v3.26.1
Equity
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Equity

Note 6. Equity

The Company is authorized to issue an unlimited number of common shares of beneficial interest, par value $0.01 per share, including unlimited common shares classified as Class T shares, unlimited common shares classified as Class S shares, unlimited common shares classified as Class D shares, unlimited common shares classified as Class I shares, unlimited common shares classified as Class F-S shares, unlimited common shares classified as Class F-D shares, unlimited common shares classified as Class F-I shares, and unlimited common shares classified as Class E shares, and an unlimited number of shares classified as preferred shares of beneficial interest, par value $0.01 per share. The Company intends to offer and sell to a limited number of investors its common shares in the Private Offering.

The share classes have different upfront selling commissions, dealer manager fees and ongoing shareholder servicing fees, as well as different management and performance fees. See Note 10.

The BlackRock Advisor has agreed to purchase from the Company an aggregate amount of not less than $50 million in Class E shares at a price per share equal to the Company’s most recently determined NAV of its Class E shares, or if a NAV has yet to be calculated, then $25.00 (the “Initial BlackRock Investment”). In connection with the Initial BlackRock Investment, the BlackRock Advisor purchased 130,000 Class E shares for $3.25 million at $25.00 per share. Additionally, Monticello Capital Partners, LLC, a Delaware limited liability company and an affiliate of MONTICELLOAM, LLC (the "Monticello Investor" and , together with the BlackRock Advisor, the "Sponsor Investors") also purchased 130,000 Class E shares for $3.25 million at $25.00 per share (the "Initial Monticello Investment" and, together with the Initial BlackRock Investment, the "Initial Sponsor Investments"). Monticello Capital Partners, LLC is owned in equal shares by Alan G. Litt, Jonathan M. Litt and Thomas J. Lally, each of whom is associated with the Company. Alan G. Litt is Executive Vice President, Jonathan M. Litt is the Assistant Treasurer and Thomas J. Lally is a member of the Company’s board of trustees. The Class E shares purchased by the Sponsor Investors are considered redeemable common shares and are presented as such in the Condensed Consolidated Statement of Changes in Redeemable Common Shares and Equity.

The per share purchase price for each class of our common shares sold in the Initial Retail Closing was equal to the NAV per share for the Class E shares issued in respect of the Initial BlackRock Investment (which was $24.99 per share). Thereafter, the per share purchase price for each class of our common shares sold in the Private Offering will vary and generally will be equal to the prior month’s NAV per share for such class as of the last calendar day of such month, plus applicable upfront selling commissions and dealer manager fees.

The following table details the movement of the outstanding common shares for the three months ended March 31, 2026:

 

 

For the Three Months Ended March 31, 2026

 

 

Class E
Common Shares

 

 

Class F-I
Common Shares

 

 

Class F-S
Common Shares

 

Balance as of December 31, 2025

 

 

50,731

 

 

 

4,086,380

 

 

 

512,386

 

Common shares issued

 

 

35,827

 

 

 

908,024

 

 

 

1,138,328

 

Distribution reinvestment

 

 

357

 

 

 

45,928

 

 

 

7,688

 

Common shares repurchased

 

 

—

 

 

 

(2,054

)

 

 

—

 

Balance as of March 31, 2026

 

 

86,915

 

 

 

5,038,277

 

 

 

1,658,402

 

 

The Company generally intends to distribute substantially all of its taxable income, which does not necessarily equal net income in accordance with GAAP, to its shareholders each year to comply with the REIT provisions of the Code. Each class of common shares received the same gross distribution per share during the period.

The aggregate and net distributions declared for each applicable class of common shares for the three months ended March 31, 2026 ($ in thousands):

 

 

 

For the Three Months Ended March 31, 2026

 

Distributions - Per Share

 

Class E
Common Shares

 

 

Class F-I
Common Shares

 

 

Class F-S
Common Shares

 

Aggregate distribution declared per share

 

$

0.5781

 

 

$

0.5781

 

 

$

0.5781

 

Shareholder servicing fee per share

 

 

—

 

 

 

—

 

 

 

0.0536

 

Net distribution declared per share

 

$

0.5781

 

 

$

0.5781

 

 

$

0.5245

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended March 31, 2026

 

 Distributions - Amount ($ in thousands):

 

Class E
Common Shares

 

 

Class F-I
Common Shares

 

 

Class F-S
Common Shares

 

Aggregate distribution declared

 

$

199

 

 

$

2,696

 

 

$

755

 

Shareholder servicing fee

 

 

—

 

 

 

—

 

 

 

69

 

Net distribution declared

 

$

199

 

 

$

2,696

 

 

$

686

 

 

There were no aggregate and net distributions declared for the three months ended March 31, 2025.