v3.26.1
Condensed Consolidated Statements of Changes in Equity and Redeemable Common Stock (Unaudited) - USD ($)
$ in Thousands
Total
Total Stockholders' Equity
Series A Preferred Stock
Series A Preferred Stock
Common Stock
Class S Common Stock
Common Stock
Class S-1 Common Stock
Common Stock
Class D Common Stock
Common Stock
Class D-1 Common Stock
Common Stock
Class I Common Stock
Common Stock
Class E Common Stock
Common Stock
Class F Common Stock
Additional Paid-in Capital
Accumulated Other Comprehensive Income (Loss)
Retained Earnings (Accumulated Deficit)
Non-Controlling Interest
Beginning balance at Dec. 31, 2024 $ 435,349 $ 435,349 $ 205 $ 0 $ 72 $ 0 $ 0 $ 27 $ 1 $ 82 $ 448,947 $ (65) $ (13,920) $ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Net income (loss) 11,664 11,664                     11,664  
Proceeds from issuance of stock, net of offering costs 105,668 105,668     33     11     105,624      
Common stock distribution reinvestment 7,568 7,568     1         2 7,565      
Common stock dividends (12,943) (12,943)                     (12,943)  
Preferred stock dividends (2) (2)                     (2)  
Amortization of equity based compensation 19 19                 19      
Repurchase of common stock (754) (754)                 (754)      
Redemption of preferred stock (232) (232) (205)                   (27)  
Foreign currency translation adjustment 26 26                   26    
Adjustment to the carrying value of redeemable common stock (160) (160)                 (160)      
Ending balance at Mar. 31, 2025 546,203 546,203 0 0 106 0 0 38 1 84 561,241 (39) (15,228) 0
Beginning balance at Dec. 31, 2024 151,367                          
Redeemable Common Stock                            
Proceeds from issuance of redeemable common stock 2,814                          
Repurchase of redeemable common stock (30,000)                          
Adjustment to the carrying value of redeemable common stock 160                          
Ending balance at Mar. 31, 2025 124,341                          
Beginning balance at Dec. 31, 2024 435,349 435,349 205 0 72 0 0 27 1 82 448,947 (65) (13,920) 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Net income (loss) 19,951                          
Repurchase of common stock (3,200)                          
Foreign currency translation adjustment 149                          
Ending balance at Jun. 30, 2025 665,442 665,442 0 2 139 0 0 53 1 85 686,368 84 (21,290) 0
Beginning balance at Dec. 31, 2024 151,367                          
Ending balance at Jun. 30, 2025 125,200                          
Beginning balance at Mar. 31, 2025 546,203 546,203 0 0 106 0 0 38 1 84 561,241 (39) (15,228) 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Net income (loss) 8,287 8,287                     8,287  
Proceeds from issuance of stock, net of offering costs 118,808 118,808   2 32     15   0 118,759      
Common stock distribution reinvestment 8,670 8,670     1     1   1 8,667      
Common stock dividends (14,349) (14,349)                     (14,349)  
Amortization of equity based compensation 43 43                 43      
Repurchase of common stock (2,398) (2,398)           (1)     (2,397)      
Foreign currency translation adjustment 123 123                   123    
Adjustment to the carrying value of redeemable common stock 55 55                 55      
Ending balance at Jun. 30, 2025 665,442 665,442 0 2 139 0 0 53 1 85 686,368 84 (21,290) 0
Beginning balance at Mar. 31, 2025 124,341                          
Redeemable Common Stock                            
Proceeds from issuance of redeemable common stock 1,062                          
Repurchase of redeemable common stock (148)                          
Adjustment to the carrying value of redeemable common stock (55)                          
Ending balance at Jun. 30, 2025 125,200                          
Beginning balance at Dec. 31, 2025 914,643 914,643 0 2 203 0 0 85 1 89 930,845 94 (16,676) 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Net income (loss) 19,716 19,713                     19,713 3
Proceeds from issuance of stock, net of offering costs 121,558 121,558   1 24   1 24     121,508      
Common stock distribution reinvestment 13,110 13,110     3     1   2 13,104      
Common stock dividends (21,085) (21,085)                     (21,085)  
Proceeds from non-controlling interest, net of offering costs 113                         113
Distributions on non-controlling interest (3)                         (3)
Amortization of equity based compensation 62 62                 62      
Repurchase of common stock (19,312) (19,312)     (4)     (4)     (19,304)      
Foreign currency translation adjustment (71) (71)                   (71)    
Adjustment to the carrying value of redeemable common stock (100) (100)                 (100)      
Ending balance at Mar. 31, 2026 1,028,631 1,028,518 0 3 226 0 1 106 1 91 1,046,115 23 (18,048) 113
Beginning balance at Dec. 31, 2025 127,691                          
Redeemable Common Stock                            
Proceeds from issuance of redeemable common stock 6,804                          
Repurchase of redeemable common stock (2,848)                          
Adjustment to the carrying value of redeemable common stock 100                          
Ending balance at Mar. 31, 2026 131,747                          
Beginning balance at Dec. 31, 2025 914,643 914,643 0 2 203 0 0 85 1 89 930,845 94 (16,676) 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Net income (loss) 43,088                          
Repurchase of common stock (30,900)                          
Foreign currency translation adjustment (47)                          
Ending balance at Jun. 30, 2026 1,147,840 1,147,727 0 3 251 0 3 127 1 93 1,165,712 47 (18,510) 113
Beginning balance at Dec. 31, 2025 127,691                          
Ending balance at Jun. 30, 2026 163,324                          
Beginning balance at Mar. 31, 2026 1,028,631 1,028,518 0 3 226 0 1 106 1 91 1,046,115 23 (18,048) 113
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Net income (loss) 23,372 23,369                     23,369 3
Proceeds from issuance of stock, net of offering costs 117,131 117,131   0 24   2 22     117,083      
Common stock distribution reinvestment 14,416 14,416     3     1   2 14,410      
Common stock dividends (23,831) (23,831)                     (23,831)  
Distributions on non-controlling interest (3)                         (3)
Amortization of equity based compensation 83 83                 83      
Repurchase of common stock (11,550) (11,550)     (2)     (2)     (11,546)      
Foreign currency translation adjustment 24 24                   24    
Adjustment to the carrying value of redeemable common stock (433) (433)                 (433)      
Ending balance at Jun. 30, 2026 1,147,840 $ 1,147,727 $ 0 $ 3 $ 251 $ 0 $ 3 $ 127 $ 1 $ 93 $ 1,165,712 $ 47 $ (18,510) $ 113
Beginning balance at Mar. 31, 2026 131,747                          
Redeemable Common Stock                            
Proceeds from issuance of redeemable common stock 32,218                          
Repurchase of redeemable common stock (1,074)                          
Adjustment to the carrying value of redeemable common stock 433                          
Ending balance at Jun. 30, 2026 $ 163,324