v3.26.1
CAPITALIZATION (Tables)
 3 Months Ended
Mar. 31, 2026
Capitalization [Abstract]  
Schedule of Authorized Common Shares The Company's authorized shares of common stock are allocated between classes as follows:
Common StockNo. of Authorized Shares
Class A Shares45,000,000 
Class D Shares45,000,000 
Class I Shares200,000,000 
Class M-I Shares200,000,000 
Class N Shares150,000,000 
Class S Shares200,000,000 
Class T Shares5,000,000 
Class T2 Shares150,000,000 
Class Z Shares5,000,000 
1,000,000,000 
Schedule of Stock by Class
During three months ended March 31, 2026 and 2025, the Company issued common stock, excluding shares issued in the distribution reinvestment plan, as follows:
Three Months Ended March 31, 2026Three Months Ended March 31, 2025
No. of shares
Amount
No. of shares
Amount
Class A Shares— $— — $— 
Class D Shares— — 370,645 5,000 
Class I Shares35,736 470 97,368 1,315 
Class M-I Shares— — — — 
Class N Shares converted from Class T Shares, net184 — 97 — 
Class T Shares— — — — 
Class T2 Shares— — 20,998 290 
Class Z Shares1,140,685 15,000 — — 
Total
1,176,605 $15,470 489,108 $6,605 
Schedule of Repurchase Agreements Including Shares Authorized
During the three months ended March 31, 2026 and 2025, redemptions were as shown below. The Company funded these redemptions with cash flow from operations, proceeds from its Offerings or borrowings. The weighted average redemption prices are shown before allowing for any applicable 2% short-term trading discounts.

Three Months Ended March 31, 2026Shares Weighted Average Share PriceAmount
Class A148,662 $13.04 $1,939 
Class I456,058 13.11 5,979 
Class T4,652 13.15 61 
Class D99,393 13.12 1,304 
Class N21,633 13.00 281 
Class M-I15,562 12.97 202 
Class T228,934 12.99 376 

Three Months Ended March 31, 2025SharesWeighted Average Share PriceAmount
Class A200,927 $13.40 $2,693 
Class I444,733 13.49 6,001 
Class T535 13.50 7 
Class D229,956 13.51 3,107 
Class N2,844 13.40 38 
Class M-I4,985 13.39 67 
Class T21,652 13.31 22 
Schedule of Stock Awards
Below is a summary of the activity, per share value and recognized expense for the stock awards.

Three Months Ended March 31, 2026
Three Months Ended March 31, 2025
Stock AwardsClass D SharesWeighted Average Grant Date Fair ValueClass D SharesWeighted Average Grant Date Fair Value
Outstanding, beginning of period5,613 $13.36 5,442 $13.78 
Changes during the period:
Granted— — — — 
Vested— — — — 
Forfeited— — — — 
Outstanding, end of period5,613 13.36 5,442 13.78 
Amount included in general and administrative expenses$18 $19