The Company is authorized to issue preferred stock and seven classes of common stock consisting of Class D shares, Class I shares, Class S shares, Class T shares, Class E shares, Class X shares and Class Y shares. The differences among the common share classes relate to management fees, upfront selling commissions, dealer manager fees and ongoing stockholder servicing fees. See Note 2 for additional detail on each share class.


Classification	Number of Shares	Par Value
Class D Shares	600,000	$	0.01
Class I Shares	1,500,000	0.01
Class S Shares	1,000,000	0.01
Class T Shares	600,000	0.01
Class E Shares	600,000	0.01
Class X Shares	500,000	0.01
Class Y Shares	600,000	0.01
Preferred Stock	100,000	0.01
Total	5,500,000


	For the Three Months Ended June 30, 2026
	Class D	Class I	Class S	Class T	Class E	Class X	Class Y	Total
Beginning balance	1,013	14,542	—	—	58,083	—	9,846	83,484
Common stock issued	10	8,326	—	2	5,068	—	1,850	15,256
Distribution reinvestment	10	145	—	—	374	—	67	596
Common stock repurchased	(16)	(115)	—	—	(15)	—	(46)	(192)
Ending balance	1,017	22,898	—	2	63,510	—	11,717	99,144


	For the Six Months Ended June 30, 2026
	Class D	Class I	Class S	Class T	Class E	Class X	Class Y	Total
Beginning balance	1,009	13,949	—	—	55,790	—	8,579	79,327
Common stock issued	15	9,191	—	2	7,173	—	3,089	19,470
Distribution reinvestment	20	227	—	—	709	—	124	1,080
Common stock repurchased	(27)	(469)	—	—	(162)	—	(75)	(733)
Ending balance	1,017	22,898	—	2	63,510	—	11,717	99,144


	For the Three Months Ended June 30, 2025
	Class D	Class I	Class S	Class T	Class E	Class X	Class Y	Total
Beginning balance	1,050	11,695	—	—	42,734	—	3,557	59,036
Common stock issued(1)	88	1,195	—	—	7,038	—	1,916	10,237
Common stock repurchased	—	(107)	—	—	—	—	(2)	(109)
Ending balance	1,138	12,783	—	—	49,772	—	5,471	69,164


	For the Six Months Ended June 30, 2025
	Class D	Class I	Class S	Class T	Class E	Class X	Class Y	Total
Beginning balance	993	10,146	56	—	18,566	—	2,131	31,892
Common stock issued(1)	148	2,857	—	—	31,209	—	3,342	37,556
Common stock repurchased	(3)	(220)	(56)	—	(3)	—	(2)	(284)
Ending balance	1,138	12,783	—	—	49,772	—	5,471	69,164

The Company repurchased shares of its common stock for $2.1 million and $8.0 million during the three and six months ended June 30, 2026, respectively. The Company had no unfulfilled repurchase requests during the three and six months ended June 30, 2026, respectively. See Note 13 for further details on repurchases of Mandatorily Redeemable Instruments.

The Company has adopted a distribution reinvestment plan whereby holders of shares of common stock will have the cash distributions attributable to the shares they own reinvested in additional shares; provided, however, that clients of certain participating broker-dealers that do not permit automatic enrollment in the distribution reinvestment plan and stockholders that are residents of certain states that do not permit automatic enrollment in the distribution reinvestment plan will automatically receive their distributions in cash unless they elect to participate in the distribution reinvestment plan.

The purchase price for shares of the Company's common stock purchased pursuant to the distribution reinvestment plan will be equal to the transaction price for the applicable class of shares at the time the distribution is payable (which will generally be equal to the Company’s prior month’s NAV per share). Stockholders will not pay upfront selling commissions or dealer manager fees when purchasing shares of common stock pursuant to the distribution reinvestment plan. The stockholder servicing fees with respect to Class D shares, Class S shares, Class T shares and Class Y shares are calculated based on the Company’s NAV for those shares and may reduce the NAV and the distributions payable with respect to shares of each such class, including shares issued in respect of distributions on such shares under the distribution reinvestment plan. Shares acquired under the distribution reinvestment plan will entitle the participant to the same rights and be treated in the same manner as shares purchased in the Offerings.

The Company generally intends to distribute substantially all of its taxable income, which does not necessarily equal net income as calculated in accordance with GAAP, to its stockholders each year to comply with the REIT provisions of the Internal Revenue Code of 1986, as amended (the “Code”). Shares of each class of common stock receive the same gross distribution per share. The net distribution varies for shares of each class based on the applicable stockholder servicing fee, which is deducted from the monthly distribution per share and paid directly to the applicable distributor.


	Three Months Ended June 30, 2026
	Class D		Class I		Class S		Class T		Class E		Class X		Class Y
Aggregate gross distributions declared per share of common stock	$	0.1269	$	0.1269	$	—	$	0.0423	$	0.1269	$	—	$	0.1269
Stockholder servicing fee per share of common stock(1)	—		—		—		(0.008)		—		—		(0.0240)
Net distributions declared per share of common stock	$	0.1269	$	0.1269	$	—	$	0.0343	$	0.1269	$	—	$	0.1029


	Six Months Ended June 30, 2026
	Class D		Class I		Class S		Class T		Class E		Class X		Class Y
Aggregate gross distributions declared per share of common stock	$	0.2533	$	0.2533	$	—	$	0.0423	$	0.2533	$	—	$	0.2533
Stockholder servicing fee per share of common stock(1)	—		—		—		(0.008)		—		—		(0.0475)
Net distributions declared per share of common stock	$	0.2533	$	0.2533	$	—	$	0.0343	$	0.2533	$	—	$	0.2058

(1)Stockholder servicing fees only apply to Class D, Class S, Class T and Class Y shares. For purposes of NAV, the Company recognizes the stockholder servicing fee as a reduction of NAV on a monthly basis as such fee is incurred. Under GAAP, the Company accrues the full cost of the stockholder servicing fee as an offering cost at the time the Company sells Class D, Class S, Class T and Class Y shares. The stockholder servicing fee on Class D shares was waived as of June 30, 2026, and the NAV attributable to current holders of Class D shares will not be included in the computation of stockholder servicing fees charged on Class D shares in perpetuity. The Company accrued stockholder servicing fees of $8.5 million and $6.3 million as of June 30, 2026 and December 31, 2025, respectively.

The Special Limited Partner holds a performance participation interest in the Operating Partnership that entitles it to receive an allocation from the Operating Partnership in Class E units. See Note 9 for further details of the Special Limited Partner’s performance participation interest. Because the Special Limited Partner has the ability to redeem its Class E units for cash, at its election, the Company has classified these Class E units as redeemable non-controlling interest in mezzanine equity on the Company’s Condensed Consolidated Balance Sheets. The redeemable non-controlling interest is recorded at the greater of the carrying amount, adjusted for its share of the allocation of income or loss and distributions, or the redemption value, which is equivalent to fair value, of such units at the end of each measurement period which was $1.0 million and $0.9 million as of June 30, 2026 and December 31, 2025, respectively.