Equity |
6 Months Ended |
|---|---|
Jun. 30, 2025 | |
| Equity [Abstract] | |
| Equity | Note 6. Equity The Company is authorized to issue an number of common shares of beneficial interest, par value $0.01 per share, including common shares classified as Class T shares, common shares classified as Class S shares, common shares classified as Class D shares, common shares classified as Class I shares, common shares classified as Class F-S shares, common shares classified as Class F-D shares, common shares classified as Class F-I shares, and common shares classified as Class E shares, and an number of shares classified as preferred shares of beneficial interest, par value $0.01 per shares. The Company intends to offer and sell to a limited number of investors its common shares in the Private Offering. The share classes have different upfront selling commissions, dealer manager fees and ongoing shareholder servicing fees, as well as different management and performance fees. See Note 10. The BlackRock Advisor has agreed to purchase from the Company an aggregate amount of not less than $50 million in Class E shares at a price per share equal to the Company’s most recently determined NAV of its Class E shares, or if a NAV has yet to be calculated, then $25.00 (the “Initial BlackRock Investment”). In connection with the Initial BlackRock Investment, the BlackRock Advisor purchased 130,000 Class E shares of the Company for $3.25 million at $25.00 per share. Additionally, an affiliate of the Monticello Advisor also purchased 130,000 Class E shares of the Company for $3.25 million at $25.00 per share. The Class E shares purchased by the BlackRock Advisor and the affiliate of the Monticello Advisor are considered redeemable common shares and are presented as such in the Condensed Consolidated Statements of Changes in Redeemable Common Shares and Equity. Redeemable common shares are also presented as temporary equity in the Company's Condensed Consolidated Balance sheets as they are required to be repurchased following applicable liquidity dates in accordance with the shareholder’s respective subscription agreement (See Note 7). As of June 30, 2025, the only shares of the Company outstanding were redeemable common shares purchased by the Advisors or the Advisors' affiliates for an aggregate of $6.5 million. The per share purchase price for each class of our common shares sold in the Initial Retail Closing will be equal to the most recently determined NAV per share for the Class E shares issued in respect of the Initial BlackRock Investment (which is deemed to be $25.00 until the last calendar day of the month during which BlackRock makes its first investment), plus applicable upfront selling commissions and dealer manager fees or, where no Class E shares have been issued in respect of the Initial BlackRock Investment, then $25.00, in each case, plus applicable upfront selling commissions and dealer manager fees. Thereafter, the purchase price per share of each class of common shares will vary and generally will be equal to the prior month’s NAV per share for such class as of the last calendar day of such month, plus applicable upfront selling commissions and dealer manager fees. No distributions were declared or paid by the Company from inception through June 30, 2025. |