Capitalization |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Equity [Abstract] | |
| Capitalization | Capitalization The Company is authorized to issue an unlimited number of shares classified as common shares of beneficial interest, par value $0.01 per share (“Common Shares”), an unlimited number of which are designated as Type A-I common shares (“Type A-I Shares”), Type A-II common shares (“Type A-II Shares”), Type I common shares (“Type I Shares”), Type S common shares (“Type S Shares”), Type S-I common shares (“Type S-I Shares”), Type S-II common shares (“Type S-II Shares”), Type D common shares (“Type D Shares”), Type E common shares (“Type E Shares”) and preferred shares, respectively. The Company is conducting a continuous private offering (the “Offering”), pursuant to which it is offering to sell investors any combination of eight types of Common Shares designated as Type A-I Shares, Type A-II Shares, Type I Shares, Type S Shares, Type S-I Shares, Type S-II Shares, Type D Shares, and Type E Shares, with a dollar value up to $3.0 billion. The share types have different upfront selling commissions (“Upfront Sales Load”), management fees and ongoing annual shareholder servicing fees. The purchase price per share for each type of Common Shares in the Offering varies and will generally equal the Company’s prior month’s net asset value (“NAV”) per share, as calculated monthly, plus applicable Upfront Sales Load and Intermediary Manager (as defined below) fees, if any. NAV for each type of share will be determined by the Advisor pursuant to the valuation guidelines adopted by the Company's board of trustees and may differ from equity reflected in our consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).
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