v3.26.1
Subsequent Events
 3 Months Ended
Mar. 31, 2026
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
The Company has evaluated subsequent events through the filing of this Quarterly Report on Form 10-Q. The following activity took place subsequent to March 31, 2026.
Common Shares 
Subsequent to March 31, 2026, and in connection with the Company’s continuous private offering, the Company issued shares of its Class G common stock, Class G-D common stock, Class G-S common stock, Class E common stock and Class I common stock.
These offers and sales of the Class G common stock, Class G-D common stock, Class G-S common stock, Class E common stock and Class I common stock were exempt from the registration provisions of the Securities Act, by virtue of Section 4(a)(2) and Regulation D thereunder.
The following table details the shares issued between April 1, 2026 and May 11, 2026:
(in thousands, except share amounts)Common Shares, excluding DRIPDRIP
Title of SecuritiesNumber of Shares SoldAggregate ConsiderationNumber of Shares SoldAggregate Consideration
Class G Common Stock430,587$10,749 16,567$414 
Class G-D Common Stock294,9777,30811,938296
Class G-S Common Stock582,34514,4766,306156
Class E Common Stock1,00325281
Class I Common Stock— — 421
Total1,308,912$32,558 34,881$868 
Distributions Declared
The following table summarizes subsequent payments related to distributions on common stock declared by the Board as of the record dates noted. Net distributions paid (after any servicing fees) from April 1, 2026 through May 11, 2026 were $1.5 million, and were paid in cash or reinvested in the applicable class of common stock for stockholders participating in the Company’s distribution reinvestment plan.
 
Record DateDeclaration DatePayment DateDistributions Per ShareShare Class
March 31, 2026March 9, 2026April 14, 2026$0.1900 G, G-D, G-S, E, I
April 30, 2026March 9, 2026May 15, 2026$0.1900 G, G-D, G-S, E, I
May 31, 2026May 10, 2026June 15, 2026$0.1900 G, G-D, G-S, E, I
June 29, 2026May 10, 2026July 15, 2026$0.1900 G, G-D, G-S, E, I
July 31, 2026May 10, 2026August 17, 2026$0.1900 G, G-D, G-S, E, I
 

Amendment #1 to the Wells Fargo Master Repurchase Agreement
On May 1, 2026, the Company, through its indirect wholly-owned subsidiary FBRED REIT WWH Seller, LLC (“Seller”), entered into Amendment #1 (the “Amendment”) to the Wells Fargo MRA. The Amendment, among other things, increased the maximum amount of advances from $150 million to $250 million.
First Amendment to the Advisory Agreement
On May 11, 2026, the Advisory Agreement was amended to reflect an update to the definition of Core Earnings. Refer to Note 3 for the amended definition of Core Earnings.