On March 29, 2024, the Company amended its Declaration of Trust, pursuant to which the Company is authorized to issue an unlimited number of common shares, including an unlimited number of shares classified as Class T shares, Class F-T shares, Class S shares, Class F-S shares, Class D shares, Class F-D shares, Class I shares, Class F-I shares, and Class E shares, and an unlimited number of shares classified as preferred shares of beneficial interest, par value $0.01 per share (“preferred shares”). On April 28, 2025, the Company adopted the Second Amended and Restated Declaration of Trust, pursuant to which the Company designated two new classes of common shares of beneficial interest, Class F-IO common shares and Class IO common shares.

Effective April 28, 2025, the Company's board of trustees amended the Company's distribution reinvestment plan to incorporate Class F-IO shares and Class IO shares in the distribution reinvestment plan.

The share classes have different upfront selling commissions, dealer manager fees, ongoing shareholder servicing fees and gross distributions, as well as different management fees and performance participation allocations. Refer to “Note 10. Related Party Transactions” for more information.

The below table details shares issued and outstanding for the classes of common shares outstanding as of December 31, 2025 and 2024:


Share Class	December 31, 2025		December 31, 2024
Class S common shares, $0.01 par value per share		11,271,609		2,540,134
Class F-S common shares, $0.01 par value per share		18,363,286		18,504,342
Class I common shares, $0.01 par value per share		7,043,621		1,060,070
Class F-I common shares, $0.01 par value per share		10,741,516		9,723,315
Class E common shares, $0.01 par value per share		4,711,151		2,878,124
Total:		52,131,183		34,705,985

The table below details activity related to the Company's outstanding common share classes for the year ended December 31, 2025:


	For the Year Ended December 31, 2025
	Class S			Class F-S			Class I			Class IO			Class F-I			Class F-IO			Class E			Total
December 31, 2024		2,540,134			18,504,342			1,060,070			—			9,723,315			—			2,878,124			34,705,985
Common shares issued		8,527,023			—			4,385,402			1,506,262			795,368			21,027			1,718,390			16,953,472
Dividend reinvested		227,486			621,145			97,213			18,520			237,936			50,815			179,167			1,432,282
Common shares repurchased		(20,385	)		(762,201	)		(3,734	)		—			(111,522	)		—			(64,531	)		(962,373	)
Share class transfer		(2,649	)		—			1,504,670			(1,524,782	)		96,419			(71,842	)		1			1,817
December 31, 2025		11,271,609			18,363,286			7,043,621			—			10,741,516			—			4,711,151			52,131,183

During the three months ended June 30, 2025, 2,616,731 Class F-I shares and 149,124 Class I shares were exchanged for an equivalent number of Class F-IO shares and Class IO shares, respectively.

As of the close of business on December 31, 2025, 2,688,573 Class F-IO shares and 1,673,906 Class IO shares were exchanged for 2,688,586 Class F-I shares and 1,675,813 Class I shares, respectively, based on the respective NAV per share of such classes as of November 30, 2025.

The table below details activity related to the Company's outstanding Class S shares, Class F-S shares, Class I shares, Class F-I shares and Class E shares for the year ended December 31, 2024:


	For the Year Ended December 31, 2024
	Class S		Class F-S			Class I		Class F-I			Class E			Total
December 31, 2023		—		—			—		—			—			—
Common shares issued		2,527,295		18,239,258			1,055,765		9,619,759			2,837,783			34,279,860
Dividend reinvested		12,839		278,680			4,305		106,056			61,040			462,920
Common shares repurchased		—		(13,596	)		—		(2,500	)		(20,699	)		(36,795	)
December 31, 2024		2,540,134		18,504,342			1,060,070		9,723,315			2,878,124			34,705,985

Our board of trustees adopted the Share Repurchase Plan, pursuant to which shareholders may request on a quarterly basis that the Company repurchase all or any portion of their common shares, subject to certain limitations as set forth therein. The aggregate NAV of total repurchases of our common shares (including repurchases at certain non-U.S. investor access funds primarily created to hold our common shares) is limited to no more than 5% of our aggregate NAV per calendar quarter (measured using the average aggregate NAV as of the end of each of the immediately preceding three months). Shares or units issued to the Adviser and the Special Limited Partner pursuant to the Advisory Agreement or with respect to the performance participation allocation, respectively, are not subject to these repurchase limitations. We are not obligated to repurchase any shares and may choose to repurchase only some, or even none, of the shares that have been requested to be repurchased in any particular quarter in our discretion. In addition, our ability to fulfill repurchase requests is subject to a number of limitations. As a result, share repurchases may not be available each quarter. Under the Share Repurchase Plan, to the extent we choose to repurchase shares in any particular quarter, we will only repurchase shares as of the opening of the last business day of that quarter (each such date, a “Repurchase Date”). Repurchases will be made at the transaction price in effect on the Repurchase Date, except that shares that have not been outstanding for at least one year will be repurchased at 98% of the transaction price. The one-year holding period is measured as of the subscription closing date immediately following the prospective Repurchase Date.

During the year ended December 31, 2025, the aggregate proceeds used by the Company to repurchase shares were $408 for Class S shares, $15,547 for Class F-S shares, $2,285 for Class F-I shares, $76 for Class I shares and $1,310 for Class E shares.

During the year ended December 31, 2024, the aggregate proceeds used by the Company to repurchase shares were $269 for Class F-S shares, $49 for Class F-I shares and $408 for Class E shares.


	For the Year Ended December 31,
	2025							2024
	Aggregate gross distributions declared per share		Shareholder servicing fee per share			Net distributions declared per share		Aggregate gross distributions declared per share		Shareholder servicing fee per share			Net distributions declared per share
Class S	$	1.2845	$	(0.1727	)	$	1.1118	$	0.4693	$	(0.0711	)	$	0.3982
Class F-S	$	1.2961	$	(0.1727	)	$	1.1234	$	0.8111	$	(0.1279	)	$	0.6832
Class I	$	1.2845	$	-		$	1.2845	$	0.4693	$	-		$	0.4693
Class IO	$	0.8660	$	-		$	0.8660	$	-	$	-		$	-
Class F-I	$	1.2961	$	-		$	1.2961	$	0.8111	$	-		$	0.8111
Class F-IO	$	0.8660	$	-		$	0.8660	$	-	$	-		$	-
Class E	$	1.3233	$	-		$	1.3233	$	0.8111	$	-		$	0.8111

On October 20, 2023, the Company was capitalized with a $1 investment by MSREI Holding at a purchase price of $20.00 per share. On March 28, 2024, the Company paid a distribution of $11 or $216.89 per common share to MSREI Holding. Immediately following such distribution, the Company repurchased all 50 shares from MSREI Holding at a price per common share equal to $20.00.

In April 2025, the Company's board of trustees were granted $79 in aggregate compensation in the form of 3,888 restricted Class E shares. The shares were issued at the most recent NAV per share of $20.26 and the shares, and their related distributions, are subject to a one-year vesting period.

In April 2024, the Company's board of trustees were granted $79 in aggregate compensation in the form of 3,938 restricted Class E shares. The shares were issued at the most recent NAV per share of $20.00 and the shares, and their related distributions, vested in April 2025.