Equity and Redeemable Non-Controlling Interest (Tables)

6 Months Ended

Jun. 30, 2025

Equity [Abstract]

Schedule of Number of Shares Authorized and Par Value

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

Schedule of Outstanding Shares of Common Stock

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.

Schedule of Distributions Declared for Shares of Each Applicable Class of Common Stock

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.

Redeemable Non-Controlling Interest

In connection with its performance participation interest, the Special Limited Partner holds Class E units. See Note 9 for further details of the Special Limited Partner’s performance participation interest. Because the Special Limited Partner has the ability to redeem its Class E units for cash, at its election, the Company has classified these Class E units as redeemable non-controlling interest in mezzanine equity on the Company’s Consolidated Balance Sheets. The redeemable non-controlling interest is recorded at the greater of the carrying amount, adjusted for its share of the allocation of income or loss and distributions, or the redemption value, which is equivalent to fair value, of such units at the end of each measurement period which is $0.8 million as of June 30, 2025.