598, NII $0.0000, return of capital $0.0598; 03/28/25 $0.0598, NII $0.0000, return of capital $0.0598; 03/31/25 $0.1794, NII $0.0000, return of capital $0.1794; 04/29/25 $0.0598, NII $0.0000, return of capital $0.0598; 05/29/25 $0.0598, NII $0.0000, return of capital $0.0598; 06/27/25 $0.0598, NII $0.0000, return of capital $0.0598; 06/30/25 $0.1794, NII $0.0000, return of capital $0.1794; 07/30/25 $0.0598, NII $0.0000, return of capital $0.0598; 08/28/25 $0.0598, NII $0.0000, return of capital $0.0598; 09/29/25 $0.0598, NII $0.0000, return of capital $0.0598; 09/30/25 $0.1794, NII $0.0000, return of capital $0.1794; 10/30/25 $0.0598, NII $0.0000, return of capital $0.0598; 11/26/25 $0.0598, NII $0.0000, return of capital $0.0598; 12/30/25 $0.0598, components not disclosed; 12/31/25 $0.7176, NII $0.0000, return of capital $0.7176; 01/29/26 $0.0598, components not disclosed; 02/26/26 $0.0598, components not disclosed; 03/30/26 $0.0598, components not disclosed; 03/31/26 $0.1794, components not disclosed; 04/29/26 $0.0598, components not disclosed
NII · realized gains · return of capital · components not disclosed · last 30 declarations, Class I
coverage ratio (NII ÷ distribution)NII coverage ratio per distribution, Class I, reference 1.0× — income covered the distribution: 2024-12-31 0.00, 2025-01-30 0.00, 2025-02-27 0.00, 2025-03-28 0.00, 2025-03-31 0.00, 2025-04-29 0.00, 2025-05-29 0.00, 2025-06-27 0.00, 2025-06-30 0.00, 2025-07-30 0.00, 2025-08-28 0.00, 2025-09-29 0.00, 2025-09-30 0.00, 2025-10-30 0.00, 2025-11-26 0.00, 2025-12-31 0.00┄ 1.0×
Annual coverage · Class I · where each year’s distribution came from
Year
$/sh
from NII
from gains
return of capital
Read
2025
$1.9734
0%
0%
100%
High ROC
2024
$1.3754
0%
0%
100%
High ROC
Return of capital is the portion paid from invested principal rather than income or realized gains; a sustained high reading erodes NAV. Annual roll-up of the same filings charted above.
Income6.9%Cl. I · 03/31/26 · 100.0% return of capital, T12M
Net asset value composition · as disclosed · 04/30/26
6 of 6 disclosed
Net asset value
$955Mties to per-class NAV · 0.12% residual · 04/30/26
NAV per share
$10.39I · 7 classes · 04/30/26
Real estate investments
$2.17Bproperty + JV at fair value · 04/30/26
Real estate debt
$90.5Mdebt investments at fair value · 04/30/26
Property leverage
$1.18Bmortgage notes, term loans & financings · 04/30/26
Leverage / gross assets
50.7%borrowings ÷ $2.33B gross assets · 04/30/26
Gross real estate and debt investments, less property leverage and other liabilities, sum to the $955M net asset value — the filing’s own monthly “Components of NAV”, struck and divided to the per-class NAV per share. The fair-value mark behind each asset — the Level I / II / III mix and unobservable inputs — lives in The Book · Marks.
Components of NAV12 line items · 04/30/26
Component
Value
Investments in real estate
$1.99B
Investments in unconsolidated entities
$179M
Investments in real estate-related loans and securities
$90.5M
Other assets
$28.5M
Cash and cash equivalents
$22.6M
Restricted cash
$14.4M
Gross assets
$2.33B
Management fee payable
−$1.09M
Subscriptions received in advance
−$4.25M
Distribution payable
−$5.45M
Other liabilities
−$38.9M
Non-controlling interests in consolidated entities
−$142M
Debt obligationsleverage
−$1.18B
Net asset value
$955M
Disclosed per-class NAV (Σ classes)
$954M
$955M ÷ shares outstanding = $10.39 per I (flagship class).