v3.26.3
Condensed Consolidated Statement of Changes in Equity (unaudited) - USD ($)
$ in Thousands
Total
Par Value
Class A
Par Value
Class F
Par Value
Class I
Par Value
Class E
Additional paid in capital
Earnings less than distributions
Total shareholders' equity
Non-controlling Interests
Beginning balance at Dec. 31, 2024 $ 397,287 $ 8 $ 63   $ 202 $ 441,319 $ (104,860) $ 336,732 $ 60,555
Common shares issued 331,048 84 51 $ 30   329,448   329,613 1,435
Offering costs (5,046)         (5,046)   (5,046)  
Distribution reinvestment 549         549   549  
Common shares redeemed (270,848)       (135) (270,713)   (270,848)  
Net income 15,642           11,856 11,856 3,786
Distributions on common shares (33,931)           (33,931) (33,931)  
Distributions to non-controlling interests (6,597)               (6,597)
Ending balance at Sep. 30, 2025 428,104 92 114 30 67 495,557 (126,935) 368,925 59,179
Beginning balance at Jun. 30, 2025 400,927 92 113 13 67 460,446 (119,251) 341,480 59,447
Common shares issued 36,864   1 17   36,142   36,160 704
Offering costs (1,314)         (1,314)   (1,314)  
Distribution reinvestment 520         520   520  
Common shares redeemed (237)         (237)   (237)  
Net income 5,414           4,176 4,176 1,238
Distributions on common shares (11,860)           (11,860) (11,860)  
Distributions to non-controlling interests (2,210)               (2,210)
Ending balance at Sep. 30, 2025 428,104 92 114 30 67 495,557 (126,935) 368,925 59,179
Beginning balance at Dec. 31, 2025 453,655 92 115 47 67 531,747 (135,177) 396,891 56,764
Common shares issued 190,425   2 92 1 190,330   190,425  
Offering costs (1,703)         (1,703)   (1,703)  
Distribution reinvestment 5,031   1 2   5,028   5,031  
Common shares redeemed (3,323)     (1) (1) (3,321)   (3,323)  
Amortization of restricted share units 150         150   150  
Net income 14,903           10,871 10,871 4,032
Distributions on common shares (47,308)           (47,308) (47,308)  
Contributions from non-controlling interests 6,001               6,001
Distributions to non-controlling interests (6,636)               (6,636)
Reallocation non-controlling measurement adjustment (713)         (713)   (713)  
Ending balance at Sep. 30, 2026 610,482 92 118 140 67 721,518 (171,614) 550,321 60,161
Beginning balance at Jun. 30, 2026 559,553 92 117 108 67 656,020 (157,984) 498,420 61,133
Common shares issued 64,679   1 31   64,647   64,679  
Offering costs (679)         (679)   (679)  
Distribution reinvestment 2,035     1   2,034   2,035  
Common shares redeemed (236)         (236)   (236)  
Amortization of restricted share units 25         25   25  
Net income 4,635           3,310 3,310 1,325
Distributions on common shares (16,940)           (16,940) (16,940)  
Distributions to non-controlling interests (2,297)               (2,297)
Reallocation non-controlling measurement adjustment (293)         (293)   (293)  
Ending balance at Sep. 30, 2026 $ 610,482 $ 92 $ 118 $ 140 $ 67 $ 721,518 $ (171,614) $ 550,321 $ 60,161