0000950170-24-124023 | 10-Q | XBRL Viewer | JP Morgan Real Estate Income Trust INC

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Mortgage Notes, Credit Facility and Repurchase Facility

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Mortgage Notes, Credit Facility and Repurchase Facility

8. Mortgage Notes, Credit Facility and Repurchase Facility

Mortgage notes

The following is a summary of the mortgage notes secured by the Company’s properties ($ in thousands):


					Principal Balance Outstanding
Indebtedness	Interest Rate			Maturity Date	September 30, 2024			December 31, 2023
Caroline West Gray		5.44	%	12/1/2029	$	45,911		$	45,911
Caroline Post Oak		5.44	%	12/1/2029		40,528			40,528
Coda on Centre		4.28	%	5/1/2029		28,528			28,907
6200 Bristol(1)	SOFR + 2.05%			4/1/2029		10,000			—
Total loans secured by real estate						124,967			115,346
Deferred financing costs, net						(1,203	)		(1,030	)
Mortgage discount, net						(637	)		(739	)
Mortgage notes, net					$	123,127		$	113,577

(1) The Company entered into a non-hedge interest rate swap on April 2, 2024, which fixed the rate at 6.26%.

On April 2, 2024, a wholly owned subsidiary of the Company closed on a five year, $10.0 million loan secured by 6200 Bristol. The loan carries an interest rate of SOFR plus 2.05%. In conjunction with the loan transaction, the Company entered into an interest rate swap which fixed the interest rate at 6.26%.

The following table details the future principal payments due under the Company’s mortgage notes as of September 30, 2024 ($ in thousands):


Year	Mortgage Notes
2024 (remainder)	$	131
2025		536
2026		560
2027		585
2028		635
Thereafter		122,520
Total future principal payments	$	124,967

Credit Facility

During the year ended December 31, 2022, the Company, as initial guarantor, and the Operating Partnership, as initial borrower, entered into a credit agreement (“Credit Facility”) with U.S. Bank National Association (“U.S. Bank”). The Credit Facility provided for aggregate commitments of up to $65 million for secured revolving loans and letter of credit issuances, with an accordion feature pursuant to which the Operating Partnership may increase the aggregate commitments up to $150 million, subject to the satisfaction of certain conditions.

On August 25, 2023, the Credit Facility was amended to (i) extend the maturity date to August 29, 2024, (ii) decrease the aggregate commitments from up to $65 million to up to $8 million and (iii) increase the applicable margin to 2.45%. All other material terms of the Credit Facility remain the same.

Effective March 12, 2024, the Company executed and delivered a Facility Reduction Request (the "Facility Reduction Request") requesting a decrease in the maximum commitments of the Credit Facility to $0.0 million. The delivery of the Facility Reduction Request permanently reduced the aggregate commitments available under the Credit Facility. As of December 31, 2023, there was no outstanding balance under the Credit Facility. The Credit Facility terminated at maturity on August 29, 2024.

Repurchase Facility

On August 22, 2024, certain indirect subsidiaries of the Company (the “Sellers”) entered into a Master Repurchase Agreement (the “Repurchase Facility”) with U.S. Bank National Association (the “Buyer”). The Repurchase Facility provides for a maximum aggregate purchase price of $150 million and has a three-year term plus two, one-year extension options. Subject to the terms and conditions thereof, the Repurchase Facility provides for the purchase, sale and repurchase of senior mortgage loans and participation interests in performing senior mortgage loans satisfying certain conditions set forth in the Repurchase Facility.

Advances under the Repurchase Facility accrue interest at a per annum rate equal to the Term SOFR Base Rate (as defined in the Repurchase Facility) for a one-month period plus a margin as agreed upon by the Buyer and Seller for each transaction. The Repurchase Facility contains affirmative and negative covenants and provisions regarding events of default that are normal and customary for similar repurchase facilities. The Operating Partnership has agreed to provide a limited guarantee of the obligations of the Sellers under the Repurchase Facility.

Borrowings from the Repurchase Facility were used to originate the Commercial Mortgage Loan (see Note 5).

The Company’s borrowings from the Repurchase Facility as of September 30, 2024 are detailed in the following table ($ in thousands):


	Maximum Facility Size		Borrowings Outstanding			Interest Rate	Maturity Date
Repurchase Agreement	$	150,000	$	46,800		SOFR(1) + 1.80%	8/22/2027
Less: Unamortized deferred financing costs				(470	)
	$	150,000	$	46,330

(1) SOFR was 4.85% and 5.35% on September 30, 2024 and December 31, 2023, respectively.

The following table details the future principal payments due under the Company’s Repurchase Facility as of September 30, 2024 ($ in thousands):


Year	Secured financings
2024 (remainder)	$	—
2025		—
2026		—
2027		46,800
2028		—
Thereafter		—
Total future principal payments	$	46,800

The Company is subject to various financial and operational covenants under certain of its mortgage notes and the Repurchase Facility. These covenants require the Company to maintain certain financial ratios, which may include leverage, debt yield, and debt service coverage, among others. As of September 30, 2024, the Company was in compliance with all of its loan covenants that could result in a default under such agreements.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Segment Reporting - Additional Information (Details)	9 Months Ended
Segment Reporting - Additional Information (Details)	Sep. 30, 2024 Segment
Segment Reporting [Abstract]
Number of reportable segments	5

Commitments and Contingencies	9 Months Ended
Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	17. Commitments and Contingencies Litigation From time to time, the Company may be involved in various claims and legal actions arising in the ordinary course of business. As of September 30, 2024, the Company was not involved in any material legal proceedings.

Commitments and Contingencies

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

17. Commitments and Contingencies

Litigation

From time to time, the Company may be involved in various claims and legal actions arising in the ordinary course of business. As of September 30, 2024, the Company was not involved in any material legal proceedings.

Investments in Real Estate Debt - Summary of Company Investments In Real Estate Debt (Details) $ in Thousands	Sep. 30, 2024 USD ($) Company	Aug. 26, 2024 USD ($)	Dec. 31, 2023 USD ($) Company
Debt and Equity Securities, FV-NI [Line Items]
Investment, Variable Interest Rate, Type [Extensible Enumeration]	Secured Overnight Financing Rate (SOFR) [Member]
Mezzanine Loan
Debt and Equity Securities, FV-NI [Line Items]
Number of Positions \| Company \| Company	1		1
Maturity Date	Sep. 09, 2025		Sep. 09, 2025
Cost Basis	$ 16,825		$ 16,825
Fair Value	$ 16,825		$ 16,825
Coupon Spread	5.22%		5.22%
Investment, Variable Interest Rate, Type [Extensible Enumeration]	Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]		Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Commercial Mortgage Loan
Debt and Equity Securities, FV-NI [Line Items]
Number of Positions \| Company \| Company	1
Maturity Date	Sep. 05, 2026	Sep. 05, 2026
Cost Basis	$ 62,400	$ 62,400
Fair Value	$ 62,400
Coupon Spread	2.65%
Investment, Variable Interest Rate, Type [Extensible Enumeration]	Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Total Investments in Real Estate Debt
Debt and Equity Securities, FV-NI [Line Items]
Number of Positions \| Company \| Company	2		2
Cost Basis	$ 79,225		$ 16,825
Fair Value	$ 79,225		$ 16,825

Investments in Real Estate-Related and Other Securities - Summary of Income Recognized from Investments in Real Estate-related and Other Securities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Debt and Equity Securities, FV-NI [Line Items]
Total income (loss) from investments in real estate-related and other securities	$ 1,524	$ 447	$ 2,415	$ 1,287
CMBS Investments Real Estate And Other Securities
Debt and Equity Securities, FV-NI [Line Items]
Interest income	7	76	18	208
Unrealized gain		260		80
Realized loss		(654)		(654)
Total income (loss) from investments in real estate-related and other securities	$ 7	$ (318)	$ 18	$ (366)

- Definition

Amount of operating interest income, including, but not limited to, amortization and accretion of premiums and discounts on securities.

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+ Details

Equity - Schedule of Aggregate Distributions Declared for Shares of Each Applicable Class of Common Stock (Parenthetical) (Details) $ in Millions	Sep. 30, 2024 USD ($)
Equity [Abstract]
Stockholder servicing fees	$ 1.0

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net loss	$ (7,904)	$ (11,277)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	7,078	6,044
Amortization of above-market leases	238	59
Amortization of below-market leases	(147)	(89)
Amortization of deferred financing costs	274	570
Stock based compensation	75	69
Realized gain/(loss) on sale of real estate related and other securities and derivative instruments	(391)	654
Unrealized loss on real estate-related and other securities and derivative instruments	909	129
Redemption value adjustment on mandatorily redeemable instruments	2,613	4,138
Change in assets and liabilities:
Increase in other assets	(1,511)	(280)
Increase in due to affiliates	2,669	3,212
Increase/(decrease) in accounts payable, accrued expenses and other liabilities	446	(2,307)
Net cash provided by operating activities	4,349	922
Cash flows from investing activities:
Acquisitions of real estate	(69,652)	(67,312)
Capital Improvements on real estate	(1,021)	(891)
Origination of real estate debt	(62,400)
Deposits on real estate acquisitions		(3,054)
Return of deposits on real estate acquisition		1,800
Variation margin proceeds (payments)	23	(249)
Proceeds from real estate-related and other securities	840	4,438
Purchases of real estate-related and other securities	(885)	(5,332)
Net cash used in investing activities	(133,095)	(70,600)
Cash flows from financing activities:
Proceeds from issuance of common stock, net of offering costs paid	73,952	82,869
Repurchase of common stock	(503)	(99)
Proceeds from issuance of mandatorily redeemable instruments		47,157
Contributions from non-controlling interests	10
Distributions paid on common stock	(3,504)	(1,551)
Distributions to non-controlling interests	(36)	(86)
Repayments of credit facility		(40,200)
Payment of deferred financing costs on secured credit facility		(29)
Proceeds from mortgage notes	10,000
Proceeds from repurchase facility	46,800
Principal repayments of mortgage notes	(379)	(366)
Payment of deferred financing costs on mortgage notes and repurchase facility	(185)	(7)
Net cash provided by financing activities	126,155	87,688
Net change in cash, cash equivalents and restricted cash:	(2,591)	18,010
Cash, cash equivalents and restricted cash, at the beginning of the period	32,683	5,788
Cash, cash equivalents and restricted cash, at the end of the period	30,092	23,798
Reconciliation of cash, cash equivalents and restricted cash to the Consolidated Balance Sheets:
Cash and cash equivalents	29,425	23,601
Restricted cash	667	197
Total cash, cash equivalents and restricted cash	30,092	23,798
Supplemental disclosure of cash flow information:
Cash paid for interest	4,854	5,274
Supplemental disclosure of non-cash investing and financing activities:
Assumption of working capital in conjunction with acquisition of real estate	108	1,568
Accrued loan and offering costs due to affiliate	1,391	792
Accrued distributions	253	312
Distribution re-investments	1,751	340
Reclassification of deposits on real estate to investments in real estate, net	9,072	6,748
Accrued stockholder servicing fee due to affiliate	933	$ 37
Non-controlling interest deemed contributions to investment in real estate, net	2,422
Accrued redemptions	$ 689

Earnings Per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Share

14. Earnings Per Share

The Company's net loss and weighted-average number of shares outstanding for the three and nine months ended September 30, 2024 and 2023 consists of the following ($ and shares in thousands):


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2024			2023			2024			2023
Net loss attributable to JPMREIT stockholders	$	(2,653	)	$	(2,188	)	$	(7,858	)	$	(11,188	)
Weighted-average shares of common stock outstanding, basic and diluted		18,655			9,488			16,448			6,860

The calculation of basic and diluted net loss per share amounts for the three and nine months ended September 30, 2024 and 2023 consists of the following ($ and shares in thousands except per-share numbers):


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2024			2023			2024			2023
Basic and Diluted Net Loss per Share Attributable to JPMREIT Stockholders
Numerator:
Net loss attributable to JPMREIT stockholders	$	(2,653	)	$	(2,188	)	$	(7,858	)	$	(11,188	)
Denominator:
Weighted-average shares of common stock outstanding		18,655			9,488			16,448			6,860
Basic and diluted net loss per share of common stock	$	(0.14	)	$	(0.23	)	$	(0.48	)	$	(1.63	)

For the three and nine months ended September 30, 2024 and 2023, unvested Class E common shares awarded to the Company's independent directors are excluded from the calculation of diluted earnings per share as the inclusion of such potential common shares in the calculation would be anti-dilutive. There were no other potentially dilutive, unvested common shares for the three and nine months ended September 30, 2024 and 2023.

Investments in Real Estate Debt - Summary of Company Investments In Real Estate Debt (Parenthetical) (Details)	Sep. 30, 2024	Dec. 31, 2023
Debt and Equity Securities, FV-NI [Line Items]
Investment, Variable Interest Rate, Type [Extensible Enumeration]	Secured Overnight Financing Rate (SOFR) [Member]
Mezzanine Loan
Debt and Equity Securities, FV-NI [Line Items]
Interest rate	4.85%	5.35%
Investment, Variable Interest Rate, Type [Extensible Enumeration]	Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]	Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Commercial Mortgage Loan
Debt and Equity Securities, FV-NI [Line Items]
Interest rate	4.85%
Investment, Variable Interest Rate, Type [Extensible Enumeration]	Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]

- Definition

Rate of interest on investment.

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-Subparagraph (SX 210.12-14(Column A)(Footnote 2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column A)(Footnote 4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column A)(Footnote 3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column A)(Footnote 4)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column A)(Footnote 3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

+ Details

Other Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2024

Other Assets and Liabilities [Abstract]

Components of Other Assets

The following table summarizes the components of other assets ($ in thousands):


	September 30, 2024		December 31, 2023
Tenant receivables	$	461	$	221
Acquisition costs		—		146
Prepaid expenses		748		170
Interest receivable		428		114
Straight-line rent receivable		763		342
Other		16		73
Total	$	2,416	$	1,066

Components of Accounts Payable, Accrued Expenses and Other Liabilities

The following table summarizes the components of accounts payable, accrued expenses and other liabilities ($ in thousands):


	September 30, 2024		December 31, 2023
Real estate taxes payable	$	643	$	—
Accrued expenses		2,366		1,214
Accounts payable		54		152
Distributions payable(1)		1,080		832
Tenant security deposits		642		1,405
Other		1,353		101
Total	$	6,138	$	3,704

(1) Included in distributions payable is $0.4 million and $0.4 million as of September 30, 2024 and December 31, 2023, respectively, relating to distributions declared on Class E units and Class E shares held by the Adviser.

Related Party Transactions - Additional Information (Details) - USD ($)			3 Months Ended		9 Months Ended		12 Months Ended
	Jul. 22, 2024	Sep. 02, 2022	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Management fees			$ 300,000	$ 100,000	$ 700,000	$ 200,000
Accrued performnce participation allocation			200,000	100,000	600,000	200,000
Stockholder servicing fees			1,000,000		1,000,000
Held in money market fund			25,600,000		25,600,000
Period for reimbursement of advance expenses	60 months
Amount reimbursed to adviser			300,000		$ 300,000
Period for reimbursement of operating expenses					60 months
Operating expenses			$ 7,443,000	$ 4,131,000	$ 17,912,000	$ 13,144,000
Class D Shares
Related Party Transaction [Line Items]
Management fee equal to percentage of net asset value per annum.			1.00%		1.00%
Class I Shares
Related Party Transaction [Line Items]
Management fee equal to percentage of net asset value per annum.			1.00%		1.00%
Class S Shares
Related Party Transaction [Line Items]
Management fee equal to percentage of net asset value per annum.			1.00%		1.00%
Class T Shares
Related Party Transaction [Line Items]
Management fee equal to percentage of net asset value per annum.			1.00%		1.00%
Class X Shares
Related Party Transaction [Line Items]
Management fee equal to percentage of net asset value per annum.			0.75%		0.75%
Class Y Shares
Related Party Transaction [Line Items]
Management fee equal to percentage of net asset value per annum.			0.75%		0.75%
Class E Operating Partnership Unit
Related Party Transaction [Line Items]
Sale of operating partnership units			0		0		9,000,000
Sale of operating partnership units for exchange of investment							$ 94,200,000
Distribution payable			$ 400,000		$ 400,000
Class X and Y units of Operating Partnership
Related Party Transaction [Line Items]
Related party allocation percentage of annual total return					10.00%
Annual hurdle percentage					7.00%
Annual catch-up percentage					50.00%
Class E Units and Class E Shares
Related Party Transaction [Line Items]
Distribution payable			$ 400,000		$ 400,000
Tennessee Facility
Related Party Transaction [Line Items]
Mezzanine loan		$ 26,800,000
Adviser \| Common Stock Class E
Related Party Transaction [Line Items]
Sale of operating partnership units			0		0		500,000
Sale of operating partnership units for exchange of investment							$ 5,800,000
Adviser \| Tennessee Facility
Related Party Transaction [Line Items]
Mezzanine loan		$ 10,000,000
Limited Partnership Agreement of JPMREIT
Related Party Transaction [Line Items]
Stockholder servicing fees			$ 1,000,000		$ 1,000,000
Organization and offering costs			7,200,000		7,200,000		6,700,000
NAV to reimburse operating expenses			$ 500,000,000		500,000,000
Operating expenses					$ 10,600,000		$ 7,900,000
Limited Partnership Agreement of JPMREIT \| Primary Offering \| Class D Shares
Related Party Transaction [Line Items]
Upfront selling commissions maximum percentage.			1.50%		1.50%
Annual stockholder servicing fee percentage			0.25%		0.25%
Limited Partnership Agreement of JPMREIT \| Primary Offering \| Class D Shares \| Maximum
Related Party Transaction [Line Items]
Annual stockholder servicing fee percentage			8.75%		8.75%
Limited Partnership Agreement of JPMREIT \| Primary Offering \| Class I Shares
Related Party Transaction [Line Items]
Upfront dealer manager fees maximum					$ 0
Annual stockholder servicing fee percentage			0.00%		0.00%
Limited Partnership Agreement of JPMREIT \| Primary Offering \| Class S Shares
Related Party Transaction [Line Items]
Upfront selling commissions maximum percentage.			3.50%		3.50%
Annual stockholder servicing fee percentage			0.85%		0.85%
Limited Partnership Agreement of JPMREIT \| Primary Offering \| Class S Shares \| Maximum
Related Party Transaction [Line Items]
Annual stockholder servicing fee percentage			8.75%		8.75%
Limited Partnership Agreement of JPMREIT \| Primary Offering \| Class T Shares
Related Party Transaction [Line Items]
Upfront selling commissions maximum percentage.			3.00%		3.00%
Upfront Dealer Manager Fees Maximum Percentage			0.50%		0.50%
Annual stockholder servicing fee percentage			0.85%		0.85%
Limited Partnership Agreement of JPMREIT \| Primary Offering \| Class T Shares \| Maximum
Related Party Transaction [Line Items]
Upfront selling commissions and dealer manager fee percentage			3.50%		3.50%
Annual stockholder servicing fee percentage			8.75%		8.75%
Limited Partnership Agreement of JPMREIT \| Primary Offering \| Class X Shares
Related Party Transaction [Line Items]
Upfront dealer manager fees maximum					$ 0
Annual stockholder servicing fee percentage			0.00%		0.00%
Limited Partnership Agreement of JPMREIT \| Primary Offering \| Class Y Shares
Related Party Transaction [Line Items]
Annual stockholder servicing fee percentage			0.85%		0.85%
Limited Partnership Agreement of JPMREIT \| Primary Offering \| Class Y Shares \| Maximum
Related Party Transaction [Line Items]
Annual stockholder servicing fee percentage			8.75%		8.75%
Limited Partnership Agreement of JPMREIT \| Primary Offering \| Class E Common Stock [Member]
Related Party Transaction [Line Items]
Annual stockholder servicing fee percentage			0.00%		0.00%
Limited Partnership Agreement of JPMREIT \| Private offering \| Class Y Shares
Related Party Transaction [Line Items]
Upfront selling commissions maximum percentage.			3.50%		3.50%
Limited Partnership Agreement of JPMREIT \| Class D, I, S and T Units of Operating Partnership
Related Party Transaction [Line Items]
Related party allocation percentage of annual total return					12.50%
Annual hurdle percentage					5.00%

Mortgage Notes, Credit Facility and Repurchase Facility - Summary of the Mortgage Notes Secured by Properties and Repurchase Facility (Details) - USD ($)
$ in Thousands

9 Months Ended

Sep. 30, 2024

Aug. 22, 2024

Apr. 02, 2024

Dec. 31, 2023

Debt Instrument [Line Items]

Interest Rate

4.85%

5.35%

Mortgage notes, net

$ 123,127

$ 113,577

Long-Term Debt

$ 171,767

115,346

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Repurchase Facility

Debt Instrument [Line Items]

Interest Rate

^[1]

1.80%

Maturity Date

Aug. 22, 2027

Maximum Facility Size

$ 150,000

Long-Term Debt

^[2]

$ 46,800

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]

Commercial Mortgage Loan

Debt Instrument [Line Items]

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]

Commercial Mortgage Loan | Repurchase Facility

Debt Instrument [Line Items]

Total loans secured by real estate

$ 46,800

Unamortized deferred financing costs

(470)

Long-Term Debt

46,330

Mortgage notes

Debt Instrument [Line Items]

Total loans secured by real estate

124,967

115,346

Deferred financing costs, net

(1,203)

(1,030)

Mortgage discount, net

(637)

(739)

Mortgage notes, net

123,127

113,577

Long-Term Debt

$ 124,967

Mortgage notes | Caroline West Gray

Debt Instrument [Line Items]

Interest Rate

5.44%

Maturity Date

Dec. 01, 2029

Total loans secured by real estate

$ 45,911

45,911

Mortgage notes | Caroline Post Oak

Debt Instrument [Line Items]

Interest Rate

5.44%

Maturity Date

Dec. 01, 2029

Total loans secured by real estate

$ 40,528

40,528

Mortgage notes | Coda on Centre

Debt Instrument [Line Items]

Interest Rate

4.28%

Maturity Date

May 01, 2029

Total loans secured by real estate

$ 28,528

$ 28,907

Mortgage notes | 6200 Bristol

Debt Instrument [Line Items]

Interest Rate

2.05%

^[3]

2.05%

Maturity Date

^[3]

Apr. 01, 2029

Total loans secured by real estate

$ 10,000

^[3]

$ 10,000

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]

[1]	(1) SOFR was 4.85% and 5.35% on September 30, 2024 and December 31, 2023, respectively.
[2]	Carrying value excludes deferred financing costs and discounts.
[3]	The Company entered into a non-hedge interest rate swap on April 2, 2024, which fixed the rate at 6.26%.

Leases

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Leases

11. Leases

Lessor

The Company’s rental revenue primarily consists of rent earned from operating leases at the Company’s multifamily, single-family rental, retail and net lease industrial properties. Leases at the Company’s retail and industrial properties include a fixed base rent, and a variable rent component that consists of the reimbursement of operating expenses such as real estate taxes, insurance, and common area maintenance costs. Rental revenue earned from leases at the Company’s multifamily and single-family properties primarily consist of a fixed base rent, and certain leases contain a variable component that allows for the pass-through of certain operating expenses such as utilities.

The leases at the Company’s net lease retail and industrial properties are longer-term and contain extension and termination options at the lessee’s election. The leases do not have material variable payments, material residual value guarantees or material restrictive covenants. Leases at the Company’s multifamily and single-family rental properties are short-term in nature, generally not greater than 12 months in length, and therefore not included in the tables below.

The following table details the components of operating lease income from the Company's retail and industrial properties ($ in thousands).


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Fixed lease payments	$	2,016	$	958	$	4,684	$	1,401
Total fixed lease payments	$	2,016	$	958	$	4,684	$	1,401

The following table presents the future minimum rents the Company expects to receive from its retail and industrial properties as of September 30, 2024 ($ in thousands).


Year	Amount
2024 (remainder)	$	2,026
2025		8,130
2026		8,272
2027		8,386
2028		8,171
Thereafter		28,929
Total	$	63,914

Organization and Business Purpose - Additional Information (Details)	9 Months Ended
	Sep. 30, 2024 Property Industry Segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of owned in real estate properties	7
Number of owned single family rental properties	1
Number of retail property	1
Number of real estate debt investments	2
Number of owned in industrial property \| Industry	2
Number of owned in multifamily property	3
Number of reportable segments \| Segment	5

Mortgage Notes, Credit Facility and Repurchase Facility - Summary of the Mortgage Notes Secured by Properties and Repurchase Facility (Parenthetical) (Details)	Sep. 30, 2024	Apr. 02, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Interest Rate	4.85%		5.35%
Investment, Variable Interest Rate, Type [Extensible Enumeration]	Secured Overnight Financing Rate (SOFR) [Member]
Interest rate swap - mortgage notes \| 6200 Bristol
Debt Instrument [Line Items]
Interest Rate		6.26%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
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-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69F

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Name Accounting Standards Codification
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-Paragraph 1B
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 26: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 27: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

+ Details

Intangibles

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangibles

7. Intangibles

The gross carrying amount and accumulated amortization of the Company’s intangible assets and liabilities, not fully amortized, consisted of the following ($ in thousands):


	September 30, 2024			December 31, 2023
Intangible assets:
In-place lease intangibles	$	17,928		$	8,007
Above-market lease intangibles		2,174			2,037
Total intangible assets		20,102			10,044
Accumulated amortization:
In-place lease amortization		(1,848	)		(543	)
Above-market lease amortization		(370	)		(132	)
Total accumulated amortization		(2,218	)		(675	)
Intangible assets, net	$	17,884		$	9,369
Intangible liabilities:
Below-market lease intangibles	$	(3,159	)	$	(1,830	)
Accumulated amortization:
Below-market lease amortization		293			146
Intangible liabilities, net	$	(2,866	)	$	(1,684	)

The estimated future amortization on the Company’s intangibles for each of the next five years and thereafter as of September 30, 2024 is as follows ($ in thousands):


	In-place Lease Intangibles		Above-market Lease Intangibles		Below-market Lease Intangibles
2024 (remaining)	$	617	$	86	$	(69	)
2025		2,412		330		(274	)
2026		2,371		320		(274	)
2027		2,328		320		(274	)
2028		2,070		289		(273	)
Thereafter		6,282		459		(1,702	)
Total	$	16,080	$	1,804	$	(2,866	)

The in-place lease intangible amortization is recorded in depreciation and amortization while the above-market and below-market intangible amortization are recorded in rental revenue on the Company's Consolidated Statements of Operations.

The weighted-average amortization periods for the acquired in-place lease intangibles, above-market lease intangibles and below-market lease intangibles for the properties acquired during the nine months ended September 30, 2024 were 8.0 years, 3.1 years and 10.2 years, respectively.

Investments in Real Estate - Summary of Purchase Price Allocation for Properties Acquired (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Real Estate [Abstract]
Building and building improvements	$ 47,760
Land and land improvements	24,603
Furniture, fixtures and equipment	554
In-place lease intangibles	9,921
Above-market lease intangibles	137
Below-market lease intangibles	(1,329)
Total purchase price	81,646
Other acquisition costs	(459)
Deposit applied	(9,072)
Non-controlling interest deemed contributions	(2,422)
Net purchase price	$ 69,693

Investments in Real Estate-Related and Other Securities (Tables)

9 Months Ended

Sep. 30, 2024

Debt and Equity Securities, FV-NI [Line Items]

Summary of Investments in Real Estate-related and Other Securities

The following table details the Company’s investments in real estate debt ($ in thousands):


						September 30, 2024				December 31, 2023
Real Estate Debt	Number of Positions		Credit Rating	Coupon	Maturity Date	Cost Basis		Fair Value		Cost Basis		Fair Value
Mezzanine Loan		1	Not Rated	SOFR(1) + 5.22%	September 9, 2025	$	16,825	$	16,825	$	16,825	$	16,825
Commercial Mortgage Loan		1	Not Rated	SOFR(1) + 2.65%	September 5, 2026		62,400		62,400		—		—
Total investments in real estate debt		2				$	79,225	$	79,225	$	16,825	$	16,825

(1)SOFR was 4.85% and 5.35% on September 30, 2024 and December 31, 2023, respectively.

Summary of Income Recognized from Investments in Real Estate-related and Other Securities

The following table details the amounts recognized for the Company's investments in real estate-related and other securities ($ in thousands):


	For the Three Months Ended September 30,					For the Nine Months Ended September 30,
	2024		2023			2024		2023
Interest income	$	7	$	76		$	18	$	208
Unrealized gain		—		260			—		80
Realized loss		—		(654	)		—		(654	)
Total income (loss) from investments in real estate-related and other securities	$	7	$	(318	)	$	18	$	(366	)

CMBS

Debt and Equity Securities, FV-NI [Line Items]

Summary of Investments in Real Estate-related and Other Securities

The following table details the Company’s investments in real estate-related and other securities ($ in thousands):


			September 30, 2024						December 31, 2023
Real Estate-Related and Other Securities	Coupon	Maturity Date	Face Amount		Cost Basis		Fair Value		Face Amount		Cost Basis		Fair Value
U.S. Treasury(1)	N/A	March 14, 2024	$	—	$	—	$	—	$	420	$	409	$	416
U.S. Treasury(1)	N/A	October 29, 2024		480		472		478		—		—		—
Total real estate-related and other securities			$	480	$	472	$	478	$	420	$	409	$	416

(1) Includes $0.5 million of securities pledged as collateral related to the Treasury note futures contracts.

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Schedule of Estimated Useful Lives of Assets

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
Buildings		31-40 years
Site improvements - buildings and land		4-20 years
Furniture, fixtures and equipment		6-15 years
Lease intangibles		Over lease term

Schedule of company's assets and liabilities measured at fair value on a recurring basis

The following table details the Company’s assets and liabilities measured at fair value on a recurring basis ($ in thousands):


	September 30, 2024								December 31, 2023
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Investments in real estate debt	$	—	$	—	$	79,225	$	79,225	$	—	$	—	$	16,825	$	16,825
Investments in real estate-related and other securities		478		—		—		478		416		—		—		416
Treasury note futures contracts(1)		—		—		—		—		22		—		—		22
Total	$	478	$	—	$	79,225	$	79,703	$	438	$	—	$	16,825	$	17,263

Liabilities:
Mandatorily Redeemable Instruments	$	—	$	—	$	104,366	$	104,366	$	—	$	—	$	101,753	$	101,753
Treasury note futures contracts(2)		88		—		—		88		—		—		—		—
Interest rate swap(2)		—		432		—		432		—		—		—		—
Total	$	88	$	432	$	104,366	$	104,886	$	—	$	—	$	101,753	$	101,753

(1) Included in other assets, net on the Company's Consolidated Balance Sheets.

(2) Included in accounts payable, accrued expenses and other liabilities on the Company’s Consolidated Balance Sheets.

The following table details the Company’s assets and liabilities measured at fair value on a recurring basis using Level 3 inputs ($ in thousands):


	Investments in Real Estate Debt (asset)		Mandatorily Redeemable Instruments (liability)
Balance at December 31, 2023	$	16,825	$	101,753
Additions		62,400		—
Distributions declared		—		3,224
Reclassify to distributions payable/paid		—		(3,224	)
Redemption value adjustment		—		2,613
Balance at September 30, 2024	$	79,225	$	104,366

Schedule of quantitative inputs and assumptions

The following table contains the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy ($ in thousands):

           
          September 30, 2024

           
          Fair Value

          Valuation Technique

          Unobservable Inputs

          Weighted - Average Rate

          Impact to Valuation from an Increase in Input

          Assets:

Investments in real estate debt

79,225

Discounted cash flow

Market credit spread

SOFR(1) + 3.20%

Decrease

          Liabilities:

Mandatorily Redeemable Instruments(2)

104,366

Discounted cash flow

Discount rate/
Exit capitalization rate/Market yield

50%/  
75%/  
02%

Decrease

(1) "SOFR" refers to the Secured Overnight Financing Rate which was 4.85% at September 30, 2024.

(2) Mandatorily Redeemable Instruments are carried at the NAV of the Class E units and Class E shares, which is determined monthly in accordance with the Company's valuation guidelines.

Schedule of Carrying Value and Fair Value of Financial Instruments

The following table presents the carrying value and fair value of financial instruments that are not carried at fair value on the Consolidated Balance Sheets:


	September 30, 2024				December 31, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value
Mortgage notes(1)	$	124,967	$	125,026	$	115,346	$	113,516
Repurchase facility(1)		46,800		46,800		—		—
Total	$	171,767	$	171,826	$	115,346	$	113,516

(1) Carrying value excludes deferred financing costs and discounts.

Capitalization

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Capitalization

2. Capitalization

The Company filed a Registration Statement on Form S-11 (the “Registration Statement”) to register with the Securities and Exchange Commission (the "SEC") an offering of up to $5.0 billion in shares of common stock, consisting of up to $4.0 billion in shares in its primary offering and up to $1.0 billion in shares pursuant to its distribution reinvestment plan (the “Offering, and together with the Company’s private offerings described below, the “Offerings”). The Registration Statement was declared effective by the SEC on July 22, 2022. The Company is selling any combination of four classes of shares of its common stock, Class D shares, Class I shares, Class S shares and Class T shares, with a dollar value up to the maximum offering amount. The share classes have different upfront selling commissions and ongoing stockholder servicing fees. Until the Company issues any Class T shares, the initial per-share purchase price for the Company’s Class T shares is equal to the most recently determined net asset value (“NAV”) per share for the Class E common stock (“Class E shares”) sold in the Company’s private offering, plus, applicable upfront selling commissions and dealer manager fees. The purchase price per share for each class of the Company’s common stock will vary and will generally equal the prior month’s NAV per share for such class, as determined monthly, plus any applicable upfront selling commissions and dealer manager fees.

On November 15, 2021, the Company was capitalized with a $0.2 million investment by the Adviser in exchange for 20,000 shares of the Company’s Class E common stock. The Adviser has agreed to not sell, transfer or dispose of the shares to any party other than an affiliate of the Adviser for so long as the Adviser or its affiliate performs an advisory function for the Company.

Pursuant to a separate private offering whose commitments have been fully called, as of September 30, 2024, the Company had sold $67.9 million in Class E shares and $94.2 million in Class E units of the Operating Partnership (“Class E units”), including 0.5 million Class E shares and 9.0 million Class E units purchased by JPMIM (collectively, the “Initial Capitalization”). In addition, as of September 30, 2024, the Company sold $3.3 million in Class E shares to employees of the Adviser.

JPMIM has agreed to hold all of the Class E shares and Class E units it purchased as part of the Initial Capitalization (the “JPM Initial Capitalization”) until the earlier of (i) the first date that the Company’s NAV reaches $1.5 billion and (ii) July 22, 2025, the third anniversary of the commencement of the Offering. Following such date, each month the Company will repurchase, without further action by JPMIM (each, a “JPM Mandatory Repurchase”) (see Note 13), a number of Class E shares or Class E units from JPMIM in an amount equal to the amount available under the share repurchase plan’s 2% monthly and 5% quarterly caps after satisfying repurchase requests from investors who purchase shares pursuant to the Offering and other holders of shares that are otherwise subject to repurchase under the share repurchase plan, until such time as the JPM Initial Capitalization has been fully repurchased; provided, that the number of shares subject to each JPM Mandatory Repurchase may be reduced where other holders of Class E shares that were issued pursuant to the Initial Capitalization and are not subject to repurchase under the share repurchase plan request repurchase of their shares, in which case the Class E shares held by JPMIM and such other investors will be repurchased on a pro rata basis based on their respective percentage ownership in the Company immediately prior to such repurchase (not to exceed an aggregate number of shares equal to the amount available under the share repurchase plan’s 2% monthly and 5% quarterly caps). Notwithstanding the foregoing, the Company will not effect any JPM Mandatory Repurchase during any month in which the full amount of all shares requested to be repurchased by stockholders other than JPMIM under the share repurchase plan is not repurchased or when the share repurchase plan has been suspended.

In addition, subject to certain exceptions, where the shares of the Company’s common stock and Operating Partnership units owned by the Adviser, together with any such shares and units owned by the Adviser and its affiliates, including any shares or units issued in lieu of cash management fees payable to the Adviser or the performance participation payable to the Special Limited Partner (such aggregate ownership, the “JPM Interest”), represent a 24.99% or lesser interest in the Company, the Company will, or will cause the Operating Partnership to, automatically and without further action by the Adviser, repurchase or redeem, as applicable, an amount of shares or units from the Adviser as may be necessary to cause the JPM Interest to remain equal to or less than 24.99%. To the extent the Adviser elects to receive its management fee in shares of the Company’s common stock or Operating Partnership units, the Company may repurchase those shares or units without regard to the limitations described above or the early repurchase deduction.

On May 26, 2022, JPMIM’s Subscription Agreement dated February 23, 2022 for Class E shares or Class E units was amended to provide that, if the Company receives capital commitments from investors in the private placement of Class E shares exceeding $100 million (“Other Seed Investor Commitments”), JPMIM’s commitment may, in JPMIM’s discretion, be reduced by an amount equal to (i) the aggregate amount of Other Seed Investor Commitments, minus (ii) $100 million, provided that such reduction amount will not exceed $75 million. The amendment to the Subscription Agreement also provided that the expiration of the JPMIM commitment was August 23, 2023, which was the 18-month anniversary of the date of the Subscription Agreement; provided, that following such date JPMIM may, in its discretion, elect to purchase additional Class E shares or Class E units until the earlier to occur of (i) July 22, 2025, the three-year anniversary of the date that the Registration Statement was declared effective by the SEC and (ii) the date that the Company’s NAV is at least $1.5 billion.

On November 13, 2023, the Company filed Articles of Amendment (the "Articles of Amendment") to its Articles of Amendment and Restatement, dated June 2, 2022 (as supplemented, amended or amended and restated to date, the "Charter"), to increase the number of shares of capital stock the Company has authority to issue to 5.5 billion and the number of shares of common stock, par value $0.01 per share, that the Company has authority to issue to 5.4 billion. Immediately following the filing of the Articles of Amendment, the Company filed the Articles Supplementary to the Charter, pursuant to which the Company classified and designated 0.5 billion authorized but unissued shares of Class X common stock, par value $0.01 per share, and 0.6 billion authorized but unissued shares of Class Y common stock, par value $0.01 per share.

On April 16, 2024, the Company filed Articles Supplementary to the Charter pursuant to which the Company reclassified and designated 0.5 billion authorized but unissued Class X shares as shares of a new Class X common stock, $0.01 par value per share, and fixed the preferences, rights, powers, restrictions, limitations, qualifications, terms and conditions of the newly designated Class X shares.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Mandatorily Redeemable Instruments - Summary Of Mandatorily Redeemable Activity (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024
Redeemable Noncontrolling Interest [Line Items]
Redemption value adjustment	$ (1,200)	$ (2,600)
Adviser
Redeemable Noncontrolling Interest [Line Items]
Balance at the beginning of the year		101,753
Distributions declared		3,224
Reclassification to distributions payable/paid		(3,224)
Redemption value adjustment		2,613
Ending balance	$ 104,366	$ 104,366

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Summary Of Significant Accounting Policies [Line Items]
Deposits written off	$ 0	$ 0	$ 0	$ 0
Deposits on real estate					$ 9,072,000
Total assets	473,672,000		473,672,000		344,904,000
Total liabilities	302,345,000		302,345,000		235,437,000
Cash and cash equivalents	29,425,000	23,601,000	29,425,000	23,601,000	32,452,000
Impairment on long-lived assets to be held and used	$ 0	0	$ 0	0
Minimum REIT Distribution Percentage	90.00%		90.00%
Period for reimbursement of advance costs			60 months
Operating expenses	$ 7,443,000	4,131,000	$ 17,912,000	13,144,000
Period for reimbursement of operating expenses			60 months
Percentage of total amount of aggregate of repurchase	98.00%		98.00%
Investments in Real Estate Debt
Summary Of Significant Accounting Policies [Line Items]
Unrealized gain or loss on investment.	$ 0	$ 0	$ 0	$ 0
VIEs
Summary Of Significant Accounting Policies [Line Items]
Total assets	178,600,000		178,600,000		129,200,000
Total liabilities	$ 87,000,000		$ 87,000,000		$ 86,900,000
Common Stock Class D
Summary Of Significant Accounting Policies [Line Items]
Repurchase plan restriction limited to percentage of net asset value per month	2.00%		2.00%
Repurchase plan restriction limited to percentage of net asset value per quarter	5.00%		5.00%
Common Stock Class I
Summary Of Significant Accounting Policies [Line Items]
Repurchase plan restriction limited to percentage of net asset value per month	2.00%		2.00%
Repurchase plan restriction limited to percentage of net asset value per quarter	5.00%		5.00%
Common Stock Class S
Summary Of Significant Accounting Policies [Line Items]
Repurchase plan restriction limited to percentage of net asset value per month	2.00%		2.00%
Repurchase plan restriction limited to percentage of net asset value per quarter	5.00%		5.00%
Common Stock Class T
Summary Of Significant Accounting Policies [Line Items]
Repurchase plan restriction limited to percentage of net asset value per month	2.00%		2.00%
Repurchase plan restriction limited to percentage of net asset value per quarter	5.00%		5.00%
Common Stock Class E
Summary Of Significant Accounting Policies [Line Items]
Repurchase plan restriction limited to percentage of net asset value per month	2.00%		2.00%
Repurchase plan restriction limited to percentage of net asset value per quarter	5.00%		5.00%
Common Stock Class X
Summary Of Significant Accounting Policies [Line Items]
Repurchase plan restriction limited to percentage of net asset value per month	2.00%		2.00%
Repurchase plan restriction limited to percentage of net asset value per quarter	5.00%		5.00%
Common Stock Class Y
Summary Of Significant Accounting Policies [Line Items]
Repurchase plan restriction limited to percentage of net asset value per month	2.00%		2.00%
Repurchase plan restriction limited to percentage of net asset value per quarter	5.00%		5.00%
Adviser
Summary Of Significant Accounting Policies [Line Items]
Share repurchase plan, monthly	2.00%		2.00%
Share repurchase plan, quarterly	5.00%		5.00%
Future NAV threshold	$ 1,500,000,000		$ 1,500,000,000
Net asset value	$ 500,000,000		$ 500,000,000
Adviser \| Common Stock Class E
Summary Of Significant Accounting Policies [Line Items]
Share repurchase plan, monthly	2.00%		2.00%
Share repurchase plan, quarterly	5.00%		5.00%

Intangibles - Schedule of Gross Carrying Amount and Accumulated Amortization of Intangibles Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Total intangible assets	$ 20,102	$ 10,044
Total accumulated amortization	(2,218)	(675)
Intangible assets, net	17,884	9,369
Intangibles liabilities	(3,159)	(1,830)
Below-market lease amortization	293	146
Intangible liabilities, net	(2,866)	(1,684)
In-Place Lease Intangibles
Finite-Lived Intangible Assets [Line Items]
Total intangible assets	17,928	8,007
Total accumulated amortization	(1,848)	(543)
Intangible assets, net	16,080
Above-Market Lease Intangibles
Finite-Lived Intangible Assets [Line Items]
Total intangible assets	2,174	2,037
Total accumulated amortization	(370)	$ (132)
Intangible assets, net	$ 1,804

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Leases (Tables)

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Schedule of Components of Operating Lease Income from Industrial Property

The following table details the components of operating lease income from the Company's retail and industrial properties ($ in thousands).


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Fixed lease payments	$	2,016	$	958	$	4,684	$	1,401
Total fixed lease payments	$	2,016	$	958	$	4,684	$	1,401

Schedule of Future Minimum Rents Expects to Recieve from Industrial Property

The following table presents the future minimum rents the Company expects to receive from its retail and industrial properties as of September 30, 2024 ($ in thousands).


Year	Amount
2024 (remainder)	$	2,026
2025		8,130
2026		8,272
2027		8,386
2028		8,171
Thereafter		28,929
Total	$	63,914

Capitalization - Additional Information (Details) - USD ($)		3 Months Ended		9 Months Ended
	May 26, 2022	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Apr. 16, 2024	Dec. 31, 2023	Nov. 13, 2023	Jul. 06, 2022	Nov. 15, 2021
Schedule Of Capitalization [Line Items]
Common stock issued		$ 21,896,000	$ 28,628,000	$ 72,243,000	$ 82,084,000
Common stock par value								$ 0.01
Number of common stock and preferred stock shares, authorized		5,500,000,000		5,500,000,000				5,500,000,000
Common stock, shares authorized								5,400,000,000
Amendment to Subscription Agreement
Schedule Of Capitalization [Line Items]
Expiration date of subscription agreement	Aug. 23, 2023
Class E Shares
Schedule Of Capitalization [Line Items]
Common Stock, Shares, Issued		8,335,000		8,335,000			6,407,000
Common stock par value		$ 0.01		$ 0.01			$ 0.01
Common stock purchased				500,000
Number of common stock and preferred stock shares, authorized		600,000,000		600,000,000
Common stock, shares authorized		600,000,000		600,000,000			600,000,000
Class E Operating Partnership Unit
Schedule Of Capitalization [Line Items]
Common stock purchased				9,000,000
Class X Shares
Schedule Of Capitalization [Line Items]
Common stock par value						$ 0.01		$ 0.01
Common stock, shares authorized but unissued						500,000,000		500,000,000
Class Y Shares
Schedule Of Capitalization [Line Items]
Common stock par value								$ 0.01
Common stock, shares authorized but unissued								600,000,000
Adviser
Schedule Of Capitalization [Line Items]
Capitalized investment										$ 200,000
Net asset value		$ 1,500,000,000		$ 1,500,000,000
Share repurchase plan, monthly		2.00%		2.00%
Share repurchase plan, quarterly		5.00%		5.00%
Adviser \| Maximum
Schedule Of Capitalization [Line Items]
Maximum allowable ownership interest percentage		24.99%		24.99%
Adviser \| Amendment to Subscription Agreement
Schedule Of Capitalization [Line Items]
Net asset value	$ 1,500,000,000
Adviser \| Class E Shares
Schedule Of Capitalization [Line Items]
Common Stock, Shares, Issued										20,000
Common stock issued				$ 67,900,000
Adviser \| Common Stock Class E
Schedule Of Capitalization [Line Items]
Share repurchase plan, monthly		2.00%		2.00%
Share repurchase plan, quarterly		5.00%		5.00%
Adviser \| Common Stock Class E \| Amendment to Subscription Agreement
Schedule Of Capitalization [Line Items]
Capital commitments from investors	100,000,000
Maximum capital commitments	$ 75,000,000
Adviser \| Class E Operating Partnership Unit
Schedule Of Capitalization [Line Items]
Common stock issued				$ 94,200,000
Employees of Adviser \| Class E Shares
Schedule Of Capitalization [Line Items]
Common stock issued				$ 3,300,000
Primary Offering
Schedule Of Capitalization [Line Items]
Common stock, shares registered, amount									$ 5,000,000,000
Common stock, shares authorized, amount									4,000,000,000
Distribution Reinvestment Plan
Schedule Of Capitalization [Line Items]
Common stock, shares authorized, amount									$ 1,000,000,000

Investments in Real Estate (Tables)

9 Months Ended

Sep. 30, 2024

Real Estate [Abstract]

Schedule of Investments in Real Estate, Net

Investments in real estate, net consisted of the following ($ in thousands):


	September 30, 2024			December 31, 2023
Building and building improvements	$	249,662		$	201,033
Land and land improvements		101,530			76,912
Furniture, fixtures and equipment		3,880			3,265
Total		355,072			281,210
Accumulated depreciation		(11,495	)		(5,737	)
Investments in real estate, net	$	343,577		$	275,473

Summary of Property Acquired

The following table provides details of the properties acquired during the nine months ended September 30, 2024 ($ in thousands):


Property Type	Purchase Price(1)		Number of Transactions		Number of Properties		Sq. Ft. (in thousands)/Units
Single-family rental property(2)	$	32,768		4		1	90 units
Retail		48,878		1		1	100 sq. ft.
Total	$	81,646		5		2

(1) Purchase price is inclusive of acquisition-related costs.

(2) The 90 Fiore townhomes acquired in the nine months ended September 30, 2024 and the 36 Fiore townhomes acquired in 2023 are included as a single property.

Summary of Purchase Price Allocation for Properties Acquired

The following table details the purchase price allocation for the properties acquired during the nine months ended September 30, 2024 ($ in thousands):


	Amount
Building and building improvements	$	47,760
Land and land improvements		24,603
Furniture, fixtures and equipment		554
In-place lease intangibles		9,921
Above-market lease intangibles		137
Below-market lease intangibles		(1,329	)
Total purchase price		81,646
Other acquisition costs		(459	)
Deposit applied		(9,072	)
Non-controlling interest deemed contributions		(2,422	)
Net purchase price	$	69,693

Investments in Real Estate Debt

9 Months Ended

Sep. 30, 2024

Real Estate [Abstract]

Investments in Real Estate Debt

5. Investments in Real Estate Debt

The following table details the Company’s investments in real estate debt ($ in thousands):


						September 30, 2024				December 31, 2023
Real Estate Debt	Number of Positions		Credit Rating	Coupon	Maturity Date	Cost Basis		Fair Value		Cost Basis		Fair Value
Mezzanine Loan		1	Not Rated	SOFR(1) + 5.22%	September 9, 2025	$	16,825	$	16,825	$	16,825	$	16,825
Commercial Mortgage Loan		1	Not Rated	SOFR(1) + 2.65%	September 5, 2026		62,400		62,400		—		—
Total investments in real estate debt		2				$	79,225	$	79,225	$	16,825	$	16,825

(1)SOFR was 4.85% and 5.35% on September 30, 2024 and December 31, 2023, respectively.

On September 2, 2022, the Company acquired a $26.8 million mezzanine loan (the "Mezzanine Loan") and, concurrent with the acquisition, sold a $10 million pari passu participation interest to an affiliate of the Adviser. The sale of the participating interest met the criteria to be classified as an accounting sale, and not a financing, as the Company did not retain a controlling interest in the loan. The loan financed the acquisition of a garden-style multifamily property located in Murfreesboro, Tennessee. The Mezzanine Loan is an interest-only loan and was fully funded as of the acquisition date. The Mezzanine Loan had a stated maturity of September 7, 2024, which included up to three one-year extension options at the borrower’s request. On September 9, 2024, the borrower extended the Mezzanine Loan to September 9, 2025.

On August 26, 2024, the Company closed on a $62.4 million commercial mortgage loan (the “Commercial Mortgage Loan”) to finance the acquisition of Satori West Ashley, a 297-unit multifamily property located in Charleston, South Carolina. The Commercial Mortgage Loan has a stated maturity of September 5, 2026 and includes up to three one-year extension options. The Commercial Mortgage Loan was financed using proceeds from the Repurchase Facility (see Note 8).

The following table details the amounts recognized for the Company's investments in real estate debt ($ in thousands):


	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2024			2023			2024			2023
Interest income	$	1,527		$	450		$	2,424		$	1,293
Other income (expense), net		(3	)		(3	)		(9	)		(6	)
Total income from investments in real estate debt	$	1,524		$	447		$	2,415		$	1,287

Intangibles (Tables)

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Gross Carrying Amount and Accumulated Amortization of Intangibles Assets and Liabilities

The gross carrying amount and accumulated amortization of the Company’s intangible assets and liabilities, not fully amortized, consisted of the following ($ in thousands):


	September 30, 2024			December 31, 2023
Intangible assets:
In-place lease intangibles	$	17,928		$	8,007
Above-market lease intangibles		2,174			2,037
Total intangible assets		20,102			10,044
Accumulated amortization:
In-place lease amortization		(1,848	)		(543	)
Above-market lease amortization		(370	)		(132	)
Total accumulated amortization		(2,218	)		(675	)
Intangible assets, net	$	17,884		$	9,369
Intangible liabilities:
Below-market lease intangibles	$	(3,159	)	$	(1,830	)
Accumulated amortization:
Below-market lease amortization		293			146
Intangible liabilities, net	$	(2,866	)	$	(1,684	)

Schedule of Estimated Future Amortization Intangibles

The estimated future amortization on the Company’s intangibles for each of the next five years and thereafter as of September 30, 2024 is as follows ($ in thousands):


	In-place Lease Intangibles		Above-market Lease Intangibles		Below-market Lease Intangibles
2024 (remaining)	$	617	$	86	$	(69	)
2025		2,412		330		(274	)
2026		2,371		320		(274	)
2027		2,328		320		(274	)
2028		2,070		289		(273	)
Thereafter		6,282		459		(1,702	)
Total	$	16,080	$	1,804	$	(2,866	)

Summary of Significant Accounting Policies - Schedule of Quantitative Inputs and Assumptions (Parenthetical) (Details)	Sep. 30, 2024
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment, Variable Interest Rate, Type [Extensible Enumeration]	Secured Overnight Financing Rate (SOFR) [Member]
Investments in Real Estate Debt
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment in real estate debt, Weighted Average Rate	4.85%
Investment, Variable Interest Rate, Type [Extensible Enumeration]	Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]

- Definition

Rate of interest on investment.

+ References

+ Details

Investments in Real Estate-Related and Other Securities - Summary of Investments in Real Estate-related and Other Securities (Parenthetical) (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
U.S. Government Securities \| Pledged as collateral
Debt and Equity Securities, FV-NI [Line Items]
Securities	$ 0.5	$ 0.5

Segment Reporting

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Segment Reporting

15. Segment Reporting

The Company operates in five reportable segments: multifamily, industrial, single-family rental, retail and investments in real estate debt, real estate-related and other securities. The Company allocates resources and evaluates results based on the performance of each segment individually. The Company believes that segment net operating income is the key performance metric that captures the unique operating characteristics of each segment.

The following table details the total assets by segment ($ in thousands):


Segment	September 30, 2024		December 31, 2023
Multifamily	$	175,778	$	178,001
Industrial		94,572		96,066
Single-family rental		45,483		13,417
Retail		50,990		—
Investments in real estate debt, real estate-related and other securities		80,433		17,563
Other (corporate)		26,416		39,857
Total assets	$	473,672	$	344,904

The following table details the financial results by segment for the three months ended September 30, 2024 ($ in thousands):


	Multifamily			Industrial			Single-family rental			Retail			Investments in real estate debt, real estate-related and other securities			Total
Revenues
Rental revenue	$	3,815		$	1,393		$	236		$	1,409		$	—		$	6,853
Total revenues		3,815			1,393			236			1,409			—			6,853
Expenses
Rental property operating		1,947			231			616			525			—			3,319
Total expenses		1,947			231			616			525			—			3,319
Income from investments in real estate debt		—			—			—			—			1,524			1,524
Income from investments in real estate-related and other securities		—			—			—			—			7			7
Segment net operating income (loss)	$	1,868		$	1,162		$	(380	)	$	884		$	1,531		$	5,065
Depreciation and amortization	$	(1,116	)	$	(699	)	$	(348	)	$	(611	)	$	(5	)	$	(2,780	)
General and administrative																	(1,344	)
Mandatorily redeemable instruments interest costs																	(2,268	)
Interest expense																	(2,123	)
Other income, net																	768
Net loss																$	(2,682	)
Net loss attributable to non-controlling interests in consolidated joint ventures																	(29	)
Net loss attributable to JPMREIT stockholders																$	(2,653	)

The following table details the financial results by segment for the three months ended September 30, 2023 ($ in thousands):


	Multifamily			Industrial			Single-family rental		Retail		Investments in real estate debt, real estate-related and other securities			Total
Revenues
Rental revenue	$	3,613		$	1,161		$	—	$	—	$	—		$	4,774
Total revenues		3,613			1,161			—		—		—			4,774
Expenses
Rental property operating		1,334			134			—		—		—			1,468
Total expenses		1,334			134			—		—		—			1,468
Income from investment in real estate debt		—			—			—		—		447			447
Loss from investment in real estate-related and other securities		—			—			—		—		(318	)		(318	)
Segment net operating income	$	2,279		$	1,027		$	—	$	—	$	129		$	3,435
Depreciation and amortization	$	(1,081	)	$	(589	)	$	—	$	—	$	—		$	(1,674	)
General and administrative															(989	)
Mandatorily redeemable instruments interest costs															(1,376	)
Interest expense															(1,708	)
Other income, net															114
Net loss														$	(2,198	)
Net loss attributable to non-controlling interests in consolidated joint ventures															(10	)
Net loss attributable to JPMREIT stockholders														$	(2,188	)

The following table details the financial results by segment for the nine months ended September 30, 2024 ($ in thousands):


	Multifamily			Industrial			Single-family rental			Retail			Investments in real estate debt, real estate-related and other securities		Total
Revenues
Rental revenue	$	11,150		$	4,244		$	303		$	2,106		$	—	$	17,803
Total revenues		11,150			4,244			303			2,106			—		17,803
Expenses
Rental property operating		4,530			713			1,223			779			6		7,251
Total expenses		4,530			713			1,223			779			6		7,251
Income from investments in real estate debt		—			—			—			—			2,415		2,415
Income from investments in real estate-related and other securities		—			—			—			—			18		18
Segment net operating income (loss)	$	6,620		$	3,531		$	(920	)	$	1,327		$	2,427	$	12,985
Depreciation and amortization	$	(3,328	)	$	(2,097	)	$	(765	)	$	(874	)	$	—	$	(7,078	)
General and administrative																(3,583	)
Mandatorily redeemable instruments interest costs																(5,836	)
Interest expense																(5,510	)
Other income, net																1,118
Net loss															$	(7,904	)
Net loss attributable to non-controlling interests in consolidated joint ventures																(46	)
Net loss attributable to JPMREIT stockholders															$	(7,858	)

The following table details the financial results by segment for the nine months ended September 30, 2023 ($ in thousands):


	Multifamily			Industrial			Single-family rental		Retail		Investments in real estate debt, real estate-related and other securities			Total
Revenues
Rental revenue	$	10,926		$	1,708		$	—	$	—	$	—		$	12,634
Total revenues		10,926			1,708			—		—		—			12,634
Expenses
Rental property operating		3,690			136			—		—		—			3,826
Total expenses		3,690			136			—		—		—			3,826
Income from investment in real estate debt		—			—			—		—		1,287			1,287
Loss from investment in real estate-related and other securities		—			—			—		—		(366	)		(366	)
Segment net operating income	$	7,236		$	1,572		$	—	$	—	$	921		$	9,729
Depreciation and amortization	$	(5,281	)	$	(750	)	$	—	$	—	$	—		$	(6,044	)
General and administrative															(3,274	)
Mandatorily redeemable instruments interest costs															(6,045	)
Interest expense															(5,632	)
Other expense, net															(11	)
Net loss														$	(11,277	)
Net loss attributable to non-controlling interests in consolidated joint ventures															(89	)
Net loss attributable to JPMREIT stockholders														$	(11,188	)

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Common Stock, Shares, Outstanding	19,525,000	12,362,000
Preferred Stock, Shares Outstanding	0	0
Class D Shares
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common stock, shares authorized	600,000,000	600,000,000
Common Stock, Shares, Issued	925,000	504,000
Common Stock, Shares, Outstanding	925,000	504,000
Class I Shares
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common stock, shares authorized	1,500,000,000	1,500,000,000
Common Stock, Shares, Issued	8,905,000	5,397,000
Common Stock, Shares, Outstanding	8,905,000	5,397,000
Class S Shares
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common Stock, Shares, Issued	56,000	54,000
Common Stock, Shares, Outstanding	56,000	54,000
Class E Shares
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common stock, shares authorized	600,000,000	600,000,000
Common Stock, Shares, Issued	8,335,000	6,407,000
Common Stock, Shares, Outstanding	8,335,000	6,407,000
Class Y Shares
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common stock, shares authorized	600,000,000	600,000,000
Common Stock, Shares, Issued	1,304,000	0
Common Stock, Shares, Outstanding	1,304,000	0

Investments in Real Estate - Additional Information (Details)
$ in Thousands

9 Months Ended

Sep. 10, 2024

USD ($)

Townhomes

Jun. 25, 2024

USD ($)

Townhomes

May 15, 2024

USD ($)

SquareFeet

Apr. 24, 2024

USD ($)

Townhomes

Feb. 26, 2024

USD ($)

Townhomes

Dec. 15, 2023

USD ($)

Townhomes

Dec. 01, 2023

USD ($)

Townhomes

Sep. 30, 2024

USD ($)

Property

Investments in Real Estate [Line Items]

Number of real estate investments acquired | Property

Total purchase price

$ 81,646

Aggregate purchase price

^[1]

$ 81,646

Fiore

Investments in Real Estate [Line Items]

Number of initial tranche townhomes | Townhomes

126

Total purchase price

$ 45,400

Escrow deposit

$ 9,100

Aggregate purchase price

$ 19,600

$ 13,100

Shops at Grand Avenue

Investments in Real Estate [Line Items]

Aggregate purchase price

$ 46,100

Purchase price exclusive of closing costs

$ 48,300

Interest acquired percentage

95.00%

Number of square feet | SquareFeet

99,837

Percentage of asset leased

100.00%

[1]	Purchase price is inclusive of acquisition-related costs.

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues
Rental revenue	$ 6,853	$ 4,774	$ 17,803	$ 12,634
Total revenues	6,853	4,774	17,803	12,634
Expenses
Rental property operating	3,319	1,468	7,251	3,826
General and administrative	1,344	989	3,583	3,274
Depreciation and amortization	2,780	1,674	7,078	6,044
Total expenses	7,443	4,131	17,912	13,144
Other income (expense), net
Income from investments in real estate debt	1,524	447	2,415	1,287
Income (loss) from investments in real estate-related and other securities	7	(318)	18	(366)
Mandatorily redeemable instruments interest costs	(2,268)	(1,376)	(5,836)	(6,045)
Interest expense	(2,123)	(1,708)	(5,510)	(5,632)
Other income (expense), net	768	114	1,118	(11)
Total other expense, net	(2,092)	(2,841)	(7,795)	(10,767)
Net loss	(2,682)	(2,198)	(7,904)	(11,277)
Net loss attributable to non-controlling interests in consolidated joint ventures	(29)	(10)	(46)	(89)
Net loss attributable to JPMREIT stockholders, basic	(2,653)	(2,188)	(7,858)	(11,188)
Net loss attributable to JPMREIT stockholders, diluted	$ (2,653)	$ (2,188)	$ (7,858)	$ (11,188)
Net loss per share of common stock - basic	$ (0.14)	$ (0.23)	$ (0.48)	$ (1.63)
Net loss per share of common stock - diluted	$ (0.14)	$ (0.23)	$ (0.48)	$ (1.63)
Weighted-average shares of common stock outstanding - basic	18,655	9,488	16,448	6,860
Weighted-average shares of common stock outstanding - diluted	18,655	9,488	16,448	6,860

Summary of Significant Accounting Policies - Schedule of Quantitative Inputs and Assumptions (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment, Variable Interest Rate, Type [Extensible Enumeration]	Secured Overnight Financing Rate (SOFR) [Member]
Level 3 \| Mandatorily Redeemable Instruments
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Discount interest rate, weighted average rate	7.50%
Exit capitalization interest rate, weighted average rate	5.75%
Market yield interest rate, weighted average rate	3.02%
Mandatorily redeemable Class E units	$ 104,366
Mandatorily redeemable Class E units, Valuation Technique [Extensible Enumeration]	us-gaap:ValuationTechniqueDiscountedCashFlowMember
Mandatorily redeemable Class E units, Measurement Input [Extensible Enumeration]	us-gaap:MeasurementInputDiscountRateMember
Level 3 \| Investments in Real Estate Debt
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Weighted Average Rate Spread	3.20%
Investment in real estate loan	$ 79,225
Investment in real estate loan, Valuation Technique [Extensible Enumeration]	us-gaap:ValuationTechniqueDiscountedCashFlowMember
Investment in real estate loan, Measurement Input [Extensible Enumeration]	us-gaap:MeasurementInputDiscountRateMember
Investment, Variable Interest Rate, Type [Extensible Enumeration]	Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]

Mortgage Notes, Credit Facility and Repurchase Facility (Tables)

9 Months Ended

Sep. 30, 2024

Repurchase Facility

Debt Instrument [Line Items]

Summary of the Mortgage Notes Secured by Properties and Repurchase Facility

The Company’s borrowings from the Repurchase Facility as of September 30, 2024 are detailed in the following table ($ in thousands):


	Maximum Facility Size		Borrowings Outstanding			Interest Rate	Maturity Date
Repurchase Agreement	$	150,000	$	46,800		SOFR(1) + 1.80%	8/22/2027
Less: Unamortized deferred financing costs				(470	)
	$	150,000	$	46,330

(1) SOFR was 4.85% and 5.35% on September 30, 2024 and December 31, 2023, respectively.

The following table details the future principal payments due under the Company’s Repurchase Facility as of September 30, 2024 ($ in thousands):

Summary of Future Principal Payment Due Under Mortgage Notes and Repurchase Facility


Year	Secured financings
2024 (remainder)	$	—
2025		—
2026		—
2027		46,800
2028		—
Thereafter		—
Total future principal payments	$	46,800

Mortgage notes

Debt Instrument [Line Items]

Summary of the Mortgage Notes Secured by Properties and Repurchase Facility

The following is a summary of the mortgage notes secured by the Company’s properties ($ in thousands):


					Principal Balance Outstanding
Indebtedness	Interest Rate			Maturity Date	September 30, 2024			December 31, 2023
Caroline West Gray		5.44	%	12/1/2029	$	45,911		$	45,911
Caroline Post Oak		5.44	%	12/1/2029		40,528			40,528
Coda on Centre		4.28	%	5/1/2029		28,528			28,907
6200 Bristol(1)	SOFR + 2.05%			4/1/2029		10,000			—
Total loans secured by real estate						124,967			115,346
Deferred financing costs, net						(1,203	)		(1,030	)
Mortgage discount, net						(637	)		(739	)
Mortgage notes, net					$	123,127		$	113,577

(1) The Company entered into a non-hedge interest rate swap on April 2, 2024, which fixed the rate at 6.26%.

Summary of Future Principal Payment Due Under Mortgage Notes and Repurchase Facility

The following table details the future principal payments due under the Company’s mortgage notes as of September 30, 2024 ($ in thousands):


Year	Mortgage Notes
2024 (remainder)	$	131
2025		536
2026		560
2027		585
2028		635
Thereafter		122,520
Total future principal payments	$	124,967

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

Intangibles - Additional Information (Details)	9 Months Ended
Intangibles - Additional Information (Details)	Sep. 30, 2024
In-Place Lease Intangibles
Finite-Lived Intangible Assets [Line Items]
Weighted-average amortization period	8 years
Above-Market Lease Intangibles
Finite-Lived Intangible Assets [Line Items]
Weighted-average amortization period	3 years 1 month 6 days
Below-Market Lease Intangibles
Finite-Lived Intangible Assets [Line Items]
Weighted-average amortization period	10 years 2 months 12 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Mandatorily Redeemable Instruments (Tables)

9 Months Ended

Sep. 30, 2024

Noncontrolling Interest [Abstract]

Summary of Mandatorily Redeemable Instruments Activity Related to the Special Limited Partner

The following table details the Mandatorily Redeemable Instruments activity for the nine months ended September 30, 2024 ($ in thousands):


	Amount
Balance at the beginning of the year	$	101,753
Distributions declared		3,224
Reclassification to distributions payable/paid		(3,224	)
Redemption value adjustment		2,613
Ending balance	$	104,366

Summary of Future Payments Due Under Mandatorily Redeemable Instruments

The following table details the future payments due under the Mandatorily Redeemable Instruments as of September 30, 2024 ($ in thousands):


Year	Total(1)
2024 (remainder)	$	—
2025		104,366
2026		—
2027		—
2028		—
Thereafter		—
Total future payments	$	104,366

(1) Redemptions of Mandatorily Redeemable Instruments are subject to the share repurchase plan’s 2% monthly and 5% quarterly caps after satisfying repurchase requests from investors in the Offering.

Subsequent Events - Additional Information (Details)
$ in Thousands

1 Months Ended

3 Months Ended

9 Months Ended

Nov. 05, 2024

USD ($)

ft²

Nov. 08, 2024

USD ($)

Sep. 30, 2024

USD ($)

Sep. 30, 2023

USD ($)

Subsequent Event [Line Items]

Aggregate purchase price | $

^[1]

$ 81,646

Shares sold | shares

2,218,000

7,279,000

Aggregate net proceeds of common stock | $

$ 73,952

$ 82,869

Subsequent Event

Subsequent Event [Line Items]

Acquired building space | ft²

154,490

Aggregate purchase price | $

$ 25,800

Class D Shares | Subsequent Event

Subsequent Event [Line Items]

Shares sold | shares

50,106

Aggregate net proceeds of common stock | $

$ 500

Class I Shares | Subsequent Event

Subsequent Event [Line Items]

Shares sold | shares

702,878

Aggregate net proceeds of common stock | $

$ 7,300

Class S Shares

Subsequent Event [Line Items]

Shares sold | shares

1,000

2,000

Class S Shares | Subsequent Event

Subsequent Event [Line Items]

Shares sold | shares

309

Aggregate net proceeds of common stock | $

$ 3

Class E Shares

Subsequent Event [Line Items]

Shares sold | shares

468,000

1,930,000

Private offering | Class I Shares | Subsequent Event

Subsequent Event [Line Items]

Shares sold | shares

141,511

Aggregate net proceeds of common stock | $

$ 1,500

Private offering | Class E Shares | Subsequent Event

Subsequent Event [Line Items]

Shares sold | shares

3,628,654

Aggregate net proceeds of common stock | $

$ 39,600

Private offering | Class Y Shares | Subsequent Event

Subsequent Event [Line Items]

Shares sold | shares

286,867

Aggregate net proceeds of common stock | $

$ 3,100

[1]	Purchase price is inclusive of acquisition-related costs.

Other Assets and Liabilities - Components of Other Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Other Assets and Liabilities [Abstract]
Tenant receivables	$ 461	$ 221
Acquisition costs		146
Prepaid expenses	748	170
Interest receivable	428	114
Straight-line rent receivable	763	342
Other	16	73
Total	$ 2,416	$ 1,066

Leases - Schedule of Future Minimum Rents Expects to Recieve from Industrial Property (Details) - Retail and Industrial Property $ in Thousands	Sep. 30, 2024 USD ($)
Lessor, Lease, Description [Line Items]
2024 (remainder)	$ 2,026
2025	8,130
2026	8,272
2027	8,386
2028	8,171
Thereafter	28,929
Total	$ 63,914

Investments in Real Estate - Schedule of Investments in Real Estate, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Real Estate [Abstract]
Building and building improvements	$ 249,662	$ 201,033
Land and land improvements	101,530	76,912
Furniture, fixtures and equipment	3,880	3,265
Total	355,072	281,210
Accumulated depreciation	(11,495)	(5,737)
Investments in real estate, net	$ 343,577	$ 275,473

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2024	Nov. 08, 2024
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Registrant Name	J.P. Morgan Real Estate Income Trust, Inc.
Entity Central Index Key	0001893262
Current Fiscal Year End Date	--12-31
Entity File Number	333-265588
Entity Tax Identification Number	87-3439916
Entity Address, Address Line One	277 Park Avenue
Entity Address, Address Line Two	9th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10172
City Area Code	212
Local Phone Number	270-6000
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Document Quarterly Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	MD
Class D Shares [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		972,456
Class I Shares [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		9,737,880
Class E Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		12,508,918
Class S Shares [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		56,069
Common Stock Class Y
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,590,856
Class T Shares [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		0
Class X Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		0

Mandatorily Redeemable Instruments

9 Months Ended

Sep. 30, 2024

Partners' Capital Notes [Abstract]

Mandatorily Redeemable Instruments

13. Mandatorily Redeemable Instruments

As the sole investor in Class E units of the Operating Partnership, JPMIM's interest does not have any voting rights but is entitled to receive distributions at the same rate applicable to other classes of units.

Operating Partnership units also carry a protective exchange feature whereby in a liquidation, dilution or winding up, each unit will convert into a number of Class I units (or fraction thereof) having an equivalent NAV. Such feature is designed to carry over NAV into a new form of security immediately prior to liquidation and is not deemed a substantive conversion feature as it is only applicable upon liquidation or upon a listing event which is not the intent of this public, non-listed REIT structure.

The Class E units and Class E shares held by JPMIM and purchased pursuant to the Initial Capitalization are mandatorily redeemable, and only subject to delays to the continuous obligation to ultimately redeem the instruments once sufficient availability exists under share repurchase agreements. Therefore, the Mandatorily Redeemable Instruments held by JPMIM are classified as a liability pursuant to Topic 480 — Distinguishing Liabilities from Equity and are presented as Mandatorily Redeemable Instruments at the initial funding amount received, which is equivalent to fair value at the issuance dates. Subsequently, the Mandatorily Redeemable Instruments are carried at their cash redemption value as if the Class E units or Class E shares were repurchased or redeemable at the reporting date, which equals NAV per Class E unit or Class E share. The change in carrying value (changes in NAV per Class E unit or Class E share) is classified as mandatorily redeemable instruments interest costs along with any cash distributions declared in the Consolidated Statements of Operations. During the three and nine months ended September 30, 2024, the Company recorded $2.3 million and $5.8 million of mandatorily redeemable instruments interest costs in the Consolidated Statements of Operations, which consisted of a redemption value adjustment loss of $1.2 million and $2.6 million and distribution expenses of $1.1 million and $3.2 million, respectively.

The following table details the Mandatorily Redeemable Instruments activity for the nine months ended September 30, 2024 ($ in thousands):


	Amount
Balance at the beginning of the year	$	101,753
Distributions declared		3,224
Reclassification to distributions payable/paid		(3,224	)
Redemption value adjustment		2,613
Ending balance	$	104,366

The following table details the future payments due under the Mandatorily Redeemable Instruments as of September 30, 2024 ($ in thousands):


Year	Total(1)
2024 (remainder)	$	—
2025		104,366
2026		—
2027		—
2028		—
Thereafter		—
Total future payments	$	104,366

Redemption features

See Note 3 “JPMIM mandatory Class E repurchases” for a discussion of the redemption features associated with Class E shares and Class E units held by JPMIM.

Distributions

The Company generally intends to distribute substantially all of its taxable income, which does not necessarily equal net income as calculated in accordance with GAAP, to its stockholders each year to comply with the REIT provisions of the Code. The Mandatorily Redeemable Instruments receive the same gross distribution per share as the Class E common stock. For the three and nine months ended September 30, 2024, distributions declared on the Mandatorily Redeemable Instruments totaled $1.1 million and $3.2 million, respectively. When a distribution is declared, the Company records a distribution expense as a component of mandatorily redeemable instruments interest cost in the Consolidated Statements of Operations. A distribution payable is also recorded within accounts payable, accrued expenses and other liabilities on the Company's Consolidated Balance Sheets until the distribution is paid. The distribution payable for Mandatorily Redeemable Instruments was $0.4 million as of September 30, 2024.

Other Assets and Liabilities - Components of Accounts Payable, Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Other Assets and Liabilities [Abstract]
Real estate taxes payable	$ 643
Accrued expenses	2,366	$ 1,214
Accounts payable	54	152
Distributions payable	1,080	832
Tenant security deposits	642	1,405
Other	1,353	101
Total	$ 6,138	$ 3,704

Related Party Transactions

9 Months Ended

Sep. 30, 2024

Related Party Transactions

9. Related Party Transactions

The Company and the Operating Partnership entered into an advisory agreement with the Adviser on May 31, 2022, which was amended and restated on May 12, 2023 and November 13, 2023 (the "Advisory Agreement"). Pursuant to the Advisory Agreement, the Adviser is responsible for sourcing, evaluating and monitoring the Company’s investment opportunities and making decisions related to the acquisition, management, financing and disposition of the Company’s assets, in accordance with the Company’s investment objectives, guidelines, policies and limitations, subject to oversight by the Company’s board of directors.

The Adviser and certain of its Affiliates receive fees and compensation in connection with the ongoing management of the assets of the Company. The Adviser is paid a management fee equal to 1.00% of NAV per annum for Class D, Class I, Class S and Class T shares and 0.75% of NAV per annum for Class X and Class Y shares, payable monthly. The management fee is paid, at the Adviser’s election, in cash, Class E shares, or Class E Operating Partnership units. The Class E shares are not subject to the management fee. The Adviser waived its management fee through December 31, 2022. For the three and nine months ended September 30, 2024, the Company incurred management fees of $0.3 million and $0.7 million, respectively. For the three and nine months ended September 30, 2023, the Company incurred management fees of $0.1 million and $0.2 million, respectively.

The Company, as general partner, and the Special Limited Partner entered into the Limited Partnership Agreement of the Operating Partnership on June 3, 2022, which was amended and restated on September 20, 2022, and November 13, 2023.

The Special Limited Partner holds a performance participation interest in the Operating Partnership that entitles it to receive an allocation from the Operating Partnership equal to (i) 12.5% of the annual Total Return, subject to a 5% annual Hurdle Amount and a High-Water Mark, with a Catch-Up (each term as defined in the Operating Partnership limited partnership agreement) with respect to Class D, I, S, and T units of the Operating Partnership and (ii) 10.0% of the annual Class X and Y Total Return, subject to a 7% Class X and Y Hurdle Amount and a Class X and Y High-Water Mark, with a 50% Class X and Y Catch-Up (each term as defined in the Operating Partnership limited partnership agreement) with respect to Class X units of the Operating Partnership and Class Y units of the Operating Partnership, respectively. Such allocation is measured on a calendar year basis, made quarterly and accrued monthly. The performance participation interest is not paid on the Class E shares and Class E Operating Partnership units. For the three and nine months ended September 30, 2024, the Company incurred $0.2 million and $0.6 million relating to the performance participation allocation, respectively. For the three and nine months ended September 30, 2023, the Company incurred $0.1 million and $0.2 million relating to the performance participation allocation, respectively.

See Note 2 for a discussion on the Adviser's investment in the Company.

J.P. Morgan Institutional Investments Inc. (the “Dealer Manager”) serves as the dealer manager for the Offerings. The Dealer Manager is a registered broker-dealer affiliated with the Adviser. The Company entered into an agreement with the Dealer Manager (the “Dealer Manager Agreement”) on June 8, 2022 in connection with the Offering.

In connection with the private offering of Class E shares and Class I shares, the Company entered into a separate dealer manager agreement with the Dealer Manager on January 31, 2023, which provides for the distribution of Class E shares and Class I shares in the private offering through registered investment advisers selected by the Dealer Manager. No fees or other compensation (other than the customary reimbursement of expenses and indemnification) are payable to the Dealer Manager under such agreement.

On November 13, 2023, in connection with the private offering of Class Y shares, the Company entered into an engagement letter (the “Class Y Participating Dealer Agreement”) with the Dealer Manager, the Adviser and an affiliate of the Adviser (the “Participating Dealer”), which authorized the distribution by the Participating Dealer. Pursuant to the Class Y Participating Dealer Agreement, the Dealer Manager will reallow all or a portion of the upfront selling commissions and stockholder servicing fees payable with respect to the shares sold by the Participating Dealer.

On September 27, 2024, in connection with the private offering of Class E shares, the Company entered into an engagement letter (the “Class E Participating Dealer Agreement”) with the Dealer Manager, the Adviser and the Participating Dealer, which authorized the distribution by the Participating Dealer. Pursuant to the Class E Participating Dealer Agreement, the Adviser intends to pay the Participating Dealer a fee for such distribution services in an amount and subject to terms to be agreed between the Adviser and the Participating Dealer.

The Dealer Manager is entitled to receive upfront selling commissions of up to 3.0%, and upfront dealer manager fees of up to 0.5%, of the transaction price of each Class T share sold in the primary offering, however such amounts may vary at certain participating broker-dealers provided that the sum will not exceed 3.5% of the transaction price. The Dealer Manager is entitled to receive upfront selling commissions of up to 3.5% of the transaction price of each Class S share sold in the primary offering. The Dealer Manager is entitled to receive upfront selling commissions of up to 1.5% of the transaction price of each Class D share sold in the primary offering. The Dealer Manager is entitled to receive upfront selling commissions of up to 3.5% of the transaction price of each share sold in the Class Y private offering. No upfront selling commissions or dealer manager fees will be paid with respect to purchases of Class I or Class X shares or shares of any class sold pursuant to the distribution reinvestment plan.

The Dealer Manager also receives a stockholder servicing fee of 0.25%, 0.85% and 0.85% per annum of the aggregate NAV of the Company’s outstanding Class D shares, Class S shares and Class T shares, respectively. The Company will cease paying the stockholder servicing fee with respect to any Class D share, Class S share and Class T share sold in the primary offering at the end of the month in which the total selling commissions, dealer manager fees and stockholder servicing fees paid with respect to such share would exceed 8.75% (or, in the case of Class T shares sold through certain participating broker-dealers, a lower limit as set forth in any applicable agreement between the Dealer Manager and a participating broker-dealer) of the gross proceeds from the sale of such share (including the gross proceeds of any shares issued under the distribution reinvestment plan with respect thereto). At the end of such month, such Class D share, Class S share or Class T share (and any shares issued under the distribution reinvestment plan with respect thereto) will convert into a number of Class I shares (including any fractional shares) with an equivalent aggregate NAV of such share. The Company will accrue the cost of the lifetime stockholder servicing fee as an offering cost at the time each Class D, Class S and Class T share is sold during the primary offering. The Company’s obligations to pay stockholder servicing fees with respect to the Class D, Class S and Class T shares distributed in the Offering will survive until such shares are no longer outstanding (including because such shares converted into Class I shares). As of September 30, 2024, the Company had accrued stockholder servicing fees of $1.0 million. Stockholder servicing fees are recorded as a component of due to affiliates on the Company’s Consolidated Balance Sheets.

With respect to the Company's outstanding Class Y shares, the Company pays the Dealer Manager stockholder servicing fees of 0.85% per annum of the aggregate NAV of the Company’s outstanding Class Y shares. The Company will cease paying the stockholder servicing fee with respect to any Class Y share sold at the end of the month in which the total selling commissions and stockholder servicing fees paid with respect to such share would exceed 8.75% of the gross proceeds from the sale of such share (including the gross proceeds of any Class Y shares issued under the distribution reinvestment plan). At the end of such month, such Class Y share (and any shares issued under the distribution reinvestment plan with respect thereto) that did not previously convert to Class S shares pursuant to certain conversion terms set forth in the Charter will convert into a number of Class I shares (including any fractional shares) with an equivalent aggregate NAV of such share. Following the conversion of any Class Y shares into Class S shares, the Company will pay the Dealer Manager stockholder servicing fees with respect to such outstanding Class S shares equal to 0.85% per annum of the aggregate NAV of such outstanding Class S shares. The Company will accrue the cost of the lifetime stockholder servicing fee as an offering cost at the time each Class Y share is sold during the private offering of Class Y shares. The Company's obligations to pay stockholder servicing fees with respect to Class Y shares distributed shall survive until such shares are no longer outstanding (including because such shares converted into Class I shares).

There is no stockholder servicing fee with respect to Class E, Class I or Class X shares.

The Company may retain certain of the Adviser’s affiliates for necessary services relating to the Company’s investments or its operations, including any administrative services, construction, special servicing, leasing, development, property oversight and other property management services, as well as services related to mortgage servicing, group purchasing, healthcare, consulting/brokerage, capital markets/credit origination, loan servicing, property, title or other types of insurance, management consulting and other similar operational matters.

As of December 31, 2023, the Company had sold 9.0 million Class E Operating Partnership units and 0.5 million Class E shares to the Adviser for an aggregate purchase price of $94.2 million and $5.8 million, respectively (see Note 13). During the three and nine months ended September 30, 2024, the Company did not sell any Class E Operating Partnership units or Class E shares to the Adviser (see Note 2). Class E units and Class E shares sold to the Adviser as part of the Initial Capitalization are recorded as Mandatorily Redeemable Instruments on the Company’s Consolidated Balance Sheets (see Note 13). The distribution payable for Mandatorily Redeemable Instruments was $0.4 million as of September 30, 2024.

On September 2, 2022, the Company acquired a $26.8 million Mezzanine Loan and, concurrent with the acquisition, sold a $10.0 million pari passu participation interest to an affiliate of the Adviser (see Note 5).

In May 2023, the Company began to invest in a money market fund managed by an affiliate of the Adviser. As of September 30, 2024, included in cash and cash equivalents, is $25.6 million invested in the money market fund.

Due to Affiliates

The following table details the components of due to affiliates ($ in thousands):


	September 30, 2024		December 31, 2023
Organization and offering costs	$	7,243	$	6,648
Operating expenses		10,620		7,935
Accrued performance participation allocation		592		—
Management fee		94		100
Stockholder servicing fee		969		36
Total	$	19,518	$	14,719

Organization and offering costs

The Adviser has advanced $7.2 million and $6.7 million of organization and offering costs (including legal, accounting, and other expenses attributable to the Company’s organization, but excluding upfront selling commissions, dealer manager fees and stockholder servicing fees) on behalf of the Company through September 30, 2024 and December 31, 2023, respectively. Pursuant to the Advisory Agreement, the Adviser advanced all such costs on behalf of the Company through July 22, 2024, which marked the second anniversary of the Offering. Commencing on July 22, 2024, the Company began reimbursing the Adviser for all such advanced costs ratably over a 60-month period. During the three and nine months ended September 30, 2024, the Company reimbursed $0.3 million to the Adviser.

Operating expenses

The Adviser has advanced $10.6 million and $7.9 million of operating expenses on the Company’s behalf as of September 30, 2024 and December 31, 2023, respectively. Pursuant to the Advisory Agreement, the Company will reimburse the Adviser for all advanced operating expenses ratably over the 60 months starting the earlier of (i) the first date that the Company’s NAV reaches $500 million and (ii) December 31, 2024.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Derivatives

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

16. Derivatives

The Company uses derivative financial instruments to minimize the risks and costs associated with the Company's investments and financing transactions. The Company has not designated any of its derivative financial instruments as hedges as defined under GAAP. Derivatives not designated as hedges are not speculative and are used to manage the Company's exposure to interest rate movements and other identified risks.

The use of derivative financial instruments involves certain risks, including the risk that counterparties do not perform as agreed. To mitigate this risk, the Company enters into derivative financial instruments with counterparties it believes to have appropriate credit ratings and that are major financial institutions with which the Company and its affiliates may also have other financial relationships.

Interest Rate Contracts

Certain of the Company's transactions expose the Company to interest rate risk on loans secured by the Company's real estate. The Company uses derivative financial instruments, which includes Treasury note futures contracts and interest rate swaps, to limit the Company's exposure to interest rate fluctuations.

The following table details the Company's outstanding Treasury note futures contracts that were non-designated hedges of interest rate risk (notional amount in thousands):

         
        September 30, 2024

        Treasury note futures contracts

        Number of Contracts

        Notional Amount

        Commencement Date

        Maturity Date

5-year Treasury note futures

193

19,300

August 22, 2024

December 31, 2024

2-year Treasury note futures

44

8,800

August 22, 2024

December 31, 2024

The following table details the Company’s outstanding interest rate swap that was a non-designated hedge of interest rate risk (notional amount in thousands):

         
        September 30, 2024

        Interest rate swap

        Number of Instruments

        Notional Amount

        Strike Rate

        Index

        Maturity (Years)

        Commencement Date

        Maturity Date

Interest rate swap

1

10,000

4.21%

SOFR

4.1

April 2, 2024

October 2, 2028

The following table details the fair value of the Company's derivative financial instruments ($ in thousands):


	Fair Value of Derivatives(1)
	September 30, 2024			December 31, 2023
5-year Treasury note futures	$	(71	)	$	20
2-year Treasury note futures		(17	)		2
Interest rate swap		(432	)		—

(1) The derivative asset balance as of December 31, 2023 is included in other assets, net on the Company's Consolidated Balance Sheets. The derivative liability balance as of September 30, 2024 is included in accounts payable, accrued expenses and other liabilities.

For the three and nine months ended September 30, 2024, the Company recorded an unrealized loss related to changes in the fair value of its derivative financial instruments of $0.4 million and $0.9 million, respectively. Changes in fair value of the Company's derivative financial instruments are recorded within other income (expense), net on the Consolidated Statements of Operations. During the three and nine months ended September 30, 2024, the Company recorded a realized gain of $0.8 million and $0.4 million related to sales of its derivative financial instruments. Realized gains (losses) from the sale of the Company’s derivative financial instruments are recorded within other income (expense), net on the Consolidated Statements of Operations.

Equity - Schedule of Aggregate Distributions Declared for Shares of Each Applicable Class of Common Stock (Details) - $ / shares	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024
Class D Shares
Dividends Payable [Line Items]
Aggregate gross distributions declared per share of common stock	$ 0.1125	$ 0.3375
Net distributions declared per share of common stock	0.1125	0.3375
Class I Shares
Dividends Payable [Line Items]
Aggregate gross distributions declared per share of common stock	0.1125	0.3375
Net distributions declared per share of common stock	0.1125	0.3375
Class S Shares
Dividends Payable [Line Items]
Aggregate gross distributions declared per share of common stock	0.1125	0.3375
Stockholder servicing fee per share of common stock	(0.0229)	(0.0681)
Net distributions declared per share of common stock	0.0896	0.2694
Class E Shares
Dividends Payable [Line Items]
Aggregate gross distributions declared per share of common stock	0.1125	0.3375
Net distributions declared per share of common stock	0.1125	0.3375
Class Y Shares
Dividends Payable [Line Items]
Aggregate gross distributions declared per share of common stock	0.1125	0.3375
Stockholder servicing fee per share of common stock	(0.0231)	(0.0686)
Net distributions declared per share of common stock	$ 0.0894	$ 0.2689

Investments in Real Estate Debt - Schedule of Amounts Recognized for Investments in Real Estate Debt (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Real Estate [Abstract]
Interest income	$ 1,527	$ 450	$ 2,424	$ 1,293
Other income (expense), net	3	(3)	9	(6)
Total income (loss) from investments in real estate-related and other securities	$ 1,524	$ 447	$ 2,415	$ 1,287

Mortgage Notes, Credit Facility and Repurchase Facility - Additional Information (Details) - USD ($)

9 Months Ended

Aug. 25, 2023

Sep. 30, 2024

Aug. 22, 2024

Apr. 02, 2024

Mar. 12, 2024

Dec. 31, 2023

Dec. 31, 2022

Line of Credit Facility [Line Items]

Interest Rate

4.85%

5.35%

Credit Facility

Line of Credit Facility [Line Items]

Outstanding balance under credit facility

$ 0

Interest rate swap - mortgage notes | 6200 Bristol

Line of Credit Facility [Line Items]

Interest Rate

6.26%

Mortgage notes

Line of Credit Facility [Line Items]

Secured loans

$ 124,967,000

$ 115,346,000

Mortgage notes | 6200 Bristol

Line of Credit Facility [Line Items]

Loans maturity date

^[1]

Apr. 01, 2029

Interest Rate

2.05%

^[1]

2.05%

Secured loans

$ 10,000,000

^[1]

$ 10,000,000

Secured Revolving Loan | Credit Facility

Line of Credit Facility [Line Items]

Maximum aggregate commitments amount

$ 65,000,000

Letter of Credit | Credit Facility

Line of Credit Facility [Line Items]

Increase the aggregate commitments amount

$ 150,000,000

Amended Credit Agreement | Credit Facility

Line of Credit Facility [Line Items]

Maximum aggregate commitments amount

$ 65,000,000

$ 0

Percenatge of borrowing interest

2.45%

Loans maturity date

Aug. 29, 2024

Amended Credit Agreement | Credit Facility | Maximum

Line of Credit Facility [Line Items]

Maximum aggregate commitments amount

$ 8,000,000

Repurchase Facility

Line of Credit Facility [Line Items]

Maximum aggregate commitments amount

$ 150,000,000

Loans maturity date

Aug. 22, 2027

Maturity date, description

three-year term plus two, one-year extension options

Interest Rate

^[2]

1.80%

[1]	The Company entered into a non-hedge interest rate swap on April 2, 2024, which fixed the rate at 6.26%.
[2]	(1) SOFR was 4.85% and 5.35% on September 30, 2024 and December 31, 2023, respectively.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Equity - Schedule of Number of Shares Authorized and Par Value (Details) - $ / shares	Sep. 30, 2024	Nov. 13, 2023
Class of Stock [Line Items]
Number of Shares	5,500,000,000	5,500,000,000
Class D Shares
Class of Stock [Line Items]
Number of Shares	600,000,000
Par Value	$ 0.01
Class I Shares
Class of Stock [Line Items]
Number of Shares	1,500,000,000
Par Value	$ 0.01
Class S Shares
Class of Stock [Line Items]
Number of Shares	1,000,000,000
Par Value	$ 0.01
Class T Shares
Class of Stock [Line Items]
Number of Shares	600,000,000
Par Value	$ 0.01
Class E Shares
Class of Stock [Line Items]
Number of Shares	600,000,000
Par Value	$ 0.01
Class X Shares
Class of Stock [Line Items]
Number of Shares	500,000,000
Par Value	$ 0.01
Class Y Shares
Class of Stock [Line Items]
Number of Shares	600,000,000
Par Value	$ 0.01
Preferred Stock
Class of Stock [Line Items]
Number of Shares	100,000,000
Par Value	$ 0.01

Summary of Significant Accounting Policies - Schedule of Carrying Value and Fair Value of Financial Instruments - (Details) - USD ($)
$ in Thousands

Sep. 30, 2024

Dec. 31, 2023

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Financial instruments, Carrying value

$ 171,767

$ 115,346

Financial instruments, Fair value

171,826

113,516

Repurchase Facility

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Financial instruments, Carrying value

^[1]

46,800

Financial instruments, Fair value

^[1]

46,800

Mortgage Notes

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Financial instruments, Carrying value

^[1]

124,967

115,346

Financial instruments, Fair value

^[1]

$ 125,026

$ 113,516

[1]	Carrying value excludes deferred financing costs and discounts.

- Definition

Fair value portion of debt instrument payable, including, but not limited to, notes payable and loans payable.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-10

+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Investments in Real Estate Debt - Additional Information (Details) $ in Thousands			9 Months Ended
	Aug. 26, 2024 USD ($) Unit	Sep. 02, 2022 USD ($)	Sep. 30, 2024 USD ($)	Sep. 09, 2024	Dec. 31, 2023 USD ($)
Mezzanine Loan
Asset Acquisition [Line Items]
Cost Basis			$ 16,825		$ 16,825
Coupon			4.85%		5.35%
Maturity Date			Sep. 09, 2025		Sep. 09, 2025
Commercial Mortgage Loan
Asset Acquisition [Line Items]
Cost Basis	$ 62,400		$ 62,400
Coupon			4.85%
Maturity Date	Sep. 05, 2026		Sep. 05, 2026
Extension option	and includes up to three one-year extension options. The Commercial Mortgage Loan was financed using proceeds from the Repurchase Facility (see Note 8).
Commercial Mortgage Loan \| Multifamily Property
Asset Acquisition [Line Items]
Number of units collateral under loan \| Unit	297
Tennessee Facility
Asset Acquisition [Line Items]
Mezzanine loan		$ 26,800
Maturity Date			Sep. 07, 2024
Extension option			which included up to three one-year
Tennessee Facility \| Mezzanine Loan
Asset Acquisition [Line Items]
Maturity Date				Sep. 09, 2025
Tennessee Facility \| Adviser
Asset Acquisition [Line Items]
Mezzanine loan		$ 10,000

Summary of Significant Accounting Policies - Schedule of Company's Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Thousands

Sep. 30, 2024

Dec. 31, 2023

Recurring Basis

Assets, Fair Value Disclosure [Abstract]

Assets, fair value disclosure

$ 79,703

$ 17,263

Liabilities, Fair Value Disclosure [Abstract]

Liabilities, fair value disclosure

104,886

101,753

Recurring Basis | Level 1

Assets, Fair Value Disclosure [Abstract]

Investments, fair value disclosure

478

438

Liabilities, Fair Value Disclosure [Abstract]

Liabilities, fair value disclosure

Recurring Basis | Level 2

Liabilities, Fair Value Disclosure [Abstract]

Liabilities, fair value disclosure

432

Recurring Basis | Level 3

Assets, Fair Value Disclosure [Abstract]

Investments, fair value disclosure

79,225

16,825

Liabilities, Fair Value Disclosure [Abstract]

Liabilities, fair value disclosure

104,366

101,753

Mandatorily Redeemable Instruments | Level 3

Liabilities, Fair Value Disclosure [Abstract]

Liabilities, fair value disclosure

104,366

Mandatorily Redeemable Instruments | Recurring Basis

Liabilities, Fair Value Disclosure [Abstract]

Liabilities, fair value disclosure

104,366

101,753

Mandatorily Redeemable Instruments | Recurring Basis | Level 3

Liabilities, Fair Value Disclosure [Abstract]

Liabilities, fair value disclosure

104,366

101,753

Treasury-note Futures Contracts | Recurring Basis

Assets, Fair Value Disclosure [Abstract]

Derivatives, fair value disclosure

^[1]

Liabilities, Fair Value Disclosure [Abstract]

Derivatives, fair value disclosure

^[2]

Treasury-note Futures Contracts | Recurring Basis | Level 1

Assets, Fair Value Disclosure [Abstract]

Derivatives, fair value disclosure

^[1]

Liabilities, Fair Value Disclosure [Abstract]

Derivatives, fair value disclosure

^[2]

Interest rate swap | Recurring Basis

Liabilities, Fair Value Disclosure [Abstract]

Derivatives, fair value disclosure

^[2]

432

Interest rate swap | Recurring Basis | Level 2

Liabilities, Fair Value Disclosure [Abstract]

Derivatives, fair value disclosure

^[2]

432

Investments in Real Estate Debt | Recurring Basis

Assets, Fair Value Disclosure [Abstract]

Investments, fair value disclosure

79,225

16,825

Investments in Real Estate Debt | Recurring Basis | Level 3

Assets, Fair Value Disclosure [Abstract]

Investments, fair value disclosure

79,225

16,825

Investments in Real Estate-related and Other Securities | Recurring Basis

Assets, Fair Value Disclosure [Abstract]

Investments, fair value disclosure

478

416

Investments in Real Estate-related and Other Securities | Recurring Basis | Level 1

Assets, Fair Value Disclosure [Abstract]

Investments, fair value disclosure

$ 478

$ 416

[1]	(1) Included in other assets, net on the Company's Consolidated Balance Sheets.
[2]	(2) Included in accounts payable, accrued expenses and other liabilities on the Company’s Consolidated Balance Sheets.

Equity (Tables)

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Schedule of Number of Shares Authorized and Par Value

As of September 30, 2024, in accordance with the Charter, the Company had authority to issue 5.5 billion shares, consisting of the following (shares in thousands):


Classification	Number of Shares		Par Value
Class D Shares		600,000	$	0.01
Class I Shares		1,500,000		0.01
Class S Shares		1,000,000		0.01
Class T Shares		600,000		0.01
Class E Shares		600,000		0.01
Class X Shares		500,000		0.01
Class Y Shares		600,000		0.01
Preferred Stock		100,000		0.01
Total		5,500,000

Schedule of Outstanding Shares of Common Stock

The following tables detail the movement in the Company’s outstanding shares of common stock (in thousands). There were no outstanding Class T or Class X shares as of September 30, 2024:


	Three Months Ended September 30, 2024
	Class D			Class I			Class S		Class T		Class E			Class X		Class Y		Total
Beginning balance, June 30, 2024:		806			7,726			55		—		7,869			—		944		17,400
Common stock issued		126			1,263			1		—		468			—		360		2,218
Common stock repurchased		(7	)		(84	)		—		—		(2	)		—		—		(93	)
Ending balance, September 30, 2024		925			8,905			56		—		8,335			—		1,304		19,525


	Nine Months Ended September 30, 2024
	Class D			Class I			Class S		Class T		Class E			Class X		Class Y		Total
Beginning balance, December 31, 2023:		504			5,397			54		—		6,407			—		—		12,362
Common stock issued		433			3,610			2		—		1,930			—		1,304		7,279
Common stock repurchased		(12	)		(102	)		—		—		(2	)		—		—		(116	)
Ending balance, September 30, 2024		925			8,905			56		—		8,335			—		1,304		19,525

Schedule of Aggregate Distributions Declared for Shares of Each Applicable Class of Common Stock

The following tables detail the aggregate distributions declared for shares of each applicable class of common stock:


	Three Months Ended September 30, 2024
	Class D		Class I		Class S			Class T		Class E		Class X		Class Y
Aggregate gross distributions declared per share of common stock	$	0.1125	$	0.1125	$	0.1125		$	—	$	0.1125	$	—	$	0.1125
Stockholder servicing fee per share of common stock(1)		—		—		(0.0229	)		—		—		—		(0.0231	)
Net distributions declared per share of common stock	$	0.1125	$	0.1125	$	0.0896		$	—	$	0.1125	$	—	$	0.0894


	Nine Months Ended September 30, 2024
	Class D		Class I		Class S			Class T		Class E		Class X		Class Y
Aggregate gross distributions declared per share of common stock	$	0.3375	$	0.3375	$	0.3375		$	—	$	0.3375	$	—	$	0.3375
Stockholder servicing fee per share of common stock(1)		—		—		(0.0681	)		—		—		—		(0.0686	)
Net distributions declared per share of common stock	$	0.3375	$	0.3375	$	0.2694		$	—	$	0.3375	$	—	$	0.2689

(1) Stockholder servicing fees only apply to Class D, Class S, Class T and Class Y shares. For purposes of NAV, the Company recognizes the stockholder servicing fee as a reduction of NAV on a monthly basis as such fee is paid. Under GAAP, the Company accrues the lifetime cost of the stockholder servicing fee as an offering cost at the time Class D, Class S, Class T and Class Y shares are sold. The stockholder servicing fee on Class D shares was waived as of September 30, 2024, and the NAV attributable to current holders of Class D shares will not be included in the computation of stockholder servicing fees charged on Class D shares in perpetuity. As of September 30, 2024, the Company had accrued stockholder servicing fees of $1.0 million.

Related Party Transactions (Tables)

9 Months Ended

Sep. 30, 2024

Components of Due to Affiliates

The following table details the components of due to affiliates ($ in thousands):


	September 30, 2024		December 31, 2023
Organization and offering costs	$	7,243	$	6,648
Operating expenses		10,620		7,935
Accrued performance participation allocation		592		—
Management fee		94		100
Stockholder servicing fee		969		36
Total	$	19,518	$	14,719

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
ASSETS
Investments in real estate, net	$ 343,577	$ 275,473
Investments in real estate debt	79,225	16,825
Investments in real estate-related and other securities	478	416
Intangible assets, net	17,884	9,369
Cash and cash equivalents	29,425	32,452
Restricted cash	667	231
Deposits on real estate		9,072
Other assets, net	2,416	1,066
Total assets	473,672	344,904
LIABILITIES AND EQUITY
Mortgage notes, net	123,127	113,577
Repurchase facility, net	46,330
Intangible liabilities, net	2,866	1,684
Mandatorily redeemable instruments	104,366	101,753
Due to affiliate	19,518	14,719
Accounts payable, accrued expenses and other liabilities	6,138	3,704
Total liabilities	302,345	235,437
Commitments and Contingencies (Note 17)
Equity
Additional paid-in-capital	195,720	122,915
Accumulated deficit	(29,045)	(15,679)
Total stockholders' equity	166,870	107,360
Non-controlling interests in consolidated joint ventures	4,457	2,107
Total equity	171,327	109,467
Total liabilities and equity	473,672	344,904
Class D Shares
Equity
Common stock	9	5
Class I Shares
Equity
Common stock	89	54
Class S Shares
Equity
Common stock	1	1
Class E Shares
Equity
Common stock	83	64
Class Y Shares
Equity
Common stock	$ 13

Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives of Assets (Details)	Sep. 30, 2024
Lease intangibles
Finite-Lived Intangible Assets [Line Items]
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	us-gaap:UsefulLifeTermOfLeaseMember
Buildings \| Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives of assets	31 years
Buildings \| Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives of assets	40 years
Site improvements - buildings and land \| Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives of assets	4 years
Site improvements - buildings and land \| Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives of assets	20 years
Furniture, fixtures and equipment \| Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives of assets	6 years
Furniture, fixtures and equipment \| Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives of assets	15 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Derivatives - Schedule of Fair Value of Derivative Financial Instruments (Details) - Non-designated Hedges - USD ($)
$ in Thousands

Sep. 30, 2024

Dec. 31, 2023

5-year Treasury note futures

Derivative [Line Items]

Fair value of derivative liability

^[1]

$ (71)

Fair value of derivative asset

^[1]

$ 20

2-year Treasury note futures

Derivative [Line Items]

Fair value of derivative liability

^[1]

(17)

Fair value of derivative asset

^[1]

$ 2

Interest rate swap

Derivative [Line Items]

Fair value of derivative liability

^[1]

$ (432)

[1]	The derivative asset balance as of December 31, 2023 is included in other assets, net on the Company's Consolidated Balance Sheets. The derivative liability balance as of September 30, 2024 is included in accounts payable, accrued expenses and other liabilities.

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Schedule of Net Loss and Weighted Average Number of Shares Outstanding

The Company's net loss and weighted-average number of shares outstanding for the three and nine months ended September 30, 2024 and 2023 consists of the following ($ and shares in thousands):


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2024			2023			2024			2023
Net loss attributable to JPMREIT stockholders	$	(2,653	)	$	(2,188	)	$	(7,858	)	$	(11,188	)
Weighted-average shares of common stock outstanding, basic and diluted		18,655			9,488			16,448			6,860

Schedule of Computations of Basic and Diluted Net Loss per Share


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2024			2023			2024			2023
Basic and Diluted Net Loss per Share Attributable to JPMREIT Stockholders
Numerator:
Net loss attributable to JPMREIT stockholders	$	(2,653	)	$	(2,188	)	$	(7,858	)	$	(11,188	)
Denominator:
Weighted-average shares of common stock outstanding		18,655			9,488			16,448			6,860
Basic and diluted net loss per share of common stock	$	(0.14	)	$	(0.23	)	$	(0.48	)	$	(1.63	)

Mandatorily Redeemable Instruments - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Dec. 31, 2023
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items]
Interest costs on mandatorily redeemable instruments	$ 2,300	$ 5,800
Redemption value adjustment loss on mandatorily redeemable instruments	(1,200)	(2,600)
Distribution expenses on mandatorily redeemable instruments	$ 1,100	3,200
Adviser
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items]
Redemption value adjustment loss on mandatorily redeemable instruments		$ 2,613
Common Stock Class E \| Adviser
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items]
Sale of operating partnership units	0	0	500,000
Sale of operating partnership units for exchange of investment			$ 5,800
Class E Operating Partnership Unit
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items]
Sale of operating partnership units	0	0	9,000,000
Sale of operating partnership units for exchange of investment			$ 94,200
Total Distribution	$ 1,100	$ 3,200
Distribution payable	$ 400	$ 400

Mortgage Notes, Credit Facility and Repurchase Facility - Summary of Future Principal Payment Due Under Mortgage Notes and Repurchase Facility (Details) - USD ($)
$ in Thousands

Sep. 30, 2024

Dec. 31, 2023

Long Term Debt By Maturity [Line Items]

Total future principal payments

$ 171,767

$ 115,346

Repurchase Facility

Long Term Debt By Maturity [Line Items]

Total future principal payments

^[1]

46,800

Mortgage notes

Long Term Debt By Maturity [Line Items]

131

536

560

585

635

122,520

Total future principal payments

124,967

Secured Financings | Repurchase Facility

Long Term Debt By Maturity [Line Items]

2027

46,800

Total future principal payments

$ 46,800

[1]	Carrying value excludes deferred financing costs and discounts.

Segment Reporting - Summary of Financial Results by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues
Rental revenue	$ 6,853	$ 4,774	$ 17,803	$ 12,634
Total revenues	6,853	4,774	17,803	12,634
Expenses
Rental property operating	3,319	1,468	7,251	3,826
Income from investments in real estate debt	1,524	447	2,415	1,287
Income (loss) from investments in real estate-related and other securities	7	(318)	18	(366)
Segment net operating income (loss)	5,065	3,435	12,985	9,729
Depreciation and amortization	(2,780)	(1,674)	(7,078)	(6,044)
General and administrative	(1,344)	(989)	(3,583)	(3,274)
Mandatorily redeemable instruments interest costs	(2,268)	(1,376)	(5,836)	(6,045)
Interest expense	(2,123)	(1,708)	(5,510)	(5,632)
Other income (expense), net	768	114	1,118	(11)
Net loss	(2,682)	(2,198)	(7,904)	(11,277)
Net loss attributable to non-controlling interests in consolidated joint ventures	(29)	(10)	(46)	(89)
Net loss attributable to JPMREIT stockholders, basic	(2,653)	(2,188)	(7,858)	(11,188)
Multifamily
Revenues
Rental revenue	3,815	3,613	11,150	10,926
Total revenues	3,815	3,613	11,150	10,926
Expenses
Rental property operating	1,947	1,334	4,530	3,690
Segment net operating income (loss)	1,868	2,279	6,620	7,236
Depreciation and amortization	(1,116)	(1,081)	(3,328)	(5,281)
Industrial
Revenues
Rental revenue	1,393	1,161	4,244	1,708
Total revenues	1,393	1,161	4,244	1,708
Expenses
Rental property operating	231	134	713	136
Segment net operating income (loss)	1,162	1,027	3,531	1,572
Depreciation and amortization	(699)	(589)	(2,097)	(750)
Single-family rental
Revenues
Rental revenue	236		303
Total revenues	236		303
Expenses
Rental property operating	616		1,223
Segment net operating income (loss)	(380)		(920)
Depreciation and amortization	(348)		(765)
Retail
Revenues
Rental revenue	1,409		2,106
Total revenues	1,409		2,106
Expenses
Rental property operating	525		779
Income from investments in real estate debt	0
Segment net operating income (loss)	884		1,327
Depreciation and amortization	(611)		(874)
Investments in real estate debt, real estate-related and other securities
Expenses
Rental property operating			6
Income from investments in real estate debt	1,524	447	2,415	1,287
Income (loss) from investments in real estate-related and other securities	7	(318)	18	(366)
Segment net operating income (loss)	1,531	$ 129	$ 2,427	$ 921
Depreciation and amortization	$ (5)

Summary of Significant Accounting Policies - Schedule of Company's Assets and Liabilities Measured at Fair Value on Recurring Basis Using Level 3 (Details) - Recurring Basis - Level 3 $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Mandatorily Redeemable Instruments
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at December 31, 2023	$ 101,753
Distributions declared	3,224
Reclassify to distributions payable/paid	(3,224)
Unrealized loss included in mandatorily redeemable Class E units interest costs	2,613
Balance at June 30, 2024	104,366
Investments in Real Estate Debt (asset)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at December 31, 2023	16,825
Purchases	62,400
Balance at June 30, 2024	$ 79,225

Investments in Real Estate-Related and Other Securities

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Investments in Real Estate-Related and Other Securities

6. Investments in Real Estate-Related and Other Securities

The following table details the Company’s investments in real estate-related and other securities ($ in thousands):


			September 30, 2024						December 31, 2023
Real Estate-Related and Other Securities	Coupon	Maturity Date	Face Amount		Cost Basis		Fair Value		Face Amount		Cost Basis		Fair Value
U.S. Treasury(1)	N/A	March 14, 2024	$	—	$	—	$	—	$	420	$	409	$	416
U.S. Treasury(1)	N/A	October 29, 2024		480		472		478		—		—		—
Total real estate-related and other securities			$	480	$	472	$	478	$	420	$	409	$	416

(1) Includes $0.5 million of securities pledged as collateral related to the Treasury note futures contracts.

The following table details the amounts recognized for the Company's investments in real estate-related and other securities ($ in thousands):


	For the Three Months Ended September 30,					For the Nine Months Ended September 30,
	2024		2023			2024		2023
Interest income	$	7	$	76		$	18	$	208
Unrealized gain		—		260			—		80
Realized loss		—		(654	)		—		(654	)
Total income (loss) from investments in real estate-related and other securities	$	7	$	(318	)	$	18	$	(366	)

Earnings Per Share - Schedule of Net Loss and Weighted Average Number of Shares Outstanding (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Net loss attributable to JPMREIT stockholders, basic	$ (2,653)	$ (2,188)	$ (7,858)	$ (11,188)
Net loss attributable to JPMREIT stockholders, diluted	$ (2,653)	$ (2,188)	$ (7,858)	$ (11,188)
Weighted-average shares of common stock outstanding, basic	18,655	9,488	16,448	6,860
Weighted-average shares of common stock outstanding, diluted	18,655	9,488	16,448	6,860

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 5
-Subparagraph (SAB Topic 6.B)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-11

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Mandatorily Redeemable Instruments - Summary of Future Payments Due Under Mandatorily Redeemable Instruments (Parenthetical) (Details) - Mandatorily Redeemable Instruments [Member]	Sep. 30, 2024
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items]
Share repurchase plan, monthly	2.00%
Share repurchase plan, quarterly	5.00%

Investment in Real Estate - Summary of Property Acquired (Details)
ft² in Thousands, $ in Thousands

9 Months Ended

Sep. 30, 2024

USD ($)

ft²

Property

Unit

Asset Acquisition [Line Items]

Aggregate purchase price | $

$ 81,646

^[1]

Number of Transactions

Number of Properties

Single-family rental property

Asset Acquisition [Line Items]

Aggregate purchase price | $

$ 32,768

^[1],[2]

Number of Transactions

^[2]

Number of Properties

^[2]

Units | Unit

^[2]

Retail

Asset Acquisition [Line Items]

Aggregate purchase price | $

$ 48,878

^[1]

Number of Transactions

Number of Properties

Sq. Ft. | ft²

100

[1]	Purchase price is inclusive of acquisition-related costs.
[2]	The 90 Fiore townhomes acquired in the nine months ended September 30, 2024 and the 36 Fiore townhomes acquired in 2023 are included as a single property

Investments in Real Estate-Related and Other Securities - Summary of Investments in Real Estate-related and Other Securities (Details) - USD ($)
$ in Thousands

9 Months Ended

12 Months Ended

Sep. 30, 2024

Dec. 31, 2023

U.S. Government Securities

Debt and Equity Securities, FV-NI [Line Items]

Maturity Date

^[1]

Oct. 29, 2024

Mar. 14, 2024

Face Amount

^[1]

$ 480

$ 420

Cost Basis

^[1]

472

409

Fair Value

^[1]

478

416

Investments in Real Estate-related and Other Securities

Debt and Equity Securities, FV-NI [Line Items]

Face Amount

480

420

Cost Basis

472

409

Fair Value

$ 478

$ 416

[1]	Includes $0.5 million of securities pledged as collateral related to the Treasury note futures contracts.

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Basis of Presentation

The accompanying unaudited consolidated financial statements include the accounts of the Company, and in the opinion of management, include all necessary adjustments, consisting of only normal and recurring items, necessary for a fair statement of the Company’s financial position and results of operations for the interim period. These financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the applicable rules and regulations of the SEC. The accompanying unaudited consolidated interim financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on March 18, 2024.

Certain amounts on the Company’s Consolidated Statements of Changes in Equity for the nine months ended September 30, 2023 have been reclassified to conform to the current period presentation. Such reclassification has no effect on previously reported totals or subtotals on the Consolidated Statements of Changes in Equity.

All intercompany balances and transactions have been eliminated in consolidation. 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 at the date of the balance sheet. Actual results could differ from those estimates.

There is no other comprehensive income (loss) for the three and nine months ended September 30, 2024 and 2023, resulting in comprehensive loss equaling net loss. Accordingly, the statement of other comprehensive income (loss) is not presented.

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of the Company and the Company’s subsidiaries in which the Company has a controlling interest. For consolidated joint ventures, the non-controlling partner’s share of the assets, liabilities and operations of the joint ventures is included in non-controlling interests on the Company's Consolidated Balance Sheets and Consolidated Statements of Operations. The non-controlling partner’s interest is generally computed as the joint venture partner’s ownership percentage.

In determining whether the Company has a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, the Company considers whether the entity is a variable interest entity (“VIE”) and whether it is the primary beneficiary. The Company is the primary beneficiary of a VIE when it has (i) the power to direct the most significant activities impacting the economic performance of the VIE and (ii) the obligation to absorb losses or receive benefits significant to the VIE. Entities that do not qualify as VIEs are generally considered voting interest entities (“VOEs”) and are evaluated for consolidation under the voting interest model. VOEs are consolidated when the Company controls the entity through a majority voting interest or other means. When the requirements for consolidation are not met and the Company has significant influence over the operations of the entity, the investment is accounted for under 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.

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

Each of the Company’s joint ventures is considered to be a VIE. The Company consolidated these entities because it has the ability to direct the most significant activities of the joint venture. The total assets and liabilities of the Company’s consolidated VIEs were $178.6 million and $87.0 million and $129.2 million and $86.9 million as of September 30, 2024 and December 31, 2023, respectively. Such amounts are included on the Company’s Consolidated Balance Sheets.

Cash and Cash Equivalents

Cash and cash equivalents represent cash held in banks, cash on hand, cash held in money market funds 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. The Company held $29.4 million in cash and cash equivalents as of September 30, 2024 and $32.5 million in cash and cash equivalents as of December 31, 2023 (see Note 9).

Restricted Cash

Restricted cash primarily consists of amounts in escrow related to real estate taxes, insurance and utilities in connection with mortgages at certain of the Company’s properties.

Investments in Real Estate

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 is not a business, the Company accounts for the transaction as an asset acquisition. All property acquisitions to date have been accounted for as asset acquisitions.

Whether the acquisition of a property is considered a business combination or asset acquisition, the Company recognizes the identifiable tangible and intangible assets acquired, the liabilities assumed, and any non-controlling interest in the acquired entity. In addition, for transactions that are business combinations, the Company evaluates the existence of goodwill or a gain from a bargain purchase. The Company expenses acquisition-related costs associated with business combinations as they are incurred and capitalizes acquisition-related costs associated with asset acquisitions.

Upon the acquisition of a property deemed to be an asset acquisition, the Company assesses the fair value of acquired tangible and intangible assets (including land, buildings, tenant improvements, above-market and below-market leases, acquired in-place leases, other identified 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 fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. The Company also considers an allocation of purchase price of other acquired intangibles, including acquired in-place leases that may have a customer relationship intangible value, including the nature and extent of the existing relationship with the tenants, the tenants’ credit quality and expectations of lease renewals.

The cost of buildings and improvements includes the purchase price of the Company’s properties and any acquisition-related costs, along with any subsequent capitalized 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
Buildings		31-40 years
Site improvements - buildings and land		4-20 years
Furniture, fixtures and equipment		6-15 years
Lease intangibles		Over lease term

Repairs and maintenance are expensed to operations as incurred and are included in property operating expenses on the Company’s Consolidated Statements of Operations. Significant improvements to properties are capitalized. 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 records acquired above-market and below-market leases at their fair values (using a discount rate which reflects the risks associated with the leases acquired). In the case of an above-market lease, the excess payment (the difference between (1) the contractual amounts to be received pursuant to the lease and (2) management’s estimate of fair-market lease rates for the lease, measured over a period equal to the remaining term of the lease) is recorded as an asset on the Consolidated Balance Sheets. In the case of a below-market lease, the difference between (1) the contractual amounts to be received pursuant to the lease and (2) management’s estimate of fair-market lease rates for the lease, measured over a period equal to the initial term plus the term of any below-market fixed-rate renewal options is recorded as a liability on the Consolidated Balance Sheets. Other intangible assets acquired include amounts for in-place lease values that are based on the Company’s evaluation of the specific characteristics of each tenant’s lease. Factors to be considered include estimates of carrying costs during hypothetical expected lease-up periods considering current market conditions, and costs to execute similar leases. In estimating carrying costs, the Company includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods, depending on local market conditions.

In estimating costs to execute similar leases, the Company considers leasing commissions, legal and other related expenses. The amortization of acquired above-market and below-market leases is recorded as an adjustment to rental revenue on the Company’s Consolidated Statements of Operations. The amortization of in-place leases is recorded as an adjustment to depreciation and amortization expense on the Company’s Consolidated Statements of Operations.

The Company’s management reviews the Company’s real estate properties for impairment when there is an event or change in circumstances that indicates an impaired value. 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 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. If the Company determines that an impairment has occurred, the affected assets must be reduced to their estimated fair value. During the three and nine months ended September 30, 2024 and 2023, no such impairments occurred.

Investments in Real Estate Debt

The Company’s investments in real estate debt consisted of a Commercial Mortgage Loan and a Mezzanine Loan (both defined below) secured by real estate. The Company elected the FVO for its real estate debt investments. As such, the resulting unrealized gains and losses of such loans are recorded as a component of income from investments in real estate debt on the Company’s Consolidated Statements of Operations. No unrealized gain or loss was recognized for the three and nine months ended September 30, 2024 and 2023.

Interest income from the Company’s investments in real estate debt is recognized over the life of each investment using the effective interest method and is recorded on the accrual basis. Recognition of premiums and discounts associated with these investments is deferred and recorded over the term of the investment as an adjustment to yield. Upfront costs and fees related to items for which the FVO is elected are recognized in earnings as incurred and are not deferred. Interest income, upfront costs and fees are recorded as a component of income from investments in real estate debt on the Company’s Consolidated Statements of Operations.

Investments in Real Estate-Related and Other Securities

The Company has elected to classify its real estate-related and other securities as trading securities, which are recorded at fair value. As such, the Company records changes in fair value and interest income as a component of income (loss) from investments in real estate-related and other securities on the Company’s Consolidated Statements of Operations.

Mandatorily Redeemable Instruments

The Company reports its mandatorily redeemable Class E shares and Class E units (collectively the "Mandatorily Redeemable Instruments") as a liability on its Consolidated Balance Sheets at JPMIM’s cash redemption value. JPMIM’s cash redemption value is determined based on the Company's NAV per Class E share or Class E unit as of the Company's balance sheet date. For purposes of determining the Company's NAV, the Company's investments in real estate are recorded at fair value based on third-party valuations prepared by licensed appraisers in accordance with standard industry practice. These fair value estimates of the Company's investments in real estate are particularly important as they are used for the calculation of NAV, which determines the adjustment to the carrying value of the Company's Mandatorily Redeemable Instruments. Significant differences in the fair value of the Company's Mandatorily Redeemable Instruments may result from changes in market conditions that cause the Company's NAV, and thus JPMIM’s redemption value, to increase or decrease during the period and are recorded as a component of mandatorily redeemable instruments interest cost on the Company's Consolidated Statements of Operations. Distributions declared on the Mandatorily Redeemable Instruments are recorded as a component of mandatorily redeemable instruments interest cost on the Company's Consolidated Statements of Operations. Declared but unpaid distributions as of September 30, 2024 and December 31, 2023, were recorded as a liability within accounts payable, accrued expenses and other liabilities on the Company's Consolidated Balance Sheets.

Fair Value Measurements

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 debt, real estate-related and other securities and derivatives are recorded at fair value. The Company generally determines the fair value of its investments by utilizing third-party pricing service providers. In determining the value of a particular real estate-related security, 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 real estate-related securities usually consider the attributes applicable to a particular class of 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.

Certain of the Company’s investments in real estate debt that consist of loans secured by real estate, such as the Commercial Mortgage Loan and the Mezzanine Loan, are unlikely to have readily available market quotations. In such cases, the Company will generally determine the initial value based on the origination amount or acquisition price of the investment if acquired by the Company or the par value of the investment if originated by the Company. Following the initial measurement, the Company will determine fair value by utilizing or reviewing certain of the following inputs: (i) market yield data, (ii) discounted cash flow modeling, (iii) collateral asset performance, (iv) local or macro real estate performance, (v) capital market conditions, (vi) debt yield or loan-to-value ratios and (vii) borrower financial condition and performance.

The Company's derivative financial instruments consist of Treasury note futures contracts and an interest rate swap. The fair value of the Company's Treasury note futures contracts is based on quoted market prices for identical instruments. The fair value of the Company’s interest rate swap was estimated using information provided by a third-party valuation service provider based on contractual cash flows and interest calculations using the appropriate discount rate.

The Mandatorily Redeemable Instruments are carried at their cash redemption value as if the units were repurchased or redeemable at the reporting date, which equals NAV per unit at the reporting date.

The carrying amounts of financial instruments such as other assets, accounts payable, accrued expenses and other liabilities approximate their fair values due to the short-term maturities and market rates of interest of these instruments.

The following table details the Company’s assets and liabilities measured at fair value on a recurring basis ($ in thousands):


	September 30, 2024								December 31, 2023
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Investments in real estate debt	$	—	$	—	$	79,225	$	79,225	$	—	$	—	$	16,825	$	16,825
Investments in real estate-related and other securities		478		—		—		478		416		—		—		416
Treasury note futures contracts(1)		—		—		—		—		22		—		—		22
Total	$	478	$	—	$	79,225	$	79,703	$	438	$	—	$	16,825	$	17,263

Liabilities:
Mandatorily Redeemable Instruments	$	—	$	—	$	104,366	$	104,366	$	—	$	—	$	101,753	$	101,753
Treasury note futures contracts(2)		88		—		—		88		—		—		—		—
Interest rate swap(2)		—		432		—		432		—		—		—		—
Total	$	88	$	432	$	104,366	$	104,886	$	—	$	—	$	101,753	$	101,753

(1) Included in other assets, net on the Company's Consolidated Balance Sheets.

(2) Included in accounts payable, accrued expenses and other liabilities on the Company’s Consolidated Balance Sheets.

The following table details the Company’s assets and liabilities measured at fair value on a recurring basis using Level 3 inputs ($ in thousands):


	Investments in Real Estate Debt (asset)		Mandatorily Redeemable Instruments (liability)
Balance at December 31, 2023	$	16,825	$	101,753
Additions		62,400		—
Distributions declared		—		3,224
Reclassify to distributions payable/paid		—		(3,224	)
Redemption value adjustment		—		2,613
Balance at September 30, 2024	$	79,225	$	104,366

The following table contains the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy ($ in thousands):

           
          September 30, 2024

           
          Fair Value

          Valuation Technique

          Unobservable Inputs

          Weighted - Average Rate

          Impact to Valuation from an Increase in Input

          Assets:

Investments in real estate debt

79,225

Discounted cash flow

Market credit spread

SOFR(1) + 3.20%

Decrease

          Liabilities:

Mandatorily Redeemable Instruments(2)

104,366

Discounted cash flow

Discount rate/
Exit capitalization rate/Market yield

50%/  
75%/  
02%

Decrease

(1) "SOFR" refers to the Secured Overnight Financing Rate which was 4.85% at September 30, 2024.

(2) Mandatorily Redeemable Instruments are carried at the NAV of the Class E units and Class E shares, which is determined monthly in accordance with the Company's valuation guidelines.

Valuation of assets and liabilities not measured at fair value

The fair value of the Company’s financial instruments (other than mortgage notes and the Repurchase Facility), including cash and cash equivalents and other financial instruments, approximate their carrying or contract 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.

The following table presents the carrying value and fair value of financial instruments that are not carried at fair value on the Consolidated Balance Sheets:


	September 30, 2024				December 31, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value
Mortgage notes(1)	$	124,967	$	125,026	$	115,346	$	113,516
Repurchase facility(1)		46,800		46,800		—		—
Total	$	171,767	$	171,826	$	115,346	$	113,516

(1) Carrying value excludes deferred financing costs and discounts.

Deposits on Real Estate

Deposits paid on real estate purchase contracts are recorded and classified as deposits on real estate on the Company’s Consolidated Balance Sheets until the related real estate purchase is completed. Deposits are reclassified as a component of real estate at the time the deposit is used to offset the acquisition price of the real estate based on the terms of the underlying agreement. To the extent a deposit is non-refundable and the real estate purchase is terminated, the deposit is expensed to other income (expense), net on the Consolidated Statements of Operations. No deposits were written off during the three and nine months ended September 30, 2024 and 2023.

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, as well as financing costs related to the Repurchase Facility, are recorded as an offset to the related liability and amortized over the term of the applicable financing instruments as interest expense. Deferred financing costs related to the Credit Facility (Note 8) are recorded as a component of other assets on the Company’s Consolidated Balance Sheets and amortized over the term of the applicable financing agreement. Deferred leasing costs incurred in connection with a new lease, consisting primarily of brokerage and legal fees, are recorded as a component of other assets on the Company’s Consolidated Balance Sheets and amortized over the term of the related lease

Income Taxes

The Company elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code (the “Code”), effective January 1, 2023. The Company qualified for taxation as a REIT and 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 though 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.

Revenue Recognition

The Company commences revenue recognition on its leases based on a number of factors, including the initial determination that the contract is or contains a lease. When it is determined that a contract contains a lease, revenue is recognized when the lessee takes possession of or controls the physical use of the leased assets. In most instances this occurs on the lease commencement date. At the inception or acquisition of a lease, including new leases that arise from amendments, the Company assesses the terms and conditions of the lease to determine the proper lease classification.

A lease is classified as an operating lease if none of the following criteria are met: (i) ownership transfers to the lessee at the end of the lease term, (ii) the lessee has a purchase option that is reasonably expected to be exercised, (iii) the lease term is for a major part of the economic life of the leased property, (iv) the present value of the future lease payments and any residual value guaranteed by the lessee that is not already reflected in the lease payments equals or exceeds substantially all of the fair value of the leased property, and (v) the leased property is of such a specialized nature that it is expected to have no future alternative use to the Company at the end of the lease term. If one or more of these criteria are met, the lease will generally be classified as a sales-type lease, unless the lease contains a residual value guarantee from a third party other than the lessee, in which case it would be classified as a financing lease under certain circumstances in accordance with ASC 842.

The Company’s rental revenue primarily consists of fixed contractual base rent arising from tenant leases at the Company’s properties under operating leases. Revenue under operating leases that is deemed probable of collection is recognized as revenue on a straight-line basis over the terms of the related leases. For leases that have fixed and measurable rent escalations, the difference between such rental income earned and the cash rent due under the provisions of the lease is recorded on the Company’s Consolidated Balance Sheets. Management exercises judgment in assessing collectability and 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.

Certain of the Company’s contracts contain non-lease components (e.g., charges for management fees, common area maintenance, reimbursement of third-party maintenance expenses, real estate taxes and insurance) in addition to lease components (i.e., monthly rental charges). Services related to non-lease components are provided over the same period of time as, and billed in the same manner as, monthly rental charges. The Company elected to apply the practical expedient available under ASC 842, for all classes of assets, not to segregate the lease components from the non-lease components when accounting for operating leases. Since the lease component is the predominant component under each of these leases, combined revenues from both the lease and non-lease components are accounted for in accordance with ASC 842 and reported as rental revenues in the Company’s Consolidated Statements of Operations.

Organization and Offering Costs

Organization costs are expensed as incurred and recorded as a component of general and administrative expenses on the Company’s Consolidated Statements of Operations. Offering costs are charged to equity as such amounts are incurred.

The Adviser advanced the Company’s organization and offering costs (including legal, accounting, and other expenses attributable to the Company’s organization, but excluding upfront selling commissions, dealer manager fees and stockholder servicing fees) on behalf of the Company through July 22, 2024, which marked the second anniversary of the commencement of the Offering. Commencing on July 22, 2024, the Company began reimbursing the Adviser for all such advanced costs ratably over a 60-month period.

Organization and offering costs advanced by the Adviser and its affiliates are recorded as a component of due to affiliates in the accompanying Consolidated Balance Sheets.

Operating Expenses

The Adviser will advance on the Company’s behalf certain of the Company’s operating expenses through the earlier of (i) the first date that the Company’s NAV reaches $500 million and (ii) December 31, 2024. The Company will reimburse the Adviser for all such advanced operating expenses ratably over the 60 months following such date. Operating expenses incurred by the Company are expensed in the period incurred.

Operating expenses advanced by the Adviser and its affiliates are recorded as a component of due to affiliates in the accompanying Consolidated Balance Sheets.

Share Repurchases

The Company has adopted a share repurchase plan, whereby on a monthly basis, stockholders may request that the Company repurchase all or any portion of their shares. The Company may choose to repurchase all, some or none of the shares that have been requested to be repurchased at the end of any particular month, in its discretion, subject to any limitations in the share repurchase plan. The total amount of aggregate repurchases of the Company’s shares is limited to 2% of the aggregate NAV per month (measured using the aggregate NAV attributable to stockholders as of the end of the immediately preceding month) and 5% of the aggregate NAV per calendar quarter (measured using the average aggregate NAV attributable to stockholders as of the end of the immediately preceding three months). Shares are repurchased at a price equal to the transaction price on the applicable repurchase date, subject to any early repurchase deduction. Shares that have not been outstanding for at least one year are repurchased at 98% of the transaction price. If the Company determines to repurchase some but not all of the shares submitted for repurchase during any month, shares submitted for repurchase during such month will be repurchased on a pro rata basis based on the amount requested after the Company has repurchased all shares for which repurchase was requested due to death or disability and other limited exceptions. All unsatisfied repurchase requests must be resubmitted after the start of the next month or quarter, or upon the recommencement of the share repurchase plan, as applicable.

Due to the illiquid nature of investments in real estate, the Company may not have sufficient liquid resources to fund repurchase requests and has established limitations on the amount of funds the Company may use for repurchases during any calendar month and quarter. Should repurchase requests, in the Company's judgment, place an undue burden on the Company's liquidity, adversely affect the Company's operations or risk having an adverse impact on the Company as a whole, or should the Company otherwise determine that investing its liquid assets in real properties or other investments rather than repurchasing its shares is in the best interests of the Company as a whole, the Company may choose to repurchase fewer shares in any particular month than have been requested to be repurchased, or none at all. Further, the Company's board of directors may make exceptions to, modify or suspend the share repurchase plan if in its reasonable judgment it deems such action to be in the Company's best interest and the best interests of the Company's stockholders.

Class E shares issued in the Initial Capitalization

The Class E shares issued in the Initial Capitalization are not eligible for repurchase pursuant to the share repurchase plan. Such Class E shares will only be eligible for repurchase following the earlier to occur of (i) July 22, 2025, which is the third anniversary of the date the Company commenced the Offering, and (ii) the date that the Company’s aggregate NAV is at least $1.5 billion. Following such period, holders of Class E shares (other than the Class E shares purchased by JPMIM as part of the Initial Capitalization, which are subject to special terms discussed below in the JPMIM mandatory Class E repurchases section) may request that the Company repurchase their Class E shares on a monthly basis. The Company will repurchase Class E shares at a price per share equal to the most recently determined NAV per Class E share as of the repurchase date.

The aggregate amount of Class E shares issued in the Initial Capitalization that the Company is required to repurchase in any month will be limited to an amount equal to any remaining availability for share repurchases pursuant to the terms and conditions of the share repurchase plan, after the Company has fulfilled all repurchase requests submitted pursuant to the share repurchase plan. In addition, the Company will not repurchase any Class E shares during any period that the share repurchase plan has been suspended.

The Class E shares issued in the Initial Capitalization are not eligible for repurchase pursuant to the share repurchase plan. However, the Class E shares that the Company issues to employees or affiliates of J.P. Morgan in a private offering and Class E shares issued to the Company’s independent directors in connection with their compensation are eligible for repurchase pursuant to the share repurchase plan in the same manner as publicly offered shares.

Class E and Class I shares issued in a private offering of Class E and Class I shares

The Class E and Class I shares issued in a private offering of Class E and Class I shares are not eligible for repurchase pursuant to the share repurchase plan until the earlier to occur of (i) July 22, 2025, which is the third anniversary of the date that the Company commenced the Offering, and (ii) the date that the Company’s aggregate NAV is at least $1.5 billion. Following such period, holders of Class E and Class I shares purchased in a private offering of Class E and Class I shares may request that the Company repurchase their Class E and Class I shares on a monthly basis, provided that such holders request that the Company repurchase an equal dollar amount of Class E and Class I shares, and subject to the terms and limitations set forth in the share repurchase plan. The Company will repurchase Class E and Class I shares at a price per share equal to the most recently determined NAV per Class E and Class I share, respectively, as of the repurchase date.

Class E shares issued in a private offering of Class E shares

On or after January 1, 2030, holders of Class E shares acquired in a private offering of Class E shares may on a monthly basis request that the Company repurchase a portion of their Class E shares acquired in such offering pursuant to the share repurchase plan, subject to the terms and limitations set forth in the share repurchase plan.

JPMIM mandatory Class E repurchases

JPMIM has agreed to hold all the Class E shares and Class E units it purchases pursuant to JPM Initial Capitalization until the earlier of (i) the first date that the Company’s NAV reaches $1.5 billion and (ii) July 22, 2025, which is three years from the commencement of the Offering. Following such date, each month the Company will repurchase, without further action by JPMIM, a number of Class E shares or Class E units from JPMIM in an amount equal to the amount available under the share repurchase plan’s 2% monthly and 5% quarterly caps after satisfying repurchase requests from investors who purchase shares pursuant to the Offering and any other holders of shares that are otherwise subject to repurchase under the share repurchase plan, until such time as the JPM Initial Capitalization has been fully repurchased; provided, that the number of shares subject to each JPM Mandatory Repurchase may be reduced where other holders of Class E shares that were issued pursuant to the Initial Capitalization and are not subject to repurchase under the share repurchase plan request repurchase of their shares, in which case the Class E shares held by JPMIM and such other investors will be repurchased on a pro rata basis based on their respective percentage ownership in the Company immediately prior to such repurchase (not to exceed an aggregate number of shares equal to the amount available under the share repurchase plan’s 2% monthly and 5% quarterly caps). Notwithstanding the foregoing, the Company will not effect any JPM Mandatory Repurchase during any month in which the full amount of all shares requested to be repurchased by stockholders other than JPMIM under the share repurchase plan is not repurchased or when the share repurchase plan has been suspended.

Derivative Instruments

The Company uses derivative financial instruments such as Treasury note futures contracts and interest rate swaps to manage ongoing risks from fluctuations in interest rates. The Company records its derivative instruments at fair value and such instruments are reflected in other assets, net or accounts payable, accrued expenses and other liabilities on the Company's Consolidated Balance Sheets. Any changes in the fair value of these derivative instruments are recorded within other income (expense), net on the Company's Consolidated Statements of Operations (see Note 16).

Earnings Per Share

Basic net loss per share is computed by dividing net loss for the period by the weighted-average number of shares of common stock outstanding during the period. Diluted loss per share is computed by dividing net loss for the period by the weighted-average number of shares of common stock and common stock equivalents outstanding (unless their effect is anti-dilutive) for the period. For the three and nine months ended September 30, 2024 and 2023, unvested Class E shares awarded to the Company's independent directors are excluded from the calculation of diluted earnings per share as the inclusion of such potential common shares in the calculation would be anti-dilutive. There were no other potentially dilutive, unissued common shares for the three and nine months ended September 30, 2024 and 2023. The weighted-average number of shares of common stock outstanding is identical for both basic and diluted shares.

Recent Accounting Pronouncements

In November 2023, the Financial Accounting Standards Board issued an accounting standards update intended to improve reportable segment disclosure requirements on an annual and interim basis. The amendments require, among other items, enhanced disclosures around significant segment expenses regularly provided to the chief operating decision maker ("CODM"), as well as the CODM's title and position. The amendments are effective for fiscal years beginning after December 15, 2023 and for interim periods within fiscal years beginning after December 15, 2024. The amendments must be applied on a retrospective basis and early adoption is permitted. Management is currently evaluating the impact of these amendments on the Company's disclosures.

Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Summary of Total Assets and Financial Results by Segment

The following table details the total assets by segment ($ in thousands):


Segment	September 30, 2024		December 31, 2023
Multifamily	$	175,778	$	178,001
Industrial		94,572		96,066
Single-family rental		45,483		13,417
Retail		50,990		—
Investments in real estate debt, real estate-related and other securities		80,433		17,563
Other (corporate)		26,416		39,857
Total assets	$	473,672	$	344,904

The following table details the financial results by segment for the three months ended September 30, 2024 ($ in thousands):


	Multifamily			Industrial			Single-family rental			Retail			Investments in real estate debt, real estate-related and other securities			Total
Revenues
Rental revenue	$	3,815		$	1,393		$	236		$	1,409		$	—		$	6,853
Total revenues		3,815			1,393			236			1,409			—			6,853
Expenses
Rental property operating		1,947			231			616			525			—			3,319
Total expenses		1,947			231			616			525			—			3,319
Income from investments in real estate debt		—			—			—			—			1,524			1,524
Income from investments in real estate-related and other securities		—			—			—			—			7			7
Segment net operating income (loss)	$	1,868		$	1,162		$	(380	)	$	884		$	1,531		$	5,065
Depreciation and amortization	$	(1,116	)	$	(699	)	$	(348	)	$	(611	)	$	(5	)	$	(2,780	)
General and administrative																	(1,344	)
Mandatorily redeemable instruments interest costs																	(2,268	)
Interest expense																	(2,123	)
Other income, net																	768
Net loss																$	(2,682	)
Net loss attributable to non-controlling interests in consolidated joint ventures																	(29	)
Net loss attributable to JPMREIT stockholders																$	(2,653	)

The following table details the financial results by segment for the three months ended September 30, 2023 ($ in thousands):


	Multifamily			Industrial			Single-family rental		Retail		Investments in real estate debt, real estate-related and other securities			Total
Revenues
Rental revenue	$	3,613		$	1,161		$	—	$	—	$	—		$	4,774
Total revenues		3,613			1,161			—		—		—			4,774
Expenses
Rental property operating		1,334			134			—		—		—			1,468
Total expenses		1,334			134			—		—		—			1,468
Income from investment in real estate debt		—			—			—		—		447			447
Loss from investment in real estate-related and other securities		—			—			—		—		(318	)		(318	)
Segment net operating income	$	2,279		$	1,027		$	—	$	—	$	129		$	3,435
Depreciation and amortization	$	(1,081	)	$	(589	)	$	—	$	—	$	—		$	(1,674	)
General and administrative															(989	)
Mandatorily redeemable instruments interest costs															(1,376	)
Interest expense															(1,708	)
Other income, net															114
Net loss														$	(2,198	)
Net loss attributable to non-controlling interests in consolidated joint ventures															(10	)
Net loss attributable to JPMREIT stockholders														$	(2,188	)

The following table details the financial results by segment for the nine months ended September 30, 2024 ($ in thousands):


	Multifamily			Industrial			Single-family rental			Retail			Investments in real estate debt, real estate-related and other securities		Total
Revenues
Rental revenue	$	11,150		$	4,244		$	303		$	2,106		$	—	$	17,803
Total revenues		11,150			4,244			303			2,106			—		17,803
Expenses
Rental property operating		4,530			713			1,223			779			6		7,251
Total expenses		4,530			713			1,223			779			6		7,251
Income from investments in real estate debt		—			—			—			—			2,415		2,415
Income from investments in real estate-related and other securities		—			—			—			—			18		18
Segment net operating income (loss)	$	6,620		$	3,531		$	(920	)	$	1,327		$	2,427	$	12,985
Depreciation and amortization	$	(3,328	)	$	(2,097	)	$	(765	)	$	(874	)	$	—	$	(7,078	)
General and administrative																(3,583	)
Mandatorily redeemable instruments interest costs																(5,836	)
Interest expense																(5,510	)
Other income, net																1,118
Net loss															$	(7,904	)
Net loss attributable to non-controlling interests in consolidated joint ventures																(46	)
Net loss attributable to JPMREIT stockholders															$	(7,858	)

The following table details the financial results by segment for the nine months ended September 30, 2023 ($ in thousands):


	Multifamily			Industrial			Single-family rental		Retail		Investments in real estate debt, real estate-related and other securities			Total
Revenues
Rental revenue	$	10,926		$	1,708		$	—	$	—	$	—		$	12,634
Total revenues		10,926			1,708			—		—		—			12,634
Expenses
Rental property operating		3,690			136			—		—		—			3,826
Total expenses		3,690			136			—		—		—			3,826
Income from investment in real estate debt		—			—			—		—		1,287			1,287
Loss from investment in real estate-related and other securities		—			—			—		—		(366	)		(366	)
Segment net operating income	$	7,236		$	1,572		$	—	$	—	$	921		$	9,729
Depreciation and amortization	$	(5,281	)	$	(750	)	$	—	$	—	$	—		$	(6,044	)
General and administrative															(3,274	)
Mandatorily redeemable instruments interest costs															(6,045	)
Interest expense															(5,632	)
Other expense, net															(11	)
Net loss														$	(11,277	)
Net loss attributable to non-controlling interests in consolidated joint ventures															(89	)
Net loss attributable to JPMREIT stockholders														$	(11,188	)

Derivatives - Schedule of Outstanding Derivatives (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($) Contracts Instrument
Derivative [Line Items]
Investment, Variable Interest Rate, Type [Extensible Enumeration]	Secured Overnight Financing Rate (SOFR) [Member]
5-year Treasury note futures \| Non-designated Hedges
Derivative [Line Items]
Number of contracts \| Contracts	193
Notional amount	$ 19,300
Commencement date	Aug. 22, 2024
Maturity date	Dec. 31, 2024
2-year Treasury note futures \| Non-designated Hedges
Derivative [Line Items]
Number of contracts \| Contracts	44
Notional amount	$ 8,800
Commencement date	Aug. 22, 2024
Maturity date	Dec. 31, 2024
Interest rate swap - mortgage notes \| Non-designated Hedges
Derivative [Line Items]
Number of instruments \| Instrument	1
Notional amount	$ 10,000
Strike rate	4.21%
Maturity (Years)	4 years 1 month 6 days
Commencement date	Apr. 02, 2024
Maturity date	Oct. 02, 2028
Investment, Variable Interest Rate, Type [Extensible Enumeration]	Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]

Derivatives (Tables)

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Outstanding Derivatives

The following table details the Company's outstanding Treasury note futures contracts that were non-designated hedges of interest rate risk (notional amount in thousands):

         
        September 30, 2024

        Treasury note futures contracts

        Number of Contracts

        Notional Amount

        Commencement Date

        Maturity Date

5-year Treasury note futures

193

19,300

August 22, 2024

December 31, 2024

2-year Treasury note futures

44

8,800

August 22, 2024

December 31, 2024

The following table details the Company’s outstanding interest rate swap that was a non-designated hedge of interest rate risk (notional amount in thousands):

         
        September 30, 2024

        Interest rate swap

        Number of Instruments

        Notional Amount

        Strike Rate

        Index

        Maturity (Years)

        Commencement Date

        Maturity Date

Interest rate swap

1

10,000

4.21%

SOFR

4.1

April 2, 2024

October 2, 2028

Schedule of Fair Value of Derivative Financial Instruments

The following table details the fair value of the Company's derivative financial instruments ($ in thousands):


	Fair Value of Derivatives(1)
	September 30, 2024			December 31, 2023
5-year Treasury note futures	$	(71	)	$	20
2-year Treasury note futures		(17	)		2
Interest rate swap		(432	)		—

Organization and Business Purpose

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Business Purpose

1. Organization and Business Purpose

J.P. Morgan Real Estate Income Trust, Inc. (the “Company” or “JPMREIT”) was formed on November 5, 2021 as a Maryland corporation and intends to qualify as a real estate investment trust (“REIT”) for U.S. federal income tax purposes. The Company invests primarily in stabilized, income-generating real estate properties, and to a lesser extent, real estate debt, real estate-related securities and other securities. The Company is the sole general partner of J.P. Morgan REIT Operating Partnership, L.P., a Delaware limited partnership (“Operating Partnership”). J.P. Morgan REIT OP Special Limited Partner, L.P. (the “Special Limited Partner”), an affiliate of J.P. Morgan Investment Management Inc. (the “Adviser” or “JPMIM” and together with its affiliates “J.P. Morgan”), owns a special limited partner interest in the Operating Partnership. Substantially all of the Company’s business is conducted through the Operating Partnership. The Company and the Operating Partnership are externally managed by JPMIM.

As of September 30, 2024, the Company owned seven real estate properties consisting of three multifamily properties, two industrial properties, one single-family rental property and one retail property. The Company also has two real estate debt investments and an investment in U.S. Treasury bills. The Company currently operates in five reportable segments: multifamily, industrial, single-family rental, retail and investments in real estate debt, real estate-related and other securities. See Note 15 for a description of the Company's segment reporting.

The Company depends on the Adviser and its affiliates for certain services that are essential to it, including the distribution of the Company’s shares of common stock, acquisition and disposition decisions, and certain other responsibilities. If the Adviser and its affiliates were unable or unwilling to provide such services, the Company would be required to find alternative service providers.

Other Assets and Liabilities - Components of Accounts Payable, Accrued Expenses and Other Liabilities (Parenthetical) (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Other Assets and Liabilities [Line Items]
Distributions payable	$ 1,080	$ 832
Class E Shares
Other Assets and Liabilities [Line Items]
Distributions payable	400	400
Mandatorily Redeemable Class E Units
Other Assets and Liabilities [Line Items]
Distributions payable	$ 400	$ 400

Intangibles - Schedule of Estimated Future Amortization Intangibles (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Intangible assets, net	$ 17,884	$ 9,369
2024 (remaining)	(69)
2025	(274)
2026	(274)
2027	(274)
2028	(273)
Thereafter	(1,702)
Intangible liabilities, net	(2,866)	$ (1,684)
In-Place Lease Intangibles
Finite-Lived Intangible Assets [Line Items]
2024 (remaining)	617
2025	2,412
2026	2,371
2027	2,328
2028	2,070
Thereafter	6,282
Intangible assets, net	16,080
Above-Market Lease Intangibles
Finite-Lived Intangible Assets [Line Items]
2024 (remaining)	86
2025	330
2026	320
2027	320
2028	289
Thereafter	459
Intangible assets, net	$ 1,804

Equity - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024	Dec. 31, 2023	Nov. 13, 2023
Class of Stock [Line Items]
Number of common stock and preferred stock shares, authorized	5,500,000,000		5,500,000,000				5,500,000,000
Common Stock, Shares, Outstanding	19,525,000		19,525,000		17,400,000	12,362,000
Preferred Stock, Shares Outstanding	0		0			0
Common stock repurchased	$ 962	$ 99	$ 1,192	$ 99
Unfulfilled repurchase requests	0
Class T Shares
Class of Stock [Line Items]
Common Stock, Shares, Outstanding	0		0
Class X Shares
Class of Stock [Line Items]
Number of common stock and preferred stock shares, authorized	500,000,000		500,000,000
Common Stock, Shares, Outstanding	0		0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Related Party Transactions - Components of Due to Affiliates (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Related Party Transactions [Abstract]
Organization and offering costs	$ 7,243	$ 6,648
Operating expenses	10,620	7,935
Accrued performance participation allocation	592
Management fee	94	100
Stockholder servicing fee	969	36
Total	$ 19,518	$ 14,719

Segment Reporting - Summary of Total Assets by Segment (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total assets	$ 473,672	$ 344,904
Multifamily
Segment Reporting Information [Line Items]
Total assets	175,778	178,001
Industrial
Segment Reporting Information [Line Items]
Total assets	94,572	96,066
Single-family rental
Segment Reporting Information [Line Items]
Total assets	45,483	13,417
Retail
Segment Reporting Information [Line Items]
Total assets	50,990
Investments in real estate debt, real estate-related and other securities
Segment Reporting Information [Line Items]
Total assets	80,433	17,563
Other (corporate)
Segment Reporting Information [Line Items]
Total assets	$ 26,416	$ 39,857

- Definition

Amount of asset recognized for present right to economic benefit.

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+ Details

Earnings Per Share - Schedule of Computations of Basic and Diluted Net Loss per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net loss attributable to JPMREIT stockholders, basic	$ (2,653)	$ (2,188)	$ (7,858)	$ (11,188)
Net loss attributable to JPMREIT stockholders, diluted	$ (2,653)	$ (2,188)	$ (7,858)	$ (11,188)
Denominator:
Weighted-average shares of common stock outstanding, basic	18,655	9,488	16,448	6,860
Weighted-average shares of common stock outstanding, diluted	18,655	9,488	16,448	6,860
Net loss per share of common stock, basic	$ (0.14)	$ (0.23)	$ (0.48)	$ (1.63)
Net loss per share of common stock, diluted	$ (0.14)	$ (0.23)	$ (0.48)	$ (1.63)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

+ Details

- Definition

+ References + Details

Mandatorily Redeemable Instruments - Summary of Future Payments Due Under Mandatorily Redeemable Instruments (Details) - Mandatorily Redeemable Instruments
$ in Thousands

Sep. 30, 2024

USD ($)

^[1]

Shares Subject To Mandatory Redemption By Settlement Terms [Line Items]

2025

$ 104,366

Total future payments

$ 104,366

[1]	Redemptions of Mandatorily Redeemable Instruments are subject to the share repurchase plan’s 2% monthly and 5% quarterly caps after satisfying repurchase requests from investors in the Offering.

Subsequent Events

9 Months Ended

Sep. 30, 2024

Subsequent Events [Abstract]

Subsequent Events

18. Subsequent Events

The Company evaluated subsequent events through the issuance date of the financial statements, and determined that except as otherwise disclosed herein there were no additional material subsequent events requiring disclosure.

Transaction

On November 5, 2024, the Company acquired a strategically positioned two-site, three-building infill logistics and storage portfolio totaling 154,490 square feet located in Tampa and Pinellas Park, Florida. The properties are fully leased to a leading moving and storage company founded and headquartered in the Tampa area. The total purchase price was $25.8 million (exclusive of closing costs).

Capital raising and financing

As part of the Offering, subsequent to September 30, 2024 through November 8, 2024, the Company sold 50,106 Class D, 702,878 Class I and 309 Class S shares of common stock for net proceeds of $0.5 million, $7.3 million and $0.003 million respectively, which includes distributions reinvested in accordance with the distribution reinvestment plan.

As part of the private offerings, subsequent to September 30, 2024 through November 8, 2024, the Company issued 141,511 Class I, 3,628,654 Class E and 286,867 Class Y shares of common stock for net proceeds of $1.5 million, $39.6 million and $3.1 million, respectively, which includes distributions reinvested in accordance with the distribution reinvestment plan.

Leases - Schedule of Components of Operating Lease Income from Industrial Property (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Fixed lease payments	$ 2,016	$ 958	$ 4,684	$ 1,401
Total fixed lease payments	$ 2,016	$ 958	$ 4,684	$ 1,401

Equity - Schedule of Outstanding Shares of Common Stock (Details) - shares	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024
Class of Stock [Line Items]
Beginning balance	17,400,000	12,362,000
Common stock issued	2,218,000	7,279,000
Common stock repurchased	(93,000)	(116,000)
Ending balance	19,525,000	19,525,000
Class D Shares
Class of Stock [Line Items]
Beginning balance	806,000	504,000
Common stock issued	126,000	433,000
Common stock repurchased	(7,000)	(12,000)
Ending balance	925,000	925,000
Class I Shares
Class of Stock [Line Items]
Beginning balance	7,726,000	5,397,000
Common stock issued	1,263,000	3,610,000
Common stock repurchased	(84,000)	(102,000)
Ending balance	8,905,000	8,905,000
Class S Shares
Class of Stock [Line Items]
Beginning balance	55,000	54,000
Common stock issued	1,000	2,000
Ending balance	56,000	56,000
Class E Shares
Class of Stock [Line Items]
Beginning balance	7,869,000	6,407,000
Common stock issued	468,000	1,930,000
Common stock repurchased	(2,000)	(2,000)
Ending balance	8,335,000	8,335,000
Class Y Shares
Class of Stock [Line Items]
Beginning balance	944,000	0
Common stock issued	360,000	1,304,000
Ending balance	1,304,000	1,304,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Equity

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Equity

12. Equity

Authorized capital

The Company is authorized to issue preferred stock and seven classes of common stock consisting of Class D shares, Class I shares, Class S shares, Class T shares, Class E shares, Class X shares and Class Y shares. The differences among the common share classes relate to upfront selling commissions, dealer manager fees and ongoing stockholder servicing fees. See Note 2 for additional detail of each share class.

As of September 30, 2024, in accordance with the Charter, the Company had authority to issue 5.5 billion shares, consisting of the following (shares in thousands):


Classification	Number of Shares		Par Value
Class D Shares		600,000	$	0.01
Class I Shares		1,500,000		0.01
Class S Shares		1,000,000		0.01
Class T Shares		600,000		0.01
Class E Shares		600,000		0.01
Class X Shares		500,000		0.01
Class Y Shares		600,000		0.01
Preferred Stock		100,000		0.01
Total		5,500,000

Common Stock

The following tables detail the movement in the Company’s outstanding shares of common stock (in thousands). There were no outstanding Class T or Class X shares as of September 30, 2024:


	Three Months Ended September 30, 2024
	Class D			Class I			Class S		Class T		Class E			Class X		Class Y		Total
Beginning balance, June 30, 2024:		806			7,726			55		—		7,869			—		944		17,400
Common stock issued		126			1,263			1		—		468			—		360		2,218
Common stock repurchased		(7	)		(84	)		—		—		(2	)		—		—		(93	)
Ending balance, September 30, 2024		925			8,905			56		—		8,335			—		1,304		19,525


	Nine Months Ended September 30, 2024
	Class D			Class I			Class S		Class T		Class E			Class X		Class Y		Total
Beginning balance, December 31, 2023:		504			5,397			54		—		6,407			—		—		12,362
Common stock issued		433			3,610			2		—		1,930			—		1,304		7,279
Common stock repurchased		(12	)		(102	)		—		—		(2	)		—		—		(116	)
Ending balance, September 30, 2024		925			8,905			56		—		8,335			—		1,304		19,525

There was no outstanding preferred stock as of September 30, 2024 and December 31, 2023, respectively.

Share repurchases

The Company repurchased shares of its common stock for $1.0 million and $1.2 million during the three and nine months ended September 30, 2024, respectively. The Company had no unfilled repurchase requests during the three months ended September 30, 2024. See Note 3 “— Share Repurchases” for a discussion of the share repurchase plan.

Distribution reinvestment plan

The Company has adopted a distribution reinvestment plan whereby holders of shares of common stock will have the cash distributions attributable to the shares they own reinvested in additional shares; provided, however, that clients of certain participating broker-dealers that do not permit automatic enrollment in the distribution reinvestment plan and stockholders that are residents of certain states that do not permit automatic enrollment in the distribution reinvestment plan will automatically receive their distributions in cash unless they elect to participate in the distribution reinvestment plan.

The purchase price for shares of the Company's common stock purchased pursuant to the distribution reinvestment plan will be equal to the transaction price for the applicable class of shares at the time the distribution is payable (which will generally be equal to the Company’s prior month’s NAV per share). Stockholders will not pay upfront selling commissions or dealer manager fees when purchasing shares of common stock pursuant to the distribution reinvestment plan. The stockholder servicing fees with respect to Class D shares, Class S shares, Class T shares and Class Y shares are calculated based on our NAV for those shares and may reduce the NAV or, alternatively, the distributions payable with respect to shares of each such class, including shares issued in respect of distributions on such shares under the distribution reinvestment plan. Shares acquired under the distribution reinvestment plan will entitle the participant to the same rights and be treated in the same manner as shares purchased in the Offering.

Distributions

The following tables detail the aggregate distributions declared for shares of each applicable class of common stock:


	Three Months Ended September 30, 2024
	Class D		Class I		Class S			Class T		Class E		Class X		Class Y
Aggregate gross distributions declared per share of common stock	$	0.1125	$	0.1125	$	0.1125		$	—	$	0.1125	$	—	$	0.1125
Stockholder servicing fee per share of common stock(1)		—		—		(0.0229	)		—		—		—		(0.0231	)
Net distributions declared per share of common stock	$	0.1125	$	0.1125	$	0.0896		$	—	$	0.1125	$	—	$	0.0894


	Nine Months Ended September 30, 2024
	Class D		Class I		Class S			Class T		Class E		Class X		Class Y
Aggregate gross distributions declared per share of common stock	$	0.3375	$	0.3375	$	0.3375		$	—	$	0.3375	$	—	$	0.3375
Stockholder servicing fee per share of common stock(1)		—		—		(0.0681	)		—		—		—		(0.0686	)
Net distributions declared per share of common stock	$	0.3375	$	0.3375	$	0.2694		$	—	$	0.3375	$	—	$	0.2689

Investments in Real Estate Debt (Tables)

9 Months Ended

Sep. 30, 2024

Real Estate [Abstract]

Summary of Investments in Real Estate-related and Other Securities

The following table details the Company’s investments in real estate debt ($ in thousands):


						September 30, 2024				December 31, 2023
Real Estate Debt	Number of Positions		Credit Rating	Coupon	Maturity Date	Cost Basis		Fair Value		Cost Basis		Fair Value
Mezzanine Loan		1	Not Rated	SOFR(1) + 5.22%	September 9, 2025	$	16,825	$	16,825	$	16,825	$	16,825
Commercial Mortgage Loan		1	Not Rated	SOFR(1) + 2.65%	September 5, 2026		62,400		62,400		—		—
Total investments in real estate debt		2				$	79,225	$	79,225	$	16,825	$	16,825

(1)SOFR was 4.85% and 5.35% on September 30, 2024 and December 31, 2023, respectively.

Schedule of Amounts Recognized for Investments in Real Estate Debt

The following table details the amounts recognized for the Company's investments in real estate debt ($ in thousands):


	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2024			2023			2024			2023
Interest income	$	1,527		$	450		$	2,424		$	1,293
Other income (expense), net		(3	)		(3	)		(9	)		(6	)
Total income from investments in real estate debt	$	1,524		$	447		$	2,415		$	1,287

Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock Common Stock Class D	Common Stock Common Stock Class I	Common Stock Common Stock Class S	Common Stock Common Stock Class E	Common Stock Common Stock Class Y	Additional Paid-In Capital	Accumulated Deficit	Total Stockholders' Equity	Non-Controlling Interests
Beginning balance at Dec. 31, 2022	$ 17,946		$ 1		$ 24		$ 19,426	$ (3,813)	$ 15,638	$ 2,308
Net loss	(11,277)							(11,188)	(11,188)	(89)
Common stock issued, net of offering costs	82,084	$ 3	43	$ 1	32		82,005		82,084
Distributions declared on common stock	(2,203)							(2,203)	(2,203)
Distribution reinvestments	340						340		340
Contributions from non-controlling interests	32									32
Distributions to non-controlling interests	(118)									(118)
Common stock repurchased	(99)		(1)				(98)		(99)
Stock based compensation	69						69		69
Ending balance at Sep. 30, 2023	86,774	3	43	1	56		101,742	(17,204)	84,641	2,133
Beginning balance at Jun. 30, 2023	61,330	2	30		44		73,045	(13,973)	59,148	2,182
Net loss	(2,198)							(2,188)	(2,188)	(10)
Common stock issued, net of offering costs	28,628	1	14	1	12		28,600		28,628
Distributions declared on common stock	(1,043)							(1,043)	(1,043)
Distribution reinvestments	176						176		176
Distributions to non-controlling interests	(39)									(39)
Common stock repurchased	(99)		(1)				(98)		(99)
Stock based compensation	19						19		19
Ending balance at Sep. 30, 2023	86,774	3	43	1	56		101,742	(17,204)	84,641	2,133
Beginning balance at Dec. 31, 2023	109,467	5	54	1	64		122,915	(15,679)	107,360	2,107
Net loss	(7,904)							(7,858)	(7,858)	(46)
Common stock issued, net of offering costs	72,243	4	35		19	$ 13	72,172		72,243
Distributions declared on common stock	(5,508)							(5,508)	(5,508)
Distribution reinvestments	1,750		1				1,749		1,750
Contributions from non-controlling interests	2,432									2,432
Distributions to non-controlling interests	(36)									(36)
Common stock repurchased	(1,192)		(1)				(1,191)		(1,192)
Stock based compensation	75						75		75
Ending balance at Sep. 30, 2024	171,327	9	89	1	83	13	195,720	(29,045)	166,870	4,457
Beginning balance at Jun. 30, 2024	154,400	8	77	1	79	9	174,027	(24,314)	149,887	4,513
Net loss	(2,682)							(2,653)	(2,653)	(29)
Common stock issued, net of offering costs	21,896	1	13		4	4	21,874		21,896
Distributions declared on common stock	(2,078)							(2,078)	(2,078)
Distribution reinvestments	755						755		755
Distributions to non-controlling interests	(27)									(27)
Common stock repurchased	(962)		(1)				(961)		(962)
Stock based compensation	25						25		25
Ending balance at Sep. 30, 2024	$ 171,327	$ 9	$ 89	$ 1	$ 83	$ 13	$ 195,720	$ (29,045)	$ 166,870	$ 4,457

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-2

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481203/810-10-50-1A

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1A
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-URI https://asc.fasb.org/1943274/2147481203/810-10-50-1A

+ Details

- Definition

Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.

+ References + Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147476166/350-60-65-1

+ Details

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

3. Summary of Significant Accounting Policies

Basis of Presentation

Principles of Consolidation

Cash and Cash Equivalents

Restricted Cash

Restricted cash primarily consists of amounts in escrow related to real estate taxes, insurance and utilities in connection with mortgages at certain of the Company’s properties.

Investments in Real Estate

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
Buildings		31-40 years
Site improvements - buildings and land		4-20 years
Furniture, fixtures and equipment		6-15 years
Lease intangibles		Over lease term

Investments in Real Estate Debt

Investments in Real Estate-Related and Other Securities

Mandatorily Redeemable Instruments

Fair Value Measurements

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.

Valuation of assets and liabilities measured at fair value

The following table details the Company’s assets and liabilities measured at fair value on a recurring basis ($ in thousands):


	September 30, 2024								December 31, 2023
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Investments in real estate debt	$	—	$	—	$	79,225	$	79,225	$	—	$	—	$	16,825	$	16,825
Investments in real estate-related and other securities		478		—		—		478		416		—		—		416
Treasury note futures contracts(1)		—		—		—		—		22		—		—		22
Total	$	478	$	—	$	79,225	$	79,703	$	438	$	—	$	16,825	$	17,263

Liabilities:
Mandatorily Redeemable Instruments	$	—	$	—	$	104,366	$	104,366	$	—	$	—	$	101,753	$	101,753
Treasury note futures contracts(2)		88		—		—		88		—		—		—		—
Interest rate swap(2)		—		432		—		432		—		—		—		—
Total	$	88	$	432	$	104,366	$	104,886	$	—	$	—	$	101,753	$	101,753

(1) Included in other assets, net on the Company's Consolidated Balance Sheets.

(2) Included in accounts payable, accrued expenses and other liabilities on the Company’s Consolidated Balance Sheets.

The following table details the Company’s assets and liabilities measured at fair value on a recurring basis using Level 3 inputs ($ in thousands):


	Investments in Real Estate Debt (asset)		Mandatorily Redeemable Instruments (liability)
Balance at December 31, 2023	$	16,825	$	101,753
Additions		62,400		—
Distributions declared		—		3,224
Reclassify to distributions payable/paid		—		(3,224	)
Redemption value adjustment		—		2,613
Balance at September 30, 2024	$	79,225	$	104,366

The following table contains the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy ($ in thousands):

           
          September 30, 2024

           
          Fair Value

          Valuation Technique

          Unobservable Inputs

          Weighted - Average Rate

          Impact to Valuation from an Increase in Input

          Assets:

Investments in real estate debt

79,225

Discounted cash flow

Market credit spread

SOFR(1) + 3.20%

Decrease

          Liabilities:

Mandatorily Redeemable Instruments(2)

104,366

Discounted cash flow

Discount rate/
Exit capitalization rate/Market yield

50%/  
75%/  
02%

Decrease

(1) "SOFR" refers to the Secured Overnight Financing Rate which was 4.85% at September 30, 2024.

(2) Mandatorily Redeemable Instruments are carried at the NAV of the Class E units and Class E shares, which is determined monthly in accordance with the Company's valuation guidelines.

Valuation of assets and liabilities not measured at fair value

The following table presents the carrying value and fair value of financial instruments that are not carried at fair value on the Consolidated Balance Sheets:


	September 30, 2024				December 31, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value
Mortgage notes(1)	$	124,967	$	125,026	$	115,346	$	113,516
Repurchase facility(1)		46,800		46,800		—		—
Total	$	171,767	$	171,826	$	115,346	$	113,516

(1) Carrying value excludes deferred financing costs and discounts.

Deposits on Real Estate

Deferred Charges

Income Taxes

Revenue Recognition

Organization and Offering Costs

Organization and offering costs advanced by the Adviser and its affiliates are recorded as a component of due to affiliates in the accompanying Consolidated Balance Sheets.

Operating Expenses

Operating expenses advanced by the Adviser and its affiliates are recorded as a component of due to affiliates in the accompanying Consolidated Balance Sheets.

Share Repurchases

Class E shares issued in the Initial Capitalization

Class E and Class I shares issued in a private offering of Class E and Class I shares

Class E shares issued in a private offering of Class E shares

JPMIM mandatory Class E repurchases

Derivative Instruments

Earnings Per Share

Recent Accounting Pronouncements

Other Assets and Liabilities

9 Months Ended

Sep. 30, 2024

Other Assets and Liabilities [Abstract]

Other Assets and Liabilities

10. Other Assets and Liabilities

The following table summarizes the components of other assets ($ in thousands):


	September 30, 2024		December 31, 2023
Tenant receivables	$	461	$	221
Acquisition costs		—		146
Prepaid expenses		748		170
Interest receivable		428		114
Straight-line rent receivable		763		342
Other		16		73
Total	$	2,416	$	1,066

The following table summarizes the components of accounts payable, accrued expenses and other liabilities ($ in thousands):


	September 30, 2024		December 31, 2023
Real estate taxes payable	$	643	$	—
Accrued expenses		2,366		1,214
Accounts payable		54		152
Distributions payable(1)		1,080		832
Tenant security deposits		642		1,405
Other		1,353		101
Total	$	6,138	$	3,704

Investments in Real Estate

9 Months Ended

Sep. 30, 2024

Real Estate [Abstract]

Investments in Real Estate

4. Investments in Real Estate

Investments in real estate, net consisted of the following ($ in thousands):


	September 30, 2024			December 31, 2023
Building and building improvements	$	249,662		$	201,033
Land and land improvements		101,530			76,912
Furniture, fixtures and equipment		3,880			3,265
Total		355,072			281,210
Accumulated depreciation		(11,495	)		(5,737	)
Investments in real estate, net	$	343,577		$	275,473

Acquisitions

On December 1, 2023, the Company entered into a purchase and sale agreement to acquire a single-family rental residential community under development (“Fiore”) located within the Sarasota, Florida metropolitan area. Fiore contains 126 three-bedroom townhomes, all with high-end unit finishes and community amenities, including a pool and dog park. The total purchase price was approximately $45.4 million, exclusive of closing costs. Upon execution of the purchase and sale agreement, the Company was obligated to deliver a cash deposit in the amount of $9.1 million to be held in escrow. A portion of the deposit was applied towards the purchase price for each closing beginning with the second closing. While Fiore was under development, townhomes were conveyed on a rolling basis in multiple tranches containing approximately 18-36 townhomes per closing. On December 15, 2023, the Company closed on the initial tranche of 36 townhomes for $13.1 million, inclusive of closing costs. On February 26, 2024, the Company closed on the second tranche of 36 townhomes for $13.1 million, inclusive of closing costs. On April 24, 2024, June 25, 2024 and September 10, 2024, the Company closed on the third, fourth and fifth and final tranches, respectively, each consisting of 18 townhomes for a total purchase price of $19.6 million, inclusive of closing costs.

On May 15, 2024, the Company acquired a 95% interest in a 99,837-square foot, 100% leased, Class A grocery-anchored shopping center (“Shops at Grand Avenue”) in the Maspeth neighborhood of Queens, NY. The total purchase price was $48.3 million, exclusive of closing costs. The net purchase price paid by the Company was $46.1 million, inclusive of closing costs.

The following table provides details of the properties acquired during the nine months ended September 30, 2024 ($ in thousands):


Property Type	Purchase Price(1)		Number of Transactions		Number of Properties		Sq. Ft. (in thousands)/Units
Single-family rental property(2)	$	32,768		4		1	90 units
Retail		48,878		1		1	100 sq. ft.
Total	$	81,646		5		2

(1) Purchase price is inclusive of acquisition-related costs.

(2) The 90 Fiore townhomes acquired in the nine months ended September 30, 2024 and the 36 Fiore townhomes acquired in 2023 are included as a single property.

The following table details the purchase price allocation for the properties acquired during the nine months ended September 30, 2024 ($ in thousands):


	Amount
Building and building improvements	$	47,760
Land and land improvements		24,603
Furniture, fixtures and equipment		554
In-place lease intangibles		9,921
Above-market lease intangibles		137
Below-market lease intangibles		(1,329	)
Total purchase price		81,646
Other acquisition costs		(459	)
Deposit applied		(9,072	)
Non-controlling interest deemed contributions		(2,422	)
Net purchase price	$	69,693

Derivatives - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Unrealized loss related to changes in fair value of derivative financial instruments	$ 0.4	$ 0.9
Realized gain on sale of derivative financial instruments	$ 0.8	$ 0.4

- Definition

The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period.

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