Perpetual-life NAV REIT acquiring a diversified portfolio of income-producing U.S. commercial and multifamily real estate and real estate debt (target ≥80% properties/debt, ≤20% real estate-related securities), sourcing through Cantor and Newmark. Earns rental income and NAV growth; since 2025 it has pivoted toward multifamily (51% of fair value at 8/31/2026) by acquiring controlling interests in sponsor-syndicated DSTs for OP units, while disposing of industrial assets. No sector or geographic allocation limits are set.