Equity (Tables)

6 Months Ended

Jun. 30, 2025

Summary of Change in Company's Outstanding Shares

The following tables detail the change in the Company’s outstanding shares of all classes of common and preferred stock for the three months ended June 30, 2025 and 2024:


For the three months ended June 30, 2025	Preferred Stock		Common Stock Class T		Common Stock Class S		Common Stock Class D		Common Stock Class I		Common Stock Class A
Beginning balance		—		41,317		—		5,190		214,995		—
Issuance of shares		—		37,386		—		16,320		36,518		—
Distribution reinvestment		—		120		—		77		710		—
Ending balance		—		78,823		—		21,587		252,223		—


For the three months ended June 30, 2024	Preferred Stock		Common Stock Class T		Common Stock Class S		Common Stock Class D		Common Stock Class I		Common Stock Class A
Beginning balance		—		—		—		—		114,986		—
Issuance of shares		—		3,862		—		—		4,169		—
Distribution reinvestment		—		—		—		—		24		—
Ending balance		—		3,862		—		—		119,179		—

The following tables detail the change in the Company’s outstanding shares of all classes of common and preferred stock for the six months ended June 30, 2025 and 2024:


For the six months ended June 30, 2025	Preferred Stock		Common Stock Class T		Common Stock Class S		Common Stock Class D		Common Stock Class I		Common Stock Class A
Beginning balance		—		21,175		—		2,266		190,266		—
Issuance of shares		—		57,454		—		19,201		60,914		—
Distribution reinvestment		—		194		—		120		1,043		—
Ending balance		—		78,823		—		21,587		252,223		—


For the six months ended June 30, 2024	Preferred Stock		Common Stock Class T		Common Stock Class S		Common Stock Class D		Common Stock Class I		Common Stock Class A
Beginning balance		—		—		—		—		108,569		—
Issuance of shares		—		3,862		—		—		8,197		—
Distribution reinvestment		—		—		—		—		26		—
Issuance of restricted shares (Note 7)		—		—		—		—		2,387		—
Ending balance		—		3,862		—		—		119,179		—

Summary of Aggregate Distribution Declared Per Share

The table below presents the aggregate gross and net distributions declared per share for each applicable class of common stock during the six months ended June 30, 2025.


	Class T Shares		Class D Shares		Class I Shares
Aggregate gross distributions declared per share	$	0.6252	$	0.6252	$	0.6252
Distribution fee per share		0.1011		0.0300	N/A
Net distributions declared per share	$	0.5241	$	0.5952	$	0.6252

The table below presents the aggregate gross and net distributions declared per share for each applicable class of common stock during the six months ended June 30, 2024.


	Class T Shares		Class I Shares
Aggregate gross distributions declared per share	$	0.1770	$	0.5310
Distribution fee per share	0.0355		N/A
Net distributions declared per share	$	0.1415	$	0.5310