2024 Highlights Operating Results:
• Declared monthly net distributions totaling $494.3 million for the year ended December 31, 2024. The details of the average annualized distribution rates and total returns are shown in the following table:
Class T Shares
Class S Shares
Class D Class I
Shares
Shares
Average Annualized Distribution Rate
4.8% 4.8% 5.6% 5.7%
Year-to-Date Total Return, without upfront selling commissions and dealer manager fees Annualized Inception-to-Date Total Return, without upfront selling commissions and dealer manager fees Annualized Inception-to-Date Total Return, assuming full upfront selling commissions and dealer manager fees
(0.6%)
(0.7%)
(0.1%)
0.2%
6.1% 6.0% 6.4% 6.8%
5.5% 5.4% 6.1% N/A
Disposition Activity: •
Sold seven industrial properties, two hotel properties, one net-lease property, and 83 single-family rental units for total net proceeds of $204.9 million during the year ended December 31, 2024.
Financing Activity:
• Received net borrowings of $454.5 million from our unsecured line of credit during the year ended December 31, 2024. • Entered into a senior secured revolving credit facility agreement with a total borrowing capacity of $150.0 million during the year ended December 31, 2024. The senior secured revolving credit facility agreement matures in January 2026, at which time we may request an additional one-year extension thereafter. Interest under the senior secured revolving credit facility is determined based on one-month U.S. dollar denominated Secured Overnight Financing Rate (“SOFR”) plus 2.5%. During the year ended December 31, 2024, no amounts were borrowed under this senior secured revolving credit facility.
Portfolio
Summary of Portfolio
The following chart outlines the percentage of our assets across investments in real estate and our investment in a real estate loan based on fair value as of December 31, 2024:
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