v3.25.4
CAPITALIZATION (Tables)
 12 Months Ended
Dec. 31, 2025
Capitalization [Abstract]  
Schedule of Authorized Common Shares The Company's authorized shares of common stock are allocated between classes as follows:
Common StockNo. of Authorized Shares
Class A Shares45,000,000 
Class D Shares45,000,000 
Class I Shares200,000,000 
Class M-I Shares200,000,000 
Class N Shares150,000,000 
Class S Shares200,000,000 
Class T Shares5,000,000 
Class T2 Shares150,000,000 
Class Z Shares5,000,000 
1,000,000,000 
Schedule of Stock by Class
During the years ended December 31, 2025, 2024 and 2023, the Company issued common stock, excluding shares issued in the distribution reinvestment plan and Compensation Plan (defined below), as follows:
Year Ended December 31, 2025Year Ended December 31, 2024Year Ended December 31, 2023
No. of shares
Amount
No. of shares
Amount
No. of shares
Amount
Class A Shares— $— 2,151 $30 70,103 $1,095 
Class D Shares370,645 5,000 2,937 40 222,400 3,628 
Class I Shares346,200 4,628 250,627 3,427 502,534 7,529 
Class M-I Shares— — 53,267 725 140,806 2,076 
Class N Shares converted from Class T Shares, net145 — 409 — 1,738 — 
Class T Shares— — — — 2,879 45 
Class T2 Shares32,035 440 83,514 1,163 199,214 3,175 
Total
749,025 $10,068 392,905 $5,385 1,139,674 $17,548 

There were no Class S Shares issued as of December 31, 2025.
Schedule of Repurchase Agreements
During the years ended December 31, 2025, 2024 and 2023, redemption requests were received as shown below. The Company funded these redemptions with cash flow from operations, proceeds from its Offerings or borrowings. The weighted average redemption prices are shown before allowing for any applicable 2% short-term trading discounts.
Year Ended December 31, 2025Shares Weighted Average Share PriceAmount
Class A822,111 $13.30 $10,930 
Class I1,532,133 13.37 20,488 
Class T535 13.50 7 
Class D879,058 13.41 11,789 
Class N74,186 13.24 982 
Class M-I19,565 13.23 259 
Class T292,757 13.14 1,219 
Total
$45,674 
Year Ended December 31, 2024Shares Weighted Average Share PriceAmount
Class A473,280 $13.55 $6,412 
Class I1,772,184 13.62 24,142 
Class T1,130 13.67 15 
Class D574,377 13.61 7,816 
Class N46,584 13.48 628 
Class M-I61,132 13.48 824 
Class T258,086 13.54 786 
Total
$40,623 
Year Ended December 31, 2023Shares Weighted Average Share PriceAmount
Class A299,558 $15.33 $4,594 
Class I2,672,067 14.87 39,727 
Class T20,161 15.79 317 
Class D968,053 15.18 14,698 
Class N333,076 15.13 5,038 
Class M-I40,108 14.13 567 
Class T211,373 15.03 171 
Total
$65,112 
Schedule of stock awards
Below is a summary of the activity, per share value and recognized expense for the Annual Share Grant Awards.
Year Ended December 31, 2025Year Ended December 31, 2024Year Ended December 31, 2023
Stock AwardsClass D SharesWeighted Average Grant Date Fair Value
Class D Shares
Weighted Average Grant Date Fair ValueClass D SharesWeighted Average Grant Date Fair Value
Outstanding, beginning of period5,442 $13.78 5,034 $14.90 1,869 $17.40 
Changes during the period:
     Granted5,613 13.36 5,442 13.78 5,034 14.90 
     Vested(5,442)13.78 (5,034)14.90 (1,869)17.40 
     Forfeited— — — — — — 
Outstanding, end of period5,613 13.36 5,442 13.78 5,034 14.90 
Amount included in general and administrative expenses$74 $77 $63