v3.26.1
Equity
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Equity Equity
Preferred Stock
We have 100,000,000 shares of preferred stock authorized with a par value of $0.01 per share. As of March 31, 2026 and December 31, 2025, we had zero shares of preferred stock issued and outstanding.
Common Stock
The following tables detail the movement in our outstanding shares of common stock for the three months ended March 31, 2026 and 2025:
Three Months Ended March 31, 2026
Class T
Shares		Class S
Shares		Class D
Shares		Class I
Shares		Class E
Shares		Class N SharesClass S-PR SharesClass K-PR SharesTotal
Balance at December 31, 2025271,887 480,891 513,924 4,029,060 1,293,308 15,222,610 906,613 465,084 23,183,377 
Issuance of common stock2,380 — 25,171 15,286 34,194 — 114,663 65,233 256,927 
Exchange of common stock— 12,153 — (12,109)— — — — 44 
Common stock repurchased(2,544)(24,352)(22,320)(223,672)(17,336)— — — (290,224)
Distribution reinvestment1,882 4,521 4,561 10,177 3,009 196,229 355 205 220,939 
Balance at March 31, 2026273,605 473,213 521,336 3,818,742 1,313,175 15,418,839 1,021,631 530,522 23,371,063 

Three Months Ended March 31, 2025
Class T
Shares		Class S
Shares		Class D
Shares		Class I
Shares		Class E
Shares		Class N SharesClass S-PR SharesClass K-PR SharesTotal
Balance at December 31, 2024630,722 726,730 877,190 4,675,460 1,228,798 14,466,761 — — 22,605,661 
Issuance of common stock1,910 55,399 7,134 90,685 20,327 — — — 175,455 
Exchange of common stock— — (8,680)8,636 — — — — (44)
Common stock repurchased(2,607)(3,599)(3,778)(326,951)(18,180)— — — (355,115)
Distribution reinvestment2,206 3,967 4,203 8,300 2,672 182,884 — — 204,232 
Balance at March 31, 2025632,231 782,497 876,069 4,456,130 1,233,617 14,649,645 — — 22,630,189 
Distributions
We are generally required to distribute at least 90% our taxable income to our stockholders each year to comply with the REIT provisions of the Internal Revenue code. Taxable income does not necessarily equal net income as calculated in accordance with GAAP.
For the three months ended March 31, 2026 and 2025, we declared distributions of $9.6 million and $9.4 million, respectively. We accrued $2.5 million for distributions payable to related parties as a component of due to affiliates in our condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025, respectively. Additionally, as of March 31, 2026 and December 31, 2025, we accrued $0.7 million for distributions payable to third parties as a component of accounts payable, accrued expenses and other liabilities in our condensed consolidated balance sheets, respectively.
The following tables detail the aggregate distributions declared per share for each applicable class of stock for the three months ended March 31, 2026 and 2025:
Three Months Ended March 31, 2026
Series A
Preferred Stock		Class T
Common Stock		Class S
Common Stock		Class D
Common Stock		Class I
Common Stock		Class E
Common Stock		Class N
Common Stock		Class S-PR Common StockClass K-PR Common Stock
Aggregate distributions declared per share$— $0.4162 $0.4162 $0.4162 $0.4162 $0.4162 $0.4162 $0.4162 $0.4162 
Stockholder servicing fee per share(1)
— (0.0546)(0.0547)(0.0160)— — — (0.0054)— 
Net distributions declared per share$— $0.3616 $0.3615 $0.4002 $0.4162 $0.4162 $0.4162 $0.4108 $0.4162 
Three Months Ended March 31, 2025
Series A
Preferred Stock		Class T
Common Stock		Class S
Common Stock		Class D
Common Stock		Class I
Common Stock		Class E
Common Stock		Class N
Common Stock		Class S-PR Common StockClass K-PR Common Stock
Aggregate distributions declared per share$— $0.4162 $0.4162 $0.4162 $0.4162 $0.4162 $0.4162 $— $— 
Stockholder servicing fee per share(1)
— (0.0246)(0.0296)(0.0099)— — — — — 
Net distributions declared per share$— $0.3916 $0.3866 $0.4063 $0.4162 $0.4162 $0.4162 $— $— 
(1)See Note 18 — “Related Party Transactions” for a discussion of our stockholder servicing fee.
Distribution Reinvestment Plan
We have adopted a distribution reinvestment plan whereby stockholders will have their cash distributions automatically reinvested in additional shares of common stock unless they elect to receive their distributions in cash. The per share purchase price for shares purchased (including fractional shares) under the distribution reinvestment plan is equal to the transaction price at the time the distribution is payable.
Share Repurchase Plan
We have adopted a share repurchase plan. On a monthly basis, our stockholders may request that we repurchase all or any portion of their shares. We may choose, in our discretion, to repurchase all, some or none of the shares that have been requested to be repurchased at the end of any month, subject to limitations in the share repurchase plan. For the three months ended March 31, 2026 and 2025, we repurchased 272,889 and 355,116 shares of common stock for $7.1 million and $9.5 million, respectively, and fulfilled all repurchase requests that were made.