The Company is authorized to issue preferred stock and seven classes of common stock consisting of Class D shares, Class I shares, Class S shares, Class T shares, Class E shares, Class X shares and Class Y shares. The differences among the common share classes relate to upfront selling commissions, dealer manager fees and ongoing stockholder servicing fees. See Note 2 for additional detail of each share class.

As of June 30, 2025, in accordance with the Charter, the Company had authority to issue 5.5 billion shares, consisting of the following (shares in thousands):


Classification	Number of Shares		Par Value
Class D Shares		600,000	$	0.01
Class I Shares		1,500,000		0.01
Class S Shares		1,000,000		0.01
Class T Shares		600,000		0.01
Class E Shares		600,000		0.01
Class X Shares		500,000		0.01
Class Y Shares		600,000		0.01
Preferred Stock		100,000		0.01
Total		5,500,000

The following tables detail the movement in the Company’s outstanding shares of common stock (in thousands). There were no outstanding Class S, Class T or Class X shares as of June 30, 2025:


	For the Three Months Ended June 30, 2025
	Class D		Class I			Class S		Class T		Class E		Class X		Class Y			Total
Beginning balance, March 31, 2025:		1,050		11,695			—		—		42,734		—		3,557			59,036
Common stock issued(1)		88		1,195			—		—		7,038		—		1,918			10,239
Common stock repurchased		—		(107	)		—		—		—		—		(2	)		(109	)
Ending balance, June 30, 2025		1,138		12,783			—		—		49,772		—		5,471			69,164


	For the Six Months Ended June 30, 2025
	Class D			Class I			Class S			Class T		Class E			Class X		Class Y			Total
Beginning balance, December 31, 2024:		993			10,146			56			—		18,566			—		2,131			31,892
Common stock issued(1)		148			2,857			—			—		31,209			—		3,342			37,556
Common stock repurchased		(3	)		(220	)		(56	)		—		(3	)		—		(2	)		(284	)
Ending balance, June 30, 2025		1,138			12,783			—			—		49,772			—		5,471			69,164

(1) Common stock issued includes conversions between share classes.

There was no outstanding preferred stock as of June 30, 2025 and December 31, 2024, respectively.

The Company repurchased shares of its common stock for $1.1 million and $3.0 million during the three and six months ended June 30, 2025, respectively. The Company had no unfulfilled repurchase requests during the three and six months ended June 30, 2025. See Note 3 “— Share Repurchase Plan” for a discussion of the share repurchase plan.

The Company has adopted a distribution reinvestment plan whereby holders of shares of common stock will have the cash distributions attributable to the shares they own reinvested in additional shares; provided, however, that clients of certain participating broker-dealers that do not permit automatic enrollment in the distribution reinvestment plan and stockholders that are residents of certain states that do not permit automatic enrollment in the distribution reinvestment plan will automatically receive their distributions in cash unless they elect to participate in the distribution reinvestment plan.

The purchase price for shares of the Company's common stock purchased pursuant to the distribution reinvestment plan will be equal to the transaction price for the applicable class of shares at the time the distribution is payable (which will generally be equal to the Company’s prior month’s NAV per share). Stockholders will not pay upfront selling commissions or dealer manager fees when purchasing shares of common stock pursuant to the distribution reinvestment plan. The stockholder servicing fees with respect to Class D shares, Class S shares, Class T shares and Class Y shares are calculated based on the Company’s NAV for those shares and may reduce the NAV or, alternatively, the distributions payable with respect to shares of each such class, including shares issued in respect of distributions on such shares under the distribution reinvestment plan. Shares acquired under the distribution reinvestment plan will entitle the participant to the same rights and be treated in the same manner as shares purchased in the Offering.

The Company generally intends to distribute substantially all of its taxable income, which does not necessarily equal net income as calculated in accordance with GAAP, to its stockholders each year to comply with the REIT provisions of the Code. Shares of each class of common stock receive the same gross distribution per share. The net distribution varies for shares of each class based on the applicable stockholder servicing fee, which is deducted from the monthly distribution per share and paid directly to the applicable distributor.

The following tables detail the distributions declared for shares of each applicable class of common stock:


	For the Three Months Ended June 30, 2025
	Class D		Class I		Class S(2)		Class T		Class E		Class X		Class Y
Gross distributions declared per share of common stock	$	0.1125	$	0.1125	$	—	$	—	$	0.1125	$	—	$	0.1125
Stockholder servicing fee per share of common stock(1)		—		—		—		—		—		—		(0.0231	)
Net distributions declared per share of common stock	$	0.1125	$	0.1125	$	—	$	—	$	0.1125	$	—	$	0.0894


	For the Six Months Ended June 30, 2025
	Class D		Class I		Class S(2)			Class T		Class E		Class X		Class Y
Gross distributions declared per share of common stock	$	0.2250	$	0.2250	$	0.0375		$	—	$	0.2250	$	—	$	0.2250
Stockholder servicing fee per share of common stock(1)		—		—		(0.0078	)		—		—		—		(0.0460	)
Net distributions declared per share of common stock	$	0.2250	$	0.2250	$	0.0297		$	—	$	0.2250	$	—	$	0.1790

(1) Stockholder servicing fees only apply to Class D, Class S, Class T and Class Y shares. For purposes of NAV, the Company recognizes the stockholder servicing fee as a reduction of NAV on a monthly basis as such fee is paid. Under GAAP, the Company accrues the lifetime cost of the stockholder servicing fee as an offering cost at the time Class D, Class S, Class T and Class Y shares are sold. The stockholder servicing fee on Class D shares was waived as of June 30, 2025, and the NAV attributable to current holders of Class D shares will not be included in the computation of stockholder servicing fees charged on Class D shares in perpetuity. The Company accrued stockholder servicing fees of $4.1 million and $1.6 million as of June 30, 2025 and December 31, 2024, respectively.

(2) All Class S shares were repurchased prior to the February 28, 2025 record date for distribution.