v3.25.2
Equity and Noncontrolling Interests (Tables)
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Summary of Shares Offering Prices The following table provides a summary of the Class I, Class A, Class S, Class D, Class ER-I, Class ER-A, Class ER-S, and Class ER-D common shares offering prices in effect for the six months ended June 30, 2025:

 

 

 

Offering price

 

 Effective date

 

Class I

 

 

Class A

 

 

Class S

 

 

Class D

 

 

Class ER-I

 

 

Class ER-A

 

 

Class ER-S

 

 

Class ER-D

 

 January 1, 2025 through January 23, 2025

 

$

27.29

 

 

$

29.02

 

 

$

28.28

 

 

n/a

 

 

$

28.97

 

 

n/a

 

 

n/a

 

 

n/a

 

 January 24, 2025 through April 23,2025

 

$

27.37

 

 

$

29.10

 

 

$

28.36

 

 

n/a

 

 

$

28.97

 

 

n/a

 

 

n/a

 

 

n/a

 

 April 24, 2025 through June 9, 2025

 

$

27.37

 

 

$

29.10

 

 

$

28.36

 

 

n/a

 

 

$

28.97

 

 

n/a

 

 

n/a

 

 

n/a

 

 June 10, 2025 through June 30, 2025

 

$

27.37

 

 

$

29.10

 

 

$

28.36

 

 

$

27.37

 

 

$

27.23

 

 

$

28.97

 

 

$

28.22

 

 

$

27.23

 
Summary of Monthly Distributions Declared Per Share

The following table provides a summary of the monthly distributions declared per share for the six months ended June 30, 2025:

 

 

 

Class I

 

 

Class A

 

 

Class ER-I

 

January

 

$

0.1449

 

 

$

0.1449

 

 

$

0.1449

 

February

 

$

0.1449

 

 

$

0.1449

 

 

$

0.1449

 

March

 

$

0.1449

 

 

$

0.1449

 

 

$

0.1449

 

April

 

$

0.1449

 

 

$

0.1449

 

 

$

0.1449

 

May

 

$

0.1449

 

 

$

0.1449

 

 

$

0.1449

 

June

 

$

0.1449

 

 

$

0.1449

 

 

$

0.1449

 

 

 

$

0.8694

 

 

$

0.8694

 

 

$

0.8694

 

 
Schedule of Reconciliation of the Common Share Activity

The following table provides a reconciliation of the Class I, Class A, Class S, Class D, Class ER-I, Class ER-A, Class ER-S, and Class ER-D common share activity for the six months ended June 30, 2025:

 

 

Class I

 

Class A

 

Class S

 

Class D

 

Class
ER-I (a)

 

Class
ER-A

 

Class
ER-S

 

Class
ER-D

 

 December 31, 2024

 

5,981,146

 

 

10,322,475

 

 

-

 

 

-

 

 

258,454

 

 

-

 

 

-

 

 

-

 

 Issuance of common shares

 

107,906

 

 

27,601

 

 

-

 

 

-

 

 

259,866

 

 

-

 

 

-

 

 

-

 

 Issuance of common shares under DRIP

 

23,722

 

 

21,365

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 Repurchase of common shares

 

(267,003

)

 

(118,678

)

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 Conversion of OP Units to common shares

 

22,718

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 March 31, 2025

 

5,868,489

 

 

10,252,763

 

 

-

 

 

-

 

 

518,320

 

 

-

 

 

-

 

 

-

 

 Issuance of common shares

 

85,272

 

 

80,596

 

 

-

 

 

-

 

 

236,597

 

 

-

 

 

-

 

 

-

 

 Issuance of common shares under DRIP

 

24,437

 

 

21,112

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 Repurchase of common shares

 

(129,331

)

 

(200,897

)

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 Conversion of OP Units to common shares

 

6,848

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 June 30, 2025

 

5,855,715

 

 

10,153,574

 

 

-

 

 

-

 

 

754,917

 

 

-

 

 

-

 

 

-

 

 

(a) On June 10, 2025, pursuant to the Third Amended and Restated Declaration of Trust of the Company, the Company renamed the Class ER Common Shares as Class ER-I Common Shares.

 

 

The following table provides a reconciliation of the Class I, Class A, Class S, and Class ER common share activity for the six months ended June 30, 2024:

 

 

Class I

 

Class A

 

Class S

 

Class
ER (a)

 

 December 31, 2023

 

5,768,982

 

 

10,017,613

 

 

-

 

 

-

 

 Issuance of common shares

 

85,569

 

 

214,923

 

 

-

 

 

-

 

 Issuance of common shares under DRIP

 

16,573

 

 

19,638

 

 

-

 

 

-

 

 Repurchase of common shares

 

(251,315

)

 

(52,959

)

 

-

 

 

-

 

 Conversion of OP Units to common shares

 

24,449

 

 

-

 

 

-

 

 

-

 

 March 31, 2024

 

5,644,258

 

 

10,199,215

 

 

-

 

 

-

 

 Issuance of common shares

 

380,982

 

 

111,513

 

 

-

 

 

-

 

 Issuance of common shares under DRIP

 

19,613

 

 

21,991

 

 

-

 

 

-

 

 Repurchase of common shares

 

(96,924

)

 

(51,244

)

 

-

 

 

-

 

 Conversion of OP Units to common shares

 

45,492

 

 

-

 

 

-

 

 

-

 

 June 30, 2024

 

5,993,421

 

 

10,281,475

 

 

-

 

 

-

 

 

(a) On June 10, 2025, pursuant to the Third Amended and Restated Declaration of Trust of the Company, the Company renamed the Class ER Common Shares as Class ER-I Common Shares.