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Share Transactions
 9 Months Ended
Sep. 30, 2026
Equity [Abstract]  
Share Transactions Share Transactions
The following table summarizes transactions with respect to shares of the Company’s outstanding common stock during the nine months ended September 30, 2026 and 2025:
Nine Months Ended
September 30,
20262025
SharesAmountSharesAmount
Gross shares/proceeds from offerings— $— — $— 
Reinvestment of distributions— — — — 
Total gross shares/proceeds— — — — 
Share repurchase program(2,215,162)(17,721)(1,215,751)(11,984)
    Net shares/amounts for share transactions(2,215,162)$(17,721)(1,215,751)$(11,984)
Since commencing its initial continuous public offering on July 2, 2012 and through September 30, 2026, the Company sold 49,202,704 shares of common stock for net proceeds of $1,087,087. The net proceeds include gross proceeds received from reinvested shareholder distributions of $237,451, for which the Company issued 13,523,489 shares of common stock, and gross proceeds paid for shares of common stock repurchased of $305,650, for which the Company repurchased 21,066,663 shares of common stock. As of September 30, 2026, 21,066,663 shares of common stock repurchased had been retired.
Distribution Reinvestment Plan
On September 15, 2021, the Company adopted a distribution reinvestment plan, or the DRP, which became effective as of the Listing. For additional information regarding the terms of the DRP, see Note 5.
Share Repurchase Policy

On September 15, 2021, the Company’s board of directors, including the independent directors, approved a share repurchase policy authorizing the Company to repurchase up to $50,000 of its outstanding common stock after the Listing. On June 24, 2022 and August 5, 2025, the Company’s board of directors, including the independent directors, increased the amount of shares of the Company’s common stock that may be repurchased under the share repurchase policy by $10,000 and by $20,000, respectively, to up to an aggregate of $60,000 and $80,000, respectively. On July 30, 2026, the Company’s board of directors, including the independent directors, further increased the amount of shares of the Company’s common stock that may be repurchased under the share repurchase policy by $50,000 to up to an aggregate of $130,000. Under the share repurchase policy, the Company may purchase shares of its common stock through various means such as open market transactions, including block purchases, and privately negotiated transactions. The number of shares repurchased and the timing, manner, price and amount of any repurchases will be determined at the Company's discretion. Factors include, but are not limited to, share price, trading volume and general market conditions, along with the Company’s general business conditions. The policy may be suspended or discontinued at any time and does not obligate the Company to acquire any specific number of shares of its common stock.

The following table summarizes the share repurchases completed during the year ended December 31, 2025 and the nine months ended September 30, 2026:
PeriodTotal Number of Shares RepurchasedAverage Price Paid per ShareTotal Number of Shares Repurchased as Part of Publicly Announced Plans or ProgramsApproximate Dollar Value of Shares That May Yet Be Repurchased Under Publicly Announced Plans or Programs(1)
2025
January 1 to January 31, 202589,466$11.2989,466$20,758 
February 1 to February 28, 202563,38312.0163,38319,998 
March 1 to March 31, 202533,01312.1333,01319,598 
April 1 to April 30, 2025315,9439.36315,94316,648 
May 1 to May 31, 202595,7829.7695,78215,714 
June 1 to June 30, 2025287,8409.26287,84013,056 
July 1 to July 31, 2025230,7389.86230,73810,786 
August 1 to August 31, 2025(2)57,3319.7857,33130,226 
September 1 to September 30, 202542,2559.9642,25529,806 
October 1 to October 31, 2025348,3369.33348,33626,565 
November 1 to November 30, 202590,9649.2590,96425,725 
December 1 to December 31, 2025116,3529.59116,35224,611 
Total for the year ended December 31, 20251,771,4031,771,403
2026
January 1 to January 31, 2026382,472$9.45382,472$21,005 
February 1 to February 28, 2026460,7258.68460,72517,015 
March 1 to March 31, 2026272,8567.72272,85614,915 
April 1 to April 30, 2026539,8367.41539,83610,925 
May 1 to May 31, 2026164,8697.66164,8699,665 
June 1 to June 30, 2026394,4046.94394,4046,935 
July 1 to July 31, 2026(3)———56,935 
August 1 to August 31, 2026———56,935 
September 1 to September 30, 2026———56,935 
Total for the nine months ended September 30, 20262,215,1622,215,162
(1)Amounts do not include any commissions paid to Wells Fargo on shares repurchased.
(2)Includes an additional $20,000 of shares of the Company’s common stock that may be repurchased under the share repurchase policy approved by the board of directors on August 5, 2025.
(3)Includes an additional $50,000 of shares of the Company’s common stock that may be repurchased under the share repurchase policy approved by the board of directors on July 30, 2026.