| Schedule of Distributions |
During the year ended December 31, 2025, the Company made the following distributions:
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Payment Date (1) |
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Distribution Rate per Share |
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Ex-Date |
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Record Date |
December 31, 2025 |
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$ |
0.15 |
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11/21/2025 |
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11/21/2025 |
September 30, 2025 |
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$ |
0.15 |
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8/14/2025 |
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8/14/2025 |
June 30, 2025 |
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$ |
0.15 |
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5/9/2025 |
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5/9/2025 |
March 31, 2025 |
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$ |
0.15 |
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2/28/2025 |
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2/28/2025 |
(1)The distributions paid consisted of a combination of cash and shares, with the cash component of the distribution (other than cash paid in lieu of fractional shares) comprising 20% of the distribution, with the balance being paid in the Company's common shares. During the year ended December 31, 2024, the Company made the following distributions:
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Payment Date (1) |
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Distribution Rate per Share |
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Ex-Date |
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Record Date |
December 31, 2024 |
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$ |
0.15 |
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11/15/2024 |
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11/15/2024 |
September 30, 2024 |
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$ |
0.15 |
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8/15/2024 |
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8/15/2024 |
June 28, 2024 |
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$ |
0.15 |
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5/14/2024 |
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5/14/2024 |
March 28, 2024 |
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$ |
0.15 |
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2/15/2024 |
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2/15/2024 |
(1)The distributions paid consisted of a combination of cash and shares, with the cash component of the distribution (other than cash paid in lieu of fractional shares) comprising 20% of the distribution, with the balance being paid in the Company's common shares. During the year ended December 31, 2025, the Company made the below distributions on its Series A Preferred Shares:
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Payment Date |
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Distribution Rate per Share |
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Ex-Date |
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Record Date |
December 31, 2025 |
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$ |
0.34375 |
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12/23/2025 |
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12/23/2025 |
September 30, 2025 |
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$ |
0.34375 |
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9/23/2025 |
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9/23/2025 |
June 30, 2025 |
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$ |
0.34375 |
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6/23/2025 |
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6/23/2025 |
March 31, 2025 |
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$ |
0.34375 |
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3/24/2025 |
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3/24/2025 |
During the year ended December 31, 2024, the Company made the below distributions on its Series A Preferred Shares:
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Payment Date |
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Distribution Rate per Share |
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Ex-Date |
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Record Date |
December 31, 2024 |
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$ |
0.34375 |
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12/23/2024 |
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12/23/2024 |
September 30, 2024 |
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$ |
0.34375 |
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9/23/2024 |
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9/23/2024 |
July 1, 2024 |
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$ |
0.34375 |
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6/24/2024 |
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6/24/2024 |
March 31, 2024 |
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$ |
0.34375 |
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3/25/2024 |
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3/25/2024 |
During the year ended December 31, 2025, the Company declared the below distributions on its Series B Preferred Shares:
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Payment Date |
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Distribution Rate per Share |
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Ex-Date |
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Record Date |
April 6, 2026 |
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$ |
0.18750 |
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3/25/2026 |
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3/25/2026 |
March 5, 2026 |
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$ |
0.18750 |
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2/25/2026 |
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2/25/2026 |
February 5, 2026 |
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$ |
0.18750 |
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1/23/2026 |
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1/23/2026 |
January 5, 2026 |
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$ |
0.18750 |
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12/24/2025 |
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12/24/2025 |
December 5, 2025 |
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$ |
0.18750 |
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11/25/2025 |
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11/25/2025 |
November 5, 2025 |
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$ |
0.18750 |
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10/24/2025 |
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10/24/2025 |
October 6, 2025 |
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$ |
0.18750 |
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9/25/2025 |
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9/25/2025 |
September 5, 2025 |
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$ |
0.18750 |
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8/25/2025 |
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8/25/2025 |
August 5, 2025 |
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$ |
0.18750 |
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7/25/2025 |
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7/25/2025 |
July 7, 2025 |
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$ |
0.18750 |
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6/25/2025 |
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6/25/2025 |
June 5, 2025 |
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$ |
0.18750 |
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5/23/2025 |
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5/23/2025 |
May 5, 2025 |
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$ |
0.18750 |
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4/25/2025 |
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4/25/2025 |
April 7, 2025 |
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$ |
0.18750 |
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3/25/2025 |
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3/25/2025 |
March 5, 2025 |
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$ |
0.18750 |
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2/25/2025 |
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2/25/2025 |
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| Share-Based Payment Arrangement, Restricted Stock Unit, Activity |
The following table includes the number of restricted share units granted to its trustees, officers, employees and certain key employees of the Adviser under the LTIP:
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Summary of Grants |
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March |
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April |
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June |
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Total |
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2023 |
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— |
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603,482 |
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— |
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603,482 |
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2024 |
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|
1,033,787 |
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— |
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— |
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1,033,787 |
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2025 |
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— |
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|
937,643 |
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|
572,592 |
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|
1,510,235 |
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Total |
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1,033,787 |
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1,541,125 |
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572,592 |
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3,147,504 |
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As of December 31, 2025 and 2024, the Company had 2,463,802 and 1,438,049 unvested units under the LTIP, respectively. The following table includes the number of restricted share units granted, vested, forfeited and outstanding as of and for the year ended December 31, 2025:
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2025 |
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Number of Units |
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Weighted Average
Grant Date
Fair Value |
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Outstanding January 1, 2025 |
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1,438,049 |
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$ |
7.35 |
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Granted |
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1,510,235 |
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|
3.73 |
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Vested |
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(449,024 |
) |
(1) |
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3.76 |
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Forfeited |
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(35,458 |
) |
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|
5.90 |
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Outstanding December 31, 2025 |
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2,463,802 |
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$ |
5.81 |
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(1)Certain key employees of the Adviser elected to net the taxes owed upon the vesting against the shares issued resulting in 358,173 shares being issued as shown on the Consolidated Statements of Equity. The following table contains information regarding the vesting of restricted share units under the LTIP as of December 31, 2025:
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Shares Vesting |
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February |
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March |
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April |
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June |
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Total |
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2026 |
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— |
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234,527 |
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397,608 |
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164,797 |
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|
796,932 |
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2027 |
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|
355,614 |
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|
234,527 |
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|
|
130,974 |
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— |
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|
721,115 |
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2028 |
|
|
355,614 |
|
|
|
234,527 |
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|
|
— |
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|
|
— |
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|
|
590,141 |
|
2029 |
|
|
355,614 |
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|
— |
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|
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— |
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— |
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|
355,614 |
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Total |
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1,066,842 |
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|
703,581 |
|
|
|
528,582 |
|
|
|
164,797 |
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2,463,802 |
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