v3.26.1
Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($)
$ in Thousands
Total
Common Stock [Member]
Class B [Member]
Common Stock [Member]
Class R [Member]
Common Stock [Member]
Class J-1 Common Shares [Member]
Common Stock [Member]
Class J-2 Common Shares [Member]
Common Stock [Member]
Class J-4 Common Shares [Member]
Common Stock [Member]
Common Class S [Member]
Common Stock [Member]
Common Class I [Member]
Common Stock [Member]
Common Class F-I [Member]
Common Stock [Member]
Common Class F-S [Member]
Additional Paid-in Capital [Member]
Accumulated Deficit [Member]
Parent [Member]
Non-controlling Interests [Member]
Beginning balance at Dec. 31, 2024 $ 209,273 $ 94 $ 10 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 204,633 $ (4,081) $ 200,656 $ 8,617
Common stock issued 731,448 126 34 155 33 23 3 13 0 0 731,061 0 731,448 0
Offering costs (566) 0 0 0 0 0 0 0 0 0 (566) 0 (566) 0
Distribution reinvestment 8,500 2 0 1 0 0 0 0 0 0 8,497 0 8,500 0
Common shares repurchased (73) 0 0 0 0 0 0 0 0 0 (73) 0 (73) 0
Net income (loss) 30,136 0 0 0 0 0 0 0 0 0 0 28,740 28,740 1,396
Distributions declared on common stock (27,208) 0 0 0 0 0 0 0 0 0 0 (27,208) (27,208) 0
Contributions from non-controlling interests 36,531 0 0 0 0 0 0 0 0 0 0 0 0 36,531
Distributions to non-controlling interests (27,076) 0 0 0 0 0 0 0 0 0 0 0 0 (27,076)
Allocation to redeemable common shares (84) 0 0 0 0 0 0 0 0 0 (84) 0 (84) 0
Ending balance at Jun. 30, 2025 960,881 222 44 156 33 23 3 13 0 0 943,468 (2,549) 941,413 19,468
Beginning balance at Mar. 31, 2025 627,141 177 36 84 22 0 0 2 0 0 615,815 (3,765) 612,371 14,770
Common stock issued 322,071 44 8 71 11 23 3 11 0 0 321,900 0 322,071 0
Offering costs (305) 0 0 0 0 0 0 0 0 0 (305) 0 (305) 0
Distribution reinvestment 6,154 1 0 1 0 0 0 0 0 0 6,152 0 6,154 0
Common shares repurchased (73) 0 0 0 0 0 0 0 0 0 (73) 0 (73) 0
Net income (loss) 18,960 0 0 0 0 0 0 0 0 0 0 18,384 18,384 576
Distributions declared on common stock (17,168) 0 0 0 0 0 0 0 0 0 0 (17,168) (17,168) 0
Contributions from non-controlling interests 10,711 0 0 0 0 0 0 0 0 0 0 0 0 10,711
Distributions to non-controlling interests (6,589) 0 0 0 0 0 0 0 0 0 0 0 0 (6,589)
Allocation to redeemable common shares (21) 0 0 0 0 0 0 0 0 0 (21) 0 (21) 0
Ending balance at Jun. 30, 2025 960,881 222 44 156 33 23 3 13 0 0 943,468 (2,549) 941,413 19,468
Beginning balance at Dec. 31, 2025 1,182,038 253 45 159 33 51 11 53 0 0 1,163,658 (6,116) 1,158,147 23,891
Common stock issued 129,097 7 0 0 0 20 6 33 0 1 129,030 0 129,097 0
Offering costs (400) 0 0 0 0 0 0 0 0 0 (400) 0 (400) 0
Distribution reinvestment 20,170 3 0 3 1 1 0 1 0 0 20,161 0 20,170 0
Share class exchange 56 0 (1) 1 0 0 0 0 0 0 56 0 56 0
Common shares repurchased (3,115) 0 0 0 0 (2) 0 0 0 0 (3,113) 0 (3,115) 0
Net income (loss) 49,177 0 0 0 0 0 0 0 0 0 0 47,830 47,830 1,347
Distributions declared on common stock (52,009) 0 0 0 0 0 0 0 0 0 0 (52,009) (52,009) 0
Contributions from non-controlling interests 20,569 0 0 0 0 0 0 0 0 0 0 0 0 20,569
Distributions to non-controlling interests (19,381) 0 0 0 0 0 0 0 0 0 0 0 0 (19,381)
Ending balance at Jun. 30, 2026 1,326,202 263 44 163 34 70 17 87 0 1 1,309,392 (10,295) 1,299,776 26,426
Beginning balance at Mar. 31, 2026 1,257,598 262 44 161 34 59 15 72 0 0 1,244,874 (8,017) 1,237,504 20,094
Common stock issued 55,318 0 0 0 0 11 2 14 0 1 55,290 0 55,318 0
Offering costs (154) 0 0 0 0 0 0 0 0 0 (154) 0 (154) 0
Distribution reinvestment 10,314 1 0 2 0 0 0 1 0 0 10,310 0 10,314 0
Share class exchange 56 0 0 0 0 0 0 0 0 0 56 0 56 0
Common shares repurchased (984) 0 0 0 0 0 0 0 0 0 (984) 0 (984) 0
Net income (loss) 25,245 0 0 0 0 0 0 0 0 0 0 24,347 24,347 898
Distributions declared on common stock (26,625) 0 0 0 0 0 0 0 0 0 0 (26,625) (26,625) 0
Contributions from non-controlling interests 15,944 0 0 0 0 0 0 0 0 0 0 0 0 15,944
Distributions to non-controlling interests (10,510) 0 0 0 0 0 0 0 0 0 0 0 0 (10,510)
Allocation to redeemable common shares 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Ending balance at Jun. 30, 2026 $ 1,326,202 $ 263 $ 44 $ 163 $ 34 $ 70 $ 17 $ 87 $ 0 $ 1 $ 1,309,392 $ (10,295) $ 1,299,776 $ 26,426