v3.26.1
CAPITALIZATION (Tables)
 6 Months Ended
Jun. 30, 2026
Capitalization [Abstract]  
Schedule of Authorized Common Shares The Company's authorized shares of common stock are allocated between classes as follows:
Common StockNo. of Authorized Shares
Class A Shares45,000,000 
Class D Shares45,000,000 
Class I Shares200,000,000 
Class M-I Shares200,000,000 
Class N Shares150,000,000 
Class S Shares200,000,000 
Class T Shares5,000,000 
Class T2 Shares150,000,000 
Class Z Shares5,000,000 
1,000,000,000 
Schedule of Stock by Class
During six months ended June 30, 2026 and 2025, the Company issued common stock, excluding shares issued in the distribution reinvestment plan, as follows:

Six Months Ended June 30, 2026Six Months Ended June 30, 2025
No. of shares
Amount
No. of shares
Amount
Class A Shares740 $10 — $— 
Class D Shares— — 370,645 5,000 
Class I Shares52,407 690 190,723 2,565 
Class M-I Shares— — — — 
Class N Shares converted from Class T Shares, net230 — 112 — 
Class T Shares— — — — 
Class T2 Shares— — 32,035 440 
Class Z Shares1,140,685 15,000 — — 
Total
1,194,062 $15,700 593,515 $8,005 
Schedule of Repurchase Agreements Including Shares Authorized
During the three and six months ended June 30, 2026 and 2025, redemptions were as shown below. The Company funded these redemptions with cash flow from operations, asset sales, proceeds from its Offerings or borrowings. The weighted average redemption prices are shown before allowing for any applicable 2% short-term trading discounts.

Three Months Ended June 30, 2026Shares Weighted Average Share PriceAmount
Class A154,166 $13.10 $2,020 
Class I378,935 13.19 4,999 
Class T— — — 
Class D50,835 13.21 672 
Class N23,678 13.10 310 
Class M-I115,798 13.09 1,515 
Class T282,125 13.02 1,069 
Six Months Ended June 30, 2026SharesWeighted Average Share PriceAmount
Class A302,828 $13.07 $3,959 
Class I834,993 13.15 10,978 
Class T4,652 13.15 61 
Class D150,228 13.15 1,976 
Class N45,311 13.05 591 
Class M-I131,360 13.07 1,717 
Class T2111,059 13.01 1,445 

Three Months Ended June 30, 2025Shares Weighted Average Share PriceAmount
Class A316,912 $13.30 $4,215 
Class I281,441 13.39 3,770 
Class T— — — 
Class D259,283 13.42 3,480 
Class N20,602 13.17 271 
Class M-I1,231 13.28 16 
Class T22,090 13.25 28 

Six Months Ended June 30, 2025Shares Weighted Average Share PriceAmount
Class A517,839 $13.34 $6,908 
Class I726,174 13.46 9,771 
Class T535 13.50 7 
Class D489,239 13.46 6,587 
Class N23,446 13.20 309 
Class M-I6,216 13.34 83 
Class T23,742 13.28 50 
Schedule of Stock Awards
Below is a summary of the activity, per share value and recognized expense for the stock awards.

Three Months Ended June 30, 2026Six Months Ended June 30, 2026
Stock AwardsClass D SharesWeighted Average Grant Date Fair ValueClass D SharesWeighted Average Grant Date Fair Value
Outstanding, beginning of period5,613 $13.36 5,613 $13.36 
Changes during the period:
Granted5,673 13.22 5,673 13.22 
Vested(5,613)13.36 (5,613)13.36 
Forfeited— — — — 
Outstanding, end of period5,673 13.22 5,673 13.22 
Amount included in general and administrative expenses$18 $36 

Three Months Ended June 30, 2025Six Months Ended June 30, 2025
Stock AwardsClass D SharesWeighted Average Grant Date Fair ValueClass D SharesWeighted Average Grant Date Fair Value
Outstanding, beginning of period5,442 $13.78 5,442 $13.78 
Changes during the period:
Granted5,613 13.36 5,613 13.36 
Vested(5,442)13.78 (5,442)13.78 
Forfeited— — — — 
Outstanding, end of period5,613 13.36 5,613 13.36 
Amount included in general and administrative expenses$18 $37