As of June 30, 2026, the Third Amended and Restated Declaration of Trust of the Company, dated June 4, 2026, authorized the Company to issue an unlimited number of common shares, including an unlimited number of shares classified as Class T shares, Class F-T shares, Class S shares, Class F-S shares, Class L-S shares, Class D shares, Class F-D shares, Class I shares, Class F-I shares, Class L-I shares and Class E shares, and an unlimited number of shares classified as preferred shares of beneficial interest, par value $0.01 per share.

The share classes have different upfront selling commissions, dealer manager fees, ongoing shareholder servicing fees and gross distributions, as well as different management fees and performance participation allocations. Refer to “Note 10. Related Party Transactions” for more information.

The table below details activity related to the Company’s outstanding common share classes for the three and six months ended June 30, 2026:


	For the Three Months Ended June 30, 2026
	Class S			Class F-S			Class I			Class F-I			Class E			Total
March 31, 2026		15,034,345			18,213,038			8,893,474			11,098,425			6,146,147			59,385,429
Common shares issued		5,534,306			—			2,497,443			1,061,333			1,271,954			10,365,036
Distribution reinvestment		151,386			185,135			83,234			100,866			111,543			632,164
Common shares repurchased		(155,769	)		(118,166	)		(12,386	)		(77,823	)		(24,827	)		(388,971	)
Share class transfers		(12,409	)		(6,845	)		(2,450	)		2,440			19,208			(56	)
June 30, 2026		20,551,859			18,273,162			11,459,315			12,185,241			7,524,025			69,993,602


	For the Six Months Ended June 30, 2026
	Class S			Class F-S			Class I			Class F-I			Class E			Total
December 31, 2025		11,271,609			18,363,286			7,043,621			10,741,516			4,711,151			52,131,183
Common shares issued		9,207,257			—			4,574,487			1,100,266			2,619,942			17,501,952
Distribution reinvestment		262,086			372,476			149,870			193,019			199,392			1,176,843
Common shares repurchased		(176,684	)		(229,932	)		(301,082	)		(77,823	)		(30,787	)		(816,308	)
Share class transfer		(12,409	)		(232,668	)		(7,581	)		228,263			24,327			(68	)
June 30, 2026		20,551,859			18,273,162			11,459,315			12,185,241			7,524,025			69,993,602

The table below details activity related to the Company’s outstanding common share classes for the three and six months ended June 30, 2025:


	For the Three Months Ended June 30, 2025
	Class S			Class F-S			Class I			Class IO		Class F-I			Class F-IO		Class E			Total
March 31, 2025		4,455,704			18,592,527			1,964,394			—		10,475,346			—		3,267,600			38,755,571
Common shares issued		2,071,295			—			1,160,244			231,116		77,038			—		500,250			4,039,943
Distribution reinvestment		44,208			149,621			19,690			1,561		58,204			11,696		40,173			325,153
Common shares repurchased		(8,862	)		(182,021	)		—			—		(10,316	)		—		(13,795	)		(214,994	)
Share class transfer		—			—			(149,124	)		149,124		(2,616,731	)		2,616,731		—			—
June 30, 2025		6,562,345			18,560,127			2,995,204			381,801		7,983,541			2,628,427		3,794,228			42,905,673


	For the Six Months Ended June 30, 2025
	Class S			Class F-S			Class I			Class IO		Class F-I			Class F-IO		Class E			Total
December 31, 2024		2,540,134			18,504,342			1,060,070			—		9,723,315			—		2,878,124			34,705,985
Common shares issued		3,960,341			—			2,055,066			231,116		764,385			—		874,711			7,885,619
Distribution reinvestment		72,005			295,280			29,192			1,561		122,888			11,696		74,326			606,948
Common shares repurchased		(10,135	)		(239,495	)		—			—		(10,316	)		—		(32,933	)		(292,879	)
Share class transfer		—			—			(149,124	)		149,124		(2,616,731	)		2,616,731		—			—
June 30, 2025		6,562,345			18,560,127			2,995,204			381,801		7,983,541			2,628,427		3,794,228			42,905,673

Our board of trustees adopted the Share Repurchase Plan, pursuant to which shareholders may request on a quarterly basis that the Company repurchase all or any portion of their common shares, subject to certain limitations as set forth therein. The aggregate NAV of total repurchases of our common shares (including repurchases at certain non-U.S. investor access funds primarily created to hold our common shares) is limited to no more than 5% of our aggregate NAV per calendar quarter (measured using the average aggregate NAV as of the end of each of the immediately preceding three months). Shares or Operating Partnership units issued to the Adviser and the Special Limited Partner pursuant to the Advisory Agreement or with respect to the performance participation allocation, respectively, are not subject to these repurchase limitations. We are not obligated to repurchase any shares and may choose to repurchase only some, or even none, of the shares that have been requested to be repurchased in any particular quarter in our discretion. In addition, our ability to fulfill repurchase requests is subject to a number of limitations. As a result, share repurchases may not be available each quarter. Under the Share Repurchase Plan, to the extent we choose to repurchase shares in any particular quarter, we will only repurchase shares as of the opening of the last business day of that quarter (each such date, a “Repurchase Date”). Repurchases will be made at the transaction price in effect on the Repurchase Date, except that shares that have not been outstanding for at least one year will be repurchased at 98% of the transaction price. The one-year holding period is measured as of the subscription closing date immediately following the prospective Repurchase Date.

During the three months ended June 30, 2026, the aggregate proceeds used by the Company to repurchase shares were $3,231 for Class S shares, $2,465 for Class F-S shares, $257 for Class I shares, $1,623 for Class F-I shares and $3,043 for Class E shares.

During the six months ended June 30, 2026, the aggregate proceeds used by the Company to repurchase shares were $3,662 for Class S shares, $4,772 for Class F-S shares, $6,193 for Class I shares, $1,623 for Class F-I shares and $4,565 for Class E shares.

During the three months ended June 30, 2025, the aggregate proceeds used by the Company to repurchase shares were $176 for Class S shares, $3,701 for Class F-S shares, $210 for Class F-I shares and $280 for Class E shares.

During the six months ended June 30, 2025, the aggregate proceeds used by the Company to repurchase shares were $201 for Class S shares, $4,842 for Class F-S shares, $210 for Class F-I shares and $661 for Class E shares.

The Company had no unfulfilled repurchase requests during the three and six months ended June 30, 2026 and 2025.


	For the Three Months Ended June 30,
	2026							2025
	Aggregate gross distributions declared per share		Shareholder servicing fee per share			Net distributions declared per share		Aggregate gross distributions declared per share		Shareholder servicing fee per share			Net distributions declared per share
Class S	$	0.3497	$	(0.0440	)	$	0.3057	$	0.3045	$	(0.0430	)	$	0.2615
Class F-S	$	0.3856	$	(0.0442	)	$	0.3414	$	0.3045	$	(0.0430	)	$	0.2615
Class I	$	0.3497	$	-		$	0.3497	$	0.3045	$	-		$	0.3045
Class IO	$	-	$	-		$	-	$	0.3045	$	-		$	0.3045
Class F-I	$	0.3856	$	-		$	0.3856	$	0.3045	$	-		$	0.3045
Class F-IO	$	-	$	-		$	-	$	0.3045	$	-		$	0.3045
Class E	$	0.4680	$	-		$	0.4680	$	0.3045	$	-		$	0.3045


	For the Six Months Ended June 30,
	2026							2025
	Aggregate gross distributions declared per share		Shareholder servicing fee per share			Net distributions declared per share		Aggregate gross distributions declared per share		Shareholder servicing fee per share			Net distributions declared per share
Class S	$	0.6960	$	(0.0876	)	$	0.6084	$	0.6078	$	(0.0860	)	$	0.5218
Class F-S	$	0.7672	$	(0.0880	)	$	0.6792	$	0.6078	$	(0.0860	)	$	0.5218
Class I	$	0.6960	$	-		$	0.6960	$	0.6078	$	-		$	0.6078
Class IO	$	-	$	-		$	-	$	0.3045	$	-		$	0.3045
Class F-I	$	0.7672	$	-		$	0.7672	$	0.6078	$	-		$	0.6078
Class F-IO	$	-	$	-		$	-	$	0.3045	$	-		$	0.3045
Class E	$	0.9310	$	-		$	0.9310	$	0.6078	$	-		$	0.6078

In April 2026, the Company’s board of trustees were granted $79 in aggregate compensation in the form of 3,820 restricted Class E shares. The shares were issued at the most recent NAV per share of $20.62 and the shares, and their related distributions, are subject to a one-year vesting period.

In April 2025, the Company’s board of trustees were granted $79 in aggregate compensation in the form of 3,888 restricted Class E shares. The shares were issued at the most recent NAV per share of $20.26 and the shares, and their related distributions, vested in April 2026.