| Description | Value | |||||
| Long-Term Investments 88.3% | ||||||
| Private Real Estate 78.5% | ||||||
| AFFILIATED MAJORITY-OWNED SUBSIDIARIES | ||||||
| INVESTMENTS IN NON-CONSOLIDATED JOINT VENTURES(pp) | ||||||
| Industrial — 33.4% | ||||||
| 1011 Buffalo Run Dr., Missouri City, Texas^ | $5,978,995 | |||||
| 1735 Jersey Avenue, North Brunswick, New Jersey^ | 33,761,344 | |||||
| 2601 4th Avenue East, Shakopee, Minnesota^ | 43,235,374 | |||||
| 3730 S. Main St., Pearland, Texas^ | 15,500,234 | |||||
| 98,475,947 | ||||||
| Multifamily — 26.9% | ||||||
| Napa Green Apartments, Napa, California^ | 18,983,466 | |||||
| The Ardent, Mill Creek, Washington^ | 60,247,505 | |||||
| 79,230,971 | ||||||
| Retail — 18.2% | ||||||
| East Gate Marketplace, Chantilly, Virginia^ | 25,527,741 | |||||
| Monarch Town Center, Miramar, Florida^ | 28,176,415 | |||||
| 53,704,156 | ||||||
| TOTAL INVESTMENTS IN NON-CONSOLIDATED JOINT VENTURES (cost $206,768,518)(wc) | 231,411,074 | |||||
| Interest Rate | Maturity Date | Principal Amount (000)# | |||||
| REAL ESTATE LENDING 9.8% | |||||||
| INVESTMENTS IN NON-AFFILIATED REAL ESTATE LOANS 9.8% | |||||||
| Multifamily | |||||||
| Capodagli NJ TOD Portfolio Mezzanine Loan, Bound Brook and Hackensack, New Jersey^(a) (cost $28,775,000) | 11.000% | 07/03/30 | 28,775 | 28,968,432 | |||
| Total Long-Term Investments (cost $235,543,518) | 260,379,506 | ||||||
| Description | Shares | Value | |||
| Short-Term Investment 11.0% | |||||
| Affiliated Mutual Fund | |||||
| PGIM Core Government Money Market Fund (7-day effective yield 3.781%) (cost $32,544,449)(wc) | 32,544,449 | $32,544,449 | |||
| TOTAL INVESTMENTS 99.3% (cost $268,087,967) | 292,923,955 | ||||
| Series A Preferred Stock, at liquidation value (0.0)% | 125 | (125,000) | |||
| Other assets in excess of liabilities 0.7% | 2,209,983 | ||||
| Net Assets 100.0% | $295,008,938 | ||||
| # | Principal amount is shown in U.S. dollars unless otherwise stated. |
| ^ | Indicates a Level 3 investment. The aggregate value of Level 3 investments is $260,379,506 and 88.3% of net assets. |
| (a) | The interest rate shown reflects the rate in effect through July 3, 2029; and the rate thereafter will be 11.500%. |
| (pp) | The Fund’s contractual ownership in the joint venture prior to the impact of promote structures ranges from 90.0% to 99.0% of the venture. |
| (wc) | Represents an investment affiliated with the Manager. |