v3.25.4
Summary of Significant Accounting Policies and Estimates (Tables)
 9 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Schedule of Useful Life of Investments in Real Estate 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, infrastructure, and building improvements
5 - 49 years
Land improvements
10 - 16 years
Furniture, fixtures, and equipment
2 - 7 years
Tenant improvements (1)
Over lease term
Other intangibles (2)
Over lease term
(1)    Tenant improvements are depreciated over the shorter of the remaining lease term or the estimated remaining useful life of the asset.
(2)    Other lease intangibles primarily includes above and below market leases and lease commissions.
Schedule of Selling Commissions, Dealer Manager Fees, and Shareholder Servicing Fees
The following details the selling commissions, dealer manager fees, and shareholder servicing fees for each applicable share class as of December 31, 2025:
Class SClass DClass IClass E
Transaction fees (% of purchase price)
up to 3.50%
up to 1.50%
 —%
—%
Shareholder servicing fees (% of NAV)
0.85%
0.25%
—%
—%
The following table details the movement in the Company’s outstanding common shares:
Class SClass DClass IClass ETotal
Balance at Inception–––––
Common shares issued56,833,9062,163,00032,700,92070,000,000161,697,826
Balance at December 31, 202556,833,9062,163,00032,700,92070,000,000161,697,826
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis
As of December 31, 2025, there were no liabilities measured at fair value on a recurring basis. The following table details the Company’s assets measured at fair value on a recurring basis:
December 31, 2025
Level 2Total
Assets:
Debt investments
$28,574 $28,574 
Interest rate hedging derivatives (1)
3,881 3,881 
Total$32,455 $32,455 
(1) Included within Other assets within the Consolidated Balance Sheet.