v3.26.1
Stockholders' Equity
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
STOCKHOLDERS' EQUITY STOCKHOLDERS’ EQUITY
Public Offering

The Company raises capital for its investments primarily through its continuous Public Offerings. In connection with the launch of the Company’s second public offering, on November 30, 2017, the Company (i) redesignated its issued and outstanding Class A shares of common stock, Class T shares of common stock, Class I shares of common stock and Class J shares of common stock as “Class AX shares,” “Class TX shares,” “Class IX shares” and “Class JX shares,” (collectively, the “IPO Shares”) respectively, and (ii) reclassified the authorized but unissued portion of its common stock into four additional classes of shares of common stock: “Class T shares,” “Class S shares,” “Class D shares,” and “Class I shares.” The Company began offering its shares of common stock in its continuous public offerings beginning in its third public offering in any combination of Class T shares, Class S shares, Class D shares and Class I shares. All shares of the Company’s common stock have the same voting rights and rights upon liquidation, although distributions received by the Company’s stockholders are expected to differ due to the distribution and stockholder servicing fees payable with respect to the applicable share classes, which reduce distributions.

The Company complies with FASB ASC 480 “Distinguishing Liabilities from Equity” which requires, among other things, that financial instruments that represent a mandatory obligation of the Company to repurchase shares be classified as liabilities and reported at settlement value.  When shares are tendered for redemption and approved by the board of directors, the Company will reclassify such obligations from equity to an accrued liability based upon their respective settlement values and redeem those shares in the subsequent month pursuant to the Company’s current share redemption program. The Company’s board of directors may amend or suspend the share redemption program at any time without stockholder approval. Additionally, the board of directors has complete discretion to determine whether the Company has sufficient funds to satisfy redemption requests.
Common Stock

As of June 30, 2026 and December 31, 2025, the Company had the following classes of shares of common stock authorized, issued and outstanding (in thousands):
June 30, 2026December 31, 2025
Shares AuthorizedShares Issued and OutstandingShares AuthorizedShares Issued and Outstanding
Class AX common stock, $0.001 par value per share
40,00029,40940,00030,486
Class TX common stock, $0.001 par value per share
40,000—(1)40,000—
Class IX common stock, $0.001 par value per share
10,000—(1)10,000—
Class JX common stock, $0.001 par value per share
10,0008310,00082
Class T common stock, $0.001 par value per share
350,00024,466350,00030,124
Class S common stock, $0.001 par value per share
350,00040,431350,00037,501
Class D common stock, $0.001 par value per share
350,00039,601350,00038,994
Class I common stock, $0.001 par value per share
350,000181,366350,000160,838
(1)All remaining Class TX and IX shares previously issued and outstanding have been converted to Class AX and JX shares, respectively, in accordance with the Company’s charter.

The tables below provide information regarding the issuances and redemptions of each class of the Company’s common stock during the six months ended June 30, 2026 and 2025 (in thousands).
Class AXClass JXClass TClass SClass DClass ITotal
SharesAmountSharesAmountSharesAmountSharesAmountSharesAmountSharesAmountSharesAmount
Balance as of January 1, 202630,486 $30 82 $— 30,124 $31 37,501 $39 38,994 $37 160,838 $159 298,025 $296 
Issuance of common shares111 — 1 — 92 — 2,301 2 1,400 1 12,651 13 16,556 16 
Conversion of common shares (1)
— — — — (1,822)(2)— — — — 1,822 2 — — 
Redemption of common shares(622)(1)(1)— (913)(1)(571)(1)(531)(1)(3,546)(4)(6,184)(8)
Balance as of March 31, 2026
29,975 $29 82 $— 27,481 $28 39,231 $40 39,863 $37 171,765 $170 308,397 $304 
Issuance of common shares117 — 1 — 367 — 2,298 3 158 1 11,119 11 14,060 15 
Conversion of common shares (1)
— — — — (2,499)(2)— — — — 2,499 2 — — 
Redemption of common shares(683)— — — (883)(1)(1,098)(1)(420)— (4,017)(4)(7,101)(6)
Balance as of June 30, 2026
29,409 $29 83 $— 24,466 $25 40,431 $42 39,601 $38 181,366 $179 315,356 $313 
Class AXClass JXClass TClass SClass DClass ITotal
SharesAmountSharesAmountSharesAmountSharesAmountSharesAmountSharesAmountSharesAmount
Balance as of January 1, 202532,341$32 79$— 40,550$41 31,676 $33 36,249 $34 127,874 $126 268,769 $266 
Issuance of common shares140 — 1 — 896 1 753 1 1,141 1 7,598 8 10,529 11 
Conversion of common shares (1)
— — — — (2,939)(3)— — — — 2,939 3 — — 
Redemption of common shares(599)(1)— — (1,123)(1)— — (779)(1)(2,566)(3)(5,067)(6)
Balance as of March 31, 2025
31,882$31 80 $— 37,384$38 32,429 $34 36,611 $34 135,845 $134 274,231 $271 
Issuance of common shares233 1 — — 664 1 2,262 2 1,250 1 9,427 9 13,836 14 
Conversion of common shares (1)
— — — — (2,697)(3)— — — — 2,697 3 — — 
Redemption of common shares(621)— — — (808)(1)(744)(1)(578)— (3,823)(3)(6,574)(5)
Balance as of June 30, 2025
31,494$32 80 $— 34,543$35 33,947 $35 37,283 $35 144,146 $143 281,493 $280 
(1)The Company will cease paying distribution and stockholder servicing fees with respect to certain share classes when the total of such fees reach certain thresholds. Once these respective thresholds are reached, Class T, S and D shares are converted into Class I shares.
Distributions

With the authorization of the Company’s board of directors, the Company declared distributions monthly from January 2025 through July 2026 at a gross distribution rate of $0.05208 per month for each share class (represents an annualized rate of $0.625 per share per year if this rate is declared for an entire year), less any applicable distribution and stockholder servicing fees.

Distributions will be made on all classes of the Company’s common stock at the same time. All distributions were paid in cash or reinvested in shares of the Company’s common stock for those participating in the Company’s distribution reinvestment plan and have been paid or issued, respectively, on the first business day following the completion of the month to which they relate. Distributions reinvested pursuant to the Company’s distribution reinvestment plan were reinvested in shares of the same class as the shares on which the distributions were made. Some or all of the cash distributions may be paid from sources other than cash flows from operations.
The following table outlines the Company’s total distributions declared to stockholders and OP Unitholders for each of the quarters ended during 2026 and 2025, including the breakout between the distributions declared in cash and those reinvested pursuant to the Company’s distribution reinvestment plan (in thousands).
StockholdersNoncontrolling InterestsTotal Distributions Declared to Stockholders and Noncontrolling Interests
Distributions for the Six Months EndedCash DistributionsDistributions ReinvestedTotal DeclaredCash Distributions
2026
June 30, 2026$21,377 $25,855 $47,232 $2,929 $50,161 
March 31, 202620,965 24,995 45,960 3 45,963 
Total$42,342 $50,850 $93,192 $2,932 $96,124 
2025
December 31, 2025$20,575 $23,774 $44,349 $10 $44,359 
September 30, 202519,986 23,084 43,070 259 43,329 
June 30, 202519,354 22,480 41,834 26 41,860 
March 31, 202518,874 21,864 40,738 3 40,741 
Total$78,789 $91,202 $169,991 $298 $170,289 
The table below outlines the net distributions declared for each class of shares of the Company’s common stock and OP Units for the three and six months ended June 30, 2026 and 2025, respectively. The net distributions presented below are representative of the gross distribution rate declared by the Company’s board of directors, less any applicable ongoing distribution and stockholder servicing fees, which is more fully described in Note 9 — Related Party Transactions.
Three months ended June 30,Six months ended June 30,
2026202520262025
Distributions declared per Class AX share / OP Units, net$0.16 $0.16 $0.31 $0.31 
Distributions declared per Class JX share / OP Units, net$0.16 $0.16 $0.31 $0.31 
Distributions declared per Class T share / OP Units, net$0.13 $0.13 $0.26 $0.26 
Distributions declared per Class S share / OP Units, net$0.13 $0.13 $0.27 $0.27 
Distributions declared per Class D share / OP Units, net$0.15 $0.15 $0.30 $0.30 
Distributions declared per Class I share / OP Units, net$0.16 $0.16 $0.31 $0.31 
The table below outlines the computation of our basic and diluted net income (loss) per share attributable to common stockholders for the three and six months ended June 30, 2026 and 2025, respectively (in thousands, except per share amounts).
Three months ended June 30,Six months ended June 30,
2026202520262025
Net income (loss) attributable to common stockholders — basic$(8,889)$(26,284)$30,886 $88,972 
Net income (loss) attributable to noncontrolling interests618 (26)615 (29)
Net income (loss) attributable to common stockholders — diluted$(9,507)$(26,258)$30,271 $89,001 
Weighted-average shares outstanding — basic313,138280,481309,186275,851
Incremental weighted average shares effect of conversion of noncontrolling interests21,112—10,625—
Weighted-average shares outstanding — diluted334,250280,481319,811275,851
Net loss per share attributable to common stockholders:
Basic$(0.03)$(0.09)$0.10 $0.32 
Diluted$(0.03)$(0.09)$0.09 $0.32