The Company is authorized to issue preferred stock and seven classes of common stock consisting of Class D shares, Class I shares, Class S shares, Class T shares, Class E shares, Class X shares, and Class Y shares. The differences among the common share classes relate to upfront selling commissions and ongoing stockholder servicing fees. See Note 2 for additional detail of each share class.

As of December 31, 2025, in accordance with the Company’s charter (the “Charter”), the Company had authority to issue 5.5 billion shares, consisting of the following (shares in thousands):


Classification	Number of Shares		Par Value
Class D Shares		600,000	$	0.01
Class I Shares		1,500,000		0.01
Class S Shares		1,000,000		0.01
Class T Shares		600,000		0.01
Class E Shares		600,000		0.01
Class X Shares		500,000		0.01
Class Y Shares		600,000		0.01
Preferred Stock		100,000		0.01
Total		5,500,000

The following tables detail the movement in the Company’s outstanding shares of common stock (in thousands) during the year ended December 31, 2025. There were no outstanding Class S, Class T or Class X shares as of December 31, 2025:


	Year Ended December 31, 2025
	Class D			Class I			Class S			Class T		Class E			Class X		Class Y			Total
Beginning balance, December 31, 2024:		993			10,146			56			—		18,566			—		2,131			31,892
Common stock issued (converted)		(12	)		4,211			—			—		36,514			—		6,363			47,076
Distribution reinvestment		37			264			1			—		883			—		124			1,309
Common stock repurchased		(9	)		(672	)		(57	)		—		(173	)		—		(39	)		(950	)
Ending balance, December 31, 2025		1,009			13,949			—			—		55,790			—		8,579			79,327

The following tables detail the movement in the Company’s outstanding shares of common stock (in thousands) during the year ended December 31, 2024. There were no outstanding Class T or Class X shares during as of December 31, 2024:


	Year Ended December 31, 2024
	Class D			Class I			Class S		Class T		Class E			Class X		Class Y		Total
Beginning balance, December 31, 2023:		504			5,397			54		—		6,407			—		—		12,362
Common stock issued		491			4,810			2		—		12,161			—		2,131		19,595
Common stock repurchased		(2	)		(61	)		—		—		(2	)		—		—		(65	)
Ending balance, December 31, 2024		993			10,146			56		—		18,566			—		2,131		31,892

The Company repurchased shares of its common stock for $10.1 million and $1.9 million during the years ended December 31, 2025 and 2024, respectively.

The Company had no unfulfilled repurchase requests as of December 31, 2025. See Note 3 “— Share Repurchases” for a discussion of the share repurchase plan and Note 13 for further details on repurchases of Mandatorily Redeemable Instruments.

The Company has adopted a distribution reinvestment plan whereby holders of shares of common stock will have the cash distributions attributable to the shares they own reinvested in additional shares; provided, however, that clients of certain participating broker-dealers that do not permit automatic enrollment in the distribution reinvestment plan and stockholders that are residents of certain states that do not permit automatic enrollment in the distribution reinvestment plan will automatically receive their distributions in cash unless they elect to participate in the distribution reinvestment plan.

The purchase price for shares of the Company’s common stock purchased pursuant to the distribution reinvestment plan will be equal to the transaction price for the applicable class of shares at the time the distribution is payable (which will generally be equal to the Company’s prior month’s NAV per share). Stockholders will not pay upfront selling commissions or dealer manager fees when purchasing shares of common stock pursuant to the distribution reinvestment plan. The stockholder servicing fees with respect to Class D shares, Class S shares, Class T shares and Class Y shares are calculated based on the Company's NAV for those shares and may reduce the NAV or, alternatively, the distributions payable with respect to shares of each such class, including shares issued in respect of distributions on such shares under the distribution reinvestment plan. Shares acquired under the distribution reinvestment plan will entitle the participant to the same rights and be treated in the same manner as shares purchased in our public offering.

The Company generally intends to distribute substantially all of its taxable income, which does not necessarily equal net income, as calculated in accordance with GAAP, to its stockholders each year to comply with the REIT provisions of the Code. Each class of common stock receives the same gross distribution per share. The net distribution varies for each class based on the applicable stockholder servicing fee, which is deducted from the monthly distribution per share and paid directly to the applicable distributor.

The following tables detail the aggregate distributions declared for each applicable class of common stock:


	For The Year Ended December 31, 2025
	Class D		Class I		Class S			Class T		Class E		Class X		Class Y
Aggregate gross distributions declared per share of common stock		0.4634		0.4634		0.0375			—		0.4634		—		0.4634
Stockholder servicing fee per share of common stock(1)		—		—		(0.0078	)		—		—		—		(0.0934	)
Net distributions declared per share of common stock	$	0.4634	$	0.4634	$	0.0297		$	—	$	0.4634	$	—	$	0.3700


	For The Year Ended December 31, 2024
	Class D		Class I		Class S			Class T		Class E		Class X		Class Y
Aggregate gross distributions declared per share of common stock		0.4500		0.4500		0.4500			—		0.4500		—		0.4500
Stockholder servicing fee per share of common stock(1)		—		—		(0.0913	)		—		—		—		(0.0919	)
Net distributions declared per share of common stock	$	0.4500	$	0.4500	$	0.3587		$	—	$	0.4500	$	—	$	0.3581


	For The Year Ended December 31, 2023
	Class D		Class I		Class S			Class T		Class E		Class X		Class Y
Aggregate gross distributions declared per share of common stock	$	0.4295	$	0.4295	$	0.1874		$	—	$	0.4295	$	—	$	—
Stockholder servicing fee per share of common stock(1)		—		—		(0.0387	)		—		—		—		—
Net distributions declared per share of common stock	$	0.4295	$	0.4295	$	0.1487		$	—	$	0.4295	$	—	$	—

Distributions paid in the year ended December 31, 2025 were characterized, for federal income tax purposes, as 75% return of capital and 25% ordinary income. Distributions paid in the year ended December 31, 2024 were characterized, for federal income tax purposes, as 94% return of capital and 6% ordinary income. Distributions paid in the year ended December 31, 2023 were characterized, for federal income tax purposes, as 100% return of capital.

In connection with its performance participation interest, the Special Limited Partner holds Class E units. See Note 9 for further details of the Special Limited Partner’s performance participation interest. Because the Special Limited Partner has the ability to redeem its Class E units for cash, at its election, the Company has classified these Class E units as redeemable non-controlling interest in mezzanine equity on the Company’s Consolidated Balance Sheets. The redeemable non-controlling interest is recorded at the greater of the carrying amount, adjusted for its share of the allocation of income or loss and distributions, or the redemption value, which is equivalent to fair value, of such units at the end of each measurement period which is $0.9 million as of December 31, 2025.