As of June 30, 2025, the Company was authorized to issue an unlimited number of shares classified as common shares of beneficial interest, par value $0.01 per share (“common shares”). On March 29, 2024, the Company amended its Declaration of Trust, pursuant to which the Company is authorized to issue an unlimited number of common shares, including an unlimited number of shares classified as Class T shares, Class F-T shares, Class S shares, Class F-S shares, Class D shares, Class F-D shares, Class I shares, Class F-I shares, and Class E shares, and an unlimited number of shares classified as preferred shares of beneficial interest, par value $0.01 per share (“preferred shares”). On April 28, 2025, the Company adopted the Second Amended and Restated Declaration of Trust, pursuant to which the Company designated two new classes of common shares of beneficial interest, Class F-IO common shares and Class IO common shares.

Effective April 28, 2025, the Company's board of trustees amended the Company's distribution reinvestment plan to incorporate Class F-IO shares and Class IO shares in the distribution reinvestment plan.

The share classes have different upfront selling commissions, dealer manager fees and ongoing shareholder servicing fees, as well as different management fees and performance participation allocations. Refer to "Note 10. Related Party Transactions" for more information.

The table below details activity related to the Company's common share classes for the three and six months ended June 30, 2025:


	For the Three Months Ended June 30, 2025
	Class S			Class F-S			Class I			Class IO		Class F-I			Class F-IO		Class E			Total
March 31, 2025		4,455,704			18,592,527			1,964,394			—		10,475,346			—		3,267,600			38,755,571
Common shares issued		2,071,295			—			1,160,244			231,116		77,038			—		500,250			4,039,943
Dividend reinvested		44,208			149,621			19,690			1,561		58,204			11,696		40,173			325,153
Common shares repurchased		(8,862	)		(182,021	)		—			—		(10,316	)		—		(13,795	)		(214,994	)
Share class transfer		—			—			(149,124	)		149,124		(2,616,731	)		2,616,731		—			—
June 30, 2025		6,562,345			18,560,127			2,995,204			381,801		7,983,541			2,628,427		3,794,228			42,905,673


	For the Six Months Ended June 30, 2025
	Class S			Class F-S			Class I			Class IO		Class F-I			Class F-IO		Class E			Total
December 31, 2024		2,540,134			18,504,342			1,060,070			—		9,723,315			—		2,878,124			34,705,985
Common shares issued		3,960,341			—			2,055,066			231,116		764,385			—		874,711			7,885,619
Dividend reinvested		72,005			295,280			29,192			1,561		122,888			11,696		74,326			606,948
Common shares repurchased		(10,135	)		(239,495	)		—			—		(10,316	)		—		(32,933	)		(292,879	)
Share class transfer		—			—			(149,124	)		149,124		(2,616,731	)		2,616,731		—			—
June 30, 2025		6,562,345			18,560,127			2,995,204			381,801		7,983,541			2,628,427		3,794,228			42,905,673

During the three months ended June 30, 2025, 2,616,731 Class F-I shares and 149,124 Class I shares were exchanged for an equivalent number of Class F-IO shares and Class IO shares, respectively.

Our board of trustees adopted the Share Repurchase Plan, pursuant to which shareholders may request on a quarterly basis that the Company repurchase all or any portion of their common shares, subject to certain limitations as set forth therein. The aggregate NAV of total repurchases of our common shares (including repurchases at certain non-U.S. investor access funds primarily created to hold our common shares) is limited to no more than 5% of our aggregate NAV per calendar quarter (measured using the average aggregate NAV as of the end of each of the immediately preceding three months). Shares or units issued to the Adviser and the Special Limited Partner pursuant to the Advisory Agreement or with respect to the performance participation allocation, respectively, are not subject to these repurchase limitations. We are not obligated to repurchase any shares and may choose to repurchase only some, or even none, of the shares that have been requested to be repurchased in any particular quarter in our discretion. In addition, our ability to fulfill repurchase requests is subject to a number of limitations. As a result, share repurchases may not be available each quarter. Under the Share Repurchase Plan, to the extent we choose to repurchase shares in any particular quarter, we will only repurchase shares as of the opening of the last business day of that quarter (each such date, a “Repurchase Date”). Repurchases will be made at the transaction price in effect on the Repurchase Date, except that shares that have not been outstanding for at least one year will be repurchased at 98% of the transaction price. The one-year holding period is measured as of the subscription closing date immediately following the prospective Repurchase Date.

During the three months ended June 30, 2025, the aggregate proceeds used by the Company to repurchase shares were $176 for Class S shares, $3,701 for Class F-S shares, $210 for Class F-I shares and $280 for Class E shares.

During the six months ended June 30, 2025, the aggregate proceeds used by the Company to repurchase shares were $201 for Class S shares, $4,842 for Class F-S shares, $210 for Class F-I shares and $661 for Class E shares.

There were no share repurchases pursuant to the Share Repurchase Plan during the three and six months ended June 30, 2024.

The table below details the Company's distribution per share for the Company's common share classes for the three and six months ended June 30, 2025 and 2024:


	For the Three Months Ended June 30,
	2025							2024
	Aggregate gross distributions declared per share		Shareholder servicing fee per share			Net distributions declared per share		Aggregate gross distributions declared per share		Shareholder servicing fee per share			Net distributions declared per share
Class S	$	0.3045	$	(0.0430	)	$	0.2615	$	-	$	-		$	-
Class F-S	$	0.3045	$	(0.0430	)	$	0.2615	$	0.2542	$	(0.0426	)	$	0.2116
Class I	$	0.3045	$	-		$	0.3045	$	-	$	-		$	-
Class IO	$	0.3045	$	-		$	0.3045	$	-	$	-		$	-
Class F-I	$	0.3045	$	-		$	0.3045	$	0.2542	$	-		$	0.2542
Class F-IO	$	0.3045	$	-		$	0.3045	$	-	$	-		$	-
Class E	$	0.3045	$	-		$	0.3045	$	0.2542	$	-		$	0.2542


	For the Six Months Ended June 30,
	2025							2024
	Aggregate gross distributions declared per share		Shareholder servicing fee per share			Net distributions declared per share		Aggregate gross distributions declared per share		Shareholder servicing fee per share			Net distributions declared per share
Class S	$	0.6078	$	(0.0860	)	$	0.5218	$	-	$	-		$	-
Class F-S	$	0.6078	$	(0.0860	)	$	0.5218	$	0.2542	$	(0.0426	)	$	0.2116
Class I	$	0.6078	$	-		$	0.6078	$	-	$	-		$	-
Class IO	$	0.3045	$	-		$	0.3045	$	-	$	-		$	-
Class F-I	$	0.6078	$	-		$	0.6078	$	0.2542	$	-		$	0.2542
Class F-IO	$	0.3045	$	-		$	0.3045	$	-	$	-		$	-
Class E	$	0.6078	$	-		$	0.6078	$	0.2542	$	-		$	0.2542

On October 20, 2023, the Company was capitalized with a $1 investment by MSREI Holding at a purchase price of $20.00 per share. On March 28, 2024, the Company paid a distribution of $11 or $216.89 per common share to MSREI Holding. Immediately following such distribution, the Company repurchased all 50 shares from MSREI Holding at a price per common share equal to $20.00.

In April 2025, the Company's board of trustees were granted $79 in aggregate compensation in the form of 3,888 restricted Class E shares. The shares were issued at the most recent NAV per share of $20.26 and the shares, and their related distributions, are subject to a one-year vesting period.

In April 2024, the Company's board of trustees were granted $79 in aggregate compensation in the form of 3,938 restricted Class E shares. The shares were issued at the most recent NAV per share of $20.00 and the shares, and their related distributions, vested in April 2025.