The following tables detail the movement in our outstanding shares of common stock for the nine months ended September 30, 2026 and 2025:


	Nine Months Ended September 30, 2026
	Class T Shares	Class S Shares	Class D Shares	Class I Shares	Class E Shares	Class N Shares	Class S-PR Shares	Class K-PR Shares	Total
Balance at December 31, 2025	271,887	480,891	513,924	4,029,060	1,293,308	15,222,610	906,613	465,084	23,183,377
Issuance of common stock	2,380	—	25,171	15,286	34,194	—	114,663	65,233	256,927
Exchange of common stock	—	12,153	—	(12,109)	—	—	—	—	44
Common stock repurchased	(2,544)	(24,352)	(22,320)	(223,672)	(17,336)	—	—	—	(290,224)
Distribution reinvestment	1,882	4,521	4,561	10,177	3,009	196,229	355	205	220,939
Balance at March 31, 2026	273,605	473,213	521,336	3,818,742	1,313,175	15,418,839	1,021,631	530,522	23,371,063
Issuance of common stock	4,403	10,029	8,245	69,486	38,130	—	89,065	200,660	420,018
Common stock repurchased	(12,964)	(4,917)	(23,660)	(262,110)	(129,721)	—	—	—	(433,372)

Distribution reinvestment	1,854	4,241	4,420	10,188	2,989	198,888	1,864	2,755	227,199
Balance at June 30, 2026	266,898	482,566	510,341	3,636,306	1,224,573	15,617,727	1,112,560	733,937	23,584,908
Issuance of common stock	10,129	5,231	7,766	331,781	42,480	—	129,974	34,376	561,737
Common stock repurchased	(27,588)	(42,402)	(33,469)	(89,482)	(308,131)	—	—	—	(501,072)


Distribution reinvestment	1,823	4,112	4,379	10,134	2,983	201,111	2,848	4,206	231,596
Balance at September 30, 2026	251,262	449,507	489,017	3,888,739	961,905	15,818,838	1,245,382	772,519	23,877,169


	Nine Months Ended September 30, 2025
	Class T Shares	Class S Shares	Class D Shares	Class I Shares	Class E Shares	Class N Shares	Class S-PR Shares	Class K-PR Shares	Total
Balance at December 31, 2024	630,722	726,730	877,190	4,675,460	1,228,798	14,466,761	—	—	22,605,661
Issuance of common stock	1,910	55,399	7,134	90,685	20,327	—	—	—	175,455
Exchange of common stock	—	—	(8,680)	8,636	—	—	—	—	(44)
Common stock repurchased	(2,607)	(3,599)	(3,778)	(326,951)	(18,180)	—	—	—	(355,115)
Distribution reinvestment	2,206	3,967	4,203	8,300	2,672	182,884	—	—	204,232
Balance at March 31, 2025	632,231	782,497	876,069	4,456,130	1,233,617	14,649,645	—	—	22,630,189
Issuance of common stock	5,061	36,937	3,586	149,612	30,011	—	—	—	225,207
Common stock repurchased	(340)	—	(14,501)	(223,330)	(13,853)	—	—	—	(252,024)
Exchange of common stock	(351,765)	(351,765)	(355,231)	(307,836)	—	—	878,895	439,448	(48,254)
Distribution reinvestment	2,266	4,695	4,253	9,065	2,760	187,401	—	—	210,440
Balance at June 30, 2025	287,453	472,364	514,176	4,083,641	1,252,535	14,837,046	878,895	439,448	22,765,558
Issuance of common stock	18,532	5,913	11,645	147,812	30,447	—	—	—	214,349
Common stock repurchased	(21,711)	—	(13,761)	(218,279)	(17,336)	—	—	—	(271,087)
Exchange of common stock	(1,852)	—	1,851	—	—	—	—	—	(1)
Cancellation of common stock	—	—	—	—	(770)	—	—	—	(770)
Distribution reinvestment	2,230	4,589	4,355	9,903	2,924	191,673	—	—	215,674
Balance at September 30, 2025	284,652	482,866	518,266	4,023,077	1,267,800	15,028,719	878,895	439,448	22,923,723

The following tables detail the aggregate distributions declared per share for each applicable class of stock for the three and nine months ended September 30, 2026 and 2025:


	Three Months Ended September 30, 2026
	Class T Common Stock		Class S Common Stock		Class D Common Stock		Class I Common Stock		Class E Common Stock		Class N Common Stock		Class S-PR Common Stock		Class K-PR Common Stock
Aggregate distributions declared per share	$	0.4170	$	0.4170	$	0.4170	$	0.4170	$	0.4170	$	0.4170	$	0.4170	$	0.4170
Stockholder servicing fee per share(1)	(0.0560)		(0.0559)		(0.0165)		—		—		—		(0.0154)		—
Net distributions declared per share	$	0.3610	$	0.3611	$	0.4005	$	0.4170	$	0.4170	$	0.4170	$	0.4016	$	0.4170


	Three Months Ended September 30, 2025
	Class T Common Stock		Class S Common Stock		Class D Common Stock		Class I Common Stock		Class E Common Stock		Class N Common Stock		Class S-PR Common Stock		Class K-PR Common Stock
Aggregate distributions declared per share	$	0.4170	$	0.4170	$	0.4170	$	0.4170	$	0.4170	$	0.4170	$	0.4170	$	0.4170
Stockholder servicing fee per share(1)	(0.0558)		(0.0559)		(0.0164)		—		—		—		—		—
Net distributions declared per share	$	0.3612	$	0.3611	$	0.4006	$	0.4170	$	0.4170	$	0.4170	$	0.4170	$	0.4170


	Nine Months Ended September 30, 2026
	Class T Common Stock		Class S Common Stock		Class D Common Stock		Class I Common Stock		Class E Common Stock		Class N Common Stock		Class S-PR Common Stock		Class K-PR Common Stock
Aggregate distributions declared per share	$	1.2487	$	1.2487	$	1.2487	$	1.2487	$	1.2487	$	1.2487	$	1.2487	$	1.2487
Stockholder servicing fee per share(1)	(0.1658)		(0.1659)		(0.0488)		—		—		—		(0.0316)		—
Net distributions declared per share	$	1.0829	$	1.0828	$	1.1999	$	1.2487	$	1.2487	$	1.2487	$	1.2171	$	1.2487


	Nine Months Ended September 30, 2025
	Class T Common Stock		Class S Common Stock		Class D Common Stock		Class I Common Stock		Class E Common Stock		Class N Common Stock		Class S-PR Common Stock		Class K-PR Common Stock
Aggregate distributions declared per share	$	1.2487	$	1.2487	$	1.2487	$	1.2487	$	1.2487	$	1.2487	$	0.5550	$	0.5550
Stockholder servicing fee per share(1)	(0.1153)		(0.1246)		(0.0383)		—		—		—		—		—
Net distributions declared per share	$	1.1334	$	1.1241	$	1.2104	$	1.2487	$	1.2487	$	1.2487	$	0.5550	$	0.5550

(1)See Note 18 — “Related Party Transactions” for a discussion of the stockholder servicing fees.


						Nine Months Ended September 30, 2026
						Class I OP Units
Balance at December 31, 2025						—
Issuance of OP Units						506,837
Balance at September 30, 2026						506,837