Summary of Significant Accounting Policies (Tables)
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12 Months Ended |
Dec. 31, 2024 |
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| Accounting Policies [Abstract] |
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| Summary of Estimated Useful Life of Assets |
The Company’s investments in real estate are stated at cost and are generally depreciated on a straight-line basis over the estimated useful lives of the assets as follows:
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|
Description |
|
Depreciable Life |
Building |
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30 - 42 years |
Building and land improvements |
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5 - 30 years |
Furniture, fixtures and equipment |
|
1 - 10 years |
Lease intangibles and leasehold improvements |
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Shorter of useful life or lease term |
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| Summary of Assets And Liabilities Measured At Fair Value On Recurring Basis |
The following table details the Company’s assets and liabilities measured at fair value on a recurring basis ($ in thousands):
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December 31, 2024 |
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December 31, 2023 |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Assets: |
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Investments in real estate debt |
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$ |
— |
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$ |
— |
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$ |
852,461 |
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$ |
852,461 |
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$ |
— |
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$ |
201,070 |
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$ |
1,388,280 |
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$ |
1,589,350 |
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Derivatives |
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— |
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368,871 |
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— |
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368,871 |
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— |
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554,263 |
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— |
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554,263 |
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Total |
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$ |
— |
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$ |
368,871 |
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$ |
852,461 |
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$ |
1,221,332 |
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$ |
— |
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$ |
755,333 |
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$ |
1,388,280 |
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$ |
2,143,613 |
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Liabilities: |
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Derivatives |
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$ |
— |
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$ |
9,505 |
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$ |
— |
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$ |
9,505 |
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$ |
— |
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$ |
46,178 |
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$ |
— |
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$ |
46,178 |
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Total |
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$ |
— |
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$ |
9,505 |
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$ |
— |
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$ |
9,505 |
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$ |
— |
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$ |
46,178 |
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$ |
— |
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$ |
46,178 |
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| Summary of Assets Measured At Fair Value On Recurring Basi |
The following table details the Company’s assets measured at fair value on a recurring basis using Level 3 inputs ($ in thousands):
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Investments in
Real Estate Debt |
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Balance as of December 31, 2023 |
|
$ |
1,388,280 |
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Dispositions |
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(438,092 |
) |
Included in net loss |
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Foreign currency exchange |
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(93,260 |
) |
Realized losses on dispositions |
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(4,418 |
) |
Unrealized loss |
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(49 |
) |
Balance as of December 31, 2024 |
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$ |
852,461 |
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| Summary of Quantitative Inputs and Assumptions Used for Items Categorized in Level 3 of Fair Value |
The following table contains the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy ($ in thousands):
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December 31, 2024 |
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Fair Value |
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Valuation Technique |
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Unobservable Inputs |
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Weighted Average |
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Impact to Valuation from an Increase in Input |
Investments in real estate debt |
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$ |
852,461 |
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Discounted Cash Flow |
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Discount Rate |
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9.5% |
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Decrease |
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December 31, 2023 |
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Fair Value |
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Valuation Technique |
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Unobservable Inputs |
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Weighted Average |
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Impact to Valuation from an Increase in Input |
Investments in real estate debt |
|
$ |
1,388,280 |
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Discounted Cash Flow |
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Discount Rate |
|
9.7% |
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Decrease |
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| Schedule of Selling Commissions, Dealer Manager Fees And Stockholder Servicing |
The following table details the selling commissions, dealer manager fees, and stockholder servicing fees for each applicable share class as of December 31, 2024:
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Common
Stock
Class T |
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Common
Stock
Class S |
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Common
Stock
Class D |
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Common
Stock
Class I |
Selling commissions and dealer manager fees
(% of transaction price) |
|
up to 3.5% |
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up to 3.5% |
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up to 1.5% |
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— |
Stockholder servicing fee (% of NAV) |
|
0.85% |
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0.85% |
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0.25% |
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— |
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