v3.26.1
Distributions
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Distributions Net Assets
The following table is a summary of the movement in the Company’s outstanding Shares during the three months ended March 31, 2026:

Shares Outstanding as of December 31, 2025Shares Issued During the PeriodShares Repurchased During the PeriodShares Issued Upon Reinvestment of Distributions During the PeriodTransfers InTransfers OutShares Outstanding as of March 31, 2026
Class I Shares64,941,265 12,276,409 (48,096)455,041 108,384 (4,373)77,728,630 
Class S Shares66,822,242 11,319,355 (111,743)462,128 5,515 (81,171)78,416,326 
Class U Shares47,404,585 — (319,067)313,075 2,683 (76,864)47,324,412 
Class R Shares29,830,337 — (522,405)228,330 47,957 — 29,584,219 
Class D Shares3,815,313 969,189 (4,359)31,553 — (2,220)4,809,476 
Class E Shares40 — (40)— — — — 
Class F Shares3,078,264 189,337 (10,758)54 — — 3,256,897 
Class G Shares40 — — — — — 40 
Class H Shares40 — — — — — 40 
Total215,892,126 24,754,290 (1,016,468)1,490,181 164,539 (164,628)241,120,040 

The following table is a summary of the movement in the Company’s outstanding Shares during the three months ended March 31, 2025:


Shares Outstanding as of December 31, 2024Shares Issued During the PeriodShares Repurchased During the PeriodShares Issued Upon Reinvestment of Distributions During the PeriodTransfers InTransfers OutShares Outstanding as of March 31, 2025
Class I Shares16,112,717 9,069,910 (10,840)115,443 52,173 — 25,339,403 
Class S Shares18,479,917 13,849,309 (5,493)125,250 — (4,446)32,444,537 
Class U Shares47,010,082 — (43,791)308,001 — (9,422)47,264,870 
Class R-D Shares765,609 — — 7,496 — — 773,105 
Class R Shares29,417,967 — (92,520)225,604 9,406 — 29,560,457 
Class D Shares1,107,237 355,792 — 8,679 — (47,763)1,423,945 
Class E Shares40 — — — — — 40 
Class F Shares1,191,769 2,535 — 36 — — 1,194,340 
Class G Shares40 — — — — — 40 
Shares Outstanding as of December 31, 2024Shares Issued During the PeriodShares Repurchased During the PeriodShares Issued Upon Reinvestment of Distributions During the PeriodTransfers InTransfers OutShares Outstanding as of March 31, 2025
Class H Shares40 — — — — — 40 
Total114,085,418 23,277,546 (152,644)790,509 61,579 (61,631)138,000,777 

Distribution Reinvestment Plan

The Company adopted a Distribution Reinvestment Plan (the “DRIP”) in which cash distributions to holders of the Company’s Shares will automatically be reinvested in additional whole and fractional Shares attributable to the class of Shares that a Shareholder owns unless such holders elect to receive distributions in cash. Shareholders may terminate their participation in the DRIP with prior written notice to us. Under the DRIP, Shareholders’ distributions are reinvested in Shares of the same class owned by the Shareholder for a purchase price equal to the most recently available NAV per Share. Shareholders will not pay a sales load when purchasing Shares under the DRIP; however, Class S Shares, Class D Shares, Class U Shares, Class R-S Shares and Class R-D Shares, including those issued under the DRIP, will be subject to applicable ongoing distribution and/or servicing fees.

Share Repurchases

At the Shareholders’ request, the Shares are redeemable at the transactional net asset value per share which is the price at which the Company sells and repurchases its Shares, subject to the conditions under its share repurchase plan. Under its share repurchase plan, repurchases will be limited to no more than 5% of our aggregate NAV attributable to such classes of shares per calendar quarter (measured using the average aggregate NAV attributable to Shareholders as of the end of the immediately preceding calendar quarter). The following table summarizes the Company’s transactional net asset value per share:

Transactional Net Asset Value Per ShareClass I SharesClass S SharesClass U SharesClass R SharesClass D SharesClass F SharesClass G SharesClass H Shares
Transactional Net Asset Value per Share as of March 31, 2026$29.96 $29.98 $29.95 $29.98 $29.94 $31.62 $35.23 $35.23 

The following table summarizes the Shares repurchased during the three months ended March 31, 2026:

Share ClassRepurchase Price per ShareNumber of Shares RepurchasedGross Consideration5% Early Repurchase FeeNet Consideration
Shares repurchased on February 5, 2026:
Class R Shares$29.96 522,087 $15,644 $92 $15,552 
Class U Shares$29.93 319,067 9,548 29 9,519 
Class S Shares$29.97 111,743 3,349 122 3,227 
Class I Shares$29.96 47,059 1,410 31 1,379 
Class F Shares$31.50 10,758 339 — 339 
Class D Shares$29.94 4,359 131 6 125 
Share ClassRepurchase Price per ShareNumber of Shares RepurchasedGross Consideration5% Early Repurchase FeeNet Consideration
Shares repurchased on March 2, 2026:
Class E Shares$31.94 40 1 — 1 
Shares repurchased on March 23, 2026:
Class I Shares$30.28 1,037 31 — 31 
Class R Shares$30.30 318 10 — 10 
Total1,016,468 $30,463 $280 $30,183 

The following table summarizes the Shares repurchased during the three months ended March 31, 2025:

Share ClassRepurchase Price per ShareNumber of Shares RepurchasedGross Consideration5% Early Repurchase FeeNet Consideration
Shares repurchased on February 5, 2025:
Class R Shares$28.37 92,520 $2,625 $128 $2,497 
Class U Shares$28.35 43,791 1,242 59 1,183 
Class I Shares$28.38 10,840 308 15 293 
Class S Shares$28.40 2,693 76 4 72 
Shares repurchased on March 25, 2025:
Class S Shares$28.71 2,800 80 — 80 
Total152,644 $4,331 $206 $4,125 

Early Repurchase Fee

Under the Company’s share repurchase plan, requests for repurchase are subject to an early repurchase fee (the “Early Repurchase Fee”) of 5.0% of the NAV of the Investor Shares repurchased from a Shareholder if Investor Shares are repurchased within 24 months of the original issue date of such Shares.
Distributions
The net distribution per share declared on each class of the Company’s shares is determined by subtracting estimated shareholder servicing fees and distribution fees per share applicable for such class from the gross distribution per share which is the same for all classes of the Company’s shares. Such shareholder servicing fees and distribution fees per share are payable to the Dealer-Manager as they become contractually due.

The following table details aggregate quarterly distributions per share declared to shareholders as of applicable record date for each applicable class of the Company’s shares for the three months ended March 31, 2026:

Record DateClass I SharesClass S SharesClass U SharesClass R SharesClass D SharesClass E SharesClass F Shares
March 31, 2026$0.3300 $0.2651 $0.2651 $0.3300 $0.3109 $0.3300 $0.3300 
Total$0.3300 $0.2651 $0.2651 $0.3300 $0.3109 $0.3300 $0.3300 

The distributions for each class of shares were payable to holders of record at the close of business on March 31, 2026, with payment on April 27, 2026. The net distributions were paid in cash or reinvested in shares of the Company for shareholders participating in the Company’s DRIP.