Stockholders’ Equity (Tables)

The table below summarizes changes in our outstanding shares of common stock for the six months ended June 30, 2025 and 2024. We did not issue any Class D-1 Shares as of June 30, 2025.


	Six Months Ended June 30, 2025
	Class S Shares	Class S-1 Shares	Class D Shares	Class D-1 Shares	Class I Shares	Class E Shares	Class F Shares	Total
Total Outstanding Shares as of December 31, 2024	1,502,214	7,226,062	1,499,147	—	4,171,608	1,635,105	8,218,258	24,252,394
Issuance of common stock to unaffiliated stockholders	3,969	3,261,421	8,211	—	1,088,268	8,244	—	4,370,113

Common stock distribution reinvestment	—	98,095	99	—	36,810	1,370	161,371	297,745
Issuance of redeemable common shares(1)	—	—	—	—	—	110,485	—	110,485
Repurchase of common stock	(111)	(21,833)	(111)	—	(8,678)	—	—	(30,733)
Repurchase of redeemable common stock	(299,220)	—	(299,413)	—	(298,472)	(293,940)	—	(1,191,045)
Total Outstanding Shares as of March 31, 2025	1,206,852	10,563,745	1,207,933	—	4,989,536	1,461,264	8,379,629	27,808,959
Issuance of common stock	146,445	3,203,781	—	—	1,542,452	9,001	—	4,901,679
Stock awards(2)	—	—	—	—	—	7,700	—	7,700
Issuance of redeemable common stock(1)	—	—	—	—	—	41,491	—	41,491
Common stock distribution reinvestment	240	133,400	198	—	48,497	1,484	157,380	341,199
Repurchase of common stock	—	(23,808)	—	—	(70,026)	(1,954)	—	(95,788)
Repurchase of redeemable common stock	—	—	—	—	—	(5,792)	—	(5,792)
Total Outstanding Shares as of June 30, 2025(1)	1,353,537	13,877,118	1,208,131	—	6,510,459	1,513,194	8,537,009	32,999,448

(1) Consists of shares issued to an Invesco affiliate for the payment of management fees and performance fees that are classified as redeemable common stock. See Note 11 - “Redeemable Common Stock - Related Party”.

(2) Represents shares issued to independent directors under the Incentive Plan.


	Six Months Ended June 30, 2024
	Class S Shares	Class S-1 Shares	Class D Shares	Class I Shares	Class E Shares	Class F Shares	Total
Total Outstanding Shares as of December 31, 2023	1,052,598	1,054,174	1,052,598	1,383,506	1,067,805	—	5,610,681
Issuance of common stock to unaffiliated stockholders	—	1,467,311	—	656,221	57,994	—	2,181,526

Common stock distribution reinvestment	—	21,860	—	8,245	622	—	30,727
Total Outstanding Shares as of March 31, 2024	1,052,598	2,543,345	1,052,598	2,047,972	1,126,421	—	7,822,934
Issuance of common stock	5,757	1,258,476	—	448,043	10,707	4,747,348	6,470,331
Stock awards(1)	—	—	—	—	3,340	—	3,340
Issuance of redeemable common stock(2)	—	—	—	—	5,792	—	5,792
Common stock distribution reinvestment	—	71,248	—	31,704	1,582	—	104,534
Repurchase of common stock	—	—	—	(1,200)		—	(1,200)
Repurchase of redeemable common stock	(997,920)	—	(997,921)	(998,825)	(995,972)	—	(3,990,638)
Total Outstanding Shares as of June 30, 2024	60,435	3,873,069	54,677	1,527,694	151,870	4,747,348	10,415,093

(1) Represents shares issued to independent directors under the Incentive Plan.

(2) Consists of shares issued to an Invesco affiliate for the payment of management fees and performance fees that are classified as redeemable common stock. See Note 11 - “Redeemable Common Stock - Related Party”.

The tables below detail the aggregate distributions declared per share for each applicable class of stock for the three and six months ended June 30, 2025 and June 30, 2024:


	Three Months Ended June 30, 2025
		Class S Shares		Class S-1 Shares		Class D Shares		Class D-1 Shares		Class I Shares		Class E Shares		Class F Shares
Aggregate distribution declared per share		$	0.4800	$	0.4800	$	0.4800	$	—	$	0.4800	$	0.4800	$	0.4800
Stockholder servicing fee per share		(0.0046)		(0.0533)		—		—		—		—		—
Net distribution declared per share		$	0.4754	$	0.4267	$	0.4800	$	—	$	0.4800	$	0.4800	$	0.4800


	Six Months Ended June 30, 2025
		Class S Shares		Class S-1 Shares		Class D Shares		Class D-1 Shares		Class I Shares		Class E Shares		Class F Shares
Aggregate distribution declared per share		$	0.9800	$	0.9800	$	0.9800	$	—	$	0.9800	$	0.9800	$	0.9800
Stockholder servicing fee per share		(0.0049)		(0.1061)		—		—		—		—		—
Net distribution declared per share		$	0.9751	$	0.8739	$	0.9800	$	—	$	0.9800	$	0.9800	$	0.9800


	Three Months Ended June 30, 2024
		Class S Shares		Class S-1 Shares		Class D Shares		Class I Shares		Class E Shares		Class F Shares(3)
Aggregate distribution declared per share		$	0.7800	$	0.7800	$	0.7800	$	0.7800	$	0.7800	$	0.7800
Stockholder servicing fee per share		(0.0017)		(0.0529)		—		—		—		—
Net distribution declared per share		$	0.7783	$	0.7271	$	0.7800	$	0.7800	$	0.7800	$	0.7800


	Six Months Ended June 30, 2024
		Class S Shares		Class S-1 Shares		Class D Shares		Class I Shares		Class E Shares		Class F Shares(3)
Aggregate distribution declared per share		$	1.6400	$	1.6400	$	1.6400	$	1.6400	$	1.6400	$	0.7800
Stockholder servicing fee per share		(0.0017)		(0.1063)		—		—		—		—
Net distribution declared per share		$	1.6383	$	1.5337	$	1.6400	$	1.6400	$	1.6400	$	0.7800