v3.26.1
Condensed Consolidated Statement of Changes in Equity (unaudited) - USD ($)
$ in Thousands
Total
Par Value
Class A
Par Value
Class F
Par Value
Class I
Par Value
Class E
Additional paid in capital
Earnings less than distributions
Total shareholders' equity
Non-controlling Interests
Beginning balance at Dec. 31, 2024 $ 397,287 $ 8 $ 63   $ 202 $ 441,319 $ (104,860) $ 336,732 $ 60,555
Common shares issued 294,184 84 50 $ 13   293,306   293,453 731
Offering costs (3,732)         (3,732)   (3,732)  
Distribution reinvestment 29         29   29  
Common shares redeemed (270,611)       (135) (270,476)   (270,611)  
Net income 10,228           7,680 7,680 2,548
Distributions on common shares (22,071)           (22,071) (22,071)  
Distributions to non-controlling interests (4,387)               (4,387)
Ending balance at Jun. 30, 2025 400,927 92 113 13 67 460,446 (119,251) 341,480 59,447
Beginning balance at Mar. 31, 2025 383,636 91 113 1 67 435,447 (111,705) 324,014 59,622
Common shares issued 26,081 1   12   25,337   25,350 731
Offering costs (367)         (367)   (367)  
Distribution reinvestment 29         29   29  
Net income 4,950           3,707 3,707 1,243
Distributions on common shares (11,253)           (11,253) (11,253)  
Distributions to non-controlling interests (2,149)               (2,149)
Ending balance at Jun. 30, 2025 400,927 92 113 13 67 460,446 (119,251) 341,480 59,447
Beginning balance at Dec. 31, 2025 453,655 92 115 47 67 531,747 (135,177) 396,891 56,764
Common shares issued 125,746   1 61 1 125,683   125,746  
Offering costs (1,024)         (1,024)   (1,024)  
Distribution reinvestment 2,996   1 1   2,994   2,996  
Common shares redeemed (3,087)     (1) (1) (3,085)   (3,087)  
Amortization of restricted share units 125         125   125  
Net income 10,268           7,561 7,561 2,707
Distributions on common shares (30,368)           (30,368) (30,368)  
Contributions from non-controlling interests 6,001               6,001
Distributions to non-controlling interests (4,339)               (4,339)
Reallocation non-controlling measurement adjustment (420)         (420)   (420)  
Ending balance at Jun. 30, 2026 559,553 92 117 108 67 656,020 (157,984) 498,420 61,133
Beginning balance at Mar. 31, 2026 528,321 92 116 85 67 611,023 (145,181) 466,202 62,119
Common shares issued 47,157     23 1 47,133   47,157  
Offering costs (493)         (493)   (493)  
Distribution reinvestment 1,745   1 1   1,743   1,745  
Common shares redeemed (3,087)     (1) (1) (3,085)   (3,087)  
Amortization of restricted share units 25         25   25  
Net income 4,247           2,919 2,919 1,328
Distributions on common shares (15,722)           (15,722) (15,722)  
Distributions to non-controlling interests (2,314)               (2,314)
Reallocation non-controlling measurement adjustment (326)         (326)   (326)  
Ending balance at Jun. 30, 2026 $ 559,553 $ 92 $ 117 $ 108 $ 67 $ 656,020 $ (157,984) $ 498,420 $ 61,133