| Schedule of common stock by class |
As of March 31, 2026 and December 31, 2025, the Company had authorized the following classes of common stock (in thousands):
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Shares Authorized |
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Classification |
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Par Value Per Share |
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March 31, 2026 |
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December 31, 2025 |
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Class A-I Shares |
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$ |
0.01 |
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50,000 |
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50,000 |
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Class A-II Shares |
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$ |
0.01 |
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50,000 |
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50,000 |
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Class T Shares |
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$ |
0.01 |
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500,000 |
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500,000 |
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Class S Shares |
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$ |
0.01 |
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500,000 |
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500,000 |
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Class D Shares |
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$ |
0.01 |
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500,000 |
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500,000 |
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Class I Shares |
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$ |
0.01 |
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500,000 |
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500,000 |
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Class E Shares |
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$ |
0.01 |
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100,000 |
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100,000 |
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Total |
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2,200,000 |
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2,200,000 |
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Common Stock The following table details the movement in the Company’s outstanding shares of common stock for the three months ended March 31, 2026(1):
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For the three months ended March 31, 2026 |
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Class T Common Stock |
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Class I Common Stock |
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Class A-I Common Stock |
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Class A-II Common Stock |
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Class E Common Stock |
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Total |
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Beginning Balance, December 31, 2025 |
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223 |
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538,117 |
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2,756,989 |
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2,608,875 |
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134,170 |
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6,038,374 |
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Common stock issued - primary offerings |
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2,224 |
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52,924 |
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- |
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394,100 |
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- |
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449,248 |
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Common stock issued - distribution reinvestment |
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10 |
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3,853 |
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30,516 |
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28,182 |
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661 |
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63,222 |
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Common stock repurchased |
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- |
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(8,532 |
) |
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(18,467 |
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- |
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- |
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(26,999 |
) |
Ending Balance, March 31, 2026 |
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2,457 |
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586,362 |
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2,769,038 |
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3,031,157 |
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134,831 |
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6,523,845 |
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(1)As of March 31, 2026, there were no Class S or D shares issued and outstanding.
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| Summary of distributions made to shareholders of common stock |
The following table summarizes the aggregate distributions declared on the Company’s common stock during the periods presented. For the three months ended March 31, 2026, distributions were declared on the Company’s Class T, Class I, Class A-I, Class A-II and Class E common stock, which were the only classes of common stock outstanding during that period. For the three months ended March 31, 2025, distributions were declared on the Company’s Class I, Class A-I, Class A-II and Class E common stock, which were the only classes of common stock outstanding during that period.
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For the three months ended March 31, 2026 |
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Class T Common Stock |
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Class I Common Stock |
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Class A-I Common Stock |
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Class A-II Common Stock |
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Class E Common Stock |
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Aggregate gross distributions declared per share of common stock |
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$ |
0.12978 |
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$ |
0.12978 |
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$ |
0.12978 |
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$ |
0.12978 |
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$ |
0.12978 |
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Distribution fee per share of common stock (1) |
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$ |
(0.02288 |
) |
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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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$ |
0.10690 |
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$ |
0.12978 |
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$ |
0.12978 |
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$ |
0.12978 |
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$ |
0.12978 |
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For the three months ended March 31, 2025 |
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Class T Common Stock |
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Class I Common Stock |
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Class A-I Common Stock |
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Class A-II Common Stock |
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Class E Common Stock |
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Aggregate gross distributions declared per share of common stock |
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$ |
- |
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$ |
0.11307 |
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$ |
0.11307 |
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$ |
0.07538 |
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$ |
0.11307 |
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Distribution fee per share of common stock (1) |
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$ |
- |
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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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$ |
- |
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$ |
0.11307 |
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$ |
0.11307 |
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$ |
0.07538 |
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$ |
0.11307 |
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(1)Distribution fees only apply to Class T, Class S and Class D common shares. For purposes of calculating NAV, the Company recognizes the distribution fees as a reduction of NAV on a monthly basis as such fee is paid. Under GAAP, the Company accrues the lifetime cost, up to the applicable fee limit, of the distribution fees as an offering cost at the time the Company sells Class T, Class S or Class D common shares. As of March 31, 2026 and December 31, 2025, the Company had accrued approximately $1,000 and $132 of distribution fees under GAAP payable to the Dealer Manager related to the sale of Class T shares, respectively.
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| Summary of share based compensation activity |
The following summarizes the activity for Class E common stock issued pursuant to the Director Compensation Plan during the three months ended March 31, 2026 and 2025 (in thousands, except share and per share data):
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For the three months ended March 31, 2026 |
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As of March 31, 2026 |
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Type |
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Restricted Stock |
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Weighted Average Grant Date Fair Value (per share) |
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Remaining Amortization Period |
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Unrecognized Compensation Cost |
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Unvested restricted shares as of December 31, 2025 |
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34,560 |
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$ |
11.14 |
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3 months |
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$ |
96 |
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Granted |
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- |
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Forfeited |
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- |
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Vested |
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- |
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Unvested restricted shares as of March 31, 2026 |
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34,560 |
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For the three months ended March 31, 2025 |
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As of March 31, 2025 |
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Type |
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Restricted Stock |
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Weighted Average Grant Date Fair Value (per share) |
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Remaining Amortization Period |
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Unrecognized Compensation Cost |
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Unvested restricted shares as of December 31, 2024 |
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38,156 |
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$ |
10.09 |
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5 months |
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$ |
160 |
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Granted |
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- |
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Forfeited |
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- |
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Vested |
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- |
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Unvested restricted shares as of March 31, 2025 |
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38,156 |
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| Summary of changes to redeemable noncontrolling interest |
The following table details the redeemable non-controlling interest activity related to these units during the three months ended March 31, 2026 ($ in thousands):
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Balance at January 1, 2026 |
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$ |
226,295 |
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Net loss allocation |
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(199 |
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Distributions to non-controlling interest |
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(2,547 |
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Adjustment to redemption value |
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9,831 |
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Balance at March 31, 2026 |
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$ |
233,380 |
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