v3.26.1
Condensed Consolidated Statements of Changes in Redeemable Common Shares and Equity (Unaudited) - USD ($)
$ in Thousands
Total
Common Class E
Common Shares
Common Class E
Common Shares
Class F-I Common Shares
Common Shares
Class F-S Common Shares
Additional Paid-In Capital
Accumulated Earnings (Deficit)
Redeemable Common Shares Beginning balance at Dec. 31, 2024 [1]   $ 2          
Beginning balance at Dec. 31, 2024 $ 0   $ 0 $ 0 $ 0 $ 0 $ 0
Net income (loss) [1]   0          
Net income (loss) 0   0 0 0 0 0
Redeemable Common Shares Ending balance at Mar. 31, 2025 [1]   2          
Ending balance at Mar. 31, 2025 0   0 0 0 0 0
Redeemable Common Shares Beginning balance at Dec. 31, 2024 [1]   2          
Beginning balance at Dec. 31, 2024 0   0 0 0 0 0
Redeemable Common Shares Ending balance at Jun. 30, 2025 [1]   6,500          
Ending balance at Jun. 30, 2025 2   0 0 0 0 2
Redeemable Common Shares Beginning balance at Mar. 31, 2025 [1]   2          
Beginning balance at Mar. 31, 2025 0   0 0 0 0 0
Common shares issued [1]   6,500          
Common shares issued 0   0 0 0 0 0
Net income (loss) [1]   0          
Net income (loss) 2   0 0 0 0 2
Allocation to redeemable non-controlling interest 0   0 0 0 0 0
Allocation to redeemable non-controlling interest [1]   0          
Redeemable Common Shares Ending balance at Jun. 30, 2025 [1]   6,500          
Ending balance at Jun. 30, 2025 2   0 0 0 0 2
Redeemable Common Shares Beginning balance at Dec. 31, 2025 [1]   6,531          
Beginning balance at Dec. 31, 2025 104,515   1 41 5 106,487 (2,019)
Common shares issued [1]   0          
Common shares issued 52,246   0 9 11 52,226 0
Offering costs [1]   (30)          
Offering costs (3,079)   0 0 0 (3,079) 0
Net income (loss) [1]   207          
Net income (loss) 4,698   0 0 0 0 4,698
Distribution reinvestment [1]   0          
Distribution reinvestment 1,354   0 0 0 1,354 0
Distributions declared on common shares [1]   (150)          
Distributions declared on common shares [2] (3,430)   0 0 0 (3,430) 0
Common shares repurchased [1]   0          
Common shares repurchased (52)   0 0 0 (52) 0
Remeasurement of redeemable common shares [1]   25          
Remeasurement of redeemable common shares (25)   0 0 0 (25) 0
Redeemable Common Shares Ending balance at Mar. 31, 2026 [1]   6,583          
Ending balance at Mar. 31, 2026 156,227   1 50 16 153,481 2,679
Redeemable Common Shares Beginning balance at Dec. 31, 2025 [1]   6,531          
Beginning balance at Dec. 31, 2025 104,515   1 41 5 106,487 (2,019)
Redeemable Common Shares Ending balance at Jun. 30, 2026 [1]   6,608          
Ending balance at Jun. 30, 2026 197,836   1 49 36 190,064 7,686
Redeemable Common Shares Beginning balance at Mar. 31, 2026 [1]   6,583          
Beginning balance at Mar. 31, 2026 156,227   1 50 16 153,481 2,679
Common shares issued [1]   0          
Common shares issued 74,332   0 11 20 74,301 0
Offering costs [1]   (19)          
Offering costs (4,631)   0 0 0 (4,631) 0
Net income (loss) [1]   167          
Net income (loss) 5,007   0 0 0 0 5,007
Distribution reinvestment [1]   0          
Distribution reinvestment 1,619   0 0 0 1,619 0
Distributions declared on common shares [1]   (150)          
Distributions declared on common shares [2] (4,691)   0 0 0 (4,691) 0
Common shares repurchased [1]   0          
Common shares repurchased (30,000)   0 (12) 0 (29,988) 0
Remeasurement of redeemable common shares [1]   27          
Remeasurement of redeemable common shares (27)   0 0 0 (27) 0
Redeemable Common Shares Ending balance at Jun. 30, 2026 [1]   $ 6,608          
Ending balance at Jun. 30, 2026 $ 197,836   $ 1 $ 49 $ 36 $ 190,064 $ 7,686
[1] Redeemable common shares pertain to Class E shares purchased by the Advisors or their affiliates. See Note 7.
[2] he gross per share distributions declared for common shares were $0.5781 and $1.1562, respectively.