STOCKHOLDERS' EQUITY (Tables)

12 Months Ended

Dec. 31, 2025

Summary of Shares of Each Class of Common Stock Authorized and Issued and Outstanding

The following table describes the number of shares of each class of our common stock, excluding Class B shares, authorized and issued and outstanding as of December 31, 2025 and 2024:


	December 31, 2025		December 31, 2024
(in thousands)	Shares Authorized	Shares Issued and Outstanding	Shares Authorized	Shares Issued and Outstanding
Class T-R, $0.01 par value per share	100,000	22,870	100,000	26,972
Class S-R, $0.01 par value per share	100,000	36,469	100,000	43,761
Class D-R, $0.01 par value per share	100,000	5,710	100,000	6,110
Class I-R, $0.01 par value per share	600,000	62,210	600,000	58,998
Class E, $0.01 par value per share	100,000	39,812	100,000	43,190
Class S-PR, $0.01 par value per share	400,000	5,758	400,000	660
Class D-PR, $0.01 par value per share	400,000	400	400,000	13
Class I-PR, $0.01 par value per share	700,000	8,662	700,000	607

Summary of Changes for Each Class of Common Stock

The following table describes the changes in each class of common shares, excluding Class B shares, during each of the years ended December 31, 2025, 2024 and 2023:


(in thousands)	Class T-R Shares	Class S-R Shares	Class D-R Shares	Class I-R Shares	Class E Shares	Class S-PR Shares	Class D-PR Shares	Class I-PR Shares	Total Shares
Balance as of December 31, 2022 (1)	26,884	49,237	7,871	69,142	52,974	—	—	—	206,108
Issuance of common stock:
Primary shares	3,103	2,672	192	4,098	—	—	—	—	10,065
Distribution reinvestment plan	579	974	156	1,398	728	—	—	—	3,835
Share-based compensation	—	—	—	35	—	—	—	—	35
Redemptions of common stock	(1,753)	(4,793)	(907)	(9,881)	(5,481)	—	—	—	(22,815)
Conversions	(381)	55	(382)	719	(11)	—	—	—	—
Balance as of December 31, 2023 (1)	28,432	48,145	6,930	65,511	48,210	—	—	—	197,228
Issuance of common stock:
Primary shares	610	578	70	1,277	—	657	13	606	3,811
Distribution reinvestment plan	661	1,107	160	1,508	731	3	—	1	4,171
Share-based compensation	—	—	—	38	—	—	—	—	38
Redemptions of common stock	(1,989)	(5,520)	(1,035)	(10,642)	(5,751)	—	—	—	(24,937)
Conversions	(742)	(549)	(15)	1,306	—	—	—	—	—
Balance as of December 31, 2024	26,972	43,761	6,110	58,998	43,190	660	13	607	180,311
Issuance of common stock:
Primary shares	—	—	—	—	—	5,011	400	7,942	13,353
Distribution reinvestment plan	592	974	140	1,516	669	87	—	118	4,096
Share-based compensation	—	—	—	42	—	—	—	—	42
Redemptions of common stock	(1,456)	(4,786)	(540)	(5,064)	(4,047)	—	(13)	(5)	(15,911)
Conversions	(3,238)	(3,480)	—	6,718	—	—	—	—	—
Balance as of December 31, 2025	22,870	36,469	5,710	62,210	39,812	5,758	400	8,662	181,891

____________________________________________________

(1)There is no data presented for Class S-PR shares, Class D-PR shares and Class I-PR shares as of this date because there were no shares of such share classes outstanding.

Summary of Distribution Activity

The following table summarizes our distribution activity (including distributions to noncontrolling interests and distributions reinvested in shares of our common stock) for the periods below:


	Amount
(in thousands, except per share data)	Declared per Common Share (1)		Common Stock Distributions Paid in Cash		Other Cash Distributions (2)		Reinvested in Shares		Distribution Fees (3)		Gross Distributions (4)
2025
March 31	$	0.10000	$	9,036	$	15,880	$	7,679	$	1,146	$	33,741
June 30	0.10000		8,939		15,707		7,758		1,143		33,547
September 30	0.10350		9,260		16,132		8,132		1,156		34,680
December 31	0.10350		11,110		16,926		8,211		1,149		37,396
Total	$	0.40700	$	38,345	$	64,645	$	31,780	$	4,594	$	139,364
2024
March 31	$	0.10000	$	10,013	$	8,577	$	8,238	$	1,317	$	28,145
June 30	0.10000		9,787		9,865		8,046		1,254		28,952
September 30	0.10000		9,449		13,214		7,888		1,204		31,755
December 31	0.10000		9,211		15,018		7,754		1,184		33,167
Total	$	0.40000	$	38,460	$	46,674	$	31,926	$	4,959	$	122,019
2023
March 31	$	0.09375	$	9,912	$	5,271	$	8,009	$	1,461	$	24,653
June 30	0.09375		9,896		5,510		7,974		1,463		24,843
September 30	0.10000		10,335		6,451		8,431		1,430		26,647
December 31	0.10000		10,127		7,739		8,317		1,387		27,570
Total	$	0.38750	$	40,270	$	24,971	$	32,731	$	5,741	$	103,713

____________________________________________________

(1)Amount reflects the total gross quarterly distribution rate authorized by our board of directors per Class T-R share, per Class S-R share, per Class D-R share, per Class I-R share, per Class E share, per Class S-PR share, per Class D-PR share, per Class I-PR share and per Class B share of common stock. Distributions were declared and paid as of monthly record dates. These monthly distributions have been aggregated and presented on a quarterly basis. The distributions on Class T-R shares, Class S-R shares, Class D-R shares, Class S-PR shares and Class D-PR shares of common stock are reduced by the respective distribution fees that are payable with respect to Class T-R shares, Class S-R shares, Class D-R shares, Class S-PR shares and Class D-PR shares.

(2)Consists of distribution fees paid to the Dealer Manager with respect to OP Units and distributions paid to holders of OP Units and other noncontrolling interest holders.

(3)Distribution fees are paid monthly to the Dealer Manager, with respect to Class T-R shares, Class S-R shares and Class D-R shares, Class S-PR shares and Class D-PR shares. All or a portion of these amounts will be retained by, or reallowed (paid) to, participating broker-dealers and servicing broker-dealers.

(4)Gross distributions are total distributions before the deduction of any distribution fees relating to Class T-R shares, Class S-R shares, Class D-R shares, Class S-PR shares and Class D-PR shares.

Summary of Redemptions and Repurchases Activity

Below is a summary of redemptions and repurchases pursuant to our share redemption program for the years ended December 31, 2025, 2024 and 2023. All eligible redemption requests were fulfilled for the periods presented. Eligible redemption requests are requests submitted in good order by the request submission deadline set forth in the share redemption program. Our board of directors may make exceptions to, modify or suspend our current share redemption programs if it deems such action to be in the best interest of our stockholders.


	For the Year Ended December 31,
(in thousands, except for per share data)	2025		2024		2023
Number of shares redeemed or repurchased	15,911		24,937		22,815
Aggregate dollar amount of shares redeemed or repurchased	$	122,486	$	191,630	$	193,859
Average redemption or repurchase price per share	$	7.70	$	7.69	$	8.50

- 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.

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