Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2026

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, 2026			December 31, 2025
	Shares Authorized	Shares Issued and Outstanding		Shares Authorized	Shares Issued and Outstanding
Class AX common stock, $0.001 par value per share	40,000	29,409		40,000	30,486
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	10,000	83		10,000	82
Class T common stock, $0.001 par value per share	350,000	24,466		350,000	30,124
Class S common stock, $0.001 par value per share	350,000	40,431		350,000	37,501
Class D common stock, $0.001 par value per share	350,000	39,601		350,000	38,994
Class I common stock, $0.001 par value per share	350,000	181,366		350,000	160,838

(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.

Schedule of Common Stock Outstanding Roll Forward

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 AX			Class JX	Class T			Class S			Class D			Class I			Total
	Shares	Amount			Shares	Amount		Shares	Amount		Shares	Amount		Shares	Amount		Shares	Amount		Shares	Amount
Balance as of January 1, 2026	30,486	$	30		82	$	—	30,124	$	31	37,501	$	39	38,994	$	37	160,838	$	159	298,025	$	296
Issuance of common shares	111	—			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 shares	117	—			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 AX			Class JX			Class T			Class S			Class D			Class I			Total
	Shares	Amount		Shares	Amount		Shares	Amount		Shares	Amount		Shares	Amount		Shares	Amount		Shares	Amount
Balance as of January 1, 2025	32,341	$	32	79	$	—	40,550	$	41	31,676	$	33	36,249	$	34	127,874	$	126	268,769	$	266
Issuance of common shares	140	—		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 shares	233	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.

Schedule of Distributions

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).


	Stockholders						Noncontrolling Interests		Total Distributions Declared to Stockholders and Noncontrolling Interests
Distributions for the Six Months Ended	Cash Distributions		Distributions Reinvested		Total Declared		Cash Distributions
2026


June 30, 2026	$	21,377	$	25,855	$	47,232	$	2,929	$	50,161
March 31, 2026	20,965		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, 2025	19,986		23,084		43,070		259		43,329
June 30, 2025	19,354		22,480		41,834		26		41,860
March 31, 2025	18,874		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,
	2026		2025		2026		2025
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

Schedule of Computation of our Basic and Diluted Net Income (Loss) Per Share

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,
	2026		2025		2026		2025
Net income (loss) attributable to common stockholders — basic	$	(8,889)	$	(26,284)	$	30,886	$	88,972
Net income (loss) attributable to noncontrolling interests	618		(26)		615		(29)
Net income (loss) attributable to common stockholders — diluted	$	(9,507)	$	(26,258)	$	30,271	$	89,001
Weighted-average shares outstanding — basic	313,138		280,481		309,186		275,851
Incremental weighted average shares effect of conversion of noncontrolling interests	21,112		—		10,625		—
Weighted-average shares outstanding — diluted	334,250		280,481		319,811		275,851
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

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480070/505-10-S50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-11

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-5

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-3

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-2

Reference 9: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-10

Reference 10: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

Reference 11: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

Reference 12: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-5

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 15: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 16: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-11

+ Details