STOCKHOLDERS’ EQUITY (Tables)

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Summary of Common Stock Authorized, Issued and Outstanding

The following table describes the number of shares of each class of our common stock authorized and issued and outstanding as of March 31, 2026 and December 31, 2025:

	As of
	March 31, 2026		December 31, 2025
(in thousands)	Shares Authorized	Shares Issued and Outstanding	Shares Authorized	Shares Issued and Outstanding
Class T-R, $0.01 par value per share	200,000	71,276	200,000	73,828
Class D-R, $0.01 par value per share	75,000	17,717	75,000	17,892
Class I-R, $0.01 par value per share	200,000	162,124	200,000	161,217
Class S-PR, $0.01 par value per share	425,000	16,019	425,000	14,133
Class D-PR, $0.01 par value per share	175,000	103	175,000	83
Class I-PR, $0.01 par value per share	425,000	12,282	425,000	10,017

Summary of Changes in Shares Outstanding for Each Class of Common Stock

The following table summarizes the changes in the shares outstanding for each class of common stock for the periods presented below:

(in thousands)	Class T-R Shares	Class D-R Shares	Class I-R Shares	Class S-PR Shares	Class D-PR Shares	Class I-PR Shares	Total Shares
FOR THE THREE MONTHS ENDED MARCH 31, 2025
Balance as of December 31, 2024 (1)	92,626	18,850	154,731	3,451	—	1,316	270,974
Issuance of common stock:
Primary shares	—	—	—	2,780	23	1,611	4,414
DRIP	533	117	1,006	18	—	11	1,685
Stock grants, net of cancellations	—	—	144	—	—	—	144
Redemptions	(2,465)	(359)	(2,977)	(14)	—	—	(5,815)
Conversions	(4,674)	(5)	4,679	(91)	(4)	95	—
Forfeitures	—	—	(3)	—	—	—	(3)
Balance as of March 31, 2025	86,020	18,603	157,580	6,144	19	3,033	271,399
FOR THE THREE MONTHS ENDED MARCH 31, 2026
Balance as of December 31, 2025	73,828	17,892	161,217	14,133	83	10,017	277,170
Issuance of common stock:
Primary shares	—	—	—	1,811	20	2,251	4,082
DRIP	438	114	1,051	95	1	76	1,775
Stock grants, net of cancellations	—	—	163	—	—	—	163
Redemptions	(1,035)	(243)	(2,308)	(20)	(1)	(62)	(3,669)
Conversions	(1,955)	(46)	2,001	—	—	—	—
Balance as of March 31, 2026	71,276	17,717	162,124	16,019	103	12,282	279,521

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(1)There is no data presented for Class D-PR shares as of this date because there were no Class D-PR shares 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 each of the quarters ended 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)
2026
March 31	$	0.15750	$	18,134	$	16,486	$	23,362	$	2,377	$	60,359
Total	$	0.15750	$	18,134	$	16,486	$	23,362	$	2,377	$	60,359
2025
December 31	$	0.15750	$	17,955	$	14,528	$	23,148	$	2,426	$	58,057
September 30	0.15750		17,870		13,558		22,862		2,443		56,733
June 30	0.15000		17,018		13,064		21,474		2,463		54,019
March 31	0.15000		16,726		10,466		21,449		2,475		51,116
Total	$	0.61500	$	69,569	$	51,616	$	88,933	$	9,807	$	219,925

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(1)Amounts reflect the quarterly distribution rate authorized by our board of directors per Class T-R share, per Class D-R share, per Class I-R share, per Class S-PR share, per Class D-PR share and per Class I-PR 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 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 such Class T-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 D-R shares, Class S-PR shares and Class D-PR shares issued in our securities offerings. All or a portion of these amounts will be retained by, or reallowed (paid) to, participating broker-dealers and servicing broker-dealers. Refer to “Note 11” for further detail regarding distribution fees.

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

Summary of Share Redemption Activity

Below is a summary of redemptions pursuant to our share redemption program for the three months ended March 31, 2026 and 2025. 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 Three Months Ended March 31,
(in thousands, except per share data)	2026		2025
Number of shares redeemed	3,669		5,815
Aggregate dollar amount of shares redeemed	$	48,179	$	74,041
Average redemption price per share	$	13.13	$	12.73