v3.26.1
Equity (Tables)
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Summary of Number of Shares of Each Class of the Company's Common Stock Authorized, Issued and Outstanding

The following table presents the number of shares of each class of the Company’s common stock authorized, issued and outstanding as of June 30, 2026 and December 31, 2025:

 

 

As of

 

 

 

June 30, 2026

 

 

December 31, 2025

 

 

 

Shares Authorized

 

 

Shares Issued and Outstanding

 

 

Shares Authorized

 

 

Shares Issued and Outstanding

 

Class T, $0.01 par value per share

 

 

400,000,000

 

 

 

201,136

 

 

 

400,000,000

 

 

 

176,028

 

Class S, $0.01 par value per share

 

 

400,000,000

 

 

 

—

 

 

 

400,000,000

 

 

 

—

 

Class D, $0.01 par value per share

 

 

400,000,000

 

 

 

31,294

 

 

 

400,000,000

 

 

 

24,491

 

Class I, $0.01 par value per share

 

 

400,000,000

 

 

 

381,633

 

 

 

400,000,000

 

 

 

347,759

 

Class X-1, $0.01 par value per share

 

 

200,000,000

 

 

 

39,479

 

 

 

200,000,000

 

 

 

4,298

 

Class X-2, $0.01 par value per share

 

 

200,000,000

 

 

 

—

 

 

 

200,000,000

 

 

 

—

 

Class A, $0.01 par value per share

 

 

100,000,000

 

 

 

—

 

 

 

100,000,000

 

 

 

—

 
Summary of Change in Company's Outstanding Shares

The following tables detail the change in the Company’s outstanding shares of all classes of common and preferred stock for the three months ended June 30, 2026 and 2025:

For the three months ended June 30, 2026

 

Preferred Stock

 

 

Common Stock
Class T

 

 

Common Stock
Class S

 

 

Common Stock
Class D

 

 

Common Stock
Class I

 

 

Common Stock
Class X-1

 

 

Common Stock
Class X-2

 

 

Common Stock
Class A

 

Beginning balance

 

 

—

 

 

 

186,088

 

 

 

—

 

 

 

24,711

 

 

 

376,414

 

 

 

10,769

 

 

 

—

 

 

 

—

 

Issuance of shares

 

 

—

 

 

 

13,790

 

 

 

—

 

 

 

6,364

 

 

 

10,032

 

 

 

28,710

 

 

 

—

 

 

 

—

 

Distribution reinvestment

 

 

—

 

 

 

1,258

 

 

 

—

 

 

 

219

 

 

 

1,675

 

 

 

—

 

 

 

—

 

 

 

—

 

Shares repurchased

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(6,488

)

 

 

—

 

 

 

—

 

 

 

—

 

Ending balance

 

 

—

 

 

 

201,136

 

 

 

—

 

 

 

31,294

 

 

 

381,633

 

 

 

39,479

 

 

 

—

 

 

 

—

 

 

For the three months ended June 30, 2025

 

Preferred Stock

 

 

Common Stock
Class T

 

 

Common Stock
Class S

 

 

Common Stock
Class D

 

 

Common Stock
Class I

 

 

Common Stock
Class A

 

Beginning balance

 

 

—

 

 

 

41,317

 

 

 

—

 

 

 

5,190

 

 

 

214,995

 

 

 

—

 

Issuance of shares

 

 

—

 

 

 

37,386

 

 

 

—

 

 

 

16,320

 

 

 

36,518

 

 

 

—

 

Distribution reinvestment

 

 

—

 

 

 

120

 

 

 

—

 

 

 

77

 

 

 

710

 

 

 

—

 

Ending balance

 

 

—

 

 

 

78,823

 

 

 

—

 

 

 

21,587

 

 

 

252,223

 

 

 

—

 

The following tables detail the change in the Company’s outstanding shares of all classes of common and preferred stock for the six months ended June 30, 2026 and 2025:

For the six months ended June 30, 2026

 

Preferred Stock

 

 

Common Stock
Class T

 

 

Common Stock
Class S

 

 

Common Stock
Class D

 

 

Common Stock
Class I

 

 

Common Stock
Class X-1

 

 

Common Stock
Class X-2

 

 

Common Stock
Class A

 

Beginning balance

 

 

—

 

 

 

176,028

 

 

 

—

 

 

 

24,491

 

 

 

347,759

 

 

 

4,298

 

 

 

—

 

 

 

—

 

Issuance of shares

 

 

—

 

 

 

25,676

 

 

 

—

 

 

 

6,364

 

 

 

36,122

 

 

 

35,181

 

 

 

—

 

 

 

—

 

Distribution reinvestment

 

 

—

 

 

 

2,434

 

 

 

—

 

 

 

439

 

 

 

3,208

 

 

 

—

 

 

 

—

 

 

 

—

 

Issuance of restricted shares (Note 12)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,172

 

 

 

—

 

 

 

—

 

 

 

—

 

Shares repurchased

 

 

—

 

 

 

(3,002

)

 

 

—

 

 

 

—

 

 

 

(6,628

)

 

 

—

 

 

 

—

 

 

 

—

 

Ending balance

 

 

—

 

 

 

201,136

 

 

 

—

 

 

 

31,294

 

 

 

381,633

 

 

 

39,479

 

 

 

—

 

 

 

—

 

 

For the six months ended June 30, 2025

 

Preferred Stock

 

 

Common Stock
Class T

 

 

Common Stock
Class S

 

 

Common Stock
Class D

 

 

Common Stock
Class I

 

 

Common Stock
Class A

 

Beginning balance

 

 

—

 

 

 

21,175

 

 

 

—

 

 

 

2,266

 

 

 

190,266

 

 

 

—

 

Issuance of shares

 

 

—

 

 

 

57,454

 

 

 

—

 

 

 

19,201

 

 

 

60,914

 

 

 

—

 

Distribution reinvestment

 

 

—

 

 

 

194

 

 

 

—

 

 

 

120

 

 

 

1,043

 

 

 

—

 

Ending balance

 

 

—

 

 

 

78,823

 

 

 

—

 

 

 

21,587

 

 

 

252,223

 

 

 

—

 
Summary of Aggregate Distribution Declared Per Share The table below presents the aggregate gross and net distributions declared per share for each applicable class of common stock during the six months ended June 30, 2026.

 

 

Class T Shares

 

 

Class D Shares

 

 

Class I Shares

 

 

Class X-1 Shares

 

Aggregate gross distributions declared per share

 

$

0.6252

 

 

$

0.6252

 

 

$

0.6252

 

 

$

0.6252

 

Distribution fee per share

 

 

0.0988

 

 

 

0.0292

 

 

N/A

 

 

N/A

 

Net distributions declared per share

 

$

0.5264

 

 

$

0.5960

 

 

$

0.6252

 

 

$

0.6252

 

 

The table below presents the aggregate gross and net distributions declared per share for each applicable class of common stock during the six months ended June 30, 2025.

 

 

Class T Shares

 

 

Class D Shares

 

 

Class I Shares

 

Aggregate gross distributions declared per share

 

$

0.6252

 

 

$

0.6252

 

 

$

0.6252

 

Distribution fee per share

 

0.1011

 

 

 

0.0300

 

 

N/A

 

Net distributions declared per share

 

$

0.5241

 

 

$

0.5952

 

 

$

0.6252