v3.26.1
Equity and Redeemable Non-controlling Interest (Tables)
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Schedule of Company's Authorized Capital
The Company had the authority to issue the following shares of common and preferred stock, $0.01 par value per share (in thousands):
June 30, 2026December 31, 2025
Number of Shares Authorized
Number of Shares Authorized
Class I Shares
6,000,000 6,000,000 
Class S Shares
3,000,000 3,000,000 
Class S-2 Shares2,500,000 2,500,000 
Class D Shares
1,500,000 1,500,000 
Class D-2 Shares1,400,000 1,400,000 
Class T Shares
500,000 500,000 
Class T-2 Shares400,000 400,000 
Class C Shares
500,000 500,000 
Class L Shares500,000 500,000 
Class L-2 Shares500,000 500,000 
Class F Shares
500,000 500,000 
Preferred Stock
100,000 100,000 
Total17,400,000 17,400,000 
Schedule of Company's Outstanding Shares of Common Stock
The following table details the movement in the Company’s outstanding shares of common stock(1) (in thousands):
Three Months Ended June 30, 2026(1)
Class I
Class S
Class S-2
Class DClass D-2
Class T
Class T-2Class CClass LTotal
March 31, 20262,141,584 1,167,501 34,856 96,322 5,524 30,816 243 38,228 4,333 3,519,407 
Common stock issued (converted)(2)
55,488 (20,768)18,653 (1,750)2,002 (2,074)242 598 3,724 56,115 
Distribution reinvestment10,699 6,183 206 522 32 198 3 — 50 17,893 
Common stock repurchased(37,067)(19,225)(38)(2,294)(11)(640)— (38)— (59,313)
Restricted stock grants and related tax withholding, net(3)
(680)— — — — — — — — (680)
June 30, 20262,170,024 1,133,691 53,677 92,800 7,547 28,300 488 38,788 8,107 3,533,422 
Total par value as of June 30, 2026
$21,699 $11,336 $536 $928 $74 $283 $5 $388 $81 $35,330 
Six Months Ended June 30, 2026(1)
Class IClass SClass S-2Class DClass D-2Class TClass T-2Class C
Class L
Total
December 31, 20252,128,811 1,206,629 14,679 99,092 1,360 33,589 105 36,769 — 3,521,034 
Common stock issued (converted)(2)
105,656 (35,259)38,761 (2,739)6,149 (3,802)379 2,196 8,024 119,365 
Distribution reinvestment21,409 12,595 304 1,066 49 414 4 — 83 35,924 
Common stock repurchased
(91,024)(50,274)(67)(4,619)(11)(1,901)— (177)— (148,073)
Restricted stock grants and related tax withholding, net(3)
5,172 — — — — — — — — 5,172 
June 30, 20262,170,024 1,133,691 53,677 92,800 7,547 28,300 488 38,788 8,107 3,533,422 
Total par value as of June 30, 2026
$21,699 $11,336 $536 $928 $74 $283 $5 $388 $81 $35,330 
(1)As of June 30, 2026, no Class L-2 or Class F shares were issued and outstanding.
(2)Includes conversions of shares from Class S, Class D and Class T to Class I and conversions of shares from Class I to Class L, during the three and six months ended June 30, 2026.
(3)Includes restricted stock grants made to certain employees, net of shares used to satisfy tax withholding obligations and forfeitures of previously granted restricted stock awards. The cost of each grant is amortized over the applicable service period ranging from three to four years.
Schedule of EPS Calculations During the Periods
The following table details the EPS calculations during the periods set forth below ($ and shares in thousands, except per share data):
Three Months Ended June 30, 2026Six Months Ended June 30, 2026
Class I, Class S, Class S-2, Class D, Class D-2, Class T, Class T-2, and
Class C
Class L
Class I, Class S, Class S-2, Class D, Class D-2, Class T, Class T-2, and
Class C
Class L
Net loss allocable to share class
$(400,770)$(652)$(757,869)$(1,011)
Weighted average number of common shares outstanding 3,523,287 8,091 3,518,000 6,214 
Basic and diluted net loss per share
$(0.11)$(0.08)$(0.22)$(0.16)
Three Months Ended June 30, 2025(1)
Six Months Ended June 30, 2025(1)
Class I, Class S, Class S-2, Class D, Class D-2, Class T, Class T-2, and
Class C
Class L
Class I, Class S, Class S-2, Class D, Class D-2, Class T, Class T-2, and
Class C
Class L
Net loss allocable to share class
$(488,478)$— $(2,185,115)$— 
Weighted average number of common shares outstanding
3,563,370 — 3,599,046 — 
Basic and diluted net loss per share
$(0.14)$— $(0.61)$— 
(1) For the three and six months ended June 30, 2025, no Class L shares were issued and outstanding.
Schedule of Aggregate Distributions Declared for Applicable Class of Common Stock
The following tables detail the aggregate distributions declared for each applicable class of common stock:
Three Months Ended June 30, 2026
Class I
Class SClass S-2Class DClass D-2Class TClass T-2
Class L
Aggregate gross distributions declared per share of common stock$0.1659 $0.1659 $0.1659 $0.1659 $0.1659 $0.1659 $0.1659 $0.1659 
Stockholder servicing fee per share of common stock— (0.0306)(0.0306)(0.0088)(0.0088)(0.0301)(0.0301)— 
Net distributions declared per share of common stock$0.1659 $0.1353 $0.1353 $0.1571 $0.1571 $0.1358 $0.1358 $0.1659 
Six Months Ended June 30, 2026
Class IClass SClass S-2Class D
Class D-2
Class TClass T-2Class L
Aggregate gross distributions declared per share of common stock$0.3311 $0.3311 $0.3311 $0.3311 $0.3311 $0.3311 $0.3311 $0.3311 
Stockholder servicing fee per share of common stock— (0.0605)(0.0604)(0.0175)(0.0174)(0.0594)(0.0594)— 
Net distributions declared per share of common stock$0.3311 $0.2706 $0.2707 $0.3136 $0.3137 $0.2717 $0.2717 $0.3311