Note 14 - Equity

Authorized Capital

The Company is authorized to issue preferred stock and seven classes of common stock consisting of Class S shares, Class D shares, Class I shares, Class F-I shares, Class A-I shares, Class A-III shares, and Class E shares. The differences among the classes of common stock relate to upfront selling commissions, dealer manager fees, and ongoing stockholder servicing fees, as well as varying management and performance participation allocations. See "Note 11 - Related Party Transactions" for additional information.

Common Stock

On April 4, 2023 (the "Exchange Date"), approximately 5,162,941 Class F-I shares were exchanged for approximately 5,152,707 Class A-I shares at an exchange rate based on the NAV per share/unit for the Company's Class F-I shares and Class A-I units as of the Exchange Date.

On November 2, 2023 (the "Second Exchange Date"), approximately 5,022,403 Class F-I shares were exchanged for approximately 4,973,617 Class A-I shares at an exchange rate based on the NAV per share/unit for the Company's Class F-I shares and Class A-I units as of the Second Exchange Date.

On January 3, 2024 (the "Third Exchange Date"), approximately 12,477,404 Class A-I shares were exchanged for 12,502,989 Class A-II shares at an exchange rate based on the NAV per share for the Class A-I shares and the Company's total NAV per share as of the Third Exchange Date.

On April 2, 2024 (the "Fourth Exchange Date"), 5,225,608 Class F-I shares were exchanged for 5,155,772 Class A-I shares at an exchange rate based on the NAV per share for the Class F-I shares and Class A-I shares as of the Fourth Exchange Date.

On November 4, 2024 (the "Fifth Exchange Date"), all 24,471,129 outstanding Class A-II shares were exchanged for 24,454,002 Class A-III shares at an exchange rate based on the NAV per share for the Class A-II shares and the Company's total NAV per share as of the Fifth Exchange Date.

Distributions

The Company generally intends to distribute substantially all of its taxable income to its stockholders each year to comply with the REIT provisions of the Code, as amended. Taxable income does not necessarily equal net income calculated in accordance with GAAP.

Each class of common stock receives the same gross distribution per share. The net distribution per share varies for each share class based on differing fee structures. Additionally net distributions will vary based on the applicable stockholder servicing fee, which is deducted from the monthly distribution per share and paid directly to the applicable distributor.

Repurchases

During the year ended December 31, 2025, the Company repurchased 39,930 Class I shares, 77,733 Class F-I shares, 508,146 Class A-I shares, 945,112 Class A-III shares and 11,990 Class E shares, for a total of $33.8 million.

During the year ended December 31, 2024, the Company repurchased 100,885 Class F-I shares, 35,411 Class A-I shares, 151,835 Class A-II shares and, 108,053 Class A-III shares, for a total of $8.3 million.

During the year ended December 31, 2023, the Company repurchased 7,389 of Class A-I shares for a total of $0.2 million.

The Company satisfied all repurchase requests during the years ended December 31, 2025, 2024, and 2023.

Redeemable Non-Controlling Interest

In connection with its management fee, the Adviser has elected to receive Class E units. Additionally, the Special Limited Partner has elected to receive Class E units in satisfaction of the performance participation allocation. See Note 11 - Related Party Transactions for additional information on the Adviser and Special Limited Partner's interest. Because the Adviser and Special Limited Partner have the ability to redeem their Class E units for Class E shares in the Company or cash, at their election, the Company has classified these Class E units as redeemable non-controlling interest in mezzanine equity on the Company's consolidated balance sheet.

During the years ended December 31, 2025 and 2024, the Company issued 55,395 and 52,546 Class E units, respectively, to the Adviser for the management fee earned on the Operating Partnership units issued to an affiliate of Apollo.

During the years ended December 31, 2025 and 2024, the Company issued 20,744 and 26,977 Class E units, respectively, to the Special Limited Partner in satisfaction of the performance participation allocation.

The redeemable non-controlling interest is recorded at the greater of the carrying amount, adjusted for its share of income or loss and dividends, or the redemption value, which is equivalent to fair value, of such Class E units at the end of each measurement period. Accordingly, the Company recorded an allocation adjustment between Additional paid-in capital and redeemable non-controlling interest of $0.1 million and $35 thousand during the years ended December 31, 2025 and 2024, respectively, to reflect their redemption value.

Non-Controlling Interests - Unitholders of the Operating Partnership

On December 22, 2022, the Company issued 5,000,000 Class A-I units to an affiliate of Apollo for the aggregate consideration of $100.0 million in a private placement. Operating Partnership units are subject to the same fees as the corresponding classes of common stock and do not have any preferential rights relative to the Company's interest in the Operating Partnership.

Currently all Class A-I unitholders of the Operating Partnership have elected to reinvest their dividends. In connection with such dividend reinvestment, the Company issued 291,863 Class A-I units in lieu of cash for the dividends paid during the year ended December 31, 2025.

Non-Controlling Interests Attributable to Preferred Stockholders

A subsidiary of the Company elected to be taxed as a REIT for U.S. federal income tax purposes. This subsidiary has issued preferred non-voting shares to be held by investors to ensure compliance with the Code requirement that REITs have at least 100 shareholders. The preferred shares have a face amount of $1,000 and carry a 12.0% annual dividend payable semi-annually. As of December 31, 2025, this subsidiary had $125,000 of preferred non-voting shares outstanding.