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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)


X	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: 000-56428

Brookfield Real Estate Income Trust Inc.

(Exact name of registrant as specified in its charter)


Maryland		82-2365593
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

225 Liberty Street, 8th Floor

New York, NY 10281

(Address of principal executive offices) (Zip Code)

(212) 417-7000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act: None


Title of each class		Trading Symbol(s)		Name of each exchange on which registered

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 X 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 X No ☐

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a 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	X	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 X

As of April 30, 2026, the registrant had the following shares outstanding: 23,242,278 Class S shares, par value $0.01 per share,

57,569,153 Class I shares, par value $0.01 per share, 94,679 Class D shares, par value $0.01 per share, 34,650 Class T shares,

par value $0.01 per share, 5,673,501 Class C shares, no par value per share, and 4,062,715 Class E shares, no par value per

share.

TABLE OF CONTENTS


PART I.	FINANCIAL INFORMATION	1

ITEM 1.	FINANCIAL STATEMENTS (Unaudited)	1

	Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025	1

	Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025	2

	Consolidated Statements of Changes in Stockholders’ Equity for the three months ended March 31, 2026 and 2025	3

	Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025	4

	Notes to Consolidated Financial Statements	6

ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	37

ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	56

ITEM 4.	CONTROLS AND PROCEDURES	57

PART II.	OTHER INFORMATION	57

ITEM 1.	LEGAL PROCEEDINGS	57

ITEM 1A.	RISK FACTORS	57

ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	57

ITEM 3.	DEFAULTS UPON SENIOR SECURITIES	59

ITEM 4.	MINE SAFETY DISCLOSURES	59

ITEM 5.	OTHER INFORMATION	59

ITEM 6.	EXHIBITS	60

SIGNATURES		61

WEBSITE DISCLOSURE

Investors and others should note that we use our website, www.BrookfieldREIT.com, to announce material information to

investors and the marketplace. While not all of the information that we post on our website is of a material nature, some

information could be deemed to be material. Accordingly, we encourage investors, the media, and others interested in us to

review the information that we share on our website. Information contained on, or available through, our website is not

incorporated by reference into this document.

Table of Contents

PART I.FINANCIAL INFORMATION

ITEM 1.FINANCIAL STATEMENTS

Brookfield Real Estate Income Trust Inc.

Consolidated Balance Sheets (Unaudited)

(in thousands, except per share data)



	March 31, 2026	December 31, 2025
Assets
Investments in real estate, net	$1,717,078	$1,583,386
Investments in real estate-related loans and securities, net	98,519	101,053
Investments in unconsolidated entities	173,345	167,788
Intangible assets, net	45,007	31,669
Cash and cash equivalents	30,530	35,147
Restricted cash	11,264	11,298
Accounts and other receivables	17,856	11,691
Other assets	10,576	88,505
Total Assets	$2,104,175	$2,030,537
Liabilities and Equity
Mortgage loans and secured credit facilities, net	$1,186,193	$1,103,507
Due to affiliates	25,759	26,836
Intangible liabilities, net	27,011	23,444
Accounts payable, accrued expenses and other liabilities	40,565	42,851
Subscriptions received in advance	1,710	370
Total Liabilities	1,281,238	1,197,008

Commitments and contingencies	—	—
Redeemable non-controlling interests attributable to OP unitholders	980	960

Stockholders’ Equity
Preferred stock, $0.01 par value per share, 50,000 shares authorized; no shares issued nor outstanding at March 31, 2026 and December 31, 2025, respectively	—	—
Common stock - Class S shares, $0.01 par value per share, 225,000 shares authorized; 23,883 and 24,982 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively	239	250
Common stock - Class I shares, 0.01 par value per share, 250,000 shares authorized; 57,089 and 57,394 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively	571	574
Common stock - Class D shares, 0.01 par value per share, 100,000 shares authorized; 95 and 98 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively	1	1
Common stock - Class T shares, 0.01 par value per share, 225,000 shares authorized; 21 and 20 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively	—	—
Common stock - Class C shares, no par value per share, 100,000 shares authorized; 5,761 and 6,156 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively	37	41
Common stock - Class E shares, no par value per share, 100,000 shares authorized; 4,007 and 3,948 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively	—	—
Additional paid-in capital	1,035,816	1,053,490
Accumulated deficit and cumulative distributions	(369,252)	(350,514)
Total Stockholders’ Equity	667,412	703,842
Non-controlling interests in consolidated joint ventures	138,157	112,018
Non-controlling interests attributable to preferred shareholders	625	625
Non-controlling interests attributable to OP unitholders	15,763	16,084
Total Equity	821,957	832,569
Total Liabilities and Equity	$2,104,175	$2,030,537

See accompanying notes to Consolidated Financial Statements.

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Brookfield Real Estate Income Trust Inc.

Consolidated Statements of Operations (Unaudited)

(in thousands, except per share data)


	Three Months Ended March 31,
	2026	2025
Revenues
Rental revenues	$33,252	$32,955
Other revenues	3,022	2,565
Total Revenues	36,274	35,520
Expenses
Rental property operating	14,520	13,621
General and administrative	2,095	1,544
Management fee	3,294	3,191
Depreciation and amortization	14,062	13,135
Total Expenses	33,971	31,491
Other Income (Expense)
Income from real estate-related loans and securities	2,365	4,089
Interest expense	(14,008)	(14,525)
Gain from unconsolidated entities	6,684	9,118
Other income, net	1,516	220
Total Other Expense	(3,443)	(1,098)
Net (Loss) Income	$(1,140)	$2,931
Net (income) attributable to non-controlling interests in consolidated joint ventures	$(1,399)	$(120)
Net loss (income) attributable to redeemable non-controlling interests	3	(810)
Net loss attributable to non-controlling interests in the Operating Partnership	42	—
Net (Loss) Income Attributable to Brookfield REIT Stockholders	$(2,494)	$2,001
Per common share data:
Net (loss) income per share of common stock - basic and diluted	$(0.03)	$0.03
Weighted average shares of common stock outstanding - basic and diluted	92,658	69,510

See accompanying notes to Consolidated Financial Statements.

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Brookfield Real Estate Income Trust Inc.

Consolidated Statements of Changes in Stockholders’ Equity (Unaudited)

(in thousands)


Three Months Ended March 31, 2026
	Par Value
	Common Stock Class S	Common Stock Class I	Common Stock Class D	Common Stock Class T	Common Stock Class C	Common Stock Class E	Additional Paid-In Capital	Accumulated Deficit	Total Stockholders’ Equity	Non- controlling Interests in Consolidated Joint Ventures	Non- controlling Interests Attributable to Preferred Shareholders	Non- controlling interest attributable to OP Unitholders	Total Equity
Balance at December 31, 2025	$250	$574	$1	$—	$41	$—	$1,053,490	$(350,514)	$703,842	$112,018	$625	$16,084	$832,569
Common stock issued	4	4	—	—	—	—	9,236	—	9,244	—	—	—	9,244
Offering costs	—	—	—	—	—	—	23	—	23	—	—	—	23
Distribution reinvestment	2	5	—	—	—	—	8,381	—	8,388	—	—	—	8,388
Common stock repurchased	(17)	(12)	—	—	(4)	—	(35,373)	—	(35,406)	—	—	—	(35,406)
Stock-based compensation	—	—	—	—	—	—	81	—	81	—	—	—	81
Net (loss) income	—	—	—	—	—	—	—	(2,497)	(2,497)	1,399	—	(42)	(1,140)
Distributions declared on common stock	—	—	—	—	—	—	—	(16,244)	(16,244)	—	—	—	(16,244)
Distributions to non-controlling interests	—	—	—	—	—	—	—	—	—	(1,364)	—	(279)	(1,643)
Contributions from non-controlling interests	—	—	—	—	—	—	—	—	—	26,104	—	—	26,104
Allocation to redeemable non-controlling interests	—	—	—	—	—	—	(22)	3	(19)	—	—	—	(19)
Balance at March 31, 2026	$239	$571	$1	$—	$37	$—	$1,035,816	$(369,252)	$667,412	$138,157	$625	$15,763	$821,957


Three Months Ended March 31, 2025
	Par Value
	Common Stock Class S	Common Stock Class I	Common Stock Class D	Common Stock Class T	Common Stock Class C	Common Stock Class E	Additional Paid-In Capital	Accumulated Deficit	Total Stockholders’ Equity	Non- controlling Interests in Consolidated Joint Ventures	Non- controlling Interests Attributable to Preferred Shareholders	Non- controlling interest attributable to OP Unitholders	Total Equity
Balance at December 31, 2024	$278	$142	$1	$—	$66	$—	$619,431	$(296,692)	$323,226	$18,911	$625	$—	$342,762
Common stock issued	3	187	—	—	—	—	208,376	—	208,566	—	—	—	208,566
Offering costs	—	—	—	—	—	—	118	—	118	—	—	—	118
Distribution reinvestment	2	1	—	—	—	—	3,430	—	3,433	—	—	—	3,433
Common stock repurchased	(11)	(13)	—	—	(10)	—	(35,754)	—	(35,788)	—	—	—	(35,788)
Stock-based compensation	—	—	—	—	—	—	81	—	81	—	—	—	81
Net (income) loss	—	—	—	—	—	—	—	2,811	2,811	120	—	—	2,931
Distributions declared on common stock	—	—	—	—	—	—	—	(11,999)	(11,999)	—	—	—	(11,999)
Distributions to non-controlling interests	—	—	—	—	—	—	—	—	—	(292)	—	—	(292)
Contributions from non-controlling interests	—	—	—	—	—	—	—	—	—	11,982	—	—	11,982
Allocation to redeemable non-controlling interests	—	—	—	—	—	—	7,455	(810)	6,645	—	—	—	6,645
Balance at March 31, 2025	$272	$317	$1	$—	$56	$—	$803,137	$(306,690)	$497,093	$30,721	$625	$—	$528,439

See accompanying notes to Consolidated Financial Statements.

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Brookfield Real Estate Income Trust Inc.

Consolidated Statements of Cash Flows (Unaudited)

(in thousands)


	Three Months Ended March 31,
	2026	2025
Cash flows from operating activities:
Net (loss) income	$(1,140)	$2,931
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	14,062	13,135
Management fees	3,294	3,191
Amortization of above and below market leases and lease inducements, net	(344)	(326)
Amortization of restricted stock grants	81	81
Amortization of deferred financing costs	428	508
Amortization of upfront derivative acquisition costs	175	289
Realized gain on sale of Treasury Bonds	(779)	(373)
Accrued paid-in-kind interest	(137)	(232)
Realized loss on sale of derivatives	9	—
Realized gain on investments in real estate-related loans and securities	(194)	(48)
Unrealized gain on investments	(7,630)	(9,225)
Distributions of earnings from unconsolidated entities	—	661
Changes in assets and liabilities:
Increase in lease inducements and origination costs	(36)	(153)
Upfront derivative acquisition costs	(110)	(26)
Payments for settlement of derivative contracts	(7,476)	—
Proceeds from settlement of derivative contracts	7,467	—
Decrease in other assets	720	284
Increase in accounts receivable, net	(1,298)	(1,315)
Decrease in accounts payable, accrued expenses and other liabilities	(438)	(1,629)
Increase in due to affiliates	383	859
Net cash provided by operating activities	7,037	8,612
Cash flows from investing activities
Acquisitions of real estate	(155,814)	—
Investment in unconsolidated entities	(553)	—
Purchases of real estate-related loans and securities	(20,870)	(114,439)
Funding of real estate-related loan commitments	—	(5,775)
Proceeds from sale of real estate-related loans and securities	14,288	—
Proceeds from principal repayments of real estate-related loans and securities	9,055	2,136
Capital improvements to real estate	(1,678)	(2,020)
Purchases of trading securities	(63,161)	(200,955)
Proceeds from sale of trading securities	128,689	165,229
Net cash (used in) investing activities	(90,044)	(155,824)
Cash flows from financing activities:
Borrowings from mortgage loans	84,000	23,700
Repayment of mortgage loans	(259)	(26,647)
Repayment of affiliate line of credit	—	(12,790)
Payment of deferred financing costs	(1,253)	(497)
Proceeds from issuance of common stock	5,588	204,346
Repurchases of common stock	(26,499)	(39,763)
Subscriptions received in advance	1,710	3,207
Payment of organizational and offering costs	(1,395)	(1,754)
Distributions to non-controlling interests	(1,364)	(292)
Contributions from non-controlling interests	26,104	11,982
Distributions	(8,276)	(7,623)
Net cash provided by financing activities	78,356	153,869
Net change in cash and cash-equivalents and restricted cash	(4,651)	6,657
Cash and cash-equivalents and restricted cash, beginning of period	46,445	24,307
Cash and cash-equivalents and restricted cash, end of period	$41,794	$30,964

See accompanying notes to Consolidated Financial Statements.

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Reconciliation of cash and cash equivalents and restricted cash to the consolidated balance sheets:
	Three Months Ended March 31,
	2026	2025
Cash and cash equivalents	$30,530	$18,352
Restricted cash	11,264	12,612
Total cash and cash equivalents and restricted cash	$41,794	$30,964

Supplemental disclosures:
Interest paid	$13,617	$13,963
Non-cash investing and financing activities:
Accrued distributions	$(48)	$942
Payable for unsettled purchase of trading securities	$—	$25,211
Receivable for unsettled sale of trading securities	$(4,872)	$—
Accrued stockholder servicing fee due to affiliate	$(120)	$(585)
Accrued offering costs	$115	$463
Accrued capital improvements	$—	$6
Accrued repurchases of common stock in accounts payable	$(13,226)	$(3,849)
Accrued repurchases of common stock in due to affiliates	$(3,263)	$(127)

See accompanying notes to Consolidated Financial Statements.

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Brookfield Real Estate Income Trust Inc.

Notes to Consolidated Financial Statements

(Unaudited)

1. Organization and Business Purpose

Brookfield Real Estate Income Trust Inc. (“Brookfield REIT” or the “Company”) was formed on July 27, 2017 as a Maryland

corporation and has elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as

amended (the “Code”), for U.S. federal income tax purposes commencing with the taxable year ended December 31, 2019. The

Company invests primarily in well-located, high-quality real estate properties that generate strong current cash flow and could

further appreciate in value through proactive, best-in-class asset management. To a lesser extent, the Company invests in real

estate-related debt investments, including real estate-related loans and real estate-related securities. Brookfield REIT OP GP

LLC, a wholly owned subsidiary of the Company, is the sole general partner of Brookfield REIT Operating Partnership L.P.

(the “Operating Partnership” or the “OP”). Substantially all of the Company’s business is conducted through the Operating

Partnership. The Company and the Operating Partnership are externally managed by Brookfield REIT Adviser LLC (the

“Adviser”), an affiliate of Brookfield Asset Management Ltd. (together with its affiliates, “Brookfield”). The Company and the

Adviser have engaged Oaktree Fund Advisors, LLC (the “Sub-Adviser”), an affiliate of Oaktree Capital Management, L.P.

(“Oaktree”), to select and manage certain of the Company’s liquid assets, including certain real estate-related loans and

securities. Brookfield holds a majority stake in Oaktree.

The Company is conducting a continuous public offering (the “Public Offering”) of its common stock pursuant to the Securities

Act of 1933, as amended (the “Securities Act”). On April 30, 2018, the Company launched its initial public offering of up to

$2.0 billion in shares of its common stock. On November 2, 2021, the initial public offering terminated and the Company

commenced its second public offering of up to $7.5 billion in shares of common stock. On July 2, 2025, the second offering

terminated and the Company commenced its third public offering of up to $7.5 billion of shares of its common stock, consisting

of up to $6.0 billion in shares in its primary offering and up to $1.5 billion in shares pursuant to its distribution reinvestment

plan. As of March 31, 2026, the Company had received aggregate net proceeds of $1.0 billion from the sales of its common

stock through its Public Offering.

Pursuant to the Public Offering, the Company is offering to the public any combination of four classes of shares of its common

stock, Class S shares, Class I shares, Class D shares and Class T shares, with a dollar value up to the maximum offering

amount. The publicly offered share classes have different upfront selling commissions, dealer manager fees 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 determined monthly, plus applicable upfront selling

commissions and dealer manager fees. The Company intends to continue selling shares on a monthly basis.

In addition to the Public Offering, the Company is conducting private offerings of Class I and Class C shares to feeder vehicles

that offer interests in such vehicles to non-U.S. persons. The offer and sale of Class I and Class C shares to the feeder vehicles

is exempt from the registration provisions of the Securities Act by virtue of Section 4(a)(2) and Regulation S promulgated

thereunder. The Company is also offering Class E shares to Brookfield and its affiliates and certain of Brookfield’s and

Oaktree’s employees and the Company’s independent directors in one or more private offerings. The offer and sale of Class E

shares is exempt from the registration provisions of the Securities Act by virtue of Section 4(a)(2) of the Securities Act and

Regulation D promulgated thereunder.

In October 2024, the Company launched a program (the “DST Program”) to raise capital, through its Operating Partnership,

from private placement offerings exempt from registration under the Securities Act by selling beneficial interests in specific

Delaware statutory trusts (“DSTs”) holding real properties (the “DST Properties”). As of March 31, 2026, the Company had

received approximately $146.2 million of aggregate gross proceeds from the DST Program.

On January 1, 2025, the Company issued unregistered shares of Class I common stock to an institutional investor in exchange

for a $200 million subscription. The issuance was made at the same transaction price as Class I shares sold through the Public

Offering as of January 1, 2025, with fees consistent with existing Class I stockholders. Brookfield entered into a separate

agreement with the investor pursuant to which Brookfield will support a specified total annual return on the investor’s

investment in the Company’s shares in the form of periodic cash payments, subject to certain limits. In exchange, the investor

has agreed not to request the repurchase of its shares, subject to limited exceptions, for a period of five years from the issuance

date, at which point the investor may request that the Company repurchase its shares through the share repurchase plan ratably

over a two-year period.

As of March 31, 2026, the Company owned 20 investments in real estate, 24 investments in real estate-related securities, three

investments in real estate-related loans, two forward currency swaps related to investments in real estate-related loans and

securities, four investments in unconsolidated real estate ventures and one forward currency swap related to investments in

unconsolidated real estate ventures. The Company currently operates in six reportable segments: multifamily/student housing,

office, logistics, single-family rental, net lease and real estate-related loans and securities. See Note 15 — “Segment Reporting”

to the Company’s Consolidated Financial Statements for financial results by segment.

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2. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles

generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-

Q and Rule 10-01 of Regulation S-X. All significant intercompany balances and transactions have been eliminated in

consolidation. These statements reflect all normal and recurring adjustments which, in the opinion of management, are

necessary to present fairly the financial position, results of operations and cash flows of the Company for the interim periods

presented. The accompanying unaudited consolidated interim financial statements should be read in conjunction with the

audited Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended

December 31, 2025 filed with the Securities and Exchange Commission (the “SEC”).

The Company consolidates all entities in which it retains a controlling financial interest through majority ownership or voting

rights and entities that meet the definition of a variable interest entity (“VIE”) for which it is deemed to be the primary

beneficiary. The Company is the primary beneficiary of a VIE when it has (i) the power to direct the activities of a VIE that

most significantly influence the VIE’s economic performance, and (ii) the obligation to absorb losses of the VIE that could

potentially be significant to the VIE, or the right to receive benefits from the VIE that potentially could be significant to the

VIE. The Operating Partnership is considered to be a VIE. The Company consolidates the Operating Partnership because it has

the ability to direct the most significant activities of the entities as its sole general partner. The Company also consolidates all

VIEs for which it is the primary beneficiary. Where the Company does not have the power to direct the activities of the VIE

that most significantly impact its economic performance, the Company’s interest for those partially owned entities are

accounted for using the equity method of accounting. Equity method investments for which the Company has not elected a fair

value option (“FVO”) are initially recorded at cost 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. As of March 31, 2026, the total assets and liabilities of the Company’s

consolidated VIEs were $520.6 million and $328.3 million, respectively, compared to $526.3 million and $329.0 million,

respectively, as of December 31, 2025. Such amounts are included on the Company’s Consolidated Balance Sheets.

The Operating Partnership and the Company’s joint ventures are considered to be VIEs. The Company consolidates these

entities, excluding its equity method investments, because it has the ability to direct the most significant activities of the entities

such as purchases, dispositions, financings, budgets, and overall operating plans.

For consolidated joint ventures, the non-controlling partner’s share of the assets, liabilities, and operations of each joint venture

is included in non-controlling interests as equity of the Company. The non-controlling joint venture partner’s interest is

generally computed as the joint venture partner’s ownership percentage. Certain of the joint ventures formed by 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 non-controlling interest.

Under the Company’s DST Program, each private placement offers interests in a DST (the “DST Interests”) that holds one or

more DST Properties. DST Properties may be sourced from properties currently owned by the Operating Partnership or newly

acquired properties. The underlying DST Properties are leased-back to a wholly owned subsidiary of the Company (the “Master

Tenant”) on a long-term basis, unless sooner terminated pursuant to the applicable master lease agreement. The master lease

agreements are fully guaranteed by the Operating Partnership. Additionally, the Operating Partnership retains a fair market

value purchase option giving it the right, but not the obligation, to acquire the DST Interests from the investors at a later time in

exchange for Operating Partnership units.

Under the master lease agreement, the Master Tenant is responsible for subleasing the DST Property to tenants and paying all

underlying costs associated with operating the DST Property. For financial reporting purposes (and not for income tax

purposes), the sale of DST Interests is accounted for as a failed sale-leaseback transaction and, as a result, the DST Properties

are included in the Company’s Consolidated Balance Sheets.

As of March 31, 2026, the Company’s investments in real estate included two properties held by a DST whose DST Interests

were sold as part of the DST Program. As of March 31, 2026, the total investments in real estate, net associated with the DST

Program was $263.7 million. As of December 31, 2025, the Company’s investments in real estate included two properties held

by a DST whose DST Interests were sold as part of the DST Program. As of December 31, 2025, the total investments in real

estate, net associated with the DST Program was $265.6 million. The Company has determined that each DST is a VIE and the

Company is the primary beneficiary of the VIE. As a result, each DST is included in the Company’s Consolidated Financial

Statements.

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Use of Estimates

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 and accrued expenses

at the date of the balance sheet. The Company believes the estimates and assumptions underlying the Consolidated Financial

Statements are reasonable and supportable based on the information available as of March 31, 2026.

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 does not constitute a business, the Company accounts for the transaction as an asset acquisition. The guidance

for business combinations states that when substantially all of the fair value of the gross assets to be acquired is concentrated in

a single identifiable asset or group of similar identifiable assets, the asset or set of assets is not a business.

The Company evaluates each real estate acquisition to determine whether the integrated set of acquired assets and activities

meets the definition of a business. Generally, acquisitions of real estate or in-substance real estate are not expected to meet the

definition of a business because substantially all of the fair value is concentrated in a single identifiable asset or group of similar

identifiable assets (i.e. land, buildings and related intangible assets) or because the acquisition does not include a substantive

process in the form of an acquired workforce or an acquired contract that cannot be replaced without significant cost, effort or

delay. All property acquisitions to date have been accounted for as asset acquisitions because substantially all of the fair value

was concentrated in the land, buildings and related intangible assets.

The Company capitalizes acquisition-related costs associated with asset acquisitions. Upon acquisition of a property, the

Company assesses the fair value of the acquired tangible and intangible assets (including land, buildings, tenant improvements,

above- or below-market leases, acquired in-place leases, and other intangible assets and assumed liabilities) and allocates the

purchase price to the acquired assets and assumed liabilities. The Company assesses and considers fair value based on estimated

cash flow projections that utilize discount and/or capitalization rates that it deems appropriate, as well as other available market

information. Estimates of future cash flows are based on a number of factors including the historical operating results, known

and anticipated trends, and market and economic conditions.

The estimated fair value of acquired in-place leases include the costs the Company would have incurred to lease the properties

to their occupancy levels at the date of acquisition. Such estimates include the fair value of leasing commissions, legal costs and

other direct costs that would be incurred to lease the properties to such occupancy levels. The Company evaluates avoided costs

over the time period over which occupancy levels at the date of acquisition would be achieved had the property been acquired

vacant. Such evaluation includes an estimate of the net market-based rental revenues and net operating costs (primarily

consisting of real estate taxes, insurance and utilities) that would be incurred during the lease-up period. Acquired in-place

leases are amortized over the remaining lease terms as a component of depreciation and amortization expense.

For acquired in-place leases, above- and below-market lease values are recorded based on the present value (using an interest

rate that reflects the risks associated with the lease acquired) of the difference between the contractual amounts to be paid

pursuant to the in-place leases and management’s estimate of fair market value lease rates for the corresponding in-place leases.

The values of acquired above- and below-market leases are amortized over the terms of the related leases and recognized as

either increases (for below-market leases) or decreases (for above-market leases) to rental revenue. Should a tenant terminate its

lease, the unamortized portion of the in-place lease value is charged to amortization expense and the unamortized portion of the

above- or below-market lease value is charged to rental revenue.

Significant improvements to properties are capitalized and depreciated over their estimated useful life. Expenditures for

ordinary repairs and maintenance are expensed to operations as incurred.

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The cost of buildings and improvements includes the purchase price of the Company’s properties and any acquisition-related

costs, 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		30-40 years
Building and site improvements		5-21 years
Furniture, fixtures and equipment		1-9 years
Tenant improvements		Amortized on a straight-line basis over the lives of the related leases, which approximate the useful lives of the tenant improvements
In-place lease intangibles		Over lease term
Above and below market leases		Over lease term
Lease origination costs		Over lease term
Present value of tax abatement savings		Over tax abatement period

When assets are sold or retired, their costs and related accumulated depreciation are removed from the accounts with the

resulting gains or losses reflected in net income or loss for the period.

The Company’s management reviews its real estate properties for impairment 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. The evaluation of anticipated future cash flows is highly

subjective and is based in part on assumptions regarding future occupancy, rental rates and capital requirements that could

differ materially from actual results. Since cash flows on real estate properties considered to be “long-lived assets to be held and

used” are considered on an undiscounted basis to determine whether an asset has been impaired, the Company’s strategy of

holding properties over the long term directly decreases the likelihood of recording an impairment loss. 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 three months ended March 31, 2026 and year ended December 31,

2025, the Company did not recognize any impairment charges on its investments in real estate.

Assets Held for Sale

The Company classifies the assets and liabilities related to its real estate investments as held for sale when a sale is probable to

occur within one year. The Company considers a sale to be probable when a binding contract has been executed, the buyer has

posted a non-refundable deposit, and there are limited contingencies to closing. The Company classifies held for sale assets and

liabilities at the lower of depreciated cost or fair value less closing costs. There were no properties held for sale as of March 31,

2026 and December 31, 2025.

Investments in Unconsolidated Entities

The Company has elected the FVO for its investments in unconsolidated entities and therefore reports the investments at fair

value. As such, the resulting unrealized gains and losses are recorded as a component of Gain from unconsolidated entities on

the Company’s Consolidated Statements of Operations. Investments in unconsolidated entities include properties held through

joint ventures and limited partnership interests in private real estate funds. For further details on the Company’s investments in

unconsolidated entities, see Note 4 — “Investments in Unconsolidated Entities” to the Company’s Consolidated Financial

Statements.

Investments in Real Estate-Related Loans and Securities

The Company has elected to classify its real estate-related securities as trading securities and carry such investments at fair

value. As such, the resulting unrealized gains and losses of such securities are recorded as a component of Income from real

estate-related loans and securities on the Company’s Consolidated Statements of Operations.

The Company has elected the FVO for certain of its investments in real estate-related loans. As such, the resulting unrealized

gains and losses on such loans are recorded as a component of Income from real estate-related loans and securities on the

Company’s Consolidated Statements of Operations.

Certain of the Company’s real estate-related loans are classified as held for investment and are recorded at amortized cost. The

Company assesses the collectability of its real estate-related loans held at amortized cost to estimate credit losses over the

contractual term of each loan on a periodic basis. The Company’s estimate of credit losses is based on relevant factors,

including historical realized loss rates and current market conditions that affect the collectability of its investments. The

Company also considers, among other things, payment status, lien position, borrower or tenant financial resources, and

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underlying collateral. The Company recognizes an allowance for credit loss when the carrying amount of a loan differs from the

amount expected to be collected. For further details on the Company’s allowance for credit loss, see Note 6 — “Investments in

Real Estate-Related Loans and Securities” to the Company’s Consolidated Financial Statements.

Interest income from the Company’s investments in real estate-related loans and securities is recognized based on the stated

terms of the security or loan agreement and is recorded on an accrual basis. Interest income is recorded as a component of

Income from real estate-related loans and securities on the Company’s Consolidated Statements of Operations.

Revenue Recognition

Rental revenue primarily consists of base rent arising from tenant leases at the Company’s properties. Base rent 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 upon the acquisition of the related property or when a tenant takes possession of the leased space. Other

rental revenues include amounts due from tenants for costs related to common area maintenance, real estate taxes, and other

recoverable costs included in lease agreements. The Company recognizes the reimbursement of such costs incurred as tenant

reimbursement income.

The Company evaluates the collectability of receivables related to rental revenue on an individual lease basis. In making this

determination, the Company considers the length of time a receivable has been outstanding, tenant creditworthiness, 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. The Company will recognize

revenue from such leases prospectively, based on actual amounts received. If the Company subsequently determines that it is

probable it will collect substantially all of the lessee’s remaining lease payments under the lease term, the Company will

reinstate the receivables balance.

Cash and Cash Equivalents

Cash and cash equivalents represent cash held in banks, cash on hand, and liquid investments with original maturities of three

months or less. The Company may have bank balances in excess of federally insured amounts; however, the Company deposits

its cash and cash equivalents with high credit-quality institutions to minimize credit risk exposure.

Restricted Cash

Restricted cash primarily consists of tenant security deposits and reserves held in escrow related to real estate taxes, interest rate

derivatives, capital expenditures and insurance in connection with mortgages at certain of the Company’s properties. Restricted

cash also consists 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.

Trading Securities

Trading securities consist of U.S. government securities that are available to support the Company’s current operations and

liquidity. Trading securities are measured at fair value. As such, the resulting unrealized gains and losses of such securities are

recorded as a component of Other income, net on the Company’s Consolidated Statements of Operations. Interest income from

trading securities is recognized based on the stated terms of the security and is recorded as a component of Other income, net on

the Company’s Consolidated Statements of Operations. During the three months ended March 31, 2026 and 2025, income from

trading securities was $0.6 million and $0.6 million, respectively.

Foreign Currency

In the normal course of business, the Company makes investments in real estate and real estate-related loans and securities

outside the United States that have a non-U.S. dollar functional currency. Non-U.S. dollar denominated assets and liabilities of

these foreign subsidiaries are translated to U.S. dollars (“USD”) at the prevailing exchange rate at the reporting date and

income, expenses, gains, and losses are translated at the average exchange rate over the applicable period. Gains and losses

from translation of foreign denominated transactions into USD are included in current results of operations as a component of

Gain from unconsolidated entities or Income from real estate-related loans and securities dependent upon the type of asset on

the Company’s Consolidated Statements of Operations.

Deferred Charges

The Company’s deferred charges include financing and leasing costs. Deferred financing costs include legal, structuring, and

other loan costs incurred by the Company for its financing agreements. Deferred financing costs related to the Company’s

mortgage notes and term loans are recorded as an offset to the related liability and amortized over the term of the applicable

financing instruments. Deferred financing costs related to the Company’s revolving credit facility are recorded as a component

of Other assets on the Company’s Consolidated Balance Sheets and amortized over the term of the applicable financing

agreements. Deferred leasing costs incurred in connection with new leases, which consist primarily of brokerage and legal fees,

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are recorded as a component of Intangible assets, net on the Company’s Consolidated Balance Sheets and amortized over the

life of the related lease.

Derivative Instruments

In the normal course of business, the Company is exposed to the effect of interest rate changes and, with regard to its non-U.S.

investments, changes in foreign currency exchange rates. The Company seeks to manage these risks by following established

risk management policies and procedures including the use of derivatives to hedge interest rate and currency rate risk. These

financial instruments may include interest rate swaps, cross currency swaps, and other derivative contracts. The Company

recognizes all derivatives as either assets or liabilities in the accompanying Consolidated Balance Sheets and measures those

instruments at fair value. For further details on the Company’s derivative instruments, see Note 11 — “Derivatives” to the

Company’s Consolidated Financial Statements.

Fair Value Measurement

Under normal market conditions, the fair value of an investment is the amount that would be received to sell an asset or transfer

a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). Additionally, there

is a hierarchical framework that prioritizes and ranks the level of market price observability used in measuring investments at

fair value. Market price observability is impacted by a number of factors, including the type of investment and the

characteristics specific to the investment and the state of the marketplace, including the existence and transparency of

transactions between market participants. Investments with readily available active quoted prices or for which fair value can be

measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of

judgment used in measuring fair value.

Investments measured and reported at fair value are classified and disclosed in one of the following levels within the fair value

hierarchy:

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.

Valuation of Assets and Liabilities Measured at Fair Value

The Company’s investments in real estate-related securities and trading securities are reported at fair value. The Company

generally determines the fair value of its investments in real estate-related securities and trading securities by utilizing third-

party pricing service providers. In determining the value of a particular investment, the pricing service providers may use

broker-dealer quotations, reported trades or valuation estimates from their internal pricing models to determine the reported

price. The pricing service providers’ internal models for securities such as real estate debt generally consider the attributes

applicable to a particular class of the security (e.g., credit rating, seniority), current market data, and estimated cash flows for

each class and incorporate deal collateral performance such as prepayment speeds and default rates, as available. The inputs

used in determining the Company’s real estate-related securities and trading securities reported at fair value are considered

Level 2 and Level 3.

The Company’s derivative financial instruments are reported at fair value. The fair values of the Company’s interest rate swaps

are determined using a discounted cash flow analysis based on the terms of the contract and the forward interest rate curve

adjusted for the Company’s nonperformance risk. The fair values of the Company’s interest rate caps are determined using

models developed by the respective counterparty as well as third-party pricing service providers that use as their basis readily

observable market parameters (such as forward yield curves and credit default swap data). The fair values of the Company’s

foreign currency swaps are determined by comparing the contracted forward exchange rate to the current market exchange rate.

The current market exchange rates are determined by using market spot rates, forward rates and interest rate curves for the

underlying instruments. The inputs used in determining the Company’s derivative financial instruments reported at fair value

are considered Level 2.

The Company has elected the FVO for its equity method investments and therefore, reports these investments at fair value. As

such, the resulting unrealized gains and losses are recorded as a component of Gain (loss) from unconsolidated entities on the

Company’s Consolidated Statements of Operations. The Company separately values the assets and liabilities of each equity

method investment. To determine the fair value of the assets of the equity method investments, the Company utilizes a

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discounted cash flow methodology, taking into consideration various factors including discount rate and exit capitalization rate.

The Company determines the fair value of the indebtedness of the equity method investments by modeling the cash flows

required by the debt agreements and discounting them back to the present value using an estimated market yield. Additionally,

the Company considers current market rates and conditions by evaluating similar borrowing agreements with comparable loan-

to-value ratios and credit profiles. After the fair value of the assets and liabilities are determined, the Company applies its

ownership interest to the net asset value and reflects this amount as its equity method investment at fair value. The inputs used

in determining the Company’s equity method investments carried at fair value are considered Level 3.

The Company’s carrying values of cash and cash equivalents, restricted cash, accounts receivable and other receivables, net,

accounts payable, accrued liabilities and other liabilities approximate fair value because of the short-term nature of these

instruments.

The following table details the Company’s assets and liabilities that are 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 loans and securities	$—	$56,870	$5,141	$62,011	$—	$50,863	$5,170	$56,033
Investments in unconsolidated entities	—	—	173,345	173,345	—	—	167,788	167,788
Trading securities	—	4,685	—	4,685	—	83,487	—	83,487
Derivatives	—	3,146	—	3,146	—	1,553	—	1,553
Derivatives related to investments in real estate-related securities	—	29	—	29	—	—	—	—
Total assets	$—	$64,730	$178,486	$243,216	$—	$135,903	$172,958	$308,861
Liabilities:
Derivatives	$—	$751	$—	$751	$—	$2,342	$—	$2,342
Derivatives related to investments in real estate-related securities	—	—	—	—	—	3	—	3
Total liabilities	$—	$751	$—	$751	$—	$2,345	$—	$2,345

The following table details the Company’s assets that are measured at fair value on a recurring basis using Level 3 inputs ($ in

thousands):


	Investments in real estate-related loans and securities	Investments in unconsolidated entities	Total Assets
Balance as of December 31, 2025	$5,170	$167,788	$172,958
Contributions of equity into unconsolidated entities	—	553	553
Included in net income:
Unrealized (loss) gain	(29)	6,746	6,717
Loss on foreign currency translation	—	(1,742)	(1,742)
Balance as of March 31, 2026	$5,141	$173,345	$178,486

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The following tables contain the quantitative inputs and assumptions that are used to determine fair value for items categorized

in Level 3 of the fair value hierarchy ($ in thousands):


	March 31, 2026
	Fair Value	Valuation Technique	Unobservable Inputs	Weighted Average Rate	Impact to Valuation from an Increase in Input
Investments in unconsolidated entities	$173,345	Discounted cash flow	Discount rate	8.1%	Decrease
			Exit capitalization rate	5.6%	Decrease
Investments in real estate-related loans and securities	$5,141	Discounted cash flow	Discount rate	15.4%	Decrease


	December 31, 2025
	Fair Value	Valuation Technique	Unobservable Inputs	Weighted Average Rate	Impact to Valuation from an Increase in Input
Investments in unconsolidated entities	$167,788	Discounted cash flow	Discount rate	8.2%	Decrease
			Exit capitalization rate	5.6%	Decrease
Investments in real estate-related loans and securities	5,170	Discounted cash flow	Discount Rate	15.1%	Decrease

Valuation of Assets Measured at Fair Value on a Nonrecurring Basis

Certain of the Company’s assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments,

such as when there is evidence of impairment, and therefore measured at fair value on a nonrecurring basis. The Company

reviews its real estate properties for impairment each quarter or when there is an event or change in circumstances that could

indicate the carrying amount of the real estate value may not be recoverable. As of March 31, 2026, the Company had no

impaired assets that are measured at fair value on a nonrecurring basis.

Valuation of Liabilities Not Measured at Fair Value

The 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 the present value using an 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. As of

March 31, 2026, the fair value of the Company’s mortgage loans and other indebtedness was approximately $18.3 million

below the outstanding principal balance.

Income Taxes

The Company believes that it qualifies to be taxed as a REIT for U.S. federal income tax purposes. The Company generally will

not be subject to federal corporate income tax to the extent it distributes 90% of its taxable income to its stockholders. REITs

are subject to a number of other organizational and operational requirements. Even if the Company qualifies for taxation as a

REIT, it may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its

undistributed income.

The Company has formed wholly-owned subsidiaries that are taxed as taxable REIT subsidiaries (“TRSs”) that are subject to

taxation at the federal, state and local levels, as applicable, at regular corporate tax rates. 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.

For the three months ended March 31, 2026 and 2025, the Company recognized income tax expense of $0.1 million and an

immaterial amount, respectively, related to its TRSs within General and administrative on the Company’s Consolidated

Statements of Operations.

The Company accounts for applicable income taxes by utilizing the asset and liability method. As such, the Company records

deferred tax assets and liabilities for the future tax consequences resulting from the difference between the carrying value of

existing assets and liabilities and their respective tax basis. A valuation allowance for deferred tax assets is provided if the

Company believes all or some portion of the deferred tax asset may not be realized. The Company has not recorded a deferred

tax asset related to its non-U.S. investment as it is more likely than not that it will not realize the benefit.

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Organization and Offering Expenses

Organizational expenses are expensed as incurred on the Company’s Consolidated Statements of Operations, and offering costs

are charged to equity as incurred on the Company’s Consolidated Statements of Changes in Stockholders’ Equity.

The Adviser and its affiliates advanced $13.6 million of organization and offering expenses on the Company’s behalf through

July 5, 2023, subject to the following reimbursement terms: (1) the Company reimburses the Adviser for all such advanced

expenses paid through July 5, 2022 ratably over the 60 months following July 6, 2022; and (2) the Company reimburses the

Adviser for all such advanced expenses paid from July 6, 2022 through July 5, 2023 ratably over the 60 months following July

6, 2023. Beginning July 6, 2023, the Company reimburses the Adviser for any organization and offering expenses that it incurs

on the Company’s behalf as and when incurred.

Earnings Per Share

The Company uses the two-class method in calculating earnings per share (“EPS”) when it issues securities other than common

stock that contractually entitle the holder to participate in dividends and earnings of the Company when, and if, the Company

declares dividends on its common stock. Basic earnings per share (“Basic EPS”) for the Company’s common stock are

computed by dividing net income allocable to common stockholders by the weighted average number of shares of common

stock outstanding for the period, respectively. Diluted earnings per share (“Diluted EPS”) is calculated similarly, however, it

reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted

into common stock, where such exercise or conversion would result in a lower earnings per share amount.

The Company includes unvested shares of restricted stock in the computation of diluted EPS by using the more dilutive of the

two-class method or treasury stock method. Any anti-dilutive securities are excluded from the diluted EPS calculation. For the

three months ended March 31, 2026 and 2025, there were no dilutive participating securities.

Stockholder Servicing Fee

The Company has entered into a dealer manager agreement with Brookfield Private Wealth LLC (formerly Brookfield Oaktree

Wealth Solutions LLC), a registered broker-dealer affiliated with the Adviser (“Dealer Manager”), to serve as the dealer

manager for the Public Offering. The Dealer Manager is entitled to receive upfront selling commissions and dealer manager

fees of up to 3.5% of the transaction price and ongoing stockholder servicing fees of 0.85% per annum of the aggregate NAV

for outstanding Class S and Class T shares with a limit of up to, in the aggregate, 8.75% of the gross proceeds from such shares.

The Dealer Manager is entitled to receive upfront selling commissions of up to 1.5% of the transaction price and ongoing

stockholder servicing fees of 0.25% per annum of the aggregate NAV for outstanding Class D shares with a limit of up to, in

the aggregate, 8.75% of the gross proceeds from such shares. There are no upfront selling commissions, dealer manager fees or

ongoing stockholder servicing fees with respect to Class I shares. The Dealer Manager has entered into agreements with the

selected dealers distributing the Company’s shares in the Public Offering, which provide, among other things, for the re-

allowance of the full amount of the selling commissions and dealer manager fees and all or a portion of the stockholder

servicing fees received by the Dealer Manager to such selected dealers. The Company accrues the full cost of the stockholder

servicing fee as an offering cost at the time each Class T, Class S and Class D share is sold, which is recorded as a component

of Due to affiliates in the Company’s Consolidated Balance Sheets.

Recent Accounting Pronouncements

In November 2024, the Financial Accounting Standards Board (“FASB”), issued ASU 2024-03, Income Statement – Reporting

Comprehensive Income – Expenses Disaggregation Disclosures (“ASU 2024-03”). ASU 2024-03 requires entities to

disaggregate any relevant expense caption presented on the face of the income statement within continuing operations into the

following required natural expense categories, as applicable: (1) purchases of inventory, (2) employee compensation, (3)

depreciation, (4) intangible asset amortization, and (5) depreciation, depletion, and amortization recognized as part of oil- and

gas-producing activities or other depletion expenses. A relevant expenses caption is an expense caption presented on the face of

the income statement within continuing operations that contain any of the expense categories listed. ASU 2024-03 is effective

for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027.

Early adoption is permitted. The Company is currently evaluating the impact of ASU 2024-03 but does not believe the adoption

of ASU 2024-03 will have a material impact on the Company’s Consolidated Financial Statements.

In May 2025, the FASB issued ASU 2025-03, an update to ASC Topic 805, Business Combinations, and ASC Topic 810,

Consolidation (“ASU 2025-03”). ASU 2025-03 amends the guidance for determining the accounting acquirer in a business

combination in which the legal acquiree is a variable interest entity (“VIE”). This amendment aligns the determination of the

accounting acquirer for VIEs with the guidance used for other business combinations. ASU 2025-03 is effective for fiscal years

beginning after December 15, 2026, with early adoption permitted. The Company is currently evaluating the impact of ASU

2025-03 on the Consolidated Financial Statements and related disclosures.

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In July 2025, the FASB issued ASU 2025-05, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit

Losses for Accounts Receivable and Contract Assets ("ASU 2025-05"), which amends ASC 326-20 to provide a practical

expedient (available to all entities) that permits an entity to assume that current conditions as of the balance sheet date will not

change for the remaining life of current accounts receivable and current contract assets arising from transactions under ASC

606, thereby simplifying the forecasting requirement in developing reasonable and supportable forecasts. ASU 2025-05 is

effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual

reporting periods, with early adoption permitted, and should be applied prospectively. The Company adopted the provisions of

ASU 2025-05 effective August 1, 2025. The adoption of this rule did not have a material impact on the Company’s

Consolidated Financial Statements.

On July 4, 2025, President Trump signed into law the legislation known as the One Big Beautiful Bill Act (the “OBBBA”). The

OBBBA made significant changes to the U.S. federal income tax laws in various areas. Among the notable changes, the

OBBBA permanently extended certain provisions that were enacted in the Tax Cuts and Jobs Act of 2017, most of which were

set to expire after December 31, 2025. These included the permanent extension of the 20% deduction for “qualified REIT

dividends” for individuals and other non-corporate taxpayers as well as the permanent extension of the limitation on non-

corporate taxpayers using “excess business losses” to offset other income. The OBBBA also increased the percentage limit

under the REIT asset test applicable to TRSs from 20% to 25% for taxable years beginning after December 31, 2025. As a

result, for taxable years beginning after December 31, 2025, the aggregate value of all securities of TRSs held by a REIT may

not exceed 25% of the value of its gross assets.

In November 2025, the FASB issued ASU 2025-08 Financial Instruments — Credit Losses (Topic 326): Purchased Loans,

which related to accounting for purchased loans. The amendments in this update require that purchased seasoned loans be

accounted for using the gross-up approach, which will enhance comparability and consistency in the accounting for acquired

financial assets. The gross-up approach requires an allowance for expected credit losses to be recorded with an offsetting gross-

up adjustment to the purchase price of the acquired financial asset. This update is effective for annual periods beginning after

December 15, 2026, including interim periods within those fiscal years, though early adoption is permitted. The Company plans

to adopt this pronouncement for the fiscal year beginning January 1, 2027, and does not expect it to have a material effect on

Company’s Consolidated Financial Statements.

In December 2025, the FASB issued ASU 2025-11 Interim Reporting (Topic 270): Narrow-Scope Improvements, which related

to interim disclosure requirements. The amendments in this update clarify current interim disclosure requirements and provide a

comprehensive list of required interim disclosures. The update also incorporates a disclosure principle that requires entities to

disclose events that occur after the end of the last annual reporting period. This update is effective for interim periods within

annual periods beginning after December 15, 2027, though early adoption is permitted. The Company plans to adopt this

pronouncement for the interim periods within the fiscal year beginning January 1, 2028, and does not expect it to have a

material effect on the Company’s Consolidated Financial Statements.

3. Investments in Real Estate

As of March 31, 2026 and December 31, 2025, the Company’s investments in real estate, net, consisted of the following ($ in

thousands):


	March 31, 2026	December 31, 2025
Building and building improvements	$1,469,174	$1,381,035
Land and land improvements	368,312	310,300
Tenant improvements	28,990	29,566
Furniture, fixtures and equipment	46,554	46,121
Total	1,913,030	1,767,022
Accumulated depreciation	(195,952)	(183,636)
Investments in real estate, net	$1,717,078	$1,583,386

Acquisitions

During the three months ended March 31, 2026, the Company acquired $155.8 million of real estate investments, which was

comprised of one logistics property. During the year ended December 31, 2025, the Company acquired $32.1 million of real

estate investments, which was comprised of 120 single-family rental properties.

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The following table provides further details of the properties acquired during the three months ended March 31, 2026 and year

ended December 31, 2025 ($ in thousands):

Investment

Ownership

Interest

Location

Segment

Acquisition

Date

Units/

Square Feet

Purchase Price(1)

Single-Family Rentals

100%

Various

Single-Family Rentals

November 2025

120

$32,146

34 Market Street

100%

Everett, MA

Logistics

March 2026

221,856

155,814

Total

$187,960


(1)	Purchase price is inclusive of closing costs.

The following table summarizes the purchase price allocation of the properties acquired during the three months ended

March 31, 2026 and year ended December 31, 2025 ($ in thousands):


	March 31, 2026	December 31, 2025
Building and building improvements	$87,427	$15,584
Land and land improvements	57,942	16,562
In-place lease intangibles	8,773	—
Lease origination costs	5,587	—
Below-market lease intangibles	(3,915)	—
Total purchase price(1)	$155,814	$32,146


(1)	Purchase price is inclusive of closing costs.

Dispositions

During the three months ended March 31, 2026 and year ended December 31, 2025, the Company had no dispositions.

4. Investments in Unconsolidated Entities

The Company holds four investments in unconsolidated joint ventures that it has elected to account for using the FVO, as the

Company’s ownership interests in the joint ventures do not meet the requirements for consolidation. Each of the investments

are considered to be VIEs.

The following tables detail the Company’s investments in unconsolidated entities ($ in thousands):


	March 31, 2026
Investment	Segment	Number of Properties	Ownership Interest	Fair Value
Principal Place	Net Lease	1	20%	$93,041
U.S. Diversified Logistics Portfolio I(1)	Logistics	72	19%	63,717
U.S. Diversified Logistics Portfolio II(1)	Logistics	31	19%	16,587
The Avery(2)	Multifamily	1	2%	—
Total unconsolidated entities carried at fair value		105		$173,345


	December 31, 2025
Investment	Segment	Number of Properties	Ownership Interest	Fair Value
Principal Place	Net Lease	1	20%	$91,986
U.S. Diversified Logistics Portfolio I(1)	Logistics	72	19%	60,055
U.S. Diversified Logistics Portfolio II(1)	Logistics	31	19%	15,747
The Avery(2)	Multifamily	1	2%	—
Total unconsolidated entities carried at fair value		105		$167,788

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(1)	See Note 10 — “Related Party Transactions - Assignments of Limited Partnership Interest from Brookfield Affiliate” for further information regarding the Company’s limited partnership interests in the U.S. Diversified Logistics Portfolio I and the U.S. Diversified Logistics Portfolio II.
(2)	In December 2023, the Company acquired a 2% equity interest in The Avery, a condo and multifamily property located in San Francisco, California (“The Avery”), through an indirect interest in a joint venture that owns the property. The Company did not pay any consideration for its interest, which was granted to the Company by the borrower on the Company’s investments in The Avery Senior Loan (“The Avery Senior Loan”) and The Avery Mezzanine Loan (“The Avery Mezzanine Loan”). As of March 31, 2026 and December 31, 2025, the fair value of the Company’s equity interest in The Avery was zero.

The following table details the Company’s gain from unconsolidated entities ($ in thousands):


		Three Months Ended March 31,
Investment	Segment	2026	2025
Principal Place	Net Lease	$2,736	$1,356
U.S. Diversified Logistics Portfolio I	Logistics	3,108	7,762
U.S. Diversified Logistics Portfolio II	Logistics	840	—
The Avery	Multifamily	—	—
Total gain from unconsolidated entities, net		$6,684	$9,118

The following tables provide the combined summarized financial information of our unconsolidated entities as of the dates and

for the periods set forth below ($ in thousands):


Balance Sheets:	March 31, 2026	December 31, 2025
Total assets	$2,130,573	$2,147,382
Total liabilities	1,408,917	1,420,923

Brookfield REIT’s share of net equity	142,545	143,520
Adjustments to arrive at fair value	30,800	24,268
Total investments in unconsolidated entities	$173,345	$167,788


	Three Months Ended March 31,
Income Statements:	2026	2025
Total revenues	$35,010	$28,704
Net loss	(1,033)	(3,083)

Brookfield REIT’s share of net loss	(202)	$(617)
Adjustments to arrive at fair value	6,886	9,735
Total gain from unconsolidated entities	$6,684	$9,118

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5. Intangibles

The gross carrying amount and accumulated amortization of the Company’s intangible assets and liabilities consisted of the

following as of March 31, 2026 and December 31, 2025 ($ in thousands):


Intangible assets:	March 31, 2026	December 31, 2025
In-place lease intangibles	$37,360	$28,587
Lease origination costs	17,107	11,983
Tax intangibles	5,249	5,249
Above-market lease intangibles	114	114
Total intangible assets	59,830	45,933
Accumulated amortization:
In-place lease intangibles	$(7,221)	$(6,797)
Lease origination costs	(4,675)	(4,713)
Tax intangibles	(2,850)	(2,681)
Above-market lease intangibles	(77)	(73)
Total accumulated amortization	(14,823)	(14,264)
Intangible assets, net	$45,007	$31,669

Intangible liabilities:
Below-market lease intangibles	$(32,789)	$(28,873)
Accumulated amortization	5,778	5,429
Intangible liabilities, net	$(27,011)	$(23,444)

The weighted average amortization periods of the Company’s intangible assets is 147 months and intangible liabilities is 206

months.

As of March 31, 2026, the estimated future amortization of the Company’s intangibles for each of the next five years and

thereafter is as follows ($ in thousands):


	In-place Lease Intangibles	Above-market Lease Intangibles	Other Intangibles	Below-market Lease Intangibles
2026 (remaining)	$1,706	$14	$1,729	$(1,242)
2027	2,179	7	2,220	(1,651)
2028	2,096	5	1,778	(1,651)
2029	2,046	5	1,580	(1,651)
2030	2,040	6	1,495	(1,651)
2031	2,014	—	1,405	(1,651)
Thereafter	18,058	—	4,624	(17,514)
Total	$30,139	$37	$14,831	$(27,011)

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6. Investments in Real Estate-Related Loans and Securities

The following table summarizes the components of investments in real estate-related loans and securities as of March 31, 2026

and December 31, 2025 ($ in thousands):


	March 31, 2026	December 31, 2025
Real estate-related securities	$62,011	$56,033
Real estate-related loans	36,479	45,023
Derivative assets related to investments in real estate-related securities	29	—
Derivative liabilities related to investments in real estate-related securities	—	(3)
Total investments in real estate-related loans and securities	$98,519	$101,053

The Company’s investments in real estate-related securities consist of commercial mortgage-backed securities (“CMBS”),

residential mortgage-backed securities (“RMBS”), and cross currency forward contracts related to its investments in real estate

related securities.

The following tables detail the Company’s investments in real estate-related loans and securities as of March 31, 2026 and

December 31, 2025 ($ in thousands):


	March 31, 2026
Type of Loan/Security	Number of Positions	Weighted Average Coupon(1)	Weighted Average Maturity Date(2)	Face Amount	Cost Basis/ Allowance Adjustment (3)	Carrying Amount
Investments held at fair value
CMBS - floating	10	SOFR + 3.48%	March 2028	$36,265	$33,485	$34,977
CMBS - fixed	4	4.56%	November 2026	23,413	20,650	5,140
RMBS - fixed	10	4.69%	June 2029	22,193	21,828	21,894
Cross currency forward contracts	1	N/A	April 2026	—	—	29
Total investments held at fair value	25	5.75%	February 2028	$81,871	$75,963	$62,040

Investments held at amortized cost
Real estate-related loans - fixed	3	9.92%	May 2028	41,050	(4,571)	36,479
Total investments held at amortized cost	3	9.92%	May 2028	$41,050	$(4,571)	$36,479

Total investments in real estate-related loans and securities	28	7.14%	March 2028	$122,921	$71,392	$98,519

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December 31, 2025

Type of Loan/Security

Number

Positions

Weighted

Average

Coupon(1)

Weighted

Average

Maturity Date(2)

Face

Amount

Cost Basis/

Allowance

Adjustment

(3)

Carrying

Amount

Investments held at fair value

BROOKFIELD REAL ESTATE INCOME TRUST INC. 10-Q