Equity and Redeemable Non-Controlling Interest (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Number of Shares Authorized and Par Value

As of June 30, 2026, in accordance with the Charter, the Company had authority to issue 5.5 billion shares, consisting of the following (shares in thousands):


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

Schedule of Outstanding Shares of Common Stock

The following table details the movement in the Company’s outstanding shares of common stock (in thousands). There were no outstanding Class S or Class X shares as of June 30, 2026:


	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

The following table details the movement in the Company’s outstanding shares of common stock (in thousands). There were no outstanding Class S, Class T or Class X shares as of June 30, 2025:


	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

(1) Common stock issued includes conversions between share classes.

Schedule of Distributions Declared for Shares of Each Applicable Class of Common Stock

The following tables detail the distributions declared for shares of each applicable class of common stock:


	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.