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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 000-56273

nuveen

Nuveen Global Cities REIT, Inc.

(Exact name of Registrant as specified in its Charter)


Maryland			82-1419222
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

730 Third Avenue, 3rd Floor New York, NY			10017
(Address of principal executive offices)			(Zip Code)

Registrant’s telephone number, including area code: (212) 490-9000

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading
Symbol(s)

Name of each exchange
on which registered

None

N/A

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☐

Non-accelerated filer	☒	Smaller reporting company	☐

		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The aggregate market value of the voting and non-voting common equity held by non-affiliates of the Registrant: No established market exists for the registrant’s common stock.

As of May 13, 2026, there were 11,085,205 outstanding shares of Class T common stock, 47,724,809 outstanding shares of Class S common stock, 7,295,480 outstanding shares of Class D common stock, 115,637,019 outstanding shares of Class I common stock and 23,026,429 outstanding shares of Class N common stock.

Table of Contents


		Page

PART I	FINANCIAL INFORMATION

Item 1.	Financial Statements	3
	Consolidated Financial Statements (Unaudited)
	Consolidated Balance Sheets as of March 31, 2026 and December 31 2025	3
	Consolidated Statements of Operations for the three months ended March 31, 2026	4
	Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2026 and 2025	5
	Consolidated Statements of Changes in Equity for the three months ended March 31, 2026 and 2025	6
	Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025	7
	Notes to the Consolidated Financial Statements	9
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	39
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	59
Item 4.	Controls and Procedures	59

PART II	OTHER INFORMATION

Item 1.	Legal Proceedings	61
Item 1A.	Risk Factors	61
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	61
Item 3.	Defaults Upon Senior Securities	61
Item 4.	Mine Safety Disclosures	61
Item 5.	Other Information	62
Item 6.	Exhibits	63

Table of Contents

PART 1 — FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Nuveen Global Cities REIT, Inc.

Consolidated Balance Sheets (Unaudited)

(in thousands, except share and per-share data)


	March 31, 2026		December 31, 2025
Assets
Investments in real estate, net	$	1,877,514	$	1,802,121
Investment in commercial mortgage loans, at fair value	374,009		375,101
Investment in real estate debt, at fair value	152,996		140,011
Investments in international affiliated funds	115,062		116,984
Investments in real estate-related securities, at fair value	106,622		102,792
Intangible assets, net	85,409		79,277
Cash and cash equivalents	45,470		44,551
Restricted cash	28,132		31,841
Other assets, net	38,125		37,895
Total assets	$	2,823,339	$	2,730,573
Liabilities and Equity
Credit facility	$	448,000	$	394,000
Mortgages payable, net	263,649		236,787
Loan participations, at fair value	108,930		108,670
Note payable, at fair value	71,750		71,750
Accounts payable, accrued expenses, and other liabilities	78,523		71,296
Due to affiliates	34,805		36,342
Intangible liabilities, net	36,819		31,493
Subscriptions received in advance	27,236		30,963
Distributions payable	10,257		10,356
Total liabilities	1,079,969		991,657
Redeemable non-controlling interest	243		285
Equity
Series A Preferred Stock	125		125
Common stock - Class T shares, $0.01 par value per share, 500,000,000 shares authorized, 11,401,917 and 12,661,684 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively	115		128
Common stock - Class S shares, $0.01 par value per share, 500,000,000 shares authorized, 47,378,463 and 47,558,054 issued and outstanding at March 31, 2026 and December 31, 2025, respectively	476		477
Common stock - Class D shares, $0.01 par value per share, 500,000,000 shares authorized, 7,341,172 and 7,304,472 issued and outstanding at March 31, 2026 and December 31, 2025, respectively	74		73
Common stock - Class I shares, $0.01 par value per share, 500,000,000 shares authorized, 111,943,641 and 108,739,655 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively	1,119		1,087
Common stock - Class N shares, $0.01 par value per share, 100,000,000 shares authorized, 23,454,145 and 23,880,039 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively	234		238
Additional paid-in capital	2,323,414		2,305,092
Accumulated deficit and cumulative distributions	(626,650)		(597,829)
Accumulated other comprehensive income (loss)	(410)		1,894
Total stockholders’ equity	1,698,497		1,711,285
Non-controlling interests	44,630		27,346
Total equity	1,743,127		1,738,631
Total liabilities and equity	$	2,823,339	$	2,730,573
The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

Nuveen Global Cities REIT, Inc.

Consolidated Statements of Operations (Unaudited)

(in thousands, except share and per-share data)


	Three Months Ended March 31,
	2026		2025
Revenues
Rental revenue	$	47,814	$	44,571
Income from commercial mortgage loans	4,923		7,257
Total revenues	52,737		51,828
Expenses
Rental property operating	16,470		15,525
General and administrative	2,608		1,799
Advisory fee due to affiliate	7,819		7,479
Depreciation and amortization	20,317		20,322
Total expenses	47,214		45,125
Other income (expense)
Realized and unrealized gain from real estate-related securities	5,167		1,829
Realized and unrealized (loss) gain from real estate debt	(674)		392

Income (loss) from equity investments in unconsolidated international affiliated funds	251		(2,955)
Unrealized loss on commercial mortgage loans	(1,470)		(535)
Unrealized gain from interest rate derivatives	90		72
Unrealized gain on note payable	—		190
Interest income	2,480		2,027
Interest expense	(9,452)		(10,641)
Total other (expense) income	(3,608)		(9,621)
Net income (loss)	$	1,915	$	(2,918)
Net income attributable to non-controlling interests	10		3
Net income attributable to preferred stock	4		4
Net income (loss) attributable to common stockholders	$	1,901	$	(2,925)
Net income (loss) per share of common stock - basic and diluted	$	0.01	$	(0.02)
Weighted-average shares of common stock outstanding, basic and diluted	200,967,547		186,790,640

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

Nuveen Global Cities REIT, Inc.

Consolidated Statements of Comprehensive Income (Loss) (Unaudited)

(in thousands)


	Three Months Ended March 31,
	2026		2025
Net income (loss)	$	1,915	$	(2,918)
Other comprehensive (loss) income:
Foreign currency translation adjustment	(2,304)		3,422
Comprehensive (loss) income	(389)		504
Comprehensive income attributable to non-controlling interests	10		3
Comprehensive income attributable to preferred stock	4		4
Comprehensive (loss) income attributable to common stockholders	$	(403)	$	497

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

Nuveen Global Cities REIT, Inc.

Consolidated Statements of Changes in Equity (Unaudited)

(in thousands, except share data)


Three Months Ended March 31, 2026
	Preferred Stock		Par Value										Additional Paid-in Capital		Accumulated Deficit and Cumulative Distributions		Accumulated Other Comprehensive Loss		Total Stockholders’ Equity		Non-Controlling Interests		Total Equity
			Common Stock Class T		Common Stock Class S		Common Stock Class D		Common Stock Class I		Common Stock Class N
Balance at December 31, 2025	$	125	$	128	$	477	$	73	$	1,087	$	238	$	2,305,092	$	(597,829)	$	1,894	$	1,711,285	$	27,346	$	1,738,631
Common stock issued (1)	—		(8)		13		2		71		—		90,475		—		—		90,553		—		90,553
Distribution reinvestment	—		1		3		—		8		—		13,829		—		—		13,841		—		13,841
Common stock repurchased	—		(6)		(17)		(1)		(47)		(4)		(86,102)		—		—		(86,177)		—		(86,177)
Amortization of restricted stock grants	—		—		—		—		—		—		78		—		—		78		—		78
Net income	4		—		—		—		—		—		—		1,901		—		1,905		10		1,915
Distributions on common stock	—		—		—		—		—		—		—		(30,722)		—		(30,722)		—		(30,722)
Contributions from non-controlling interests	—		—		—		—		—		—		—		—		—		—		17,701		17,701
Distributions to non-controlling interests	—		—		—		—		—		—		—		—		—		—		(427)		(427)

Distributions on Series A preferred stock	(4)		—		—		—		—		—		—		—		—		(4)		—		(4)
Foreign currency translation adjustment	—		—		—		—		—		—		—		—		(2,304)		(2,304)		—		(2,304)
Allocation to redeemable non-controlling interests	—		—		—		—		—		—		42		—		—		42		—		42
Balance at March 31, 2026	$	125	$	115	$	476	$	74	$	1,119	$	234	$	2,323,414	$	(626,650)	$	(410)	$	1,698,497	$	44,630	$	1,743,127

Three Months Ended March 31, 2025
	Preferred Stock		Par Value										Additional Paid-in Capital		Accumulated Deficit and Cumulative Distributions		Accumulated Other Comprehensive Loss		Total Stockholders’ Equity		Non-Controlling Interests		Total Equity
			Common Stock Class T		Common Stock Class S		Common Stock Class D		Common Stock Class I		Common Stock Class N
Balance at December 31, 2024	$	125	$	157	$	454	$	72	$	870	$	297	$	2,122,792	$	(468,890)	$	(8,002)	$	1,647,875	$	3,497	$	1,651,372
Common stock issued (1)	—		(6)		17		—		65		—		88,429		—		—		88,505		—		88,505
Distribution reinvestment	—		1		3		—		7		—		12,672		—		—		12,683		—		12,683
Common stock repurchased	—		(2)		(15)		(1)		(30)		(12)		(70,286)		—		—		(70,346)		—		(70,346)
Amortization of restricted stock grants	—		—		—		—		—		—		53		—		—		53		—		53
Net income (loss)	4		—		—		—		—		—		—		(2,925)		—		(2,921)		3		(2,918)
Distributions on common stock	—		—		—		—		—		—		—		(29,045)		—		(29,045)		—		(29,045)

Distributions to non-controlling interests	—		—		—		—		—		—		—		—		—		—		(24)		(24)

Distributions on Series A preferred stock	(4)		—		—		—		—		—		—		—		—		(4)		—		(4)
Foreign currency translation adjustment	—		—		—		—		—		—		—		—		3,422		3,422		—		3,422
Allocation to redeemable non-controlling interests	—		—		—		—		—		—		44		—		—		44		—		44
Balance at March 31, 2025	$	125	$	150	$	459	$	71	$	912	$	285	$	2,153,704	$	(500,860)	$	(4,580)	$	1,650,266	$	3,476	$	1,653,742

(1) Common stock issuance includes conversions between share classes; see Note 19.

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Nuveen Global Cities REIT, Inc. Consolidated Statements of Cash Flows (Unaudited) (in thousands)
	Three Months Ended March 31,
	2026		2025
Cash flows from operating activities:
Net income (loss)	$	1,915	$	(2,918)
Adjustments to reconcile net gain (loss) to net cash provided by operating activities:
Depreciation and amortization	20,317		20,322
Unrealized gain on changes in fair value of real estate-related securities	(4,680)		(50)
Realized loss (gain) on sale of real estate-related securities	518		(846)
Unrealized loss (gain) on changes in fair value of real estate debt	714		(357)
Realized gain on sale of real estate debt	(41)		(35)
Unrealized gain on changes in fair value of note payable	—		(190)
Unrealized loss on changes in fair value of commercial mortgage loans	1,470		535
Unrealized gain on changes in fair value of interest rate derivatives	(90)		(72)

(Gain) loss from equity investments in unconsolidated international affiliated funds	(251)		2,955
Income distributions from equity investments in unconsolidated international affiliated funds	282		790
Payment-in-kind interest on commercial mortgage loans	(118)		(148)
Straight-line rent adjustment	(2,168)		(298)
Amortization of above- and below-market lease intangibles	(1,000)		(1,032)
Amortization of deferred financing costs	423		139
Amortization of mortgage discount	421		471
Amortization of restricted stock grants	78		53
Change in assets and liabilities:

Increase (decrease) in other assets	2,231		(416)

Increase (decrease) in accounts payable, accrued expenses and other liabilities	(1,330)		(3,383)
Net cash provided by operating activities	18,691		15,520
Cash flows from investing activities:
Acquisitions of real estate	(89,360)		(60,885)
Origination and fundings of commercial mortgage loans	—		(224)


Capital improvements to real estate	(5,980)		(2,553)


Purchases of real estate-related securities	(24,473)		(15,416)
Proceeds from sale of real estate-related securities	25,567		17,130
Purchases of real estate debt	(23,181)		(10,190)
Proceeds from sale of real estate debt	9,547		2,989

Net cash used in investing activities	(107,880)		(69,149)
Cash flows from financing activities:
Proceeds from issuance of common stock	58,749		55,985
Repurchase of common stock	(80,060)		(63,693)
Offering costs paid	(411)		(294)
Borrowings under credit facility	60,000		40,000
Repayments on credit facility	(6,000)		—
Borrowings from mortgages payable	27,804		18,227
Payments on mortgages payable	(478)		(283)

Payment of deferred financing costs	(197)		(291)

Contributions from non-controlling interests	17,701		—
Payment of offering and organization costs due to affiliate	(285)		(186)
Distributions to preferred stockholders	(4)		(4)

Distributions to non-controlling interests	(427)		(24)
Subscriptions received in advance	27,236		28,449
Distributions	(16,980)		(16,242)
Net cash provided by financing activities	86,648		61,644
Effect of exchange rate changes on cash and cash equivalents and restricted cash	(249)		(6)
Net (decrease) increase in cash and cash equivalents and restricted cash during the period	(2,790)		8,009
Cash and cash equivalents and restricted cash, beginning of period	76,392		55,764
Cash and cash equivalents and restricted cash, end of period	$	73,602	$	63,773
Reconciliation of cash and cash equivalents and restricted cash to the Consolidated Balance Sheets, end of period:
Cash and cash equivalents	$	45,470	$	34,409
Restricted cash	28,132		29,364
Total cash and cash equivalents and restricted cash	$	73,602	$	63,773

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Nuveen Global Cities REIT, Inc. Consolidated Statements of Cash Flows (Unaudited) (in thousands)
	Three Months Ended March 31,
	2026		2025

Supplemental disclosures:
Interest paid	$	8,950	$	10,516

Non-cash investing activities:
Assumption of other assets and liabilities in conjunction with acquisitions of investments in real estate	$	(276)	$	20
Accrued capital expenditures	$	1,559	$	—



Payment-in-kind interest on commercial mortgage loans	$	118	$	148
Proceeds receivable from sale of real estate debt	$	72	$	—
Proceeds receivable from sale of real estate-related securities	$	(172)	$	—
Accrued purchases of real estate debt	$	(48)	$	—
Accrued purchases of real estate-related securities	$	934	$	—
Non-cash financing activities:


Accrued distributions	$	(99)	$	—
Accrued stockholder servicing fees	$	(1,252)	$	(499)
Distribution reinvestments	$	13,841	$	12,683
Allocation to redeemable non-controlling interests	$	(42)	$	(44)



Accrued offering costs	$	—	$	74

The accompanying notes are an integral part of these consolidated financial statements.

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Nuveen Global Cities REIT, Inc.

Notes to Consolidated Financial Statements (Unaudited)

Note 1. Organization and Business Purpose

Nuveen Global Cities REIT, Inc. (the “Company”) was formed on May 1, 2017 as a Maryland corporation and elected to be taxed as a real estate investment trust (“REIT”) for U.S. federal income tax purposes commencing with its taxable year ending December 31, 2018 and intends to operate in a manner that will allow it to continue to qualify as a REIT. The Company’s sponsor is Nuveen, LLC (the “Sponsor”), a wholly owned subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”). The Company is the sole general partner of Nuveen Global Cities REIT OP, LP, a Delaware limited partnership (the "Operating Partnership”). The Operating Partnership has issued a limited partner interest to Nuveen Global Cities REIT LP, LLC (the “Limited Partner”), a wholly owned subsidiary of the Company. The Company was organized to invest primarily in stabilized income-oriented commercial real estate in the United States and a substantial but lesser portion of the Company’s portfolio will include real properties located in Canada, Europe and the Asia-Pacific region. Substantially all of the Company’s business is conducted through the Operating Partnership. The Company and the Operating Partnership are externally managed by Nuveen Real Estate Global Cities Advisors, LLC (the “Advisor”), an indirect, wholly owned subsidiary of the Sponsor and an investment advisory affiliate of Nuveen Real Estate (“Nuveen Real Estate”).

Pursuant to a Registration Statement on Form S-11 (File No. 333-222231), the Company registered with the Securities and Exchange Commission (the “SEC”) its initial public offering up to $5.0 billion in shares of common stock (the “Initial Public Offering”). The Initial Public Offering was declared effective on January 31, 2018 and terminated on July 2, 2021.

Pursuant to a Registration Statement on Form S-11 (File No. 333-252077), the Company registered with the SEC in its follow-on public offering up to $5.0 billion in shares of common stock (the “Follow-on Public Offering”). The Follow-on Public Offering was declared effective by the SEC on July 2, 2021 and terminated on November 6, 2024.

Pursuant to a Registration Statement on Form S-11 (File No. 333-280368), the Company registered with the SEC in its third public offering up to $5.0 billion shares of common stock, consisting of up to $4.0 billion in shares in its primary offering and up to $1.0 billion in shares pursuant to its distribution reinvestment plan (the “Third Public Offering” and together with the Initial Public Offering and the Follow-on Public Offering, the “Offerings”). The Third Public Offering was declared effective by the SEC on November 6, 2024. In the Third Public Offering, the Company is offering to the public any combination of four classes of shares of its common stock, Class T shares, Class S shares, Class D shares and Class I shares, with a dollar value up to the maximum offering amount. The publicly offered share classes have different upfront selling commissions and ongoing stockholder servicing fees. The purchase price per share for each class of common stock varies and generally equals the Company’s prior month’s net asset value (“NAV”) per share, as calculated monthly, plus applicable upfront selling commissions and dealer manager fees.

As of March 31, 2026, the Company had received aggregate net proceeds of $2.6 billion from selling shares in the Offerings and unregistered private offerings.

On June 6, 2025, the Company, through the Operating Partnership, initiated a private placement program (the “DST Program”) to issue and sell up to $3.0 billion of beneficial interests (“DST Interests”) in specific Delaware statutory trusts (the “DSTs”) holding real properties (the “DST Properties”), which may be sourced from the Company's real properties or from third parties.

Note 2. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited consolidated financial statements include the accounts of the Company, its subsidiaries and joint ventures in which the Company has a controlling interest, and in the opinion of management, include all necessary adjustments, consisting of only normal and recurring items, necessary for a fair statement of the Company’s consolidated financial statements as of March 31, 2026 and December 31, 2025 and for the three months ended March 31, 2026 and 2025. Results of operations for the interim periods are not necessarily indicative of results for the entire year. These financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the applicable rules and regulations of the SEC. Accordingly, they do not include all information and footnotes required by GAAP for complete financial statements. Certain footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed in this report pursuant to the rules of the SEC. The accompanying unaudited consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements prepared in accordance with GAAP, and the notes thereto, that are included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 as filed with the SEC. The year-end balance sheet was derived from those audited financial statements.

All intercompany balances and transactions have been eliminated in consolidation. The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the balance sheet. Actual results could differ from those estimates.

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Principles of Consolidation

The Company consolidates all entities in which it has a controlling financial interest through majority ownership or voting rights and variable interest entities (“VIEs”) whereby the Company is the primary beneficiary. In determining whether the Company has a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, the Company considers whether the entity is a VIE and whether the Company is the primary beneficiary. The Company is the primary beneficiary of a VIE when it has (i) the power to direct the most significant activities impacting the economic performance of the VIE and (ii) the obligation to absorb losses or receive benefits significant to the VIE. Entities that do not qualify as VIEs are generally considered voting interest entities (“VOEs”) and are evaluated for consolidation under the voting interest model. VOEs are consolidated when the Company controls the entity through a majority voting interest or other means. When the requirements for consolidation are not met and the Company has significant influence over the operations of the entity, the investment is accounted for under the equity method of accounting. Equity method investments for which the Company has not elected the fair value option (“FVO”) are initially recorded at fair value and subsequently adjusted for the Company’s pro rata share of net income, contributions and distributions. When the Company elects the FVO, the Company records its share of net asset value of the entity and any related unrealized gains and losses.

Each of the Company’s joint ventures is considered to be a VIE or VOE. The Company consolidates these entities because it has the ability to direct the most significant activities of the joint ventures, including unilateral decision-making on the disposition of the investments.

For select joint ventures, the non-controlling partner’s share of the assets, liabilities and operations of the joint venture is included in non-controlling interests as equity of the Company. The non-controlling partner’s interest is generally computed as the joint venture partner’s ownership percentage. Certain strategic partnerships of the Company provide the other partner a profits interest based on certain internal rate of return hurdles being achieved. Any profits interest due to the other partner is reported within Redeemable Non-Controlling Interests.

For our DST Program, the non-controlling interest represents the proceeds from the syndicated percentages of the DST Offerings. The non-controlling interest is presented as permanent equity on the Company's Consolidated Balance Sheets because the fair market value purchase option to exchange interests for units of the Operating Partnership or cash is based on the occurrence of a conditional event. See additional information on our DST Program in Note 21. The beneficial owners' allocation of the DST Program's income or loss is recorded as net income (loss) attributable to non-controlling interests on the Company's Consolidated Statements of Operations.

As of March 31, 2026 and December 31, 2025, the total assets and liabilities of the Company’s consolidated VIEs were $93.1 million and $30.6 million, and $95.4 million and $30.6 million, respectively. Such amounts are included on the Company’s Consolidated Balance Sheets.

The Company has limited contractual rights to obtain the financial records of certain of its consolidated single-family housing, retail, student housing, self-storage and direct international portfolios from the operating partner. The operating partner does not prepare separate GAAP financial statements; therefore, the Company compiles GAAP financial information for the portfolios based on reports prepared by and received from the operating partner. Such reports are not available to the Company until approximately 20 days after the end of any given period. As a result, these activities are generally included in the Company’s consolidated financial statements on a one-month lag; however, any significant activity that occurs in the final month of the quarter is recorded in that period.

Investments in Real Estate

In accordance with the guidance for business combinations, the Company determines whether the acquisition of a property qualifies as a business combination, which requires that the assets acquired and liabilities assumed constitute a business. If the property acquired is not a business, the Company accounts for the transaction as an asset acquisition. All property acquisitions to date have been accounted for as asset acquisitions.

Whether the acquisition of a property acquired is considered a business combination or asset acquisition, the Company recognizes the identifiable assets acquired, the liabilities assumed and any non-controlling interest in the acquired entity. In addition, for transactions accounted for as business combinations, the Company evaluates the existence of goodwill or a gain from a bargain purchase. The Company expenses acquisition-related costs associated with business combinations as they are incurred. The Company capitalizes acquisition-related costs associated with asset acquisitions.

Upon acquisition of a property, the Company assesses the fair value of acquired tangible and intangible assets and assumed liabilities (including land, buildings, tenant improvements, above-market and below-market leases, acquired in-place leases, and other identified intangible assets) and allocates the purchase price to the acquired assets and assumed liabilities. The Company assesses fair value using the income approach’s discounted cash flow method, using discount, capitalization, and fair market lease rates that it deems appropriate, and taking into consideration all contractual rent payments over the life of the lease term offset by any capitalized expenditures, as well as other available market information. Estimates of future cash flows are based on a number of factors, including historical operating results, known and anticipated trends and market and economic conditions.

The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. The Company also considers an allocation of purchase price of other acquired intangibles, including acquired in-place leases that

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may have a customer relationship intangible value, including the nature and extent of the existing relationship with the tenants, the tenants’ credit quality and expectations of lease renewals. For its acquisitions to date, the Company’s allocation to customer relationship intangible assets has not been material.

The Company records acquired above-market and below-market leases at fair value (using a discount rate which reflects the risks associated with the leases acquired), which is equal to the difference between (1) the contractual amounts to be paid pursuant to each in-place lease and (2) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the initial term plus the term of any below-market fixed rate renewal options for below-market leases. Other intangible assets acquired include amounts for in-place lease values that are based on the Company’s evaluation of the specific characteristics of each tenant’s lease. Factors to be considered include estimates of carrying costs during hypothetical expected lease-up periods considering current market conditions, and costs to execute similar leases. In estimating carrying costs, the Company includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods, depending on local market conditions. In estimating costs to execute similar leases, the Company considers leasing commissions, legal and other related expenses.

Intangible assets and intangible liabilities are recorded as separate components on the Company’s Consolidated Balance Sheets. The amortization of acquired above-market and below-market leases is recorded as an adjustment to Rental Revenue on the Company’s Consolidated Statements of Operations. The amortization of in-place leases is recorded as an adjustment to Depreciation and Amortization on the Company’s Consolidated Statements of Operations.

The cost of buildings and improvements includes the purchase price of the Company’s properties and any acquisition-related adjustments, along with any subsequent improvements to such properties. The Company’s Investments in Real Estate are stated at cost and are generally depreciated on a straight-line basis over the estimated useful lives of the assets as follows:


Description						Depreciable Life
Building						40 years
Building, land and site improvements						10-40 years
Furniture, fixtures and equipment						3-7 years
Lease intangibles						Over lease term

Significant improvements to properties are capitalized. When assets are sold or retired, their costs and related accumulated depreciation or amortization are removed from the accounts with the resulting gains or losses reflected in net income or loss for the period.

Repairs and maintenance are expensed to operations as incurred and are included in Rental Property Operating on the Company’s Consolidated Statements of Operations.

Management reviews the Company’s real estate properties for impairment each quarter or when there is an event or change in circumstances that indicates an impaired value. If the carrying amount of the real estate investment is no longer recoverable and exceeds the fair value of such investment, an impairment loss is recognized. The impairment loss is recognized based on the excess of the carrying amount of the asset over its fair value, or fair value less cost to sell if classified as held for sale. If the Company’s strategy changes or market conditions otherwise dictate an earlier sale date, an impairment loss may be recognized and such loss could be material to the Company’s results. During the periods presented, no such impairment occurred.

Investments in Real Estate-Related Securities

The Company reports its investments in real estate-related securities at fair value and any changes in fair value are recorded in the current period earnings. Dividend income is recorded when declared and the resulting dividend income, along with gains and losses, are recorded as a component of Realized and Unrealized Gain from Real Estate-Related Securities on the Company’s Consolidated Statements of Operations.

Investments in Real Estate Debt

The Company’s investments in real estate debt consist of commercial mortgage-backed securities (“CMBS”), which are securities backed by one or more mortgage loans secured by real estate assets. The Company classifies its CMBS as trading securities and records them at fair value. As such, the resulting unrealized gains and losses of its CMBS are recorded as a component of Realized and Unrealized (Loss) Gain from Real Estate Debt on the Company’s Consolidated Statements of Operations.

Interest income from the Company’s investments in CMBS is recognized over the life of each investment and is recorded on the accrual basis on the Company’s Consolidated Statements of Operations.

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Investments in International Affiliated Funds

The Company reports its investments in European Cities Partnership SCSp (“ECF”) and Asia Pacific Cities Fund (“APCF”), investment funds managed by an affiliate of TIAA (collectively, the “International Affiliated Funds”), under the equity method of accounting. The equity method income (loss) from the investments in the International Affiliated Funds represents the Company’s allocable share of each fund’s net income or loss, which includes income and expense, realized gains and losses, foreign currency translation adjustments, and unrealized appreciation or depreciation as determined from the financial statements of ECF and APCF (which carry investments at fair value in accordance with GAAP) and is reported as Income (Loss) from Equity Investments in Unconsolidated International Affiliated Funds on the Company’s Consolidated Statements of Operations.

All contributions to or distributions from investments in the International Affiliated Funds are accrued when notice is received and recorded as a receivable from or payable to the International Affiliated Funds on the Company’s Consolidated Balance Sheets.

The Company uses the nature of the distribution approach to classify its distributions received from equity method investments. Under the nature of the distribution approach, distributions received are classified on the basis of the nature of the activities of the investee that generated the distribution as either a return on investment (classified as cash inflows from operating activities) or a return of investment (classified as cash inflows from investing activities).

Investments in Commercial Mortgage Loans

The Company originates commercial mortgage loans and elects the fair value option for each loan. In accordance with the adoption of the fair value option allowed under ASC 825, Financial Instruments, and at the election of the Company, the commercial mortgage loans are stated at fair value and initially valued at the face amount of the loan funding. Subsequently, the commercial mortgage loans are valued at least quarterly by an independent third-party valuation firm with additional oversight performed by the Advisor’s internal valuation department. The value is based on market factors, such as market interest rates and spreads for comparable loans, the performance of the underlying collateral (such as the loan-to-value ratio and the cash flow of the underlying collateral), and the credit quality of the borrower.

The income from the commercial mortgage loans represents interest income and origination fee income, which is reported as Income from Commercial Mortgage Loans on the Company’s Consolidated Statements of Operations. Unrealized gains and losses are recorded as a component of Unrealized Gain (Loss) on Commercial Mortgage Loans on the Company’s Consolidated Statements of Operations.

In the event of a partial or whole sale of the commercial mortgage loan that qualifies for sale accounting under GAAP, the Company derecognizes the corresponding asset, and fees paid as part of the partial or whole sale are recognized on the Company’s Consolidated Statements of Operations.

Loan Participations

In certain instances, the Company finances loans through the non-recourse syndication of a senior loan interest to a third party. Depending on the particular structure of the syndication, the senior loan interest may remain on the Company’s Consolidated Balance Sheets or, in other cases, the sale will be recognized and the senior loan interest no longer included in its consolidated financial statements. When these sales do not qualify for sale accounting under GAAP, the Company reflects the transaction by recording a loan participations liability at fair value on the Consolidated Balance Sheets, but this gross presentation does not impact Stockholders’ Equity or Net Income. When the sales are recognized, the Consolidated Balance Sheets only include the remaining subordinate loan.

The Company and its loan service provider have limited access to contractual and financial information pertaining to these senior loan interests and rely on the third-party senior lenders to provide the latest information as it becomes available.

Note Payable

The Company finances the acquisition of certain mortgage loans through the use of “note-on-note” transactions in which the Company pledges mortgage loans as collateral to secure a loan which is equal in value to a specified percentage of the estimated fair value of the pledged collateral. These “note-on-note” transactions are recorded in Note Payable, at Fair Value on the Consolidated Balance Sheets and are carried at fair value through the adoption of the fair value option allowed under ASC 825.

Financing costs related to the Company’s note payable are expensed as incurred and recorded in Interest Expense on the Company’s Consolidated Statements of Operations.

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Deferred Charges

The Company’s deferred charges include financing and leasing costs. Financing costs include legal, structuring and other loan costs incurred by the Company for its financing arrangements.

Deferred financing costs related to the Credit Facility (as defined herein) are recorded as a component of Other Assets on the Company’s Consolidated Balance Sheets and are amortized on a straight-line basis over the term of the Credit Facility, which approximates the effective interest method. Unamortized deferred financing costs are charged to interest expense upon early repayment or significant modification of the Credit Facility and fully amortized deferred financing costs are removed from the books upon the maturity of the Credit Facility.

Deferred financing costs related to the Company’s mortgages payable are recorded as an offset to the related liability and amortized on a straight-line basis over the term of the financing instrument, which approximates the effective interest method. Unamortized deferred financing costs related to the Company’s mortgages payable are charged to interest expense upon early repayment or significant modification of the mortgages payable and fully amortized deferred financing costs are removed from the books upon maturity.

Deferred leasing costs, which consist primarily of brokerage and legal fees, incurred in connection with new leases, are recorded as a component of Intangible Assets, Net on the Company’s Consolidated Balance Sheets and amortized over the lives of the related leases. Unamortized deferred leasing costs are charged to amortization expense upon early termination or significant modification of the leases and fully amortized deferred leasing costs are removed from the books upon lease expiration.

Fair Value Measurement

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Accounting guidance also establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value:

•Level 1 - quoted prices are available in active markets for identical investments as of the measurement date. The Company does not adjust the quoted price for these investments.

•Level 2 - quoted prices are available in markets that are not active or model inputs are based on inputs that are either directly or indirectly observable as of the measurement date.

•Level 3 - pricing inputs are unobservable and include instances where there is minimal, if any, market activity for the investment. These inputs require significant judgment or estimation by management or third parties when determining fair value and generally represent anything that does not meet the criteria of Levels 1 and 2. Due to the inherent uncertainty of these estimates, these values may differ materially from the values that would have been used had a ready market for these investments existed.

The Company’s investments in real estate-related securities are recorded at fair value based on the closing price of the common stock as reported by the applicable national securities exchange and have been classified as Level 1.

The Company’s investments in real estate debt, which consist of CMBS, are reported at fair value. The Company generally determines the fair value of its investments in real estate debt by using third-party pricing service providers whenever available and such investments have been classified as Level 2.

The Company’s derivative financial instruments, consisting of interest rate swaps, are reported at fair value. The fair values of the Company’s interest rate contracts were estimated using advice from a third-party valuation service provider based on contractual cash flows and interest calculations using the appropriate discount rates and such investments have been classified as Level 2.

The Company’s investments in commercial mortgage loans consist of floating-rate senior and mezzanine loans the Company originated and have been classified as Level 3. The commercial mortgage loans are carried at fair value based on significant unobservable inputs.

The Company’s loan participations and note payable are carried at fair value based on significant unobservable inputs and have been classified as Level 3.

The carrying amounts of financial instruments such as other assets, accounts payable, accrued expenses and other liabilities approximate their fair values due to their short-term maturities and market rates of interest.

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The following table details the Company’s assets and liabilities measured at fair value on a recurring basis ($ in thousands):


	March 31, 2026								December 31, 2025
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Investments in real estate-related securities	$	106,622	$	—	$	—	$	106,622	$	102,792	$	—	$	—	$	102,792
Investments in real estate debt	—		152,996		—		152,996		—		140,011		—		140,011
Investments in commercial mortgage loans	—		—		374,009		374,009		—		—		375,101		375,101
Interest rate derivatives (1)	—		—		—		—		—		306		—		306
Total	$	106,622	$	152,996	$	374,009	$	633,627	$	102,792	$	140,317	$	375,101	$	618,210

Liabilities:
Loan participations	$	—	$	—	$	108,930	$	108,930	$	—	$	—	$	108,670	$	108,670
Note payable	—		—		71,750		71,750		—		—		71,750		71,750
Interest rate derivatives(2)	—		38		—		38		—		435		—		435
Total	$	—	$	38	$	180,680	$	180,718	$	—	$	435	$	180,420	$	180,855

(1) Included in Other Assets on the Company's Consolidated Balance Sheets

(2) Included in Accounts Payable, Accrued Expenses, and Other Liabilities on the Company’s Consolidated Balance Sheets.

The following table details the Company’s assets and liabilities measured at fair value on a recurring basis using Level 3 inputs ($ in thousands):


	Investments in Commercial Mortgage Loans		Loan Participations			Note Payable
Balance as of December 31, 2025	375,101		$	108,670		$	71,750

Additional fundings(1)	118		—			—


Net unrealized loss on assets(2)	(1,210)		—			—
Net unrealized loss on liabilities	—		260		(b)	—
Balance as of March 31, 2026	$	374,009	$	108,930		$	71,750

(1) Includes additional fundings on commercial mortgage loans for payment-in-kind interest received of $0.1 million.

(2) Unrealized Loss on Commercial Mortgage Loans of $1.5 million reported on the Company’s Consolidated Statements of Operations for the three months ended March 31, 2026 includes unrealized loss of $1.2 million associated with commercial mortgage loans, and unrealized loss of $0.3 million associated with loan participations.

The following table shows the quantitative information about unobservable inputs that constitute the Level 3 fair value measurements of the investments in commercial mortgage loans, loan participations and note payable as of March 31, 2026.

Type

Asset Class

Valuation Technique

Unobservable Inputs

Range (Weighted Average) (2)

Commercial Mortgage Loans

Various

Discounted Cash Flow Method

Equivalency Rate

SOFR (1) + 3.08% - 19.11% (5.28%)

Loan Participations

Various

Discounted Cash Flow Method

Equivalency Rate

SOFR (1) + 3.10% - 5.71% (4.50%)

Note Payable

Multifamily

Discounted Cash Flow Method

Equivalency Rate

SOFR (1) + 2.10% (2.10%)

(1) Secured Overnight Financing Rate (“SOFR”) as of March 31, 2026 was 3.7%.

(2) Weighted by outstanding principal balance.

As of March 31, 2026, the carrying value of the Company’s Credit Facility approximated fair value. The fair value of the Company’s mortgages payable was $262.2 million and $235.6 million as of March 31, 2026 and December 31, 2025, respectively. Fair value of the Company’s indebtedness is estimated by modeling the cash flows required by the Company’s debt agreements and discounting them back to present value using the appropriate discount rate. Additionally, the Company considers current market rates and conditions by evaluating similar borrowing agreements with comparable loan-to-value ratios and credit profiles. The inputs used in determining the fair value of the Company’s indebtedness are considered Level 3.

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Revenue Recognition

The Company’s sources of revenue and the related revenue recognition policies are as follows:

Rental Revenue — consists primarily of base rent arising from tenant operating leases at the Company’s properties. Rental revenue is recognized on a straight-line basis over the life of the lease, including any rent steps or abatement provisions. The Company begins to recognize revenue when a tenant takes possession of the leased space. The Company includes in rental revenue its tenant reimbursement income, which consists of amounts due from tenants for costs related to common area maintenance, real estate taxes and other recoverable costs as defined in lease agreements.

The Company evaluates the collectability of receivables related to rental revenue on an individual lease basis. Management exercises judgment in assessing collectability and considers the length of time a receivable has been outstanding, tenant credit-worthiness, payment history, available information about the financial condition of the tenant, and current economic trends, among other factors. Tenant receivables that are deemed uncollectible are recognized as a reduction to rental revenue.

Income from Commercial Mortgage Loans — consists of income from interest earned and recognized as operating income based upon the principal amount outstanding and the contractual interest rate along with origination fees. Commercial mortgage loans that are significantly past due (generally more than 90 days) or at any point when management believes the full collection of principal is doubtful may be placed on nonaccrual status if the Company determines it is probable that it will not collect all payments which are contractually due. When a loan is placed on nonaccrual status, interest is only recorded as interest income when it is received. A loan may be placed back on accrual status if the Company determines it is probable that it will collect all payments which are contractually due.

Leases

The Company derives revenue pursuant to lease agreements. At the inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. At the lease inception, the Company determines whether each lease is a sales-type, direct financing or operating lease. Such classification is based on whether:

•the lessee gains control of the underlying asset and the lessor therefore relinquishes control to the lessee under certain criteria (sales-type or direct-financing); or

•all other leases that do not meet the criteria as sales-type or direct financing leases (operating).

The Company’s leases are classified as operating leases in accordance with relevant accounting guidelines, and the related revenue is recognized on a straight-line basis. Upon the termination or vacation of a tenant lease, the associated straight-line rent receivable is written off.

Cash and Cash Equivalents

Cash and cash equivalents represents cash held in banks, cash on hand and liquid investments with original maturities of three months or less at the time of purchase. The Company may have bank balances in excess of federally insured amounts; however, the Company deposits its cash with high-credit-quality institutions to minimize credit risk.

Restricted Cash

As of March 31, 2026, the Company had $28.1 million of restricted cash. The restricted cash consisted of $0.9 million of tenant security deposits and $27.2 million of cash received for subscriptions prior to the date in which the subscriptions are effective, which is held in a bank account controlled by the Company’s transfer agent, but in the name of the Company.

Income Taxes

The Company elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”), commencing with its taxable year ended December 31, 2018, and intends to operate in a manner that will allow it to continue to qualify as a REIT. In qualifying for taxation as a REIT, the Company is subject to federal corporate income tax to the extent it distributes less than 100% of its REIT taxable income (including for this purpose its net capital gain) to its stockholders. The Company will be subject to a 4% nondeductible excise tax on the amount, if any, by which distributions it pays in any calendar year are less than the sum of 85% of its ordinary income, 95% of its net capital gains, and 100% of its undistributed income from prior years. The Company is also subject to a number of other organizational and operational requirements.

The Company may elect to treat certain of its corporate subsidiaries as taxable REIT subsidiaries (“TRSs”). In general, a TRS may perform additional services for the Company’s tenants and generally may engage in any real estate or non-real estate-related business other than management or operation of a lodging facility or a health care facility. The Company’s dealings with the TRSs must be arm’s-length in nature or be permitted under the Code. Otherwise, the Company may be subject to 100% penalty tax, or its TRSs may be denied deductions. A domestic TRS is subject to U.S. corporate federal income tax and state income or franchise tax. A Cayman Islands TRS is not subject to U.S. corporate federal income tax, to the extent it does not have U.S. source income, or Cayman Islands taxes. A Luxembourg TRS is not subject to U.S. corporate federal income tax, to the extent it does not have U.S. source income, but may be subject to Luxembourg taxes.

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As of March 31, 2026, the Company had six active TRSs: the Company uses two Cayman Islands TRSs to hold its investments in the International Affiliated Funds, one Luxembourg TRS to hold minority interests in its direct European investments, one domestic TRS to hold the senior portions of certain commercial mortgage loans, one domestic TRS for self-storage, nonrental-related business, and one domestic TRS for transactions related to the Delaware Statutory Trust (“DST”) Program. The asset tests that apply to REITs limit the Company’s ownership of the securities of its TRSs to no more than 20% of the value of the Company’s total assets. For the three months ended March 31, 2026, the Company incurred federal income tax expense related to the TRSs of $0.1 million. Luxembourg tax imposed on the Luxembourg TRS is not material for the three months ended March 31, 2026.

The Company accrues liabilities when it believes that it is more likely than not that it will not realize the benefits of tax positions that it has taken in its tax returns or for the amount of any tax benefit that exceeds the cumulative probability threshold in accordance with ASC 740-10, Uncertain Tax Positions. Interest and penalties related to unrecognized tax positions are included in income tax expense, and no amount has been accrued. Income tax returns for tax years 2021 through 2024 remain subject to governmental examination.

Deferred Taxes

As of March 31, 2026, the Company had a deferred tax liability of $2.3 million that is recorded in Accounts Payable, Accrued Expenses and Other Liabilities on the Company’s Consolidated Balance Sheets. The deferred tax liability is a value-based tax, calculated on the difference between carrying value and current tax basis, and was assumed during the acquisition of the Company’s multifamily portfolio in Copenhagen, Denmark.

Organization and Offering Expenses

The Advisor advanced organization and offering expenses (excluding upfront selling commissions, dealer manager fees and stockholder servicing fees) on behalf of the Company through the fourth full fiscal quarter after the Company’s acquisition of its first property. The Company reimburses the Advisor for all such advanced expenses it incurred in 60 equal monthly installments commencing on October 31, 2021. As of March 31, 2026, the Company had reimbursed the Advisor $4.0 million of such expenses.

The Advisor and its affiliates incurred organization and offering expenses on the Company’s behalf for the Initial Public Offering of $4.6 million, consisting of offering costs of $3.5 million and organization costs of $1.1 million, of which $0.5 million and $0.7 million remained outstanding as of March 31, 2026 and December 31, 2025, respectively. These organization and offering expenses are included in Due to Affiliates on the Company’s Consolidated Balance Sheets.

Offering costs are currently charged to equity as such amounts are incurred. For the three months ended March 31, 2026 and 2025, the Company charged $0.3 million and $0.4 million, respectively, in offering costs to equity.

Foreign Currency

The financial position and results of operations of the Company’s wholly owned assets located in foreign jurisdictions are measured using the local currency as the functional currency and are translated into U.S. dollars for purposes of recording the related activity. Net income has been translated using the weighted-average exchange rates during the period. Assets and liabilities have been translated at the rates of exchange on the balance sheet date. Transactions, such as purchases of properties, income received, and expenses paid, executed in a foreign currency are translated into U.S. dollars at the effective exchange rate on the date of the transaction.

The financial position and results of operations of ECF are measured using the local currency (Euro) as the functional currency and are translated into U.S. dollars for purposes of recording the related activity under the equity method of accounting. Net income, which includes the Company’s allocable share of ECF’s income and expense, realized gains and losses, foreign currency translation adjustments and unrealized appreciation or depreciation, has been translated using the weighted-average exchange rates during the period. Assets and liabilities have been translated at the rates of exchange on the balance sheet date.

The resulting translation gain and loss adjustments are recorded directly as a separate component of Other Comprehensive Income (Loss) on the Company’s Consolidated Statements of Comprehensive Income (Loss) and as Accumulated Other Comprehensive Income (Loss) on the Company's Consolidated Statements of Changes in Equity, unless there is a sale or complete liquidation of the underlying foreign investments. Foreign currency translation adjustments resulted in other comprehensive (loss) income of $(2.3) million and $3.4 million for the three months ended March 31, 2026 and 2025, respectively.

The financial position and results of operations of APCF are measured in U.S. dollars for purposes of recording the related activity under the equity method of accounting. There is no direct foreign currency exposure to the Company for its investment in APCF.

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Derivative Instruments

The Company uses derivative financial instruments such as interest rate swaps to manage risks from fluctuations in interest rates. The Company records its derivatives at fair value and such amounts are reflected in either Other Assets or Accounts Payable, Accrued Expenses and Other Liabilities on the Company’s Consolidated Balance Sheets, depending on their position at the end of the reporting period. Any changes in the fair value of these derivatives are recorded as Unrealized Gain (Loss) from Interest Rate Derivatives on the Company’s Consolidated Statements of Operations.

Earnings per Share

Basic net income per share of common stock is determined by dividing net income attributable to common stockholders by the weighted-average number of common shares outstanding during the period. All classes of common stock are allocated net income at the same rate per share. The Company does not have any dilutive securities outstanding that would cause basic earnings per share and diluted earnings per share to differ.

Recent Accounting Pronouncements

In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40). The amendments in ASU 2024-03 improve financial reporting by requiring that public business entities disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. This information is generally not presented in the financial statements today. The amendments in ASU 2024-03 are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. Management is currently assessing the impact this standard will have on the Company's consolidated financial statements.

In May 2025, the FASB issued ASU No. 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810) Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity. The amendments in ASU 2025-03 require an entity involved in an acquisition transaction effected primarily by exchanging equity interests when the legal acquiree is a variable interest entity that meets the definition of a business to consider the factors in paragraphs ASC 805-10-55-12 through 55-15 to determine which entity is the accounting acquirer. The amendments in ASU 2025-03 are effective for all entities for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. The amendments in ASU 2025-03 require that an entity apply the new guidance prospectively to any acquisition transaction that occurs after the initial application date. Early adoption is permitted. Management is currently assessing the impact this standard will have on the Company's consolidated financial statements.

In November 2025, the FASB issued ASU No. 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements. The amendments in ASU 2025-09 enables entities to apply hedge accounting to a greater number of highly effective economic hedges. The amendments in ASU 2025-09 are effective for public business entities for annual reporting periods beginning after December 15, 2026, and interim periods within those annual reporting periods. Early adoption is permitted on any date on or after the issuance of ASU No. 2025-09. Management is currently assessing the impact this standard will have on the Company's consolidated financial statements.

In December 2025, the FASB issued Accounting Standard Update (“ASU”) No. 2025-11, Interim Reporting (Topic 270) Narrow Scope Improvements (“ASU 2025-11”). The amendments in ASU 2025-11 provide a comprehensive list of interim disclosures that are required by GAAP. ASU 2025-11 also includes a disclosure principle that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. The amendments in ASU 2025-11 are effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, for public business entities. Early adoption is permitted for all entities. Management is currently assessing the impact this standard will have on the Company's consolidated financial statements.

Note 3. Investments in Real Estate

Investments in Real Estate, Net consisted of the following ($ in thousands):


	March 31, 2026		December 31, 2025
Building and building improvements	$	1,763,462	$	1,693,566
Land and land improvements	382,468		361,322
Furniture, fixtures and equipment	17,457		17,282
Total	2,163,387		2,072,170
Accumulated depreciation	(285,873)		(270,049)
Investments in real estate, net	$	1,877,514	$	1,802,121

For the three months ended March 31, 2026 and 2025, depreciation expense was $15.9 million and $15.6 million, respectively.

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Acquisitions

During the three months ended March 31, 2026, the Company acquired two industrial properties and one grocery-anchored retail property.

The following table provides details of the properties acquired during the three months ended March 31, 2026 ($ in thousands):


Sector	Purchase Price (1)		Number of Transactions	Number of Properties	Sq. Ft. (In Thousands)
Industrial	$	63,917	2	2	218 Sq. Ft.
Grocery-anchored retail	27,458		1	1	93 Sq. Ft.
	$	91,376	3	3

(1) Purchase price is inclusive of acquisition costs and other acquisition related adjustments. Purchase price does not include any net liabilities assumed.

The intangible assets and liabilities acquired during the three months ended March 31, 2026 had a weighted-average amortization period of 6.14 years and 16.68 years, respectively, as of the acquisition date.

During the three months ended March 31, 2025, the Company acquired one industrial property and one multifamily property. The following table provides details of the properties acquired during the three months ended March 31, 2025 ($ in thousands):


Sector	Purchase Price (1)		Number of Transactions	Number of Properties	Sq. Ft. (In Thousands) / Units (2)
Industrial	$	30,131	1	1	265 Sq. Ft.
Multifamily	31,603		1	1	60 Units
	$	61,734	2	2

(1) Purchase price is inclusive of acquisition costs and other acquisition related adjustments. Purchase price does not include any net liabilities assumed.

(2) Multifamily sector reflects the number of units instead of square feet for the acquisition.

The intangible assets and liabilities acquired during the three months ended March 31, 2025 had a weighted-average amortization period of 6.95 years and 7.21 years, respectively, as of the acquisition date.

Dispositions

The Company did not have any property dispositions during the three months ended March 31, 2026 and 2025.

The following table summarizes the purchase price allocation for the properties acquired during the three months ended March 31, 2026 and 2025 ($ in thousands):


	Three Months Ended March 31,
	2026		2025
Building and building improvements	$	67,927	$	32,154
Land and land improvements	21,567		28,424
Furniture, fixtures and equipment	—		361
In-place lease intangible assets (liabilities), net	7,022		2,782
Below-market lease intangible liabilities	(6,767)		(2,727)
Above-market lease intangible liabilities	298		—
Leasing commissions	456		395
Other intangibles	873		345
Total purchase price	$	91,376	$	61,734

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Note 4. Investments in Real Estate-Related Securities

As of March 31, 2026 and December 31, 2025, the Company’s investments in real estate-related securities consisted of shares of common stock of publicly listed REITs. As described in Note 2, the Company records its investments in real estate-related securities at fair value on its Consolidated Balance Sheets.

The following table summarizes the Investments in Real Estate-Related Securities, at Fair Value ($ in thousands):


	March 31, 2026
Beginning balance as of December 31, 2025	$	102,792
Additions	25,407
Disposals	(25,739)
Unrealized gain	4,680
Realized loss	(518)
Ending balance as of March 31, 2026	$	106,622

The following table summarizes the components of Realized and Unrealized Gain from Real Estate-Related Securities ($ in thousands):


	Three Months Ended March 31,
	2026		2025
Unrealized gain	$	4,680	$	50
Realized (loss) gain	(518)		846
Dividend income	1,005		933
Total	$	5,167	$	1,829

Note 5. Investments in Real Estate Debt

The following tables detail the Company’s Investments in Real Estate Debt, at Fair Value, which are classified as trading securities ($ in thousands):


	March 31, 2026
Type of Security/Loan	Weighted- Average Coupon		Weighted- Average Maturity Date (1, 2)	Face Amount		Cost Basis		Fair Value
CMBS - Fixed	4.98	%	6/22/2043	$	28,603	$	27,503	$	26,091
CMBS - Floating	6.00	%	12/19/2039	127,911		127,308		126,905
Total	5.81	%	8/9/2040	$	156,514	$	154,811	$	152,996


	December 31, 2025
Type of Security/Loan	Weighted- Average Coupon		Weighted- Average Maturity Date (1, 2)	Face Amount		Cost Basis		Fair Value
CMBS - Fixed	5.23	%	12/25/2042	$	28,853	$	27,834	$	26,718
CMBS - Floating	6.12	%	8/13/2039	114,081		113,278		113,293
Total	5.94	%	4/17/2040	$	142,934	$	141,112	$	140,011

(1) Weighted by face amount.
(2) Stated legal maturity.

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The following table details the collateral type of the properties securing the Company’s Investments in Real Estate Debt, at Fair Value, which are classified as trading securities ($ in thousands):


	March 31, 2026						December 31, 2025
Collateral	Cost Basis		Fair Value		Percentage of Fair Value		Cost Basis		Fair Value		Percentage of Fair Value
Industrial	$	53,655	$	53,861	35.2	%	$	51,009	$	51,455	36.8	%
Multifamily	33,995		33,638		22.0	%	29,966		29,737		21.2	%
Hotel	33,789		33,657		22.0	%	27,079		27,103		19.4	%
Office	9,926		9,422		6.1	%	8,917		8,395		6.0	%
Diversified	8,859		8,672		5.7	%	7,190		7,057		5.0	%
Self-Storage	4,004		3,988		2.6	%	1,000		1,003		0.8	%
Retail	3,931		3,917		2.5	%	9,444		9,580		6.8	%
Net Lease	3,661		2,858		1.9	%	3,660		2,844		2.0	%
Life Science	1,474		1,465		1.0	%	1,474		1,465		1.0	%
Mall	1,496		1,497		1.0	%	—		—		—	%
Manufactured Housing	21		21		—	%	1,373		1,372		1.0	%
Total	$	154,811	$	152,996	100.0	%	$	141,112	$	140,011	100.0	%

The following table details the credit rating of the Company’s Investments in Real Estate Debt, at Fair Value, which are classified as trading securities ($ in thousands):


	March 31, 2026						December 31, 2025
Credit Rating (1)	Cost Basis		Fair Value		Percentage of Fair Value		Cost Basis		Fair Value		Percentage of Fair Value
AAA	$	6,549	$	6,544	4.3	%	$	7,742	$	7,766	5.5	%
AA	24,861		24,926		16.3	%	19,891		20,137		14.4	%
A	55,072		55,140		36.0	%	52,509		52,782		37.7	%
BBB	55,507		55,716		36.4	%	49,407		50,002		35.8	%
BB	6,600		5,516		3.6	%	6,253		4,921		3.6	%
B	2,110		1,774		1.2	%	1,198		1,077		0.8	%
CCC	2,670		2,202		1.4	%	4,112		3,326		2.3	%
C	1,442		1,178		0.8	%	—		—		—	%
Total	$	154,811	$	152,996	100.0	%	$	141,112	$	140,011	100.0	%

(1) Composite rating as of the balance sheet date.

The following table summarizes the Company’s Investments in Real Estate Debt, at Fair Value, which are classified as trading securities ($ in thousands):


	March 31, 2026
Beginning balance as of December 31, 2025	$	140,011
Additions	23,133
Disposals	(9,475)
Unrealized loss	(714)
Realized gain	41
Ending balance as of March 31, 2026	$	152,996

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Note 6. Investments in International Affiliated Funds

Investment in ECF:

ECF was launched in March 2016 as an open-end, Euro-denominated fund that seeks to build a diversified portfolio of high quality and stabilized commercial real estate with good fundamentals (i.e., core real estate) located in or around certain investment cities in Europe selected for their resilience, potential for long-term structural performance and ability to deliver an attractive and stable distribution yield.

The Company invested $79 million (€70 million) and had a 6.5% ownership in ECF as of March 31, 2026.

As described in Note 2, the Company records its investment in ECF using the equity method on its Consolidated Balance Sheets. While the Company has strategies to manage the foreign exchange risk associated with its investment made in Euros, there can be no assurance that these strategies will be successful or that foreign exchange fluctuations will not negatively impact the Company’s financial performance and results of operations in a material manner.

The following table summarizes the Investments in International Affiliated Funds from ECF ($ in thousands):


	March 31, 2026
Beginning balance as of December 31, 2025	$	68,010

Income distributions	(628)
Income from equity investment in unconsolidated international affiliated fund	977
Foreign currency translation adjustment	(1,317)
Ending balance as of March 31, 2026	$	67,042

Income from Investments in International Affiliated Funds from ECF for the three months ended March 31, 2026 and 2025 was $1.0 million and $0.7 million, respectively.

Investment in APCF:

APCF was launched in November 2018 as an open-end, U.S. dollar-denominated fund that seeks durable income and capital appreciation from a balanced and diversified portfolio of real estate investments in a defined list of investment cities in the Asia-Pacific region.

The Company invested $50 million and had a 4.0% ownership in APCF as of March 31, 2026. As described in Note 2, the Company records its investment in APCF using the equity method on its Consolidated Balance Sheets.

The following table summarizes the Company’s Investments in International Affiliated Funds from APCF ($ in thousands):


	March 31, 2026
Beginning balance as of December 31, 2025	$	48,974

Income distributions	(228)
Loss from equity investment in unconsolidated international affiliated fund	(726)

Ending balance as of March 31, 2026	$	48,020

Loss from Investments in International Affiliated Funds from APCF for the three months ended March 31, 2026 and 2025 was $0.7 million and $3.6 million, respectively.

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Note 7. Investments in Commercial Mortgage Loans

The following table summarizes the Company’s Investments in Commercial Mortgage Loans, at Fair Value as of March 31, 2026 ($ in thousands):

Investment Name

Origination Date

Loan Type

Property Type

Location

Interest Rate

Maturity Date

Periodic Payment Terms

Commitment Amount

Principal Receivable

Fair Value

9-90 Corporate Center(1)(2)

11/9/2021

Senior

Office

Framingham, MA

SOFR + 186 bps

11/9/2025

Interest only

$72,033

$59,774

$58,390

9-90 Corporate Center(2)

11/9/2021

Mezzanine

Office

Framingham, MA

SOFR + 586 bps

11/9/2025

Interest only

$23,344

$23,258

$11,590

Tucson IV

3/28/2022

Senior

Multifamily

Tucson, AZ

SOFR + 295 bps

4/9/2026

Interest only

$76,260

$76,200

Tucson IV

3/28/2022

Mezzanine

Multifamily

Tucson, AZ

SOFR + 295 bps

4/9/2026

Interest only

$25,420

$24,350

Dolce Living Royal Palm(1)

7/8/2022

Senior

Multifamily

Kissimmee, FL

SOFR + 185 bps

7/9/2027

Interest only

$51,432

$50,540

Dolce Living Royal Palm

7/8/2022

Mezzanine

Multifamily

Kissimmee, FL

SOFR + 525 bps

7/9/2027

Interest only

$17,144

$16,260

Sterling Self-Storage

10/8/2025

Senior

Self-Storage

Various

SOFR + 285 bps

10/8/2027

Interest Only

$54,200

$54,179

Sterling Industrial

11/19/2025

Senior

Industrial

Various

SOFR + 230 bps

11/19/2028

Interest Only

$82,500

Total

$389,967

$374,009

(1) Sold to unaffiliated parties, but did not qualify for sale accounting under GAAP, were not derecognized and are reported on the Consolidated Balance Sheets as further described in Note 9.

(2) 9-90 Corporate Center Senior and Mezzanine loans are in nonaccrual status as of March 31, 2026. Management placed the loans in nonaccrual status in Q4 2025 once it determined full collection of principal was doubtful when the borrower did not repay the loans at maturity, at which point interest income was no longer accrued and will only be recognized to the extent cash payments are received. Discussions are currently ongoing with the borrower regarding resolution of outstanding loan balance.

For the three months ended March 31, 2026 and 2025, the Company had unrealized losses on its commercial mortgage loans of $1.5 million and $0.5 million, respectively.

For the three months ended March 31, 2026 and 2025, the Company recognized interest and loan origination income from its investments in commercial mortgage loans of $4.9 million and $7.3 million, respectively.

The following table summarizes the Company’s investments in Commercial Mortgage Loans, at Fair Value ($ in thousands):


	March 31, 2026
Beginning balance as of December 31, 2025	$	375,101

Additional fundings (1)	118

Net unrealized loss (2)	(1,210)
Ending balance as of March 31, 2026	$	374,009

(1) Includes additional fundings on commercial mortgage loans for payment-in-kind interest received of $0.1 million.

(2) Unrealized Loss on Commercial Mortgage Loans of $1.5 million reported on the Company’s Consolidated Statements of Operations for the three months ended March 31, 2026 includes unrealized loss of $1.2 million associated with commercial mortgage loans and unrealized loss of $0.3 million associated with loan participations.

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Note 8. Intangibles

The gross carrying amount and accumulated amortization of the Company’s Intangible Assets, Net and Intangible Liabilities, Net consisted of the following ($ in thousands):


	March 31, 2026		December 31, 2025
Intangible assets:
In-place lease intangibles	$	112,363	$	105,354
Leasing commissions	60,439		57,757
Above-market lease intangibles	13,399		13,102
Other intangibles	19,929		18,927
Total intangible assets	$	206,130	$	195,140
Accumulated amortization:
In-place lease intangibles	$	(73,471)	$	(71,250)
Leasing commissions	(28,664)		(27,036)
Above-market lease intangibles	(6,950)		(6,510)
Other intangibles	(11,636)		(11,067)
Total accumulated amortization	(120,721)		(115,863)
Intangible assets, net	$	85,409	$	79,277
Intangible liabilities:
Below-market lease intangibles	$	(63,226)	$	(56,460)
Accumulated amortization	26,407		24,967
Intangible liabilities, net	$	(36,819)	$	(31,493)

For the three months ended March 31, 2026 and 2025, amortization expense relating to intangible assets was $4.9 million and $5.4 million, respectively, which includes above-market lease amortization of $0.4 million and $0.5 million, respectively, that is recorded to Rental Revenue on the Consolidated Statement of Operations.

Income from the amortization of below-market lease intangibles was $1.4 million and $1.5 million, respectively, for the three months ended March 31, 2026 and 2025.

The estimated future amortization on the Company’s intangibles for each of the next five years and thereafter as of March 31, 2026 is as follows ($ in thousands):


	In-Place Lease Intangibles		Leasing Commissions		Above-Market Lease Intangibles		Other Intangibles		Below-Market Lease Intangibles
2026 (remaining)	$	7,778	$	5,163	$	1,406	$	1,854	$	(4,617)
2027	8,322		5,900		1,777		1,709		(5,324)
2028	6,654		5,083		1,596		1,384		(4,639)
2029	4,578		3,507		148		904		(3,589)
2030	3,747		2,799		87		733		(3,357)
Thereafter	7,813		9,323		1,435		1,709		(15,293)
Total	$	38,892	$	31,775	$	6,449	$	8,293	$	(36,819)

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Note 9. Loan Participations

The sale of a non-recourse interest in a loan through a participation agreement may not qualify for sale accounting under GAAP. For such transactions, the Company presents the whole loan as an asset within Investments in Commercial Mortgage Loans and the loan participation sold within Loan Participations at Fair Value on the Consolidated Balance Sheets until the loan is repaid. The Company has no obligation to pay principal and interest under these liabilities, and the gross presentation of loan participations sold does not impact the stockholders’ equity or net income.

The following table summarizes the Loan Participations, at Fair Value as of March 31, 2026 ($ in thousands):

Investment Name

Loan Type

Property Type

Location

Interest Rate

Maturity Date

Periodic Payment Terms

Commitment Amount

Principal Balance

Fair Value

9-90 Corporate Center (1)

Senior

Office

Framingham, MA

SOFR + 186 bps

11/9/2025

Interest only

$72,033

$59,774

$58,390

Dolce Living Royal Palm

Senior

Multifamily

Kissimmee, FL

SOFR + 185 bps

7/9/2027

Interest only

$51,432

$50,540

Total

$111,206

$108,930

(1) As further discussed in Note 7. Investments in Commercial Mortgage Loans, the corresponding 9-90 Corporate Center Senior loan is in nonaccrual status as of March 31, 2026. Management placed the loan in nonaccrual status once it determined full collection of principal was doubtful when the borrower did not repay the loan at maturity, at which point interest income was no longer accrued. Similarly, corresponding interest expense for related Loan Participation was no longer accrued.

The following table shows the Company’s Loan Participations, at Fair Value ($ in thousands):


	March 31, 2026
Beginning balance as of December 31, 2025	$	108,670



Net unrealized loss	260
Ending balance as of March 31, 2026	$	108,930

For the three months ended March 31, 2026 and 2025, the Company recognized interest expense related to its loan participations of $0.7 million and $2.7 million, respectively, with a corresponding offset to interest income related to the senior portion of the whole loan.

Note 10. Credit Facility

On October 24, 2018, the Company entered into a credit agreement (as amended, the “Credit Agreement”) with Wells Fargo Bank, National Association (“Wells Fargo”), as administrative agent and lead arranger. The Credit Agreement initially provided for aggregate commitments of up to $60.0 million for unsecured revolving loans, with an accordion feature that may increase the aggregate commitments to up to $500.0 million (the “Credit Facility”).

On February 17, 2023, the Credit Agreement was amended to increase the Credit Facility to $455.0 million in aggregate commitments, consisting of a $321.0 million revolving facility (the “Revolving Facility”), and a senior delayed draw term loan facility in the aggregate amount of up to $134.0 million (the “TL Facility”), with an accordion feature that may increase aggregate commitments to up to $800.0 million. The Credit Facility converted to SOFR effective May 1, 2023, at SOFR plus 0.10% (“Adjusted Term SOFR”), plus applicable margin under the existing margin, with all other terms remaining the same.

On June 13, 2025, the Credit Agreement was amended to account for the DST Program whereby the Operating Partnership’s affiliates (which may include certain of the Operating Partnership’s subsidiaries which are guarantors of the obligations under the Credit Agreement) will cause the formation of one or more DSTs, which will receive contributions of properties from the Operating Partnership or an affiliate of the Operating Partnership or acquire properties from third parties. In addition, the Company amended the Credit Agreement to allow for properties utilized in the DST Program to be included in the calculation of Total Asset Value (as defined in the Credit Amendment) and the calculation of Unencumbered Asset Value (as defined in the Credit Amendment), which impacts certain financial covenants.

On September 26, 2025, the Credit Agreement was amended to increase the Credit Facility to $665.0 million in aggregate commitments, consisting of a $440.0 million Revolving Facility and a $225.0 million TL Facility, with a $135.0 million accordion feature that may increase the aggregate commitments to up to $800.0 million. The Revolving Facility and TL Facility will mature on September 26, 2028, subject to two one-year extension options held by the Operating Partnership, which include the payment of an extension fee of 0.125% of the aggregate commitment of the respective facility extended. Loans outstanding under the Revolving Facility and TL Facility bear interest, at the borrower’s option, at either an adjusted base rate or a SOFR rate, plus an applicable margin. For the Revolving Facility, the applicable margin ranges from 0.30% to 0.90% for borrowings at the base rate and 1.30% to 1.90% for borrowings at the SOFR rate based on the total leverage ratio of the borrower and its subsidiaries. For the TL Facility, the applicable margin ranges from 0.25% to 0.85% for borrowings at the base rate and 1.25% to 1.85% for borrowings at the SOFR rate based on the total leverage ratio of the borrower and its subsidiaries. Additionally, for the Revolving Facility, there is an unused fee of 0.15% of the aggregate amount of commitments under the Revolving Facility if the usage is greater than or equal to 50% of the aggregate commitments and 0.25% if the usage is less than 50% of the aggregate commitments. The TL Facility is fully disbursed as of March 31, 2026.

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The following is a summary of the Credit Facility ($ in thousands):


					Principal Balance Outstanding
Indebtedness	Interest Rate	Maturity Date	Maximum Facility Size		March 31, 2026		December 31, 2025
Revolving Facility	S+applicable margin(1)	September 26, 2028	$	440,000	$	223,000	$	169,000
TL Facility	S+applicable margin(1)	September 26, 2028	225,000		225,000		225,000
Credit Facility			$	665,000	$	448,000	$	394,000

(1) The weighted-average interest rates for the three months ended March 31, 2026 for the Revolving Facility and TL Facility were 5.00% and 4.93%, respectively.

As of March 31, 2026, the Company had $448.0 million in borrowings and had outstanding accrued interest of $1.6 million under the Credit Facility. For the three months ended March 31, 2026 and 2025, the Company incurred $5.1 million and $4.5 million, respectively, in interest expense under the Credit Facility.

As of March 31, 2026, the Company was in compliance with all loan covenants with respect to the Credit Agreement.

The following table presents future principal payments due under the Credit Facility as of March 31, 2026 ($ in thousands):


Year	Credit Facility

2026 (remaining)	$	—
2027	—
2028	448,000
2029	—
2030	—
Thereafter	—
Total	$	448,000

Note 11. Mortgages Payable

The following table is a summary of the Company’s mortgages payable secured by the Company’s properties ($ in thousands):


				Principal Balance Outstanding
Indebtedness	Lender	Interest Rate	Maturity Date	March 31, 2026		December 31, 2025
Fixed rate mortgages payable:
Main Street at Kingwood	Nationwide Life Insurance Company	3.15%	12/01/26	$	48,000	$	48,000
Tacara Steiner Ranch	Brighthouse Life Insurance	2.62%	06/01/28	28,750		28,750
Signature at Hartwell	Allstate/American Heritage	3.01%	12/01/28	29,500		29,500
GFI Grocery Anchored Portfolio	Nationwide/Amerant/Synovus	2.98% - 3.40%	Various	66,828		67,242
Short Pump Station	Northwestern Mutual Life Insurance	2.76%	09/01/31	24,000		24,000
Meidaimae	Mizuho Bank	1.86%	03/28/30	17,014		17,237
Munich LEN	Bayern LB	3.73%	01/30/31	27,740		—
Total fixed rate mortgages payable				241,832		214,729
Variable rate mortgage payable:
CASA Nord Portfolio	Nyrkredit Realkredit	C + 0.78%(1) (2)	12/31/32	29,454		29,963
Total mortgages payable				271,286		244,692
Deferred financing costs, net				(1,380)		(1,225)
Discount on assumed mortgage notes, net				(6,257)		(6,680)
Mortgages payable, net				$	263,649	$	236,787

(1) The term “C” refers to the relevant floating benchmark rate, which is the three-month Copenhagen Interbank Offered Rate (“CIBOR”).

(2) CASA Nord entered into an interest rate swap on July 31, 2025, which fixed the interest rate at 2.85%. See Note 18 for additional detail.

As of March 31, 2026, the Company had outstanding accrued interest of $0.4 million on mortgages payable. For the three months ended March 31, 2026 and 2025, the Company incurred $1.8 million and $1.7 million, respectively, in interest expense on mortgages payable.

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The following table presents the future principal payments due under mortgages payable as of March 31, 2026 ($ in thousands):


Year	Mortgages Payable

2026 (remaining)	$	54,209
2027	15,569
2028	70,730
2029	14,202
2030	17,057
Thereafter	99,519
Total	$	271,286

Note 12. Note Payable

The Company finances the acquisition of certain commercial mortgage loans through the use of “note-on-note” transactions. The note bears interest based on competitive market rates determined at the time of issuance. The note involves leverage risk and also the risk that the market value of the collateral will decline below the amount of the funding advanced. As of March 31, 2026, the Company had one note outstanding with Capital One which matures on April 9, 2026. As of March 31, 2026, the total principal amount of the note was $71.9 million and the Company had $0.2 million in accrued interest outstanding. Interest expense incurred for the three months ended March 31, 2026 and 2025 was $1.0 million and $1.1 million, respectively, based on a rate of SOFR plus 1.65%. The note is collateralized by the Tucson IV commercial mortgage loans disclosed in Note 7.

The following table summarizes the Company’s note payable balance ($ in thousands):


	March 31, 2026
Beginning balance as of December 31, 2025	$	71,750

Net unrealized gain	—
Ending balance as of March 31, 2026	$	71,750

The following table presents the future principal payments due under the note payable as of March 31, 2026 ($ in thousands):


Year	Note Payable(1)
2026 (remaining)	$	71,947
2027	—
2028	—
2029	—
2030	—
Thereafter	—
Total	$	71,947

(1) The weighted-average interest rate on the note payable for the three months ended March 31, 2026 was 5.29%.

Note 13. Other Assets and Other Liabilities

The following table summarizes the components of Other Assets, Net ($ in thousands):


	March 31, 2026		December 31, 2025
Straight-line rent receivable	$	19,867	$	17,700
Receivables	6,973		7,271
Deferred financing costs on Credit Facility, net	3,809		4,120
Prepaid expenses	2,453		3,279
Right-of-use asset – finance leases	2,326		2,340
Right-of-use asset – operating lease	1,984		1,992
Other	713		1,193
Total	$	38,125	$	37,895

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The following table summarizes the components of Accounts Payable, Accrued Expenses, and Other Liabilities

($ in thousands):


	March 31, 2026		December 31, 2025
Common stock repurchases	$	25,411	$	19,294
Accounts payable and accrued expenses	18,533		15,681
Tenant security deposits	8,115		7,572
Real estate taxes payable	5,922		8,439
Prepaid rental income	5,666		5,645
Lease liability – finance leases	2,508		2,510
Accrued interest expense	2,452		2,372
Deferred tax liability	2,344		2,279
Lease liability – operating lease	2,219		2,213
Other	5,353		5,291
Total	$	78,523	$	71,296

Note 14. Related Party Transactions

Advisory Fees

Pursuant to the advisory agreement among the Company, the Operating Partnership, and the Advisor, the Advisor is responsible for sourcing, evaluating and monitoring the Company’s investment opportunities and making decisions related to the acquisition, management, financing and disposition of the Company’s assets, in accordance with the Company’s investment objectives, guidelines, policies and limitations, subject to oversight by the Company’s board of directors.

The Advisor receives an advisory fee, payable monthly in arrears, in connection with the management of the Company, as follows:


	Class T Shares	Class S Shares	Class D Shares	Class I Shares	Class N Shares
Advisory Fee (% of NAV)	1.25%	1.25%	1.25%	1.25%	0.65%

The Company does not pay the advisory fee with regard to its investments in the International Affiliated Funds.

As of March 31, 2026 and December 31, 2025, the Company had accrued advisory fees of $2.5 million and $2.4 million, respectively, which has been included in Accounts Payable, Accrued Expenses and Other Liabilities on the Company’s Consolidated Balance Sheets. For the three months ended March 31, 2026 and 2025, the Company incurred advisory fee expenses of $6.4 million and $6.0 million, respectively.

Fees Due to Affiliated Service Providers

The Company may retain certain of the Advisor’s affiliates for necessary services relating to the Company’s investments or its operations, including construction, special servicing, leasing, development, property oversight and other property management services, as well as services related to mortgage servicing, group purchasing, healthcare, consulting/brokerage, capital markets/credit origination, loan servicing, property, title and other types of insurance, management consulting and other similar operational matters.

The Company has engaged NexCore Companies LLC (“NexCore”), an affiliate of TIAA, to provide property management, accounting, construction, and leasing services for certain of its investments in healthcare properties. NexCore is a real estate development company focused exclusively on development, acquisition and management of healthcare real estate. As part of this engagement, the Company may pay acquisition fees to NexCore for sourcing deals and the Company may also enter into joint ventures with NexCore, and pursuant to the terms of the joint venture agreements, if certain internal rate of return hurdles are met, NexCore will participate in the profits based on set criteria once each member has received distributions in excess of hurdle rates or at the crystallization event. NexCore has the ability to exercise the crystallization event at any time following the fifth anniversary from the effective date of each respective agreement, with such amounts being recorded as Redeemable Non-Controlling Interest on the Company's Consolidated Balance Sheets.

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The Company entered into an agreement with Imajn Homes Holdings (“Sparrow”), an affiliate of TIAA, to assist the Company in acquiring and managing single-family housing in the United States. Sparrow is a vertically integrated company with acquisition, asset, property and construction management capabilities. As part of the joint venture arrangement with Sparrow, if certain internal rate of return hurdles are met, Sparrow will participate in the profits based on set criteria at the crystallization event. Additionally, Sparrow has the ability to exercise the crystallization event between the fifth and sixth anniversaries from the effective date of the agreement, with such amounts being recorded as Redeemable Non-Controlling Interest on the Company's Consolidated Balance Sheets.

On March 15, 2024, the Company entered into new property and asset management agreements with a large, institutional-quality single-family rental operator in the United States. While the Company changed day-to-day operational management responsibilities of its single-family rental portfolio, the Company maintained all approval rights over its single-family rental investments. The Company’s existing joint venture agreement with Sparrow was amended in connection with the closing of the transaction, including certain modifications to Sparrow’s performance incentives that limit the duration of the period in which those incentives would be paid.

The Company entered into an agreement with Frigatebird CP Holdings LLC (“MyPlace”), an affiliate of TIAA, to assist the Company in acquiring and managing self-storage properties in the United States. MyPlace is a vertically integrated company with acquisition, asset, property and construction management capabilities. As part of the joint venture arrangement with MyPlace, if certain internal rate of return hurdles are met, MyPlace will participate in the profits based on set criteria once each member has received distributions in excess of hurdle rates or at the crystallization event. MyPlace has the ability to exercise the crystallization event between the fifth and seventh anniversaries from the effective date of the agreement, with such amounts being recorded as Redeemable Non-Controlling Interest on the Company's Consolidated Balance Sheets.

As of March 31, 2026 and December 31, 2025, the Company recorded Redeemable Non-Controlling Interest of $0.2 million and $0.3 million, respectively, on the Company’s Consolidated Balance Sheets as further described in Note 19.

The Company entered into a master services agreement with Nuveen Real Estate Project Management Services, LLC (“Nuveen RE PMS”), an affiliate of the Advisor, for the purpose of Nuveen RE PMS providing professional services in connection with certain of the Company’s real estate investments. For project management services provided by Nuveen RE PMS, the Company will pay Nuveen RE PMS fees determined by the estimated total cost of the project; provided that such fees shall not exceed 6% of project costs. For development and management services provided by Nuveen RE PMS, the Company will pay Nuveen RE PMS fees to be determined by the complexity and size of the project; provided that such fees shall not exceed 4% of project costs. For the three months ended March 31, 2026, the Company incurred $0.1 million, attributable to Nuveen RE PMS.

The following table is a summary of the Company’s affiliated service providers and the fees incurred by the Company to those service providers for the three months ended March 31, 2026 ($ in thousands):


Service provided	NexCore		MyPlace
Property and project management services	$	23	$	10
Acquisition and asset management services	—		50


Total	$	23	$	60


Service provided	NexCore		MyPlace
Property and project management services	$	70	$	9
Acquisition and asset management services	—		47

Total	$	70	$	56

Fees Due to Dealer Manager

Nuveen Securities, LLC (the “Dealer Manager”) served as the dealer manager for the Offerings. The Dealer Manager is a registered broker-dealer affiliated with the Advisor. The Company’s obligations under the Dealer Manager Agreement to pay stockholder servicing fees with respect to the Class T, Class S and Class D shares distributed in the Offerings will survive until such shares are no longer outstanding or are converted into Class I shares. For the three months ended March 31, 2026 and 2025, the Company incurred stockholder servicing fees of $1.4 million and $1.5 million, respectively. As of March 31, 2026 and 2025, the Company had accrued approximately $34.4 million of stockholder servicing fees with respect to the outstanding Class T, Class S and Class D common shares, which includes $0.5 million for the last month of the reporting period.

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The following table presents the upfront selling commissions, dealer manager fees and the stockholder servicing fees per annum, for each class of shares sold in the Offerings:


	Class T Shares	Class S Shares	Class D Shares	Class I Shares
Maximum Upfront Selling Commissions (% of Transaction Price)	up to 3.0%	up to 3.5%	up to 1.5%	—
Maximum Upfront Dealer Manager Fees (% of Transaction Price)	up to 0.5%	—	—	—
Stockholder Servicing Fee (% of NAV)	0.85%(1)	0.85%	0.25%	—

(1) Consists of an advisor stockholder servicing fee of 0.65% per annum and a dealer stockholder servicing fee of 0.20% per annum (or other amounts, provided that the sum equals 0.85%), of the aggregate NAV of outstanding Class T shares.

Due to Affiliates

The following table summarizes the components of Due to Affiliates ($ in thousands):


	March 31, 2026		December 31, 2025
Accrued stockholder servicing fees(1)	$	34,351	$	35,603
Advanced organization and offering expenses	454		739
Total	$	34,805	$	36,342

(1) The Company accrues the full amount of future stockholder servicing fees payable to the Dealer Manager for Class T, Class S and Class D shares up to 8.75% of gross proceeds at the time such shares are sold (or, for Class T only, a lower limit set forth in the applicable agreement with the selling broker-dealer). The Dealer Manager has entered into agreements with the selected dealers distributing the Company’s shares in the Offerings, which provide, among other things, for the re-allowance of the full amount of the selling commissions and the dealer manager fee and all or a portion of stockholder servicing fees received by the Dealer Manager to such selected dealers. The Company will cease paying stockholder servicing fees upon a listing of Class I shares, the Company's merger or consolidation into another entity or a sale of all or substantially all of the Company's assets, or if the total underwriting compensation paid in respect of the offering in which the shares were issued reaches 10.0% of the gross proceeds from the primary offering.

DST Program Dealer Manager Agreement and Fees and Expenses

In connection with the launch of the DST Program, the Company, Nuveen Real Estate Exchange, LLC (the “DST Sponsor”), the Dealer Manager and the Operating Partnership entered into a dealer manager agreement (the “DST Dealer Manager Agreement”), pursuant to which the Dealer Manager serves as the dealer manager for the private placements of DST Interests (the “DST Offerings”) on a “best efforts” basis. Under the DST Dealer Manager Agreement, each DST will pay the Dealer Manager upfront selling commissions of up to 6.0% of the total cash purchase price paid per DST Interest sold. Additionally, each DST will pay to the Dealer Manager an ongoing investor servicing fee of up to 0.85% per annum of the net proceeds received in connection with DST Interests sold in the applicable DST Offering, with such net proceeds excluding any upfront selling commissions and non-accountable expense reimbursements.

The Operating Partnership will pay the Dealer Manager, solely with respect to Operating Partnership units issued in connection with the FMV Option (as defined in Note 21) in exchange for DST Interests or specific DST Properties and only until the fee limit (if any) set forth in the applicable agreement between the Dealer Manager and the participating intermediary that sold such DST Interests in a DST Offering has been reached, an investor servicing fee equal to 0.85% per annum of the aggregate NAV for the applicable Class S-1 units and an investor servicing fee equal to 0.25% per annum of the aggregate NAV for the applicable Class D-1 units. All or a portion of the upfront sales commissions and ongoing investor servicing fees may be reallowed to participating intermediaries, as set forth in the applicable agreement between the Dealer Manager and such participating intermediary. For the three months ended March 31, 2026, no material expense was incurred for investor servicing fees.

The Company currently receives an organizational and offering expense reimbursement of 1.0% of DST Interests sold. For the three months ended March 31, 2026, the Company earned organizational and offering expense reimbursement fees of $0.2 million.

See Note 6. Investment in International Affiliated Funds for additional information related to the Company’s investment in International Affiliated Funds, in which affiliates of the Advisor serve as the investment adviser and receive management fees.

See Note 19. Equity and Redeemable Non-Controlling Interest for additional information related to TIAA’s purchase of $300.0 million Class N shares through its wholly owned subsidiary and redeemable non-controlling interests related to affiliated partners’ crystallization rights, which allow the partners to trigger the payment on the promote.

See Note 21. DST Program for additional information related to the DST program.

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Note 15. Economic Dependency

The Company depends on the Advisor and its affiliates for certain services that are essential to it, including the sale of the Company’s shares of common stock, acquisition and disposition decisions, and certain other responsibilities. If the Advisor and its affiliates are unable to provide such services, the Company would be required to find alternative service providers.

Note 16. Risks and Contingencies

Concentrations of risk may arise when a number of properties are located in a similar geographic region such that the economic conditions of that region could impact tenants’ obligations to meet their contractual obligations or cause the values of individual properties to decline. Additionally, concentrations of risk may arise if any one tenant comprises a significant amount of the Company’s rent, or if tenants are concentrated in a particular industry.

As of March 31, 2026, the Company had no significant geographic concentrations of risk. Additionally, the Company had no significant concentrations of tenants, as no single tenant had annual contract rent that made up more than 9% of the rental income of the Company. No significant lease expirations are scheduled to occur over the next twelve months.

In the normal course of business, the Company enters into contracts that contain a variety of representations and warranties and provide general indemnifications. The Company’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Company that have not yet occurred. However, based on experience, the Advisor expects the risk of loss to be remote.

Note 17. Leases

Lessor

The Company’s real estate properties are leased to tenants under operating lease agreements which expire on various dates. Certain leases have the option to extend or terminate at the tenant’s discretion, with termination options resulting in additional fees due to the Company.

Rental income is recognized on a straight-line basis. The following table summarizes the components of Rental Income for the three months ended March 31, 2026 and 2025.


	Three Months Ended March 31,
Rental Income	2026		2025
Fixed lease payments	$	34,971	$	34,312
Variable lease payments	9,675		8,929
Straight-line rental income	2,168		298
Net increase to rental income related to above and below market lease amortization	1,000		1,032
Total	$	47,814	$	44,571

Aggregate minimum annual rentals for wholly owned real estate investments owned by the Company through the non-cancelable lease term as of March 31, 2026 are as follows ($ in thousands):


Year	Future Minimum Rents
2026 (remaining)	$	94,394
2027	96,713
2028	79,044
2029	61,243
2030	49,995
Thereafter	182,088
Total	$	563,477

Certain leases provide for additional rental amounts based upon the recovery of actual operating expenses in excess of specified base amounts, sales volume or contractual increases as defined in the lease agreement. These contractual contingent rentals are not included in the table above.

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Lessee

Certain of the Company’s investments in real estate are subject to ground leases for which the Company is a lessee. The Company’s ground leases are classified as either operating leases or finance leases based on the characteristics of each lease. As of March 31, 2026, the Company had one ground lease classified as operating and two ground leases classified as finance. The right-of-use assets and lease liabilities related to ground leases are reflected within Other Assets and Accounts Payable, Accrued Expenses and Other Liabilities, respectively, on the Company’s Consolidated Balance Sheets.

Each of the Company’s ground leases was acquired as part of the acquisition of real estate, and no incremental costs were incurred for such ground leases. The leases do not contain material residual value guarantees or material restrictive covenants. The Company’s ground leases are non-cancelable and certain leases contain renewal options.

The balances of the right-of-use assets and lease liabilities related to the Company’s ground leases are as follows

($ in thousands):


Assets:	March 31, 2026		December 31, 2025
Right-of-use asset – finance leases	$	2,326	$	2,340
Right-of-use asset – operating lease	1,984		1,992
Liabilities:
Lease liability – finance leases	2,508		2,510
Lease liability – operating lease	2,219		2,213

The Company used its incremental borrowing rate at the time of entering such leases, which was 8.43%, to determine its lease liabilities. As of March 31, 2026, the weighted-average remaining lease terms of the Company’s operating lease and finance leases were 35 years and 41 years, respectively.

Aggregate future minimum annual payments for ground leases held by the Company as of March 31, 2026 are as follows

($ in thousands):


	Operating Lease		Finance Leases
2026 (remaining)	$	121	$	165
2027	169		219
2028	169		219
2029	169		219
2030	169		219
Thereafter	7,262		8,242
Total undiscounted future lease payments	8,059		9,283
Difference between undiscounted cash flows and discounted cash flows	(5,840)		(6,775)
Total lease liability	$	2,219	$	2,508

Payments under the Company’s operating ground leases contain fixed payment components that may include periodic increases based on an index of periodic fixed percentage escalations. Operating ground lease costs are reported in Rental Property Operating on the Company’s Consolidated Statements of Operations. For the three months ended March 31, 2026 and 2025, the Company incurred operating ground lease costs of $0.1 million for each period.

The following table details the components of the Company’s finance leases ($ in thousands):


	Three Months Ended March 31,
	2026		2025
Interest on lease liabilities	$	53	$	53
Amortization of right-of-use assets	14		14
Total finance lease cost	$	67	$	67

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Note 18. Derivatives

The Company uses derivative financial instruments to minimize the risks and costs associated with the Company’s investments and financing transactions. The Company has not designated any of its derivative financial instruments as hedges as defined under GAAP. Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements and other identified risks.

The use of derivative financial instruments involves certain risks, including the risk that the counterparties to these contractual arrangements do not perform as agreed. To mitigate this risk, the Company enters into derivative financial instruments with counterparties it believes to have appropriate credit ratings and that are major financial institutions with which the Company and its affiliates may also have other financial relationships.

Interest Rate Contracts

Certain of the Company’s transactions expose the Company to interest rate risk, including exposure to variable interest rates on certain loans secured by the Company’s real estate. The Company uses derivative financial instruments, including interest rate swaps, to limit the Company’s exposure to the future variability of interest rates.

The following table details the Company’s outstanding interest rate derivatives (notional amounts in thousands):

March 31, 2026

Interest Rate Derivatives

Number of instruments

Notional Amount(1)

Weighted Average Strike Rate

Index

Weighted Average Maturity (Years)

Commencement Date

Maturity Date

Interest rate swaps — property debt

DKK 190,428

2.85%

CIBOR

4.8

7/31/2025

12/30/2030

Interest rate swaption(2)

—

2.30%

EURIBOR

0.0

12/23/2025

2/27/2026

(1) As of March 31, 2026, the Notional Amount translated to $29.5 million USD.

(2) Interest rate swaption expired on February 25, 2026 without settlement from either counterparty and was written off upon expiration.

The following table details the fair value of the Company’s derivative financial instruments ($ in thousands):


	Fair Value of Derivative in a Asset Position(1)				Fair Value of Derivative in a Liability Position(2)
Derivative financial instrument	March 31, 2026		December 31, 2025		March 31, 2026		December 31, 2025
Interest rate swaps – property debt	$	—	$	—	$	38	$	435
Interest rate swap - swaption	—		306		—		—
Total derivative financial instrument	$	—	$	306	$	38	$	435

(1) Included in Other Assets on the Company's Balance Sheets.

(2) Included in Accounts Payable, Accrued Expenses, and Other Liabilities on the Company’s Consolidated Balance Sheets.

For both the three months ended March 31, 2026 and 2025, the Company recorded unrealized gains related to changes in fair value of its derivative financial instruments of $0.1 million.

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Note 19. Equity and Redeemable Non-Controlling Interest

Authorized Capital

As of March 31, 2026, the Company had authority to issue a total of 2.2 billion shares of capital stock consisting of the following:


Classification	Number of Shares (in thousands)	Par Value
Class T Shares	500,000	$	0.01
Class S Shares	500,000	$	0.01
Class D Shares	500,000	$	0.01
Class I Shares	500,000	$	0.01
Class N Shares	100,000	$	0.01
Preferred Stock	100,000	$	0.01
Total	2,200,000

The Company’s board of directors may amend the Company's Charter from time to time, without stockholder approval, to increase or decrease the aggregate number of shares of stock or the number of shares of stock of any class or series that the Company has authority to issue, or to issue additional classes of stock.

Preferred Stock

On October 8, 2020, a subsidiary of the Company sold 125 shares of preferred stock in a private placement to effectuate the formation of a REIT established to hold the Company’s industrial property located in Massachusetts for tax management purposes.

Common Stock

As of March 31, 2026, the Company had issued and outstanding 11,401,917 shares of Class T common stock, 47,378,463 shares of Class S common stock, 7,341,172 shares of Class D common stock, 111,943,641 shares of Class I common stock and 23,454,145 shares of Class N common stock.

The following table details the movement in the Company’s outstanding shares of common stock (in thousands):


	Three Months Ended March 31, 2026
	Class T Shares	Class S Shares	Class D Shares	Class I Shares	Class N Shares	Total
December 31, 2025	12,662	47,558	7,304	108,740	23,880	200,144
Common Stock Issued(1)	(754)	1,257	134	7,147	—	7,784
Distribution Reinvestment	74	315	47	792	—	1,228
Vested Stock Grant	—	—	—	1	—	1
Common Stock Repurchased	(580)	(1,752)	(144)	(4,736)	(426)	(7,638)
March 31, 2026	11,402	47,378	7,341	111,944	23,454	201,519

(1) Common stock issued includes conversions between share classes.

TIAA purchased $300.0 million in shares of the Company’s Class N common stock (less the $200,000 initial capitalization) through a wholly owned subsidiary. TIAA may submit its shares for repurchase; provided, that it must continue to maintain ownership of the $200,000 initial investment in the Company’s shares for so long as the Advisor or its affiliate serves as the Company’s advisor. The total amount of repurchases of Class N shares eligible for TIAA to submit for repurchase will be limited to no more than 0.67% of the Company’s aggregate NAV per month and no more than 1.67% of the Company’s aggregate NAV per calendar quarter; provided, that if in any month or quarter the total amount of aggregate repurchases of all classes of the Company’s common stock do not reach the overall share repurchase plan limits of 2% of the aggregate NAV per month and 5% of the aggregate NAV per calendar quarter, the above repurchase limits on the Class N shares shall not apply to that month or quarter and TIAA shall be entitled to submit shares for repurchase up to the overall share repurchase plan limits. During the three months ended March 31, 2026, the Company repurchased a total of 425,894 of TIAA's Class N shares for $5.0 million, pursuant to the terms described above.

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Restricted Stock Grants

Each non-employee director receives a $100,000 annual retainer, the chairperson of the audit committee receives an additional $20,000 annual retainer and the lead independent director receives an additional $5,000 annual retainer. The Company pays 50% of this compensation in cash, unrestricted stock, or a combination thereof in quarterly installments and the remaining 50% in the form of an annual grant of restricted stock based on the most recent transaction price. The restricted stock generally vests one year from the date of grant.

Distribution Reinvestment Plan

The Company has adopted a distribution reinvestment plan whereby holders of Class T, Class S, Class D and Class I shares (other than investors in certain states or who are clients of a participating broker-dealer that does not permit automatic enrollment in the distribution reinvestment plan) have their cash distributions automatically reinvested in additional shares of common stock unless they elect to receive their distributions in cash. Holders of Class N shares are not eligible to participate in the distribution reinvestment plan. Investors who are clients of a participating broker-dealer that does not permit automatic enrollment in the distribution reinvestment plan or are residents of those states that do not allow automatic enrollment receive their distributions in cash unless they elect to have their cash distributions reinvested in additional shares of the Company’s common stock. The per-share purchase price for shares purchased pursuant to the distribution reinvestment plan will be equal to the transaction price at the time the distribution is payable, which will generally be equal to the Company’s prior month’s NAV per share for that share class. Stockholders do not pay upfront selling commissions or dealer manager fees when purchasing shares pursuant to the distribution reinvestment plan. The stockholder servicing fees with respect to Class T shares, Class S shares and Class D shares are calculated based on the NAV for those shares and may reduce the NAV or, alternatively, the distributions payable with respect to shares of each such class, including shares issued in respect of distributions on such shares under the distribution reinvestment plan.

Distributions

The Company generally intends to distribute substantially all of its taxable income, which does not necessarily equal net income as calculated in accordance with GAAP, to its stockholders each year to comply with the REIT provisions of the Code. The Company’s distribution policy reflects its intention to pay distributions monthly, subject to the discretion of the board of directors.

Based on the monthly record dates established by the board of directors, the Company accrues for distributions on a monthly basis. As of March 31, 2026 and December 31, 2025, the Company had accrued $10.3 million and $10.4 million, respectively. For the three months ended March 31, 2026 and 2025, the Company declared and paid distributions of $30.8 million and $29.0 million, respectively.

Each class of common stock receives the same gross distribution per share, which was $0.1906 per share for the three months ended March 31, 2026. The net distribution varies for each class based on the applicable advisory fee and stockholder servicing fee, which is deducted from the monthly distribution per share.

The following table details the net distribution for each of the Company’s share classes:


	Three Months Ended March 31, 2026
	Class T Common Stock		Class S Common Stock		Class D Common Stock		Class I Common Stock		Class N Common Stock
Gross distribution per share of common stock	$	0.1906	$	0.1906	$	0.1906	$	0.1906	$	0.1906
Advisory fee per share of common stock	(0.0332)		(0.0328)		(0.0334)		(0.0332)		(0.0179)
Stockholder servicing fee per share of common stock	(0.0238)		(0.0238)		(0.0071)		—		—
Net distribution per share of common stock	$	0.1336	$	0.1340	$	0.1501	$	0.1574	$	0.1727

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Share Repurchases

The Company has adopted a share repurchase plan, whereby on a monthly basis, stockholders may request that the Company repurchase all or any portion of their shares. The Company may choose to repurchase all, some or none of the shares that have been requested to be repurchased at the end of any particular month, in its discretion, subject to any limitations in the share repurchase plan. The total amount of aggregate repurchases of all classes of shares is limited to no more than 2% of the aggregate NAV attributable to stockholders per month (measured using the aggregate NAV as of the end of the immediately preceding month) and no more than 5% of the aggregate NAV attributable to stockholders per calendar quarter (measured using the aggregate NAV as of the end of the immediately preceding calendar quarter). In addition, if during any consecutive 24-month period, the Company does not have at least one month in which the Company fully satisfies 100% of properly submitted repurchase requests or accepts all properly submitted tenders in a self-tender offer for the Company’s shares, the Company will not make any new investments (excluding short-term cash management investments under 30 days in duration) and will use all available investable assets to satisfy repurchase requests (subject to the limitations under this program) until all outstanding repurchase requests have been satisfied. Shares would be repurchased at a price equal to the transaction price on the applicable repurchase date, subject to any early repurchase deduction. Shares that have not been outstanding for at least one year will be repurchased at 95% of the transaction price. Due to the illiquid nature of investments in real estate, the Company may not have sufficient liquid resources to fund repurchase requests and has established limitations on the amount of funds the Company may use for repurchases during any calendar month and quarter. Further, the Company’s board of directors may modify, suspend or terminate the share repurchase plan.

For the three months ended March 31, 2026, the Company repurchased shares of its common stock for $86.2 million. The Company had no unfulfilled repurchase requests during the three months ended March 31, 2026.

Redeemable Non-Controlling Interest

The Company’s affiliated partners have redeemable non-controlling interests in joint ventures due to crystallization rights, which allow the partners to trigger the payment on the promote. The redeemable non-controlling interests are recorded at the greater of (i) their carrying amount, adjusted for their share of the allocation of GAAP net income or loss and distributions, or (ii) their redemption value, which is equivalent to the fair value of such interests at the end of each measurement period. As the redemption value was greater than the adjusted carrying value for certain affiliates as of March 31, 2026 and December 31, 2025, the Company recorded an allocation adjustment between Additional Paid-In-Capital and Redeemable Non-Controlling Interest. The balance was $0.2 million and $0.3 million as of March 31, 2026 and December 31, 2025, respectively.

Note 20. Segment Reporting

The Company operates in ten reportable segments: industrial properties, healthcare properties, multifamily properties, retail properties, single-family housing, office properties, self-storage properties, commercial mortgage loans, real estate-related securities, and International Affiliated Funds. These are operating segments about which separate financial information is available that is evaluated regularly by the chief operating decision-makers (CODMs) in deciding how to allocate resources and in assessing performance. The Company’s co-president and chief financial officer have been identified as the CODMs. The Company’s CODMs direct the allocation of resources to operating segments based on the profitability and cash flows of each respective segment. The Company believes that segment net operating income is the performance metric that captures the unique operating characteristics of each segment.

The following table sets forth the financial position by segment ($ in thousands):


	March 31, 2026		December 31, 2025
Industrial	$	600,744	$	556,911
Healthcare	418,653		422,335
Multifamily	355,552		358,290
Retail	315,910		286,320
Single-Family Housing	135,864		137,892
Office	107,695		109,090
Self-Storage	56,126		57,282
Commercial Mortgage Loans	374,009		375,101
Real Estate-Related Securities (1)	259,618		242,803
International Affiliated Funds	115,062		116,984
Other (Corporate)	84,106		67,565
Total assets	$	2,823,339	$	2,730,573

(1) Includes investments in real estate-related securities and real estate debt as shown on the Company’s Consolidated Balance Sheets.

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.The following table sets forth the financial results by segment for the three months ended March 31, 2026 ($ in thousands):


	Industrial		Healthcare		Multifamily		Retail		Single-Family Housing		Office		Self-Storage		Commercial Mortgage Loans		Real Estate-Related Securities(1)		International Affiliated Funds		Other		Total
Revenues:
Rental revenue	$	14,161	$	11,385	$	8,481	$	6,827	$	2,802	$	3,202	$	956	$	—	$	—	$	—	$	—	$	47,814
Income from commercial mortgage loans	—		—		—		—		—		—		—		4,923		—		—		—		4,923
Total segment revenues	14,161		11,385		8,481		6,827		2,802		3,202		956		4,923		—		—		—		52,737
Expenses:
Property operating	3,889		4,106		3,250		1,762		1,593		1,183		687		—		—		—		—		16,470
Total segment expenses	3,889		4,106		3,250		1,762		1,593		1,183		687		—		—		—		—		16,470

Realized and unrealized gain from real estate-related securities																	5,167						5,167
Realized and unrealized loss from real estate debt																	(674)						(674)
Income from equity investments in unconsolidated international affiliated funds																			251				251
Unrealized loss on commercial mortgage loans															(1,470)								(1,470)
Segment net operating income	$	10,272	$	7,279	$	5,231	$	5,065	$	1,209	$	2,019	$	269	$	3,453	$	4,493	$	251	$	—	$	39,541
Depreciation and amortization	(5,711)		(5,892)		(2,758)		(2,895)		(1,236)		(1,395)		(430)		—		—		—		—		(20,317)

Unrealized gain from interest rate derivatives																					90		90
General and administrative expenses																					(2,608)		(2,608)
Advisory fee due to affiliates																					(7,819)		(7,819)
Interest income																					2,480		2,480
Interest expense																					(9,452)		(9,452)
Net income																							$	1,915
Net income attributable to non-controlling interests																							10
Net income attributable to preferred stock																							4
Net income attributable to common stockholders																							$	1,901

(1) Includes investments in real estate-related securities and real estate debt as shown on the Company’s Consolidated Balance Sheets.

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The following table sets forth the financial results by segment for the three months ended March 31, 2025 ($ in thousands):


	Industrial		Healthcare		Multifamily		Retail		Single-Family Housing		Office		Self-Storage		Commercial Mortgage Loans		Real Estate-Related Securities(1)		International Affiliated Funds		Other		Total
Revenues:
Rental revenue	$	12,872	$	10,620	$	8,019	$	5,926	$	2,798	$	3,292	$	1,044	$	—	$	—	$	—	$	—	$	44,571
Income from commercial mortgage loans	—		—				—		—		—		—		7,257		—		—		—		7,257
Total segment revenues	12,872		10,620		8,019		5,926		2,798		3,292		1,044		7,257		—		—		—		51,828
Expenses:
Property operating	3,406		4,404		3,130		1,674		1,160		1,120		631		—		—		—		—		15,525
Total segment expenses	3,406		4,404		3,130		1,674		1,160		1,120		631		—		—		—		—		15,525

Realized and unrealized gain from real estate-related securities																	1,829						1,829
Realized and unrealized gain from real estate debt																	392						392
Loss from equity investments in unconsolidated international affiliated funds																			(2,955)				(2,955)
Unrealized loss on commercial mortgage loans															(535)								(535)
Segment net operating income	$	9,466	$	6,216	$	4,889	$	4,252	$	1,638	$	2,172	$	413	$	6,722	$	2,221	$	(2,955)	$	—	$	35,034
Depreciation and amortization	(5,656)		(5,923)		(2,669)		(2,705)		(1,179)		(1,769)		(421)		—		—		—		—		(20,322)
Unrealized gain on note payable																					190		190
Unrealized gain from interest rate derivatives																					72		72
General and administrative expenses																					(1,799)		(1,799)
Advisory fee due to affiliates																					(7,479)		(7,479)
Interest income																					2,027		2,027
Interest expense																					(10,641)		(10,641)
Net income																							$	(2,918)
Net loss attributable to non-controlling interests																							3
Net income attributable to preferred stock																							4
Net income attributable to common stockholders																							$	(2,925)

(1) Includes investments in real estate-related securities and real estate debt as shown on the Company’s Consolidated Balance Sheets.

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Note 21. DST Program

In June 2025, the Company, through the Operating Partnership, initiated the DST Program to issue and sell up to a maximum aggregate offering amount of $3.0 billion of beneficial interests in specific DSTs holding the DST Properties. Under the DST Program, each DST Property may be sourced from the Company's real properties or from third parties, will be held in a DST, and will be leased by a wholly-owned subsidiary of the Operating Partnership in accordance with a master lease agreement. Each master lease agreement will be guaranteed by the Operating Partnership, which will retain a fair market value purchase option (the “FMV Option”) giving it the right, but not the obligation, to acquire the interests in the applicable DST or specific DST Properties held by the applicable DST from the investors any time after two years from the closing of the applicable DST offering in exchange for units of the Operating Partnership (“OP Units”) or cash, at the Company's sole discretion. After a one-year holding period, investors who receive OP Units under the FMV Option generally have the right to cause the Operating Partnership to redeem all or a portion of their OP Units for, at the Company's sole discretion, shares of common stock of the Company, cash, or a combination of both.

The DST entity is considered to be a VIE. The Company consolidates this entity because it is the primary beneficiary as, through its Advisor, it controls key decisions including the FMV option, distribution timing, and absorbs the significant economic risks and rewards via the Operating Partnership master lease agreement with the DST.

The sales of DST Interests are accounted for as sales of equity interests. As of March 31, 2026, the Company has raised $46.2 million related to the DST Program, which is included in Non-Controlling Interests and Additional paid-in capital in the Company's Consolidated Balance Sheets.

As of March 31, 2026, the UP Minneapolis Industrial properties are included in the Company's DST Program and are included in Investments in Real Estate, Net in the Company's consolidated financial statements.

Under the master lease, the Company is responsible for leasing the DST Properties to tenants and for covering all costs associated with operating the underlying DST Properties. The rental revenues and operating property expenses associated with the underlying properties are included in the respective line items on the Company's Consolidated Statements of Operations. The net amount the Company receives from the underlying DST Properties may be more or less than the amount the Company pays to the investors in the relevant DST and could fluctuate over time.

Note 22. Subsequent Events

There have been no events since March 31, 2026 that require recognition or disclosure in the Consolidated Financial Statements.

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ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

References herein to “Company,” “we,” “us,” or “our” refer to Nuveen Global Cities REIT, Inc. and its subsidiaries unless the context specifically requires otherwise.

The following discussion should be read in conjunction with our unaudited consolidated financial statements and notes thereto appearing elsewhere in this Quarterly Report on Form 10-Q. In addition to historical data, this discussion contains forward-looking statements about our business, operations and financial performance based on current expectations that involve risks, uncertainties and assumptions. Our actual results may differ materially from those in this discussion as a result of various factors, including but not limited to those discussed under “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025 and elsewhere in this Quarterly Report on Form 10-Q.

Forward-Looking Statements

This Quarterly Report on Form 10-Q contains forward-looking statements about our business, operations and financial performance, including, in particular, statements about our plans, strategies and objectives. You can generally identify forward-looking statements by our use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “anticipate,” “estimate,” “believe,” “continue” or other similar words. These statements include our plans and objectives for future operations, including plans and objectives relating to future growth and availability of funds, and are based on current expectations that involve numerous risks, uncertainties and assumptions. Assumptions relating to these statements involve judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to accurately predict and many of which are beyond our control. Although we believe the assumptions underlying the forward-looking statements, and the forward-looking statements themselves, are reasonable, any of the assumptions could be inaccurate and, therefore, there can be no assurance that these forward-looking statements will prove to be accurate and our actual results, performance and achievements may be materially different from those expressed or implied by these forward-looking statements as a result of various factors, including but not limited to those discussed under Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, and elsewhere in this Quarterly Report on Form 10-Q. In light of the significant uncertainties inherent in these forward-looking statements, the inclusion of this information should not be regarded as a representation by us or any other person that our objectives and plans, which we consider to be reasonable, will be achieved. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date this Quarterly Report on Form 10-Q is filed with the Securities and Exchange Commission (the “SEC”). Except as required by law, we do not undertake to update or revise any forward-looking statements contained in this Quarterly Report on Form 10-Q.

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Overview

Nuveen Global Cities REIT, Inc. is a Maryland corporation formed on May 1, 2017 that qualifies as a real estate investment trust ("REIT") for U.S. federal income tax purposes. We were formed to invest in properties in or around certain global cities selected for their resilience, long-term structural performance and ability to deliver an attractive and stable distribution yield. We expect that over time a majority of our real estate investments will be located in the United States and that a substantial but lesser portion of our portfolio will include real properties located in Canada, Europe and the Asia-Pacific region. We seek to complement our real property investments by investing a smaller portion of our portfolio in real estate-related assets. We are externally managed by our advisor, Nuveen Real Estate Global Cities Advisors, LLC (the "Advisor"), an investment advisory affiliate of Nuveen Real Estate. Nuveen Real Estate is the real estate investment management division of our sponsor, Nuveen, LLC ("Nuveen"). Nuveen is the asset management arm and a wholly owned subsidiary of Teachers Insurance and Annuity Association of America ("TIAA").

Public Offerings

Our Registration Statement on Form S-11 (File No. 333-222231) for our initial public offering of our common stock (the "Initial Public Offering") was declared effective by the SEC on January 31, 2018 and terminated on July 2, 2021. Our Registration Statement on Form S-11 (File No. 333-252077) for our follow-on public offering (the "Follow-on Public Offering") was declared effective by the SEC on July 2, 2021 and terminated on November 6, 2024.

Our Registration Statement on Form S-11 (File No. 333-280368) for our third public offering of up to $5.0 billion in shares of our common stock, consisting of up to $4.0 billion in shares of common stock in our primary offering and up to $1.0 billion in shares of common stock pursuant to our distribution reinvestment plan (the "Third Public Offering") was declared effective on November 6, 2024. We are offering to the public any combination of four classes of shares of our common stock, Class T shares, Class S shares, Class D shares and Class I shares, with a dollar value up to the maximum offering amount. The publicly offered share classes have different upfront selling commissions and ongoing stockholder servicing fees. The purchase price per share for each class of common stock varies and generally equals our prior month’s net asset value ("NAV") per share, as calculated monthly, plus applicable upfront selling commissions and dealer manager fees.

Private Offerings

TIAA invested $200,000 through the purchase of 20,000 shares of common stock at $10.00 per share as our initial capitalization. Subsequent to our initial capitalization, TIAA purchased $300.0 million in shares (less the $200,000 initial capitalization amount), a portion of which has been repurchased.

We are conducting a private offering of Class I shares to feeder vehicles primarily created to hold our Class I shares, which in turn will offer interests in themselves to investors. We are conducting such offering pursuant to an exemption to registration under the Securities Act of 1933, as amended (the “Securities Act”).

Through Nuveen Global Cities REIT OP, LP (the “Operating Partnership”), in June 2025 we launched a private placement program (the “DST Program”) to issue and sell up to a maximum aggregate offering amount of $3.0 billion of beneficial interests (“DST Interests”) in specific Delaware statutory trusts (the “DSTs”) holding real properties (the “DST Properties”). These DST interests will be issued and sold to “accredited investors,” as that term is defined under Regulation D promulgated by the SEC under the Securities Act in private placements exempt from registration pursuant to Section 4(a)(2) of the Securities Act (the “DST Offerings”). Under the DST Program, each DST Property may be sourced from our real properties or from third parties, will be held in a DST, and will be leased back by a wholly-owned subsidiary of the Operating Partnership in accordance with a master lease agreement. Each master lease agreement will be guaranteed by the Operating Partnership, which will retain a fair market value purchase option (the “FMV Option”) giving it the right, but not the obligation, to acquire the interests in the applicable DST or specific DST Properties held by the applicable DST from the investors for a period of one year commencing two years from the closing of the applicable DST offering in exchange for units of the Operating Partnership (“OP Units”) or cash. After a one-year holding period, investors who acquire OP Units under the FMV Option generally have the right to cause the Operating Partnership to redeem all or a portion of their OP Units for, at our sole discretion, shares of our common stock, cash, or a combination of both.

The DST Program provides us the opportunity to expand and diversify our capital-raising strategies by offering what we believe to be an attractive investment product with potential tax advantages for investors that may be seeking replacement properties to complete like-kind exchange transactions under Section 1031 of the Internal Revenue Code of 1986, as amended. Certain affiliates of the Adviser receive fees in connection with the sale of the DST Interests and the management of the DSTs. We intend to use the offering proceeds from the DST Program to make investments in accordance with our investment strategy and policies, repay indebtedness, fund the repurchase of shares of all classes of our common stock under our share repurchase plan and for other corporate purposes. As of March 31, 2026, we have raised $46.2 million in proceeds from the DST Program.

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Q1 2026 Highlights

Operating results:

•Declared and paid monthly distributions totaling $30.8 million during the three months ended March 31, 2026. The details of the average annualized distribution rates and total returns are shown in the following table:


	Class I	Class D	Class T	Class S
Average Annualized Distribution Rate	5.54%	5.29%	4.70%	4.78%
Year-to-Date Total Return, without upfront selling commissions	0.95%	0.89%	0.74%	0.76%
Year-to-Date Total Return, assuming maximum upfront selling commissions	N/A	(0.62)%	(2.77)%	(2.76)%
Inception-to-Date Total Return, without upfront selling commissions	7.05%	6.80%	6.37%	5.98%
Inception-to-Date Total Return, assuming maximum upfront selling commissions	N/A	6.60%	5.85%	5.39%

Capital Activity:

•Raised $104.4 million of gross proceeds during the three months ended March 31, 2026.

•Raised $19.6 million of net proceeds from the DST Program during the three months ended March 31, 2026.

•Satisfied all share repurchase requests, totaling $86.2 million, for the three months ended March 31, 2026.

Acquisition Activity:

•In February 2026, we acquired 235 Hembree Park, an industrial property located in the Roswell submarket of Atlanta, Georgia. The purchase price was $14.8 million. The 93,363 square foot property is 100% leased.

•In March 2026, we acquired Elston Plaza, a grocery-anchored retail property located in the Avondale submarket of Chicago, Illinois. The purchase price was $27.0 million. The 92,911 square foot property is 97.3% leased.

•In March 2026, we acquired Munich LEN, a light industrial property located in the Ismaning submarket of Munich, Germany for a gross purchase price of $46.4 million, inclusive of a $27.8 million mortgage originated at closing. The 124,764 square-foot property is 100% leased.

Portfolio

The following charts outline the allocation of our investments based on fair value as of March 31, 2026(1) (2):

(1) North America within allocation by region includes publicly-listed REITs (3%), CMBS (5%) and Commercial Mortgage Loans (8%) .

(2) RE-Related Securities within asset allocation includes publicly-listed REITs (3%) and CMBS (5%) as shown on our Consolidated Balance Sheets.

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The following charts further describe the diversification of our direct investments in real properties based on fair value as of March 31, 2026(3)(4):

(3) Allocation by region includes only directly owned domestic property investments.

(4) Allocation by sector includes our international directly held properties.

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The following map shows the location and property type of directly held real estate investments owned by European Cities Partnership SCSP (“ECF”), in which we are currently invested, as of March 31, 2026:

The following map shows the location and property type of directly held real estate investments owned by Asia Pacific Cities Fund (“APCF”), in which we are currently invested, as of March 31, 2026:

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Investments in Real Estate

The following charts provide information on the nature and geographical locations of our direct investments in real properties as of March 31, 2026:

Sector and Property/Portfolio Name

Number of
Properties

Nuveen Global Cities REIT, Inc. 10-Q