Supplemental Prospectus (Form 424B3)

•

to provide an update on our portfolio;

•

to disclose the transaction price for each class of our common stock as of November 1, 2025;

•

to disclose the calculation of our September 30, 2025 net asset value ("NAV") per share for each class of our common stock;

•

to provide an update on the status of our public offering; and

•

to disclose certain updates to the Prospectus.

Transaction Price
(per share)

Class D

$

10.44

Class I

$

10.50

Class S

$

11.22

Class T

$

11.22

Components of NAV

September 30, 2025

Investments in real estate

$

1,174,852

Investments in real estate debt

134,925

Investments in real estate-related and other securities

15,295

Cash and cash equivalents

18,897

Restricted cash

3,628

Other assets

7,759

Debt obligations

(404,061

)

Other liabilities

(26,583

)

Accrued performance participation allocation

(739

)

Stockholder servicing fees payable the following month(1)

(55

)

Non-controlling interests in joint ventures

(18,684

)

Mandatorily redeemable instruments(2)

(83,803

)

Net Asset Value

$

821,431

Number of outstanding shares/units

74,199

(1)

Stockholder servicing fees only apply to Class T, Class S, Class D and Class Y shares. For purposes of NAV, we recognize the stockholder servicing fee as a reduction of NAV on a monthly basis as such fee is paid. Under accounting principles generally accepted in the United States of America ("GAAP"), we accrue the lifetime cost of the stockholder servicing fee as an offering cost at the time we sell Class T, Class S, Class D and Class Y shares. The stockholder servicing fee on Class D shares was waived as of September 30, 2025, and the NAV attributable to current holders of Class D shares will not be included in the computation of stockholder servicing fees charged on Class D shares in perpetuity. As of September 30, 2025, we had accrued under GAAP stockholder servicing fees of $5.3 million.

(2)

Represents Class E units in the Operating Partnership and Class E shares (collectively the "Mandatorily Redeemable Instruments") held by the Adviser that are mandatorily redeemable and only subject to delays to the continuous obligation to ultimately redeem such shares once sufficient availability exists under the share repurchase agreements. Therefore, the Mandatorily Redeemable Instruments held by the Adviser are classified as a liability pursuant to Topic 480 - Distinguishing Liabilities from Equity and are initially presented at the initial funding amount received, which is equivalent to fair value at the issuance dates. Subsequently, the Mandatorily Redeemable Instruments are carried at their cash redemption value as if the units and shares were repurchased or redeemable at the reporting date, which equals NAV per Class E unit/share of $11.22. As of September 30, 2025, there were approximately 7.5 million Class E units included in Mandatorily Redeemable Instruments.

NAV Per Share/Unit

Class D Shares

Class I Shares

Class S Shares

Class T Shares

Class E Shares

Class X Shares

Class Y Shares

Operating
Partnership
Units(1)

Total

Net asset value

$

10,619

$

139,060

$

-

$

-

$

591,909

$

-

$

79,002

$

841

$

821,431

Number of outstanding shares/units

1,017

13,250

-

-

52,734

-

7,123

75

74,199

NAV per share/unit

$

10.44

$

10.50

$

-

$

-

$

11.22

$

-

$

11.09

$

11.22

(1)

Class E units held by the Special Limited Partner.

Property Type

Discount Rate

Exit Capitalization Rate

Multifamily

7.16

%

5.76

%

Industrial

8.22

%

6.37

%

Input

Hypothetical Change

Industrial Investment Values

Multifamily Investment Values

Discount Rate

0.25% decrease

1.95%

1.90%

(weighted average)

0.25% increase

(1.86)%

(1.90)%

Exit Capitalization Rate

0.25% decrease

2.49%

2.77%

(weighted average)

0.25% increase

(2.27)%

(2.53)%