Equity (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Equity [Abstract] |
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| Schedule of Company's Authorized, Issued and Outstanding Shares |
As of December 31, 2025 and December 31, 2024, the Company had the following classes of common stock authorized, issued and outstanding:
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December 31, 2025 |
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December 31, 2024 |
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Classification |
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Shares Authorized |
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Shares Issued and Outstanding |
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Shares Authorized |
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Shares Issued and Outstanding |
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Preferred Stock, $0.01 par value per share |
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100,000,000 |
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— |
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100,000,000 |
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— |
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Class S Shares, $0.01 par value per share |
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100,000,000 |
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12,148 |
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100,000,000 |
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5,750 |
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Class D Shares, $0.01 par value per share |
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100,000,000 |
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4,948 |
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100,000,000 |
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4,715 |
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Class I Shares, $0.01 par value per share |
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150,000,000 |
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1,417,857 |
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100,000,000 |
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1,017,717 |
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Class F-S Shares, $0.01 par value per share |
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— |
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— |
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100,000,000 |
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— |
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Class F-D Shares, $0.01 par value per share |
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— |
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— |
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100,000,000 |
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— |
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Class F-I Shares, $0.01 par value per share |
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100,000,000 |
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1,501,847 |
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100,000,000 |
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1,565,701 |
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Class A-I Shares, $0.01 par value per share |
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200,000,000 |
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21,177,373 |
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100,000,000 |
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16,582,608 |
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Class A-II Shares, $0.01 par value per share |
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— |
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— |
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100,000,000 |
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— |
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Class A-III Shares, $0.01 par value per share |
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250,000,000 |
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40,787,455 |
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100,000,000 |
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25,546,118 |
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Class E Shares, $0.01 par value per share |
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100,000,000 |
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1,024,460 |
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100,000,000 |
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489,542 |
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Total |
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1,100,000,000 |
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65,926,088 |
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1,100,000,000 |
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45,212,151 |
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| Schedule of Movement In The Company's Outstanding Shares of Common Stock |
The following table details the movement in the Company's outstanding shares of common stock:
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Class S |
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Class D |
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Class I |
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Class F-I |
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Class A-I |
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Class A-II |
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Class A-III |
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Class E |
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Beginning balance, December 31, 2022 |
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— |
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— |
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— |
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1,823,750 |
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— |
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— |
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— |
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— |
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Common stock issued |
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— |
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— |
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— |
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13,147,002 |
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6,882,221 |
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— |
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— |
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104,358 |
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Repurchase of common stock |
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— |
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— |
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— |
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— |
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(7,389 |
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— |
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— |
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— |
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Dividend reinvestment |
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— |
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— |
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— |
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34,969 |
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15,496 |
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— |
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— |
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1,349 |
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Share class transfer |
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— |
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— |
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— |
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(10,185,344 |
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10,126,324 |
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— |
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— |
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— |
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Ending balance, December 31, 2023 |
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— |
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— |
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— |
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4,820,377 |
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17,016,652 |
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— |
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— |
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105,707 |
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Common stock issued |
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5,750 |
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4,677 |
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1,010,160 |
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2,056,136 |
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6,681,140 |
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12,102,688 |
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1,197,513 |
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369,786 |
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Repurchase of common stock |
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— |
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— |
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— |
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(100,885 |
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(35,411 |
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(151,835 |
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(108,053 |
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— |
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Dividend reinvestment |
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— |
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38 |
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7,557 |
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15,681 |
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241,859 |
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17,287 |
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2,656 |
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14,049 |
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Share class transfer |
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— |
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— |
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— |
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(5,225,608 |
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(7,321,632 |
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(11,968,140 |
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24,454,002 |
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— |
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Ending balance, December 31, 2024 |
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5,750 |
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4,715 |
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1,017,717 |
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1,565,701 |
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16,582,608 |
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— |
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25,546,118 |
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489,542 |
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Common stock issued |
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6,339 |
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— |
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424,069 |
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— |
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4,695,067 |
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— |
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16,098,976 |
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505,865 |
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Repurchase of common stock |
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— |
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— |
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(39,930 |
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(77,733 |
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(508,146 |
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— |
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(945,112 |
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(11,990 |
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Dividend reinvestment |
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59 |
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233 |
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16,001 |
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13,879 |
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407,844 |
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— |
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87,473 |
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41,043 |
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Share class transfer |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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Ending balance, December 31, 2025 |
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12,148 |
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4,948 |
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1,417,857 |
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1,501,847 |
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21,177,373 |
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— |
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40,787,455 |
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1,024,460 |
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| Schedule of Aggregate Distributions Declared For Each Applicable Class of Common Stock |
The following table details the aggregate distributions declared for each applicable class of common stock:
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Year Ended December 31, 2025 |
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Class S |
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Class D |
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Class I |
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Class F-I |
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Class A-I |
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Class A-III |
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Class E |
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Aggregate gross distribution declared per share of common stock |
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$ |
1.3464 |
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$ |
1.3464 |
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$ |
1.3464 |
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$ |
1.3464 |
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$ |
1.3464 |
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$ |
1.3464 |
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$ |
1.3464 |
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Management fee per share of common stock |
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(0.2664 |
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(0.2664 |
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(0.2664 |
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(0.2112 |
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(0.2148 |
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(0.1824 |
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— |
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Stockholder servicing fee per share of common stock |
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(0.1783 |
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(0.0532 |
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— |
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— |
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— |
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— |
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— |
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Net distribution declared per share of common stock |
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$ |
0.9017 |
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$ |
1.0268 |
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$ |
1.0800 |
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$ |
1.1352 |
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$ |
1.1316 |
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$ |
1.1640 |
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$ |
1.3464 |
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Year Ended December 31, 2024 |
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Class S |
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Class D |
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Class I |
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Class F-I |
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Class A-I |
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Class A-III |
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Class E |
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Aggregate gross distribution declared per share of common stock |
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$ |
0.8858 |
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$ |
0.3361 |
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$ |
1.1967 |
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$ |
1.2939 |
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$ |
1.2939 |
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$ |
0.2241 |
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$ |
1.2939 |
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Management fee per share of common stock |
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(0.1759 |
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(0.0661 |
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(0.2412 |
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(0.2095 |
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(0.2113 |
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(0.0303 |
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— |
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Stockholder servicing fee per share of common stock |
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(0.1193 |
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(0.0134 |
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— |
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— |
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— |
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— |
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— |
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Net distribution declared per share of common stock |
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$ |
0.5906 |
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$ |
0.2566 |
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$ |
0.9555 |
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$ |
1.0844 |
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$ |
1.0826 |
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$ |
0.1938 |
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$ |
1.2939 |
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Year Ended December 31, 2023 |
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Class S |
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Class D |
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Class I |
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Class F-I |
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Class A-I |
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Class A-III |
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Class E |
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Aggregate gross distribution declared per share of common stock |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
0.7810 |
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$ |
0.7810 |
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$ |
— |
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$ |
0.7810 |
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Management fee per share of common stock |
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— |
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— |
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— |
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(0.1510 |
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(0.1510 |
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— |
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— |
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Net distribution declared per share of common stock |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
0.6300 |
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$ |
0.6300 |
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$ |
— |
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$ |
0.7810 |
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| Redeemable Non-controlling Interest Activity Related to Adviser |
The following table details the redeemable non-controlling interest activity related to the Adviser for the year ended December 31, 2025 ($ in thousands):
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Year Ended December 31, 2025 |
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Year Ended December 31, 2024 |
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Balance at the beginning of year |
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$ |
2,817 |
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$ |
967 |
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Settlement of management fees |
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1,189 |
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1,107 |
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Settlement of performance participation allocation |
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443 |
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562 |
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GAAP income allocation |
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240 |
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157 |
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Distributions |
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(253 |
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(136 |
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Reinvestment of distributions |
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243 |
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125 |
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Fair value allocation |
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66 |
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35 |
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Balance at end of year |
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$ |
4,745 |
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$ |
2,817 |
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