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 October 1, 2025;

•

to disclose the calculation of our August 31, 2025 net asset value ("NAV") per share for each class of our common stock;

•

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

•

to update the "Experts" section of the Prospectus.

Transaction Price
(per share)

Class D

$

10.44

Class I

$

10.49

Class S

$

11.18

Class T

$

11.18

Components of NAV

August 31, 2025

Investments in real estate

$

1,152,529

Investments in real estate debt

134,927

Investments in real estate-related and other securities

15,316

Cash and cash equivalents

33,026

Restricted cash

8,428

Other assets

7,887

Debt obligations

(403,530

)

Other liabilities

(29,970

)

Accrued performance participation allocation

(448

)

Stockholder servicing fees payable the following month(1)

(53

)

Non-controlling interests in joint ventures

(18,766

)

Mandatorily redeemable instruments(2)

(90,308

)

Net Asset Value

$

809,038

Number of outstanding shares/units

73,313

(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 August 31, 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 August 31, 2025, we had accrued under GAAP stockholder servicing fees of $5.0 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 $11.18. As of August 31, 2025, there were approximately 8.1 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

$

10,804

$

137,799

$

-

$

-

$

585,320

$

-

$

74,281

$

834

$

809,038

Number of outstanding shares/units

1,035

13,139

-

-

52,347

-

6,717

75

73,313

NAV per share/unit

$

10.44

$

10.49

$

-

$

-

$

11.18

$

-

$

11.06

$

11.18

(1)

Class E units held by the Special Limited Partner.

Property Type

Discount Rate

Exit Capitalization Rate

Multifamily

6.88

%

5.62

%

Industrial

8.10

%

6.09

%

Input

Hypothetical Change

Industrial Investment Values

Multifamily Investment Values

Discount Rate

0.25% decrease

2.01%

1.90%

(weighted average)

0.25% increase

(1.87)%

(1.86)%

Exit Capitalization Rate

0.25% decrease

2.68%

2.89%

(weighted average)

0.25% increase

(2.43)%

(2.59)%