The Company computes net earnings or loss per share for each class of common stock using the two-class method. RREEF America may earn a performance component of the advisory fee (see Note 9) which may impact the net income (loss) of each class of common stock differently. The performance component and the impact on each class of common stock, if any, are shown below.

Basic and diluted net income (loss) per share for each class of common stock is computed using the weighted-average number of common shares outstanding during the period for each class of common stock. The Annual Share Grant Awards granted to the Company's independent directors (see Note 10) qualify as participating securities and therefore also require use of the two-class method for computing net income (loss) per share. However, the unvested Annual Share Grant Awards are anti-dilutive or immaterially dilutive, and therefore are ignored in the diluted net income (loss) per share calculation for the years ended December 31, 2025, 2024 and 2023. The Company has not issued any dilutive or potentially dilutive securities, and thus the basic and diluted net income (loss) per share for a given class of common stock is the same for each period presented.












		Year Ended December 31, 2025
		Class A		Class I		Class T		Class D		Class N		Class M-I		Class T2		Class Z
Basic and diluted net income per share:
	Allocation of net income before performance fee	$	4,272	$	11,402	$	48	$	2,402	$	731	$	625	$	868	$	197
	Allocation of performance fees	—		—		—		—		—		—		—		—
	Total Numerator	$	4,272	$	11,402	$	48	$	2,402	$	731	$	625	$	868	$	197


	Denominator - weighted average number of common shares outstanding	3,512,004		9,374,452		39,698		1,975,206		601,011		513,540		713,146		162,072

Basic and diluted income per share:		$	1.22	$	1.22	$	1.22	$	1.21	$	1.22	$	1.22	$	1.22	$	1.22
		Year Ended December 31, 2024
		Class A		Class I		Class T		Class D		Class N		Class M-I		Class T2		Class Z
Basic and diluted net loss per share:
	Allocation of net loss before performance fee	$	(16)	$	(40)	$	—	$	(9)	$	(2)	$	(2)	$	(2)	$	—
	Allocation of performance fees	—		—		—		—		—		—		—		—
	Total Numerator	$	(16)	$	(40)	$	—	$	(9)	$	(2)	$	(2)	$	(2)	$	—
	Denominator - weighted average number of common shares outstanding	4,022,239		10,470,590		76,363		2,417,109		598,446		523,678		652,279		75,000

Basic and diluted net loss per share:		$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
		Year Ended December 31, 2023
		Class A		Class I		Class T		Class D		Class N		Class M-I		Class T2		Class Z
Basic and diluted net income per share:
	Allocation of net income before performance fee	$	3,898	$	10,935	$	133	$	2,571	$	592	$	396	$	552	$	69
	Allocation of performance fees	—		—		—		—		—		—		—		—
	Total Numerator	$	3,898	$	10,935	$	133	$	2,571	$	592	$	396	$	552	$	69
	Denominator - weighted average number of common shares outstanding	4,246,287		11,913,698		145,425		2,801,141		644,502		431,114		601,718		75,000

Basic and diluted net income per share:		$	0.92	$	0.92	$	0.92	$	0.92	$	0.92	$	0.92	$	0.92	$	0.92