Perpetual-life NAV REIT that acquires high-quality, stabilized U.S. real estate for current income and NAV appreciation, with a smaller sleeve of listed REIT equity, preferred and real estate debt securities for income and repurchase liquidity. Investments are made through programmatic joint ventures with specialized operators (The Sterling Organization; Phillips Edison & Company). Targets include shopping centers, medical office, Sunbelt office, multifamily and select service hotels; the portfolio to date is entirely community and grocery-anchored open-air retail (11 properties at 6/30/2026).