The 10-K states that the REIT owns, develops and operates commercial and multifamily property in the U.S., alone or through joint ventures with Sponsor affiliates, and may originate or acquire real estate loans and preferred investments. Since its offering closed, the portfolio has moved from diversified retail, office and industrial property to development and affiliated joint ventures: a wholly owned Manhattan Moxy hotel, a Long Island City apartment property, and minority stakes in a Columbus, OH apartment portfolio, data center land in Spartanburg, SC and a five-hotel portfolio. Assets are held until a sale appears advantageous; no listing is planned.