v3.26.3
Equity and Redeemable Non-controlling Interests (Tables)
 9 Months Ended
Sep. 30, 2026
Equity [Abstract]  
Schedule of Company's Authorized Capital
The Company had the authority to issue the following shares of common and preferred stock, $0.01 par value per share (in thousands):
September 30, 2026December 31, 2025
Number of Shares Authorized
Number of Shares Authorized
Class I Shares
6,000,000 6,000,000 
Class S Shares
3,000,000 3,000,000 
Class S-2 Shares2,500,000 2,500,000 
Class D Shares
1,500,000 1,500,000 
Class D-2 Shares1,400,000 1,400,000 
Class T Shares
500,000 500,000 
Class T-2 Shares400,000 400,000 
Class C Shares
500,000 500,000 
Class L Shares500,000 500,000 
Class L-2 Shares500,000 500,000 
Class F Shares
500,000 500,000 
Preferred Stock
100,000 100,000 
Total17,400,000 17,400,000 
Schedule of Company's Outstanding Shares of Common Stock
The following table details the movement in the Company’s outstanding shares of common stock(1) (in thousands):
Three Months Ended September 30, 2026(1)
Class I
Class S
Class S-2
Class DClass D-2
Class T
Class T-2Class CClass LTotal
June 30, 20262,170,024 1,133,691 53,677 92,800 7,547 28,300 488 38,788 8,107 3,533,422 
Common stock issued (converted)(2)
57,016 (21,679)13,800 (382)761 (1,510)221 952 6,167 55,346 
Distribution reinvestment10,655 5,959 297 491 41 178 3 — 76 17,700 
Common stock repurchased(34,845)(16,578)(57)(3,237)— (560)— (778)— (56,055)
Restricted stock grants and related tax withholding, net(3)
(226)— — — — — — — — (226)
September 30, 20262,202,624 1,101,393 67,717 89,672 8,349 26,408 712 38,962 14,350 3,550,187 
Total par value as of September 30, 2026
$22,025 $11,013 $676 $896 $82 $264 $7 $390 $144 $35,497 
Nine Months Ended September 30, 2026(1)
Class IClass SClass S-2Class DClass D-2Class TClass T-2Class C
Class L
Total
December 31, 20252,128,811 1,206,629 14,679 99,092 1,360 33,589 105 36,769 — 3,521,034 
Common stock issued (converted)(2)
162,672 (56,938)52,561 (3,121)6,910 (5,312)600 3,148 14,191 174,711 
Distribution reinvestment32,064 18,554 601 1,557 90 592 7 — 159 53,624 
Common stock repurchased
(125,869)(66,852)(124)(7,856)(11)(2,461)— (955)— (204,128)
Restricted stock grants and related tax withholding, net(3)
4,946 — — — — — — — — 4,946 
September 30, 20262,202,624 1,101,393 67,717 89,672 8,349 26,408 712 38,962 14,350 3,550,187 
Total par value as of September 30, 2026
$22,025 $11,013 $676 $896 $82 $264 $7 $390 $144 $35,497 
(1)As of September 30, 2026, no Class L-2 or Class F shares were issued and outstanding.
(2)Includes conversions of shares from Class S, Class D and Class T to Class I during the three and nine months ended September 30, 2026. Additionally, includes conversions of shares from Class I to Class L during the nine months ended September 30, 2026.
(3)Includes restricted stock grants made to certain directors and employees, net of shares used to satisfy tax withholding obligations and forfeitures of previously granted restricted stock awards. The cost of each grant is amortized over the applicable service period ranging from one to four years. The independent directors' restricted stock for the three and nine months ended September 30, 2026 represents $0.2 million of the annual compensation paid to each of the independent directors.
Schedule of EPS Calculations During the Periods
The following table details the EPS calculations during the periods set forth below ($ and shares in thousands, except per share data):
Three Months Ended September 30, 2026Nine Months Ended September 30, 2026
Class I, Class S, Class S-2, Class D, Class D-2, Class T, Class T-2, and
Class C
Class L
Class I, Class S, Class S-2, Class D, Class D-2, Class T, Class T-2, and
Class C
Class L
Net loss allocable to share class
$(160,617)$(273)$(918,219)$(1,551)
Weighted average number of common shares outstanding 3,531,030 13,861 3,522,391 8,791 
Basic and diluted net loss per share
$(0.05)$(0.02)$(0.26)$(0.18)
Three Months Ended September 30, 2025(1)
Nine Months Ended September 30, 2025(1)
Class I, Class S, Class S-2, Class D, Class D-2, Class T, Class T-2, and
Class C
Class L
Class I, Class S, Class S-2, Class D, Class D-2, Class T, Class T-2, and
Class C
Class L
Net loss allocable to share class
$(638,682)$— $(2,823,797)$— 
Weighted average number of common shares outstanding
3,525,061 — 3,574,110 — 
Basic and diluted net loss per share
$(0.18)$— $(0.79)$— 
(1) For the three and nine months ended September 30, 2025, no Class L shares were issued and outstanding.
Schedule of Aggregate Distributions Declared for Applicable Class of Common Stock
The following tables detail the aggregate distributions declared for each applicable class of common stock:
Three Months Ended September 30, 2026
Class I
Class SClass S-2Class DClass D-2Class TClass T-2
Class L
Aggregate gross distributions declared per share of common stock$0.1668 $0.1668 $0.1668 $0.1668 $0.1668 $0.1668 $0.1668 $0.1668 
Stockholder servicing fee per share of common stock— (0.0315)(0.0315)(0.0090)(0.0090)(0.0310)(0.0310)— 
Net distributions declared per share of common stock$0.1668 $0.1353 $0.1353 $0.1578 $0.1578 $0.1358 $0.1358 $0.1668 
Nine Months Ended September 30, 2026
Class IClass SClass S-2Class D
Class D-2
Class TClass T-2Class L
Aggregate gross distributions declared per share of common stock$0.4979 $0.4979 $0.4979 $0.4979 $0.4979 $0.4979 $0.4979 $0.4979 
Stockholder servicing fee per share of common stock— (0.0920)(0.0919)(0.0265)(0.0264)(0.0904)(0.0904)— 
Net distributions declared per share of common stock$0.4979 $0.4059 $0.4060 $0.4714 $0.4715 $0.4075 $0.4075 $0.4979