Perpetual-life, non-traded NAV REIT investing primarily in stabilized, income-oriented U.S. commercial real estate (industrial, multifamily, student housing, medical office, office, self-storage, grocery-anchored retail, manufactured housing), with a smaller sleeve of private real estate credit and liquid real estate securities held for income and repurchase liquidity. Targets at least 80% of assets in properties, private RE debt and operating companies and up to 20% in securities; no sector or geographic allocation limits. Aims to earn rental income and NAV growth.