v3.25.2
Shareholders' Equity
 6 Months Ended
Jun. 30, 2025
Stockholders' Equity Note [Abstract]  
Shareholders' Equity Shareholders’ Equity

The following tables summarizes the shareholder transactions in common shares during the three and six months ended June 30, 2025:

 

 

Series I

 

Series II

 

Total

 

 

Shares

 

Consideration Amount

 

Shares

 

Consideration Amount

 

Shares

 

 

Consideration Amount

 

A-II Shares:

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of December 31, 2024

 

8,109,427

 

$

208,185

 

 

24,755,955

 

$

635,417

 

 

32,865,382

 

 

$

843,602

 

Proceeds from issuance of shares

 

1,947,990

 

 

52,226

 

 

3,175,414

 

 

85,565

 

 

5,123,404

 

 

 

137,791

 

Repurchases of shares

 

(25,696

)

 

(687

)

 

(146,689

)

 

(3,944

)

 

(172,385

)

 

 

(4,631

)

Reinvestment of distributions

 

865

 

 

23

 

 

28,037

 

 

754

 

 

28,902

 

 

 

777

 

Net increase (decrease)

 

1,923,159

 

$

51,562

 

 

3,056,762

 

$

82,375

 

 

4,979,921

 

 

$

133,937

 

Balance as of March 31, 2025

 

10,032,586

 

$

259,747

 

 

27,812,717

 

$

717,792

 

 

37,845,303

 

 

$

977,539

 

Proceeds from issuance of shares

 

1,215,044

 

 

32,737

 

 

5,319,554

 

 

144,134

 

 

6,534,598

 

 

 

176,871

 

Repurchases of shares

 

(43,023

)

 

(1,156

)

 

(82,796

)

 

(2,238

)

 

(125,819

)

 

 

(3,394

)

Reinvestment of distributions

 

5,114

 

 

137

 

 

29,042

 

 

786

 

 

34,156

 

 

 

923

 

Net increase (decrease)

 

1,177,135

 

$

31,718

 

 

5,265,800

 

$

142,682

 

 

6,442,935

 

 

$

174,400

 

Balance as of June 30, 2025

 

11,209,721

 

$

291,465

 

 

33,078,517

 

$

860,474

 

 

44,288,238

 

 

$

1,151,939

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

F-I Shares:

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of December 31, 2024

 

1,154,705

 

$

30,014

 

 

999,415

 

$

26,174

 

 

2,154,120

 

 

$

56,188

 

 

Series I

 

Series II

 

Total

 

 

Shares

 

Consideration Amount

 

Shares

 

Consideration Amount

 

Shares

 

 

Consideration Amount

 

Proceeds from issuance of shares

 

157,210

 

 

4,178

 

 

86,039

 

 

2,298

 

 

243,249

 

 

 

6,476

 

Repurchases of shares

 

(10,010

)

 

(266

)

 

-

 

 

-

 

 

(10,010

)

 

 

(266

)

Reinvestment of distributions

 

2,395

 

 

64

 

 

6,067

 

 

162

 

 

8,462

 

 

 

226

 

Net increase (decrease)

 

149,595

 

$

3,976

 

 

92,106

 

$

2,460

 

 

241,701

 

 

$

6,436

 

Balance as of March 31, 2025

 

1,304,300

 

$

33,990

 

 

1,091,521

 

$

28,634

 

 

2,395,821

 

 

$

62,624

 

Proceeds from issuance of shares

 

1,144,861

 

 

30,585

 

 

77,514

 

 

2,083

 

 

1,222,375

 

 

 

32,668

 

Repurchases of shares

 

(28,602

)

 

(762

)

 

-

 

 

-

 

 

(28,602

)

 

 

(762

)

Reinvestment of distributions

 

3,183

 

 

85

 

 

6,758

 

 

181

 

 

9,941

 

 

 

266

 

Net increase (decrease)

 

1,119,442

 

$

29,908

 

 

84,272

 

$

2,264

 

 

1,203,714

 

 

$

32,172

 

Balance as of June 30, 2025

 

2,423,742

 

$

63,898

 

 

1,175,793

 

$

30,898

 

 

3,599,535

 

 

$

94,796

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

E Shares:

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of December 31, 2024

 

4,262

 

$

110

 

 

19,052

 

$

499

 

 

23,314

 

 

$

609

 

Proceeds from issuance of shares

 

3,907

 

 

105

 

 

13,186

 

 

358

 

 

17,093

 

 

 

463

 

Repurchases of shares

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

 

-

 

Reinvestment of distributions

 

32

 

 

1

 

 

113

 

 

3

 

 

145

 

 

 

4

 

Net increase (decrease)

 

3,939

 

$

106

 

 

13,299

 

$

361

 

 

17,238

 

 

$

467

 

Balance as of March 31, 2025

 

8,201

 

$

216

 

 

32,351

 

$

860

 

 

40,552

 

 

$

1,076

 

Proceeds from issuance of shares

 

-

 

 

-

 

 

10,135

 

 

279

 

 

10,135

 

 

 

279

 

Repurchases of shares

 

-

 

 

-

 

 

(791

)

 

(22

)

 

(791

)

 

 

(22

)

Reinvestment of distributions

 

61

 

 

2

 

 

207

 

 

6

 

 

268

 

 

 

8

 

Net increase (decrease)

 

61

 

$

2

 

 

9,551

 

$

263

 

 

9,612

 

 

$

265

 

Balance as of June 30, 2025

 

8,262

 

$

218

 

 

41,902

 

$

1,123

 

 

50,164

 

 

$

1,341

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

V Shares:

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of December 31, 2024

 

40

 

$

1

 

 

40

 

$

1

 

 

80

 

 

$

2

 

Proceeds from issuance of shares

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

 

-

 

Repurchases of shares

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

 

-

 

Reinvestment of distributions

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

 

-

 

Net increase (decrease)

 

-

 

$

-

 

 

-

 

$

-

 

 

-

 

 

$

-

 

Balance as of March 31, 2025

 

40

 

$

1

 

 

40

 

$

1

 

 

80

 

 

$

2

 

Proceeds from issuance of shares

 

 

 

 

 

 

 

 

 

-

 

 

 

-

 

Repurchases of shares

 

 

 

 

 

 

 

 

 

-

 

 

 

-

 

Reinvestment of distributions

 

 

 

 

 

 

 

 

 

-

 

 

 

-

 

Net increase (decrease)

 

-

 

$

-

 

 

-

 

$

-

 

 

-

 

 

$

-

 

Balance as of June 30, 2025

 

40

 

$

1

 

 

40

 

$

1

 

 

80

 

 

$

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

I Shares:

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of December 31, 2024

 

-

 

$

-

 

 

-

 

$

-

 

 

-

 

 

$

-

 

Proceeds from issuance of shares

 

338,637

 

 

9,070

 

 

32,170

 

 

867

 

 

370,807

 

 

 

9,937

 

Repurchases of shares

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

 

-

 

Reinvestment of distributions

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

 

-

 

Net increase (decrease)

 

338,637

 

$

9,070

 

 

32,170

 

$

867

 

 

370,807

 

 

$

9,937

 

Balance as of March 31, 2025

 

338,637

 

$

9,070

 

 

32,170

 

$

867

 

 

370,807

 

 

$

9,937

 

Proceeds from issuance of shares

 

683,335

 

 

18,342

 

 

183,544

 

 

4,960

 

 

866,879

 

 

 

23,302

 

Repurchases of shares

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

 

-

 

Reinvestment of distributions

 

2,179

 

 

58

 

 

226

 

 

6

 

 

2,405

 

 

 

64

 

Net increase (decrease)

 

685,514

 

$

18,400

 

 

183,770

 

$

4,966

 

 

869,284

 

 

$

23,366

 

Balance as of June 30, 2025

 

1,024,151

 

$

27,470

 

 

215,940

 

$

5,833

 

 

1,240,091

 

 

$

33,303

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

S Shares:

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of December 31, 2024

 

-

 

$

-

 

 

-

 

$

-

 

 

-

 

 

$

-

 

Proceeds from issuance of shares

 

110

 

 

3

 

 

110

 

 

3

 

 

220

 

 

 

6

 

 

Series I

 

Series II

 

Total

 

 

Shares

 

Consideration Amount

 

Shares

 

Consideration Amount

 

Shares

 

 

Consideration Amount

 

Repurchases of shares

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

 

-

 

Reinvestment of distributions

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

 

-

 

Net increase (decrease)

 

110

 

$

3

 

 

110

 

$

3

 

 

220

 

 

$

6

 

Balance as of March 31, 2025

 

110

 

$

3

 

 

110

 

$

3

 

 

220

 

 

$

6

 

Proceeds from issuance of shares

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

 

-

 

Repurchases of shares

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

 

-

 

Reinvestment of distributions

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

 

-

 

Net increase (decrease)

 

-

 

$

-

 

 

-

 

$

-

 

 

-

 

 

$

-

 

Balance as of June 30, 2025

 

110

 

$

3

 

 

110

 

$

3

 

 

220

 

 

$

6

 

Total net increase (decrease)

 

5,397,592

 

 

144,745

 

 

8,737,840

 

 

236,241

 

 

14,135,432

 

 

 

380,986

 

 

The following table summarizes the shareholder transactions in common shares during the three and six months ended June 30, 2024:

 

 

Series I

 

Series II

 

Total

 

 

Shares

 

Consideration Amount

 

Shares

 

Consideration Amount

 

Shares

 

 

 

Consideration Amount

 

A-II Shares:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of December 31, 2023

 

1,851,311

 

$

46,339

 

 

8,468,437

 

$

211,995

 

 

10,319,748

 

 

 

$

258,334

 

Proceeds from issuance of shares

 

1,355,539

 

 

34,401

 

 

2,674,311

 

 

67,908

 

 

4,029,850

 

 

-

 

 

102,309

 

Net increase (decrease)

 

1,355,539

 

$

34,401

 

 

2,674,311

 

$

67,908

 

 

4,029,850

 

 

 

$

102,309

 

Balance as of March 31, 2024

 

3,206,850

 

$

80,740

 

 

11,142,748

 

$

279,903

 

 

14,349,598

 

 

 

$

360,643

 

Proceeds from issuance of shares

 

1,622,381

 

 

41,576

 

 

3,564,514

 

 

91,634

 

 

5,186,895

 

 

-

 

 

133,210

 

Repurchases of shares

 

-

 

 

-

 

 

(4,000

)

 

(102

)

 

(4,000

)

 

-

 

 

(102

)

Reinvestment of distributions

 

-

 

 

-

 

 

10,301

 

 

264

 

 

10,301

 

 

-

 

 

264

 

Net increase (decrease)

 

1,622,381

 

$

41,576

 

 

3,570,815

 

$

91,796

 

 

5,193,196

 

 

 

$

133,372

 

Balance as of June 30, 2024

 

4,829,231

 

$

122,316

 

 

14,713,563

 

$

371,699

 

 

19,542,794

 

 

 

$

494,015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

F-I Shares:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of December 31, 2023

 

-

 

$

-

 

 

-

 

$

-

 

 

-

 

 

 

$

-

 

Proceeds from issuance of shares

 

124,118

 

 

3,146

 

 

61,294

 

 

1,555

 

 

185,412

 

 

-

 

 

4,701

 

Net increase (decrease)

 

124,118

 

$

3,146

 

 

61,294

 

$

1,555

 

 

185,412

 

 

 

$

4,701

 

Balance as of March 31, 2024

 

124,118

 

$

3,146

 

 

61,294

 

$

1,555

 

 

185,412

 

 

 

$

4,701

 

Proceeds from issuance of shares

 

128,927

 

 

3,299

 

 

53,952

 

 

1,385

 

 

182,879

 

 

-

 

 

4,684

 

Repurchases of shares

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

Shares reissued under the DRIP

 

113

 

 

3

 

 

99

 

 

3

 

 

212

 

 

-

 

 

6

 

Net increase (decrease)

 

129,040

 

$

3,302

 

 

54,051

 

$

1,388

 

 

183,091

 

 

 

$

4,690

 

Balance as of June 30, 2024

 

253,158

 

$

6,448

 

 

115,345

 

$

2,943

 

 

368,503

 

 

 

$

9,391

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

E Shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of December 31, 2023

 

-

 

$

-

 

 

-

 

$

-

 

 

-

 

 

 

$

-

 

Proceeds from issuance of shares

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

Net increase (decrease)

 

-

 

$

-

 

 

-

 

$

-

 

 

-

 

 

 

$

-

 

Balance as of March 31, 2024

 

-

 

$

-

 

 

-

 

$

-

 

 

-

 

 

 

$

-

 

Proceeds from issuance of shares

 

2,915

 

 

75

 

 

6,587

 

 

170

 

 

9,502

 

 

-

 

 

245

 

Net increase (decrease)

 

2,915

 

$

75

 

 

6,587

 

$

170

 

 

9,502

 

 

 

$

245

 

Balance as of June 30, 2024

 

2,915

 

$

75

 

 

6,587

 

$

170

 

 

9,502

 

 

 

$

245

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Series I

 

Series II

 

Total

 

 

Shares

 

Consideration Amount

 

Shares

 

Consideration Amount

 

Shares

 

 

 

Consideration Amount

 

V Shares:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of December 31, 2023

 

40

 

$

1

 

 

40

 

$

1

 

 

80

 

 

 

$

2

 

Proceeds from issuance of shares

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

Net increase (decrease)

 

-

 

$

-

 

 

-

 

$

-

 

 

-

 

 

 

$

-

 

Balance as of March 31, 2024

 

40

 

$

1

 

 

40

 

$

1

 

 

80

 

 

 

$

2

 

Proceeds from issuance of shares

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

 

 

-

 

Net increase (decrease)

 

-

 

$

-

 

 

-

 

$

-

 

 

-

 

 

 

$

-

 

Balance as of June 30, 2024

 

40

 

$

1

 

 

40

 

$

1

 

 

80

 

 

 

$

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total net increase (decrease)

 

3,233,993

 

$

82,500

 

 

6,367,058

 

$

162,817

 

 

9,601,051

 

 

 

$

245,317

 

 

Distribution Reinvestment Plan

The Company adopted a distribution reinvestment plan (the “DRIP”), in which cash distributions to Shareholders will automatically be reinvested in additional whole and fractional shares attributable to the type of Shares that a Shareholder owns unless and until an election is made on behalf of such participating Shareholder to withdraw from the DRIP and receive distributions in cash. The number of Shares to be received when distributions are reinvested will be determined by dividing the amount of the distribution, net of any applicable withholding taxes, by the Series’ NAV per share as of the end of the prior month. Shares will be distributed in proportion to the Series and types of Shares held by the Shareholder under the DRIP. There will be no sales load charges on Shares issued to a Shareholder under the DRIP.

For the six months ended June 30, 2025, the Company issued 5,979 Series I A-II Shares, 5,578 Series I F-I Shares, 2,179 Series I I Shares, 93 Series I E Shares, 57,079 Series II A-II Shares, 12,825 Series II F-I Shares, 226 Series II I Shares and 320 Series II E shares for an aggregate purchase price of $2,268 under the DRIP. For the three months ended June 30, 2025, the Company issued 5,114 Series I A-II Shares, 3,183 Series I F-I Shares, 2,179 Series I I Shares, 61 Series I E Shares, 29,042 Series II A-II Shares, 6,758 Series II F-I Shares, 226 Series II I Shares and 207 Series II E shares for an aggregate purchase price of $1,261 under the DRIP. For the three and six months ended June 30, 2024, the Company issued 10,301 Series II A-II Shares, 113 Series I F-I Shares, 99 Series II F-I Shares for an aggregate purchase price of $270 under the DRIP.

Share Repurchases

The Company has a share repurchase plan pursuant to which, on a quarterly basis, Shareholders may request that the Company repurchase all or any portion of their Shares. The Company may repurchase fewer Shares than have been requested in any particular quarter to be repurchased under the Company’s share repurchase plan, or none at all, in the Company's discretion at any time. The Company expects that each Series will conduct quarterly Share Repurchases for up to 5.0% of the aggregate NAV of our outstanding Investor Shares and E Shares of each Series (measured across both Series) at a price based on the NAV per Share as of the last business day of the quarter prior to the commencement of the share repurchase plan.

For the six months ended June 30, 2025, the Company repurchased 68,718 Series I A-II Shares, 38,612 Series I F-I Shares, and 229,485 Series II A-II Shares, 791 Series II E Shares of the Company’s equity securities for an aggregate purchase price of $9,075. For the three months ended June 30, 2025, the Company repurchased 43,023 Series I A-II Shares, 28,602 Series I F-I Shares, 82,796 Series II A-II Shares, 791 Series II E shares of the Company’s equity securities for an aggregate purchase price of $4,178.

For the three and six months ended June 30, 2024, the Company repurchased 4,000 Series II A-II Shares Company’s equity securities for an aggregate purchase price of $102.

 

 

 

 

Distribution

The following table reflects the aggregate distributions per share declared for each applicable share type of the Company:

 

Type

 

Three months ended
  June 30, 2025

 

 

Six months ended
  June 30, 2025

 

Series I

 

 

 

 

 

 

A-II Shares

 

$

0.21

 

 

$

0.41

 

F-I Shares

 

$

0.21

 

 

$

0.41

 

E Shares

 

$

0.21

 

 

$

0.41

 

I Shares

 

$

0.21

 

 

$

0.41

 

S Shares

 

$

0.21

 

 

$

0.41

 

Series II

 

 

 

 

 

 

A-II Shares

 

$

0.21

 

 

$

0.41

 

F-I Shares

 

$

0.21

 

 

$

0.41

 

E Shares

 

$

0.21

 

 

$

0.41

 

I Shares

 

$

0.21

 

 

$

0.41

 

S Shares

 

$

0.21

 

 

$

0.41

 

 

The distributions for each share type were payable to holders of record at the close of business day on June 30, 2025 and were paid on July 28, 2025. The distributions were paid in cash or reinvested in the shares of the Company for shareholders participating in the DRIP of the Company.

 

The following table reflects the aggregate distributions per share declared for each applicable share class of the Company for the three and six months ended June 30, 2024 as follows:

 

Type

 

Three months ended
  June 30, 2024

 

 

Six months ended
  June 30, 2024

 

Series I

 

 

 

 

 

 

A-II Shares

 

$

0.16

 

 

$

0.29

 

F-I Shares

 

$

0.16

 

 

$

0.29

 

E Shares

 

$

0.16

 

 

$

0.16

 

Series II

 

 

 

 

 

 

A-II Shares

 

$

0.16

 

 

$

0.29

 

F-I Shares

 

$

0.16

 

 

$

0.29

 

E Shares

 

$

0.16

 

 

$

0.16

 

 

 

The distributions for each outstanding share type were payable to holders of record at the close of business day on June 30, 2024 and were paid on July 25, 2024. The distributions were paid in cash or reinvested in the shares of the Company for shareholders participating in the Company’s distribution reinvestment plan