v3.26.1
Equity
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Equity Equity
Preferred Stock
We have 100,000,000 shares of preferred stock authorized with a par value of $0.01 per share. As of June 30, 2026 and December 31, 2025, we had zero shares of preferred stock issued and outstanding.
Common Stock
The following tables detail the movement in our outstanding shares of common stock for the six months ended June 30, 2026 and 2025:
Six Months Ended June 30, 2026
Class T
Shares		Class S
Shares		Class D
Shares		Class I
Shares		Class E
Shares		Class N SharesClass S-PR SharesClass K-PR SharesTotal
Balance at December 31, 2025271,887 480,891 513,924 4,029,060 1,293,308 15,222,610 906,613 465,084 23,183,377 
Issuance of common stock2,380 — 25,171 15,286 34,194 — 114,663 65,233 256,927 
Exchange of common stock— 12,153 — (12,109)— — — — 44 
Common stock repurchased(2,544)(24,352)(22,320)(223,672)(17,336)— — — (290,224)
Distribution reinvestment1,882 4,521 4,561 10,177 3,009 196,229 355 205 220,939 
Balance at March 31, 2026273,605 473,213 521,336 3,818,742 1,313,175 15,418,839 1,021,631 530,522 23,371,063 
Issuance of common stock4,403 10,029 8,245 69,486 38,130 — 89,065 200,660 420,018 
Common stock repurchased(12,964)(4,917)(23,660)(262,110)(129,721)— — — (433,372)
Distribution reinvestment1,854 4,241 4,420 10,188 2,989 198,888 1,864 2,755 227,199 
Balance at June 30, 2026266,898 482,566 510,341 3,636,306 1,224,573 15,617,727 1,112,560 733,937 23,584,908 

Six Months Ended June 30, 2025
Class T
Shares		Class S
Shares		Class D
Shares		Class I
Shares		Class E
Shares		Class N SharesClass S-PR SharesClass K-PR SharesTotal
Balance at December 31, 2024630,722 726,730 877,190 4,675,460 1,228,798 14,466,761 — — 22,605,661 
Issuance of common stock1,910 55,399 7,134 90,685 20,327 — — — 175,455 
Exchange of common stock— — (8,680)8,636 — — — — (44)
Common stock repurchased(2,607)(3,599)(3,778)(326,951)(18,180)— — — (355,115)
Distribution reinvestment2,206 3,967 4,203 8,300 2,672 182,884 — — 204,232 
Balance at March 31, 2025632,231 782,497 876,069 4,456,130 1,233,617 14,649,645 — — 22,630,189 
Issuance of common stock5,061 36,937 3,586 149,612 30,011 — — — 225,207 
Common stock repurchased(340)— (14,501)(223,330)(13,853)— — — (252,024)
Exchange of common stock(351,765)(351,765)(355,231)(307,836)— — 878,895 439,448 (48,254)
Distribution reinvestment2,266 4,695 4,253 9,065 2,760 187,401 — — 210,440 
Balance at June 30, 2025287,453 472,364 514,176 4,083,641 1,252,535 14,837,046 878,895 439,448 22,765,558 
Distributions
We are generally required to distribute at least 90% of our taxable income to our stockholders each year to comply with the REIT provisions of the Internal Revenue Code. Taxable income does not necessarily equal net income as calculated in accordance with GAAP.
For the three and six months ended June 30, 2026, we declared distributions of $9.7 million and $19.3 million, respectively. For the three and six months ended June 30, 2025, we declared distributions of $9.4 million and $18.8 million, respectively. We accrued $2.5 million for distributions payable to related parties as a component of due to affiliates in our condensed consolidated balance sheets as of June 30, 2026 and December 31, 2025, respectively. Additionally, as of June 30, 2026 and December 31, 2025, we accrued $0.7 million for distributions payable to third parties as a component of accounts payable, accrued expenses and other liabilities in our condensed consolidated balance sheets.
The following tables detail the aggregate distributions declared per share for each applicable class of stock for the three and six months ended June 30, 2026 and 2025:
Three Months Ended June 30, 2026
Class T
Common Stock		Class S
Common Stock		Class D
Common Stock		Class I
Common Stock		Class E
Common Stock		Class N
Common Stock		Class S-PR Common StockClass K-PR Common Stock
Aggregate distributions declared per share$0.4155 $0.4155 $0.4155 $0.4155 $0.4155 $0.4155 $0.4155 $0.4155 
Stockholder servicing fee per share(1)
(0.0553)(0.0554)(0.0163)— — — (0.0108)— 
Net distributions declared per share$0.3602 $0.3601 $0.3992 $0.4155 $0.4155 $0.4155 $0.4047 $0.4155 
Three Months Ended June 30, 2025
Class T
Common Stock		Class S
Common Stock		Class D
Common Stock		Class I
Common Stock		Class E
Common Stock		Class N
Common Stock		Class S-PR Common StockClass K-PR Common Stock
Aggregate distributions declared per share$0.4155 $0.4155 $0.4155 $0.4155 $0.4155 $0.4155 $0.1380 $0.1380 
Stockholder servicing fee per share(1)
(0.0349)(0.0391)(0.0119)— — — — — 
Net distributions declared per share$0.3806 $0.3764 $0.4036 $0.4155 $0.4155 $0.4155 $0.1380 $0.1380 
Six Months Ended June 30, 2026
Class T
Common Stock		Class S
Common Stock		Class D
Common Stock		Class I
Common Stock		Class E
Common Stock		Class N
Common Stock		Class S-PR Common StockClass K-PR Common Stock
Aggregate distributions declared per share$0.8317 $0.8317 $0.8317 $0.8317 $0.8317 $0.8317 $0.8317 $0.8317 
Stockholder servicing fee per share(1)
(0.1098)(0.1101)(0.0323)— — — (0.0162)— 
Net distributions declared per share$0.7219 $0.7216 $0.7994 $0.8317 $0.8317 $0.8317 $0.8155 $0.8317 
Six Months Ended June 30, 2025
Class T
Common Stock		Class S
Common Stock		Class D
Common Stock		Class I
Common Stock		Class E
Common Stock		Class N
Common Stock		Class S-PR Common StockClass K-PR Common Stock
Aggregate distributions declared per share$0.8317 $0.8317 $0.8317 $0.8317 $0.8317 $0.8317 $0.1380 $0.1380 
Stockholder servicing fee per share(1)
(0.0595)(0.0687)(0.0219)— — — — — 
Net distributions declared per share$0.7722 $0.7630 $0.8098 $0.8317 $0.8317 $0.8317 $0.1380 $0.1380 
(1)See Note 18 — “Related Party Transactions” for a discussion of the stockholder servicing fees.
Distribution Reinvestment Plan
We have adopted a distribution reinvestment plan whereby stockholders will have their cash distributions automatically reinvested in additional shares of common stock unless they elect to receive their distributions in cash. The per share purchase price for shares purchased (including fractional shares) under the distribution reinvestment plan is equal to the transaction price at the time the distribution is payable.
Share Repurchase Plan
We have adopted a share repurchase plan. On a monthly basis, our stockholders may request that we repurchase all or any portion of their shares. We may choose, in our discretion, to repurchase all, some or none of the shares that have been requested to be repurchased at the end of any month, subject to limitations in the share repurchase plan. For the three and six months ended June 30, 2026, we repurchased 416,036 and 688,925 shares of common stock for $11.1 million and $18.3 million, respectively, and fulfilled all repurchase requests that were made. For the three and six months ended June 30, 2025, we repurchased 238,171 and 579,434 shares of common stock for $6.3 million and $15.4 million, respectively, and fulfilled all repurchase requests that were made.