| Schedule of Number of Shares Authorized and Par Value |
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):
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Classification |
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Number of Shares |
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Par Value |
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Class D Shares |
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600,000 |
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$ |
0.01 |
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Class I Shares |
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1,500,000 |
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0.01 |
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Class S Shares |
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1,000,000 |
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0.01 |
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Class T Shares |
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600,000 |
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0.01 |
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Class E Shares |
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600,000 |
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0.01 |
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Class X Shares |
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500,000 |
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0.01 |
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Class Y Shares |
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600,000 |
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0.01 |
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Preferred Stock |
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100,000 |
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0.01 |
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Total |
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5,500,000 |
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| Schedule of Outstanding Shares of Common Stock |
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:
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Year Ended December 31, 2025 |
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Class D |
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Class I |
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Class S |
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Class T |
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Class E |
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Class X |
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Class Y |
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Total |
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Beginning balance, December 31, 2024: |
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993 |
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10,146 |
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56 |
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— |
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18,566 |
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— |
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2,131 |
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31,892 |
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Common stock issued (converted) |
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(12 |
) |
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4,211 |
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— |
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— |
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36,514 |
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— |
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6,363 |
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47,076 |
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Distribution reinvestment |
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37 |
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264 |
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1 |
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— |
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883 |
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— |
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124 |
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1,309 |
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Common stock repurchased |
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(9 |
) |
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(672 |
) |
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(57 |
) |
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— |
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(173 |
) |
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— |
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(39 |
) |
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(950 |
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Ending balance, December 31, 2025 |
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1,009 |
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13,949 |
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— |
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— |
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55,790 |
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— |
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8,579 |
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79,327 |
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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:
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Year Ended December 31, 2024 |
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Class D |
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Class I |
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Class S |
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Class T |
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Class E |
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Class X |
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Class Y |
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Total |
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Beginning balance, December 31, 2023: |
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504 |
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5,397 |
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54 |
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— |
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6,407 |
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— |
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— |
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12,362 |
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Common stock issued |
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491 |
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4,810 |
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2 |
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— |
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12,161 |
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— |
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2,131 |
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19,595 |
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Common stock repurchased |
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(2 |
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(61 |
) |
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— |
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— |
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(2 |
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— |
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— |
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(65 |
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Ending balance, December 31, 2024 |
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993 |
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10,146 |
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56 |
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— |
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18,566 |
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— |
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2,131 |
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31,892 |
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There was no preferred stock outstanding during the years ended December 31, 2025 or 2024, respectively.
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| Schedule of Aggregate Distributions Declared for Shares of Each Applicable Class of Common Stock |
The following tables detail the aggregate distributions declared for each applicable class of common stock:
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For The Year Ended December 31, 2025 |
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Class D |
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Class I |
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Class S |
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Class T |
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Class E |
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Class X |
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Class Y |
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Aggregate gross distributions declared per share of common stock |
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0.4634 |
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0.4634 |
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0.0375 |
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— |
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0.4634 |
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— |
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0.4634 |
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Stockholder servicing fee per share of common stock(1) |
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— |
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— |
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(0.0078 |
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— |
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— |
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— |
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(0.0934 |
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Net distributions declared per share of common stock |
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$ |
0.4634 |
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$ |
0.4634 |
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$ |
0.0297 |
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$ |
— |
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$ |
0.4634 |
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$ |
— |
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$ |
0.3700 |
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For The Year Ended December 31, 2024 |
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Class D |
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Class I |
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Class S |
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Class T |
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Class E |
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Class X |
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Class Y |
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Aggregate gross distributions declared per share of common stock |
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0.4500 |
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0.4500 |
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0.4500 |
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— |
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0.4500 |
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— |
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0.4500 |
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Stockholder servicing fee per share of common stock(1) |
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— |
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— |
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(0.0913 |
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— |
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— |
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— |
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(0.0919 |
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Net distributions declared per share of common stock |
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$ |
0.4500 |
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$ |
0.4500 |
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$ |
0.3587 |
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$ |
— |
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$ |
0.4500 |
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$ |
— |
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$ |
0.3581 |
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For The Year Ended December 31, 2023 |
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Class D |
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Class I |
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Class S |
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Class T |
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Class E |
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Class X |
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Class Y |
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Aggregate gross distributions declared per share of common stock |
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$ |
0.4295 |
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$ |
0.4295 |
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$ |
0.1874 |
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$ |
— |
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$ |
0.4295 |
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$ |
— |
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$ |
— |
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Stockholder servicing fee per share of common stock(1) |
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— |
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— |
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(0.0387 |
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— |
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— |
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— |
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— |
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Net distributions declared per share of common stock |
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$ |
0.4295 |
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$ |
0.4295 |
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$ |
0.1487 |
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$ |
— |
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$ |
0.4295 |
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$ |
— |
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$ |
— |
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(1) Stockholder servicing fees only apply to Class D, Class S, Class T and Class Y shares. For purposes of NAV, the Company recognizes the stockholder servicing fee as a reduction of NAV on a monthly basis as such fee is incurred. Under GAAP, the Company accrues the full cost of the stockholder servicing fee as an offering cost at the time the Company sells Class D, Class S, Class T and Class Y shares. The stockholder servicing fee on Class D shares was waived during the year ended December 31, 2025, and the NAV attributable to current stockholders of Class D shares will not be included in the computation of stockholder servicing fees charged on Class D shares in perpetuity. As of December 31, 2025 and 2024, the Company had accrued stockholder servicing fees of $6.3 million and $1.6 million, respectively.
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