| Schedule of Company's Authorized Capital |
As of March 31, 2026 and December 31, 2025, the Company had the authority to issue 3,100,000,000 shares of capital stock, consisting of the following:
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Classification |
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Number of
Shares |
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Par Value |
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Preferred Stock |
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100,000,000 |
|
|
$ |
|
0.01 |
|
Class T Shares |
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500,000,000 |
|
|
$ |
|
0.01 |
|
Class S Shares |
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1,000,000,000 |
|
|
$ |
|
0.01 |
|
Class D Shares |
|
|
500,000,000 |
|
|
$ |
|
0.01 |
|
Class I Shares |
|
|
1,000,000,000 |
|
|
$ |
|
0.01 |
|
Total |
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3,100,000,000 |
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| Schedule of Common Stock Outstanding shares |
The following tables detail the movement in the Company’s outstanding shares of common stock:
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Three Months Ended March 31, 2026 |
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Class T |
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Class S |
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Class D |
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Class I |
|
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Total |
|
December 31, 2025 |
|
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4,785,065 |
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|
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175,605,537 |
|
|
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24,744,496 |
|
|
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186,884,080 |
|
|
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392,019,178 |
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Common stock shares issued (1) |
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|
(129,548 |
) |
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(418,216 |
) |
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|
(184 |
) |
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1,757,713 |
|
|
|
1,209,765 |
|
Distribution reinvestment plan shares issued |
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33,093 |
|
|
|
788,407 |
|
|
|
68,095 |
|
|
|
747,464 |
|
|
|
1,637,059 |
|
Common stock shares repurchased |
|
|
(37,482 |
) |
|
|
(2,563,035 |
) |
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(273,778 |
) |
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(3,117,883 |
) |
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(5,992,178 |
) |
March 31, 2026 |
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4,651,128 |
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173,412,693 |
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|
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24,538,629 |
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186,271,374 |
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388,873,824 |
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Three Months Ended March 31, 2025 |
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Class T |
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Class S |
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Class D |
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Class I |
|
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Total |
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December 31, 2024 |
|
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5,055,645 |
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|
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181,391,241 |
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|
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25,928,114 |
|
|
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189,397,713 |
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|
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401,772,713 |
|
Common stock shares issued (1) |
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(39,018 |
) |
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40,661 |
|
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(353,540 |
) |
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1,786,932 |
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1,435,035 |
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Distribution reinvestment plan shares issued |
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34,788 |
|
|
|
867,873 |
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|
|
74,717 |
|
|
|
739,005 |
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1,716,383 |
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Common stock shares repurchased |
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(12,022 |
) |
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(1,616,541 |
) |
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(200,916 |
) |
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(2,188,528 |
) |
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(4,018,007 |
) |
March 31, 2025 |
|
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5,039,393 |
|
|
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180,683,234 |
|
|
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25,448,375 |
|
|
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189,735,122 |
|
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400,906,124 |
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__________ (1)Includes exchanges between share classes.
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| Schedule of Redeemable Noncontrolling Interest Activity |
The following tables detail the redeemable non-controlling interests activity related to the Special Limited Partner and third-party Operating Partnership unitholders for the three months ended March 31, 2026 and 2025 ($ in thousands):
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Special Limited Partner(1) |
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Third-party Operating Partnership unitholders |
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Total |
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Balance at December 31, 2025 |
|
$ |
258,241 |
|
|
$ |
140,860 |
|
|
$ |
399,101 |
|
Settlement of performance participation allocation |
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— |
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|
— |
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— |
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GAAP loss allocation |
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(3,949 |
) |
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(2,154 |
) |
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(6,103 |
) |
Distributions |
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(4,016 |
) |
|
|
(2,191 |
) |
|
|
(6,207 |
) |
Fair value allocation |
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3,834 |
|
|
|
2,092 |
|
|
|
5,926 |
|
Balance at March 31, 2026 |
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$ |
254,110 |
|
|
$ |
138,607 |
|
|
$ |
392,717 |
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Special Limited Partner(1) |
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Third-party Operating Partnership unitholders |
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Total |
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Balance at December 31, 2024 |
|
$ |
280,872 |
|
|
$ |
154,006 |
|
|
$ |
434,878 |
|
Settlement of performance participation allocation |
|
|
— |
|
|
|
— |
|
|
|
— |
|
GAAP loss allocation |
|
|
(6,016 |
) |
|
|
(3,299 |
) |
|
|
(9,315 |
) |
Distributions |
|
|
(4,016 |
) |
|
|
(2,202 |
) |
|
|
(6,218 |
) |
Fair value allocation |
|
|
2,649 |
|
|
|
1,453 |
|
|
|
4,102 |
|
Balance at March 31, 2025 |
|
$ |
273,489 |
|
|
$ |
149,958 |
|
|
$ |
423,447 |
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(1)Includes units transferred to Barry S. Sternlicht, which are deemed to be beneficially owned by Mr. Sternlicht.
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