As of March 31, 2026, the Third Amended and Restated Declaration of Trust of the Company, dated March 5, 2026, authorized the Company to issue an unlimited number of common shares, including an unlimited number of shares classified as Class T shares, Class F-T shares, Class S shares, Class F-S shares, Class D shares, Class F-D shares, Class I shares, Class F-I shares, and Class E shares, and an unlimited number of shares classified as preferred shares of beneficial interest, par value $0.01 per share (“preferred shares”).

The share classes have different upfront selling commissions, dealer manager fees, ongoing shareholder servicing fees and gross distributions, as well as different management fees and performance participation allocations. Refer to "Note 10. Related Party Transactions" for more information.


Share Class	March 31, 2026		December 31, 2025
Class S common shares, $0.01 par value per share		15,034,345		11,271,609
Class F-S common shares, $0.01 par value per share		18,213,038		18,363,286
Class I common shares, $0.01 par value per share		8,893,474		7,043,621
Class F-I common shares, $0.01 par value per share		11,098,425		10,741,516
Class E common shares, $0.01 par value per share		6,146,147		4,711,151
Total:		59,385,429		52,131,183

The table below details activity related to the Company's outstanding common share classes for the three months ended March 31, 2026 and 2025:


	For the Three Months Ended March 31, 2026
	Class S			Class F-S			Class I			Class F-I		Class E			Total
December 31, 2025		11,271,609			18,363,286			7,043,621			10,741,516		4,711,151			52,131,183
Common shares issued		3,672,951			—			2,077,044			38,932		1,415,847			7,204,774
Distribution reinvestment		110,700			187,341			66,636			92,153		87,848			544,678
Common shares repurchased		(20,915	)		(111,766	)		(288,696	)		—		(73,818	)		(495,195	)
Share class transfers		—			(225,823	)		(5,131	)		225,824		5,119			(11	)
March 31, 2026		15,034,345			18,213,038			8,893,474			11,098,425		6,146,147			59,385,429


	For the Three Months Ended March 31, 2025
	Class S			Class F-S			Class I		Class F-I		Class E			Total
December 31, 2024		2,540,134			18,504,342			1,060,070		9,723,315		2,878,124			34,705,985
Common shares issued		1,889,046			—			894,822		687,347		374,461			3,845,676
Distribution reinvestment		27,797			145,659			9,502		64,684		34,153			281,795
Common shares repurchased		(1,273	)		(57,474	)		—		—		(19,138	)		(77,885	)
March 31, 2025		4,455,704			18,592,527			1,964,394		10,475,346		3,267,600			38,755,571

Our board of trustees adopted the Share Repurchase Plan, pursuant to which shareholders may request on a quarterly basis that the Company repurchase all or any portion of their common shares, subject to certain limitations as set forth therein. The aggregate NAV of total repurchases of our common shares (including repurchases at certain non-U.S. investor access funds primarily created to hold our common shares) is limited to no more than 5% of our aggregate NAV per calendar quarter (measured using the average aggregate NAV as of the end of each of the immediately preceding three months). Shares or units issued to the Adviser and the Special Limited Partner pursuant to the Advisory Agreement or with respect to the performance participation allocation, respectively, are not subject to these repurchase limitations. We are not obligated to repurchase any shares and may choose to repurchase only some, or even none, of the shares that have been requested to be repurchased in any particular quarter in our discretion. In addition, our ability to fulfill repurchase requests is subject to a number of limitations. As a result, share repurchases may not be available each quarter. Under the Share Repurchase Plan, to the extent we choose to repurchase shares in any particular quarter, we will only repurchase shares as of the opening of the last business day of that quarter (each such date, a “Repurchase Date”). Repurchases will be made at the transaction price in effect on the Repurchase Date, except that shares that have not been outstanding for at least one year will be repurchased at 98% of the transaction price. The one-year holding period is measured as of the subscription closing date immediately following the prospective Repurchase Date.

During the three months ended March 31, 2026, the aggregate proceeds used by the Company to repurchase shares were $429 for Class S shares, $2,307 for Class F-S shares, $5,936 for Class I shares and $1,522 for Class E shares.

During the three months ended March 31, 2025, the aggregate proceeds used by the Company to repurchase shares were $25 for Class S shares, $1,142 for Class F-S shares and $380 for Class E shares.

The Company had no unfulfilled repurchase requests during the three months ended March 31, 2026 and 2025.


	For the Three Months Ended March 31,
	2026							2025
	Aggregate gross distributions declared per share		Shareholder servicing fee per share			Net distributions declared per share		Aggregate gross distributions declared per share		Shareholder servicing fee per share			Net distributions declared per share
Class S	$	0.3463	$	(0.0436	)	$	0.3027	$	0.3033	$	(0.0429	)	$	0.2604
Class F-S	$	0.3816	$	(0.0438	)	$	0.3378	$	0.3033	$	(0.0429	)	$	0.2604
Class I	$	0.3463	$	-		$	0.3463	$	0.3033	$	-		$	0.3033
Class F-I	$	0.3816	$	-		$	0.3816	$	0.3033	$	-		$	0.3033
Class E	$	0.4630	$	-		$	0.4630	$	0.3033	$	-		$	0.3033

In April 2025, the Company's board of trustees were granted $79 in aggregate compensation in the form of 3,888 restricted Class E shares. The shares were issued at the most recent NAV per share of $20.26 and the shares, and their related distributions, are subject to a one-year vesting period.

In April 2024, the Company's board of trustees were granted $79 in aggregate compensation in the form of 3,938 restricted Class E shares. The shares were issued at the most recent NAV per share of $20.00 and the shares, and their related distributions, vested in April 2025.