# EDGAR Filing Document

**Accession Number:** 0001666244
**File Stem:** 0001193125-25-182749
**Filing Date:** 2025-8
**Character Count:** 24403
**Document Hash:** 9d50246f7f427437e144aa553e4206de
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-182749.hdr.sgml**: 20250818

**ACCESSION NUMBER**: 0001193125-25-182749

**CONFORMED SUBMISSION TYPE**: 424B3

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20250818

**DATE AS OF CHANGE**: 20250818

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Cantor Fitzgerald Income Trust, Inc.
- **CENTRAL INDEX KEY:** 0001666244
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 811310268
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 424B3
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-273828
- **FILM NUMBER:** 251228660

**BUSINESS ADDRESS:**
- **STREET 1:** 110 EAST 59TH STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** 212-938-5000

**MAIL ADDRESS:**
- **STREET 1:** 110 EAST 59TH STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** RODIN GLOBAL PROPERTY TRUST, INC.
- **DATE OF NAME CHANGE:** 20160912

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** RODIN GLOBAL ACCESS PROPERTY TRUST, INC.
- **DATE OF NAME CHANGE:** 20160208

**Filed Pursuant to Rule 424(b)(3)**

**Registration No. 333-273828**

**CANTOR FITZGERALD INCOME TRUST, INC.**

**SUPPLEMENT NO. 4 DATED AUGUST 18, 2025** 

**TO THE PROSPECTUS DATED APRIL 21, 2025**

This Supplement No. 4 supplements, and should be read in conjunction with our prospectus dated April 21, 2025, Supplement No. 1 dated May 16, 2025, Supplement No. 2 dated June 20, 2025, and Supplement No. 3 dated July 17, 2025. Defined terms used in this Supplement No. 4 shall have the meaning given to them in the prospectus unless the context otherwise requires. The purposes of this Supplement are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•to disclose the transaction price for each class of our common stock as of September 1, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•to disclose the calculation of our July 31, 2025 net asset value ("NAV") per share, as determined in accordance with our valuation procedures, for each of our share and unit classes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•to update our portfolio disclosure.

**September 1, 2025 Transaction Price** 

The transaction price for each share class of our common stock for subscriptions accepted as of September 1, 2025 (and repurchases as of August 31, 2025) is as follows:

---

| | |
|:---|:---|
|  | **Transaction Price**<br>**(per share)** |
| Class S | $19.89 |
| Class I  | $19.90 |
| Class T  | $19.89 |
| Class D | $19.90 |

---

A detailed calculation of the NAV per share is set forth below. The purchase price of our common stock for each share class equals the transaction price of such class, plus applicable upfront selling commissions and dealer manager fees. Subject to certain specific limitations and holding period requirements defined in our share repurchase program, the repurchase price for each share class will be based upon the transaction price of such class.

**July 31, 2025 NAV per Share**

We calculate NAV per share in accordance with the valuation guidelines that have been approved by our board of directors. Our NAV per share, which is updated as of the last calendar day of each month, is posted on our website at www.cfincometrust.com and is made available on our toll-free, automated telephone line at 855-9-CANTOR. Please refer to "Net Asset Value Calculation and Valuation Guidelines" in the prospectus for how our NAV is determined. We have engaged Robert A. Stanger & Co., Inc. to serve as our independent valuation firm ("Independent Valuation Firm"). Our advisor is ultimately responsible for determining our NAV.

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The following table provides a breakdown of the major components of our NAV pursuant to our valuation guidelines:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Components of NAV** | &nbsp;&nbsp;**July 31, 2025** | &nbsp;&nbsp;**June 30, 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment in real estate | &nbsp;&nbsp;$1087400000 | &nbsp;&nbsp;$1083430000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in real estate-related assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9532089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9507788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment in Infrastructure Fund, at Fair Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7773894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7561560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36824371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37854201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12585774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12479290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt obligations (at fair market value) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (559193547) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (557588904) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to related parties<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18665548) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18333077) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and other liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21024374) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18056421) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued performance participation allocation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution fee payable the following month<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25845) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25635) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interests in subsidiaries | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (257676328) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (254262986) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sponsor Support repayment / special unit holder interest in<br> liquidation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset Value | &nbsp;&nbsp;$297530486 | &nbsp;&nbsp;$302565816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Number of outstanding shares and OP units<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14951709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15127760 |

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(1) Distribution fee only relates to Class TX, Class T, Class S and Class D shares of common stock and Class T OP Units.

(2) The distribution fee that is payable as of July 31, 2025 related to Class TX, Class T, Class S and Class D shares of common stock and Class T OP Units is shown in the table below.

(3) Includes Class AX, Class TX, Class IX, Class T, Class D, Class I, Class S shares of common stock and Class I OP units issued in connection with the exercise of fair market value options of CF WAG Portfolio, and Class T and Class I OP units issued in connection with the exercise of fair market value option of CF Summerfield and CF WAG MH Portfolios.

Due to rounding, numbers presented throughout this document may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.

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The following table provides a breakdown of our total NAV and NAV per share/OP unit by class as of July 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**NAV Per Share** | &nbsp;&nbsp;**AX, IX and I Common** | &nbsp;&nbsp;**TX Common** | &nbsp;&nbsp;**T Common**  | &nbsp;&nbsp;**D Common** | &nbsp;&nbsp;**S Common** | &nbsp;&nbsp;**I OP Units** | &nbsp;&nbsp;**T OP Units** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;Total Gross Assets at Fair Value | &nbsp;&nbsp; $774154668  | &nbsp;&nbsp; $370741  | &nbsp;&nbsp; $104704422  | &nbsp;&nbsp; $42188274  | &nbsp;&nbsp; $416825  | &nbsp;&nbsp; $188874950  | &nbsp;&nbsp; $43406248  | &nbsp;&nbsp; $1154116128  |
| &nbsp;&nbsp;Distribution fees due and payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19841) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2324) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3520) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25845) |
| &nbsp;&nbsp;Debt obligations (at fair market value) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (375094226) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(179632) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (50731496) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20441106) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (201960) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (91513887) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21031240) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (559193547) |
| &nbsp;&nbsp;Due to related parties | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12520423) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5996) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1693387) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (682312) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6741) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3054679) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (702010) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18665548) |
| &nbsp;&nbsp;Accounts payable and other liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14102667) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6753) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1907386) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (768538) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7594) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3440710) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (790726) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21024374) |
| &nbsp;&nbsp;Accrued performance participation allocation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;Non-controlling interests in subsidiaries | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (172843380) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (82774) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (23377068) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9419260) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (93063) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (42169590) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9691193) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (257676328) |
| &nbsp;&nbsp;Monthly NAV | &nbsp;&nbsp; $199593972  | &nbsp;&nbsp; $95504  | &nbsp;&nbsp; $26975244  | &nbsp;&nbsp; $10874734  | &nbsp;&nbsp; $107389  | &nbsp;&nbsp; $48696084  | &nbsp;&nbsp; $11187559  | &nbsp;&nbsp; $297530486  |
| &nbsp;&nbsp;Number of outstanding shares/units | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10029264  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4803  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1356458  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 546554  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5400  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2446897  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 562333  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14951709  |
| &nbsp;&nbsp;NAV per share/unit | &nbsp;&nbsp; $19.90  | &nbsp;&nbsp; $19.88  | &nbsp;&nbsp; $19.89  | &nbsp;&nbsp; $19.90  | &nbsp;&nbsp; $19.89  | &nbsp;&nbsp; $19.90  | &nbsp;&nbsp; $19.89  |  |

---

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The following table reconciles stockholders' equity per our unaudited consolidated balance sheet to our NAV:

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| | |
|:---|:---|
| &nbsp;&nbsp;**Reconciliation of Stockholders' Equity to NAV** | &nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;July 31, 2025** |
| &nbsp;&nbsp;Stockholders' equity under U.S. GAAP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$486629867 |
| &nbsp;&nbsp;Adjustments: |  |
| &nbsp;&nbsp;Unrealized depreciation of real estate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (88918090) |
| &nbsp;&nbsp;Unrealized appreciation of real estate-related assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4127105 |
| &nbsp;&nbsp;Organization and offering costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;Acquisition costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8780913) |
| &nbsp;&nbsp;Deferred financing costs, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5614905) |
| &nbsp;&nbsp;Accrued distribution fee(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(81) |
| &nbsp;&nbsp;Accumulated depreciation and amortization | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144184269 |
| &nbsp;&nbsp;Fair value adjustment of debt obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44534966 |
| &nbsp;&nbsp;Deferred rent receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14342077) |
| &nbsp;&nbsp;Derivative assets, at fair value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6613327) |
| &nbsp;&nbsp;Non-controlling interests in subsidiaries | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (257676328) |
| &nbsp;&nbsp;NAV | &nbsp;&nbsp;$297530486 |

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Note: (1) Accrued distribution fee only relates to Class TX, Class T, Class S and Class D shares of common stock and Class T OP Units.

The valuations of our real properties as of July 31, 2025 were provided by the Independent Valuation Advisor or third-party appraisal firms in accordance with our valuation procedures. Certain key assumptions that were used by the Independent Valuation Advisor or third-party appraisal firms in the discounted cash flow analysis are set forth in the following table based on weighted-averages by property type at ownership interest.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Single Tenant Office** | &nbsp;&nbsp;**Single Tenant Industrial** | &nbsp;&nbsp;**Multifamily** | &nbsp;&nbsp;**Single Tenant Life Sciences** | &nbsp;&nbsp;**Weighted-Average Basis** |
| &nbsp;&nbsp;Exit Capitalization Rate | &nbsp;&nbsp;6.5% | &nbsp;&nbsp;6.4% | &nbsp;&nbsp;5.7% | &nbsp;&nbsp;6.0% | &nbsp;&nbsp;6.3% |
| &nbsp;&nbsp;Residual Discount Rate | &nbsp;&nbsp;7.6% | &nbsp;&nbsp;7.3% | &nbsp;&nbsp;7.3% | &nbsp;&nbsp;6.8% | &nbsp;&nbsp;7.4% |
| &nbsp;&nbsp;Average Holding Period (Yrs) | &nbsp;&nbsp;8.5 | &nbsp;&nbsp;10.3 | &nbsp;&nbsp;10.0 | &nbsp;&nbsp;12.0 | &nbsp;&nbsp;9.4 |

---

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A change in the exit capitalization and discount rates used would impact the calculation of the value of our real property. For example, assuming all other factors remain constant, the changes listed below would result in the following effects on the value of our real properties.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Hypothetical Change** | &nbsp;&nbsp;**Single Tenant Office** | &nbsp;&nbsp;**Single Tenant Industrial** | &nbsp;&nbsp;**Multifamily** | &nbsp;&nbsp;**Single Tenant Life Sciences** | &nbsp;&nbsp;**Weighted-Average Values** |
| &nbsp;&nbsp;Exit Capitalization Rate | &nbsp;&nbsp;0.25% Increase | &nbsp;&nbsp;-2.5% | &nbsp;&nbsp;-2.5% | &nbsp;&nbsp;-2.5% | &nbsp;&nbsp;-2.1% | &nbsp;&nbsp;-2.5% |
|  | &nbsp;&nbsp;0.25% Decrease | &nbsp;&nbsp;2.7% | &nbsp;&nbsp;2.7% | &nbsp;&nbsp;2.8% | &nbsp;&nbsp;2.3% | &nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;Discount Rates | &nbsp;&nbsp;0.25% Increase | &nbsp;&nbsp;-1.6% | &nbsp;&nbsp;-1.8% | &nbsp;&nbsp;-1.9% | &nbsp;&nbsp;-2.0% | &nbsp;&nbsp;-1.7% |
|  | &nbsp;&nbsp;0.25% Decrease | &nbsp;&nbsp;1.6% | &nbsp;&nbsp;1.9% | &nbsp;&nbsp;1.9% | &nbsp;&nbsp;2.1% | &nbsp;&nbsp;1.7% |

---

**July 31, 2025 Portfolio** 

As of July 31, 2025, lease expirations related to our net lease portfolio of real estate assets (excluding the SF Property), based on each asset's fair value used in determining our NAV, were as follows:

• 2025 – 0.0%

• 2026 – 0.0%

• 2027 – 14.9%

• 2028 – 13.0%

• 2029 – 0.0%

• 2030 – 0.0%

• 2031 – 23.0%

• 2032 – 17.6%

• 2033 – 0.0%

• 2034 – 0.0%

• After 2035 – 31.6%

As of July 31, 2025, the industry concentration of our portfolio of real estate assets, based on each asset's fair value used in determining our NAV, was as follows:

• Multifamily – 33.1%

• Single Tenant Office – 25.7%

• Single Tenant Industrial – 21.4%

• Single Tenant Necessity Retail – 17.0%

• Single Tenant Life Sciences – 1.4%

• Data Center– 1.3%

As of July 31, 2025, the geographic concentration of our portfolio of real estate assets, based on each asset's fair value used in determining our NAV, was as follows:

• Ohio – 23.7%

• Maryland – 20.0%

• Texas – 19.1%

• California – 12.3%

• Wisconsin– 7.2%

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• South Carolina -5.7%

• Arizona – 4.7%

• Other – 7.3%

As of July 31, 2025, the investment type concentration of our portfolio of real estate assets, based on each asset's fair value used in determining our NAV, was as follows:

• Common Equity – 100.0%

As of July 31, 2025, the maturity concentration of debt secured by our portfolio of real estate assets (including our credit facility, which makes up the majority of debt maturing in 2028, and has two one-year extension options), based on principal balances and adjusted for ownership percentage, was as follows:

• 2025 – 0.0%

• 2026 – 0.0%

• 2027 – 0.0%

• 2028 – 40.5%

• 2029 – 0.0%

• 2030 – 2.9%

• 2031 – 39.4%

• 2032 – 16.9%

• 2033 – 0.4%

• 2034 – 0.0%

• After 2035 – 0.0%

As of July 31, 2025, the weighted average lease term remaining of our portfolio of real estate assets (excluding multifamily and data center investments), based on each asset's fair value used in determining our NAV, was 6.9 years.

As of July 31, 2025, the weighted average occupancy of our portfolio of real estate assets, based on each asset's fair value used in determining our NAV, was 94.9%. For our industrial, retail and office investments, occupancy includes all leased square footage as of the date indicated. For our multifamily investments, occupancy is defined as the percentage of units occupied on the date indicated.

As of July 31, 2025, the total value of real estate assets (investment in real estate and investments in real estate-related assets) used in determining our NAV was $1.1 billion. The total value of real estate assets, as adjusted for ownership percentage amounts to $574 million.

As of July 31, 2025, we held $1.7 million of cash and cash equivalents excluding restricted cash and a lender required cash reserve and have $18.4 million available capacity to draw on our credit facility.

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**Status of Our Offerings** 

We are currently offering on a continuous basis up to $1.25 billion in shares of common stock, consisting of up to $1.0 billion in shares in our primary offering and up to $250 million in shares pursuant to our distribution reinvestment plan. On August 1, 2025, pursuant to the Offering, we issued 8,750 shares of our common stock in the primary offering for total proceeds of $0.2 million and (ii) 13,429 shares of our common stock pursuant to our distribution reinvestment plan for a total value of $0.269 million. As of July 31, 2025, our aggregate NAV was $298 million. On July 31, 2025, we repurchased 242,511 shares of common stock pursuant to our share repurchase program for aggregate consideration of $4.9 million, which represents 78% of repurchase requests. We intend to continue selling shares on a monthly basis.

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