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NET INCOME (LOSS) PER SHARE
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
NET INCOME (LOSS) PER SHARE NET INCOME (LOSS) PER SHARE
The Company computes net income (loss) per share for each class of common stock with shares outstanding 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 9) qualify as participating securities and therefore also require use of the two-class method for computing net income (loss) per share. The unvested Annual
Share Grant Awards were anti-dilutive or immaterially dilutive for the three months ended March 31, 2026 and 2025.
The following table sets forth the computation of basic and diluted net income (loss) per share for each class of the Company’s common stock which had shares outstanding during the relevant period.
Three Months Ended March 31, 2026
Class AClass IClass TClass DClass NClass M-IClass T2Class Z
Basic and diluted net loss per share:
Allocation of net loss before performance fee$(85)$(233)$(1)$(41)$(15)$(14)$(18)$(18)
Allocation of performance fees— — — — — — — — 
Total numerator$(85)$(233)$(1)$(41)$(15)$(14)$(18)$(18)
Denominator - weighted average number of common shares outstanding 3,155,405 8,648,465 24,416 1,526,479 566,740 514,258 653,066 668,544 
Basic and diluted loss per share:$(0.03)$(0.03)$(0.03)$(0.03)$(0.03)$(0.03)$(0.03)$(0.03)
Three Months Ended March 31,2025
Class AClass IClass TClass DClass NClass M-IClass T2Class Z
Basic and diluted net loss per share:
Allocation of net loss before performance fee$(172)$(433)$(2)$(103)$(27)$(23)$(32)$(6)
Allocation of performance fees— — — — — — — — 
Total numerator$(172)$(433)$(2)$(103)$(27)$(23)$(32)$(6)
Denominator - weighted average number of common shares outstanding 3,848,925 9,679,441 48,524 2,291,668 604,630 508,030 708,636 127,461 
Basic and diluted loss per share:$(0.04)$(0.04)$(0.04)$(0.05)$(0.04)$(0.04)$(0.04)$(0.04)